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What: Shares of Hospira (NYSE: HSP) sank 10% today after the company released disappointing earnings.

So what: Hospira reported a terrible trio of numbers, with sales, earnings, and outlook falling behind estimates. Revenue of $992.1 million was below expectations of $1.04 billion, earnings per share of $0.77 lagged Street estimates of $0.93, and 2011 earnings guidance of $3.90 to $4.00 was also lower than the $4.30 expected.

Now what: Supply shortages and higher costs were blamed for the earnings miss as the specialty pharmaceutical and medication delivery company wasn't able to sell through its product backlog. At $51.50 per share, Hospira isn't terribly expensive given the guidance, but falling sales are a concern. I would like to see a little more of a pullback before jumping in, but long-term, today's sell-off seems a bit overdone.

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