Invitrogen Falls Hard on Earnings Miss

Shares of Invitrogen (IVGN) fell on Friday more than 12% as the company missed third quarter earnings and revenue estimates.

The company released its earnings report after markets closed on Thursday. It realized a loss of $130 million compared to a gain of $24 million for third quarter of 2005. The company explained that earnings were impacted by a goodwill charge of $150 million during the quarter.

Management admits it had failed to continue the company's double digit growth rate that was seen over the last few years, and has promised to refocus the business strategy to maximize earnings and sales.

Citigroup however cut the stock to hold due to lack of information and clarity regarding just how the company intends to re-strategize its business.