Idec Shares Down 9% on Profit Warning

Idec Pharmaceuticals Corp., a San Diego-based developer of the cancer drug Rituxan, said Wednesday that first-quarter profit will fall short of estimates. Shares dropped as much as 22%.

Idec said it expects to report first-quarter profit of 7 cents a share. It was expected to earn 12 cents a share, the average estimate of analysts polled by First Call/Thomson Financial. Idec shares plunged as low as $69.25 before finishing the day at $80.44, off $8.