AstraZeneca plc (LON:AZN): Losses of Seroquel IR and Atacand bite

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AstraZeneca plc (LON:AZN) shares are over a percent in the red at 3556 in early trader in London; investors have reacted to news that Q1 Results saw revenue down 12 pct to USD6.38bn at constant exchange rates.

Losses of exclusivity for Seroquel IR and Atacand in many markets plus Crestor in Canada the main reasons behind the fall.

Emerging markets revenue rose 9 pct at CER with core operating profits down 21% at CER to USD2.32bn.

AZN added that it continues to expect a mid-to-high single digit decline in revenue at CER and a core EPS fall significantly larger than the drop in revenue for the full year.

Taylor Wimpey plc (LON:TW): Shares boosted despite constrained mortgage lending environment

Taylor Wimpey plc (LON:TW) stock is 2.37 pct higher; TW has reached 96.45 by 8:35 in London as investors cheer the builder's Interim Management Statement (IMS).

The Taylor Wimpey IMS reports that it has made a 'strong start' to 2013 with sales at the upper end of expectations.

Taylor Wimpey noted an average private net reservation rate of 0.67 sales per outlet per week for the year to date which compared to 0.62 in the prior period last year, with the rise seen mainly in the last 8 weeks.

TW added that mortgage lending continues to act as its principal constraint but the value of its total order book now stands at GBP1.2bn, up 27% from the year end and ahead 18% compared to the same time last year.

Firm start for the FTSE 100 today

The FTSE 100 has opened firmer this morning - the bourse is half a percent higher at 6465.

"European markets opened prudently today as a string of disappointing corporate earnings from the likes of Procter & Gamble, AT&T as well as Apple continued to drag on investors’ sentiment," says Shavaz Dhalla at Spreadex.

In addition, downgrades regarding global growth as well as poor data from both China and America are clearly concerning investors.  

"Thus, there seems to be disappointment from every door investors are opening now," says Dhalla.

The Spreadex trader notes that, despite this, once again, economists are playing the card which implies that poor data is not always a bad thing for the markets.  

Many economists are pointing out that a short period of bad data may just encourage policy officials to maintain or even enhance current stimulus measures.  

"However, investors need to remain on guard to such an argument, as accepting poor data because it can lead to more stimulus measures does not solve the problem in the long-term," says Dhalla.