FTSE slides on drugs, M&S

GlaxoSmithKline dropped 21p to 2,171p on a note from analysts warning new US Food and Drug Administration rules would delay for up to two years sales of at least three potential blockbuster drugs with $1bn in annual sales. AstraZenica dropped 40p to2,326p Marks & Spencer sank 4p to 364p after the company presented its alternative to Philip Green’s £9bn bid. Morrison’s added 5p to 196p. Technology shares fell in New York after analysts at Merrill Lynch warned prices for chips would not rise as inventories among users would not keep growing. The Dow Jones Industrial Average is dow...