Shares of health-care companies fell sharply after weak earnings from one major drug maker. Israel's Teva Pharmaceutical Industries said it took a $17 billion charge against the value of its U.S. generics business and posted a $11.6 billion fourth-quarter loss, and the drug maker's executives warned that its 2017 struggles would likely carry in 2018. In a fresh setback, Teva said its experimental migraine drug may not get approved as early as expected. The iShares Nasdaq Biotechnology index exchange-traded fund fell by more than 4% and is now within 4% of its lowest levels since mid-2017. CVS Health said it will use some of the extra cash from the U.S. tax overhaul to raise its starting hourly pay to $11 for U.S. workers, the latest company to announce employee perks in the wake of the legislation.
-Rob Curran, [email protected]