UPDATE: Abbott Q1 Earnings Fall 56%

Abbott Laboratories (NYSE: ABT ) reported a 56% drop in its first-quarter earnings. Abbott's quarterly profit fell to $544 million, or $0.34 per share, from $1.24 billion, or $0.78 per share, in the year-ago period. Excluding one-time items, its adjusted earnings from continuing operations rose to $0.42 from $0.40