Elan up on earnings news

ELN was up $0.23 (15%) to $1.73 on 5.8 million shares on Wednesday after reporting third quarter sales of $219.9 million, which is $19.9 million higher than ELN's previous guidance of $200 million, but down 42% quarter-over-quarter due largely to generic competition for ELN's Zanaflex muscle spasticity drug. In the third quarter, ELN posted a loss per share of $0.17. ELN had not given EPS guidance. The Sept. 30 revenue guidance was the first that ELN has given since it announced a comprehensive restructuring in July through which it is paring down programs, laying off 20% of its staff and hoping to raise up to $1.5 billion by the end of 2003 through the sale of certain assets. ...