Ebb & Flow

GlaxoSmithKline (LSE:GSK; GSK) lost £1.27 billion ($2.6 billion) in market cap Monday on news that FDA's Center for Biologics Evaluation and Research had issued a complete response letter for the company's Cervarix HPV vaccine.

The disclosure knocked 23p off the company's stock price to 1,294p a share, trimming its market cap to £71.3 billion ($143.8 billion). GSK shares slipped a further 22p on Tuesday to 1,272p - still higher than the 52-week low of 1,218p on Nov. 27 - before recovering towards the end of the week to 1,282p...