Why Mallinckrodt Stock Tumbled Today

Shares of Mallinckrodt (NYSE:MNK) were tumbling 14.9% lower as of 3:43 p.m. EDT on Tuesday. The decline came after the drugmaker announced its first-quarter results before the market opened. Mallinckrodt reported net sales of $665.8 million, down nearly 16% year over year and below the average analyst estimate of $689.5 million. The company posted adjusted Q1 earnings of $1.64 per share, also down nearly 16% year over year but higher than the consensus Wall Street expectation of adjusted EPS of $1.45