Teva Tumbles

Teva Pharmaceutical Industries Ltd (ADR) TEVA shares are trading lower by $2.00, or 15 percent, at $12.02 in Thursday's session.

The catalyst for the decline is a Q3 EPS miss of 4 cents along with a slight sales miss. What also has the Street rattled is its much lower FY 2017 sales ($22.8-$23.2B To $22.2-$22.3B) and adjusted EPS guidance ($4.30-$4.50 To $3.77-$3.87 Est).

After a much lower open, Teva attempted to rally but failed at $12.24 and continued its move lower. The ensuing decline took the stock to $10.85, but it has returned to the $12.00 handle.

That low far exceeds its former low for the move ($13.26) and marks the lowest level for Teva since May 2000, when it bottomed at $9.94.