4.27%XLF 16.00 10.11%QQQQ 32.65 6.34%
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NEW YORK - Shares of drug developer Wyeth rose in premarket trading Wednesday after the company posted strong second-quarter results, and forecast a full-year profit that is above analyst expectations.
| WYE | 35.17 |  -1.59 |
Excluding costs related to job cuts and severance packages, Wyeth's profit surpassed analyst estimates. The Madison, N.J. company says it now expects to earn between $3.47 and $3.55 per share in 2008, up from a range of $3.35 to $3.49 per share.
On average, analysts polled by Thomson Financial expected a profit of $3.45 per share this year.
The stock gained $1.92, or 4.3 percent, to $46.60 in premarket trading after closing at $44.68 Tuesday.
Goldman Sachs analyst James Kelly said Effexor and Enbrel performed better than he expected, as did the heartburn drug Protonix.
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