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Novartis Eyes Key Level As Earnings Top

Novartis stock fell slightly on Wednesday after the pharmaceutical company reported adjusted earnings of $1.66 per share on $12.96 billion in sales for its second quarter.




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On average, analysts polled by FactSet expected Novartis (NVS) to earn $1.56 per share on $12.56 billion in sales. In the year-earlier period, Novartis earned $1.36 a share and reported $11.35 billion in sales.

For the year, the pharmaceutical company still sees mid-single-digit operating profit growth, with sales up in the low- to mid-single digits. Analysts called for adjusted Novartis earnings of $6.31 per share and $5.84 billion in sales.

In morning trading on the stock market today, Novartis stock fell 1.1% near 89.20, below its 50-day line. Shares are forming a cup-with-handle base and a buy point at 94.87, according to MarketSmith.com.

More to follow.

Follow Allison Gatlin on Twitter at @IBD_AGatlin.

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