Catalent's Stock Dives on Delayed Earnings and Guidance Cut.

Catalent Inc., a contract drug manufacturer, saw its shares drop to a three-year low after cutting its annual financial outlook by at least $400 million each for net revenue and adjusted earnings before interest, taxes, depreciation, and amortization. The company also delayed the release of its third-quarter earnings results until May 15. The reduction was due to operational and productivity issues, according to the company, ruling out the loss of a customer or order. Bank of America Securities Inc. analysts downgraded Catalent to underperform from neutral, citing a lack of confidence in a quick recovery.