Italy sovereign-debt crisis news, Standard & Poor's Ratings late last week lowered its outlook on Italy's A-plus sovereign-credit rating from stable to negative- Drug stocks dipped. Johnson & Johnson (JNJ), engaged in the research and development, manufacture and sale of a range of products in the health care field, is trading at a price of $13.67, a dramatic change of -0.27 with % change of -0.41%, Merck & Co. (MRK),delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, is trading at a price of $36.92, a dramatic change of -0.14 with % change of -0.43% , and Pfizer Inc (PFE), global biopharmaceutical company, is trading at a price of $20.53, a dramatic change of -0.15 with % change of -0.72%.
Europe's Drug Stocks, Roche (RHHBY), a Switzerland-based pharmaceuticals and diagnostics company, is trading at a price of $41.25, a dramatic change of -1.23 with % change of -2.90%, Novartis AG (NVS) is trading at a price of $60.44, a dramatic change of -0.95 with % change of -1.55%, and GlaxoSmithKline (GSK) is trading at a price of $42.38, a dramatic change of -0.88 with % change of -2.03%. Bayer AG's (BAYRY) -2.48% shares were off 3% and Parexel International (PRXL) -4.84% dropped 6%.
The Italian Treasury said it would “intensify” reform efforts, but said there was no risk of political gridlock. Italy's public debt stood near 120% of gross domestic product at the end of last year. Spain's deficit was 9.2% of GDP in 2010. The government aims to cut the deficit to 6% of GDP in 2011.
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