Top Healthcare Stocks
Healthcare stocks were broadly higher, with the NYSE Healthcare
Sector Index advancing 1.0% and shares of healthcare companies in
the S&P 500 rising about 1.0% as a group.
In company news, shares of Stryker Corp (
) have turned lower Tuesday, giving back a run to a new all-time
high after the medical device manufacturer agreed to acquire
Berchtold Holding in a deal valuing the surgical equipment firm at
around $172 million.
Privately held Berchtold operates manufacturing plants in the
United States and Germany, generating around $125 million in 2013
SYK shares were down about 0.7% at $82.80 apiece in recent
trade, earlier climbing to an intra-day high of $83.82 a share
shortly after the opening bell. The stock had been up more than 34%
through last Friday's close since hitting its 52-week low early
In other sector news,
(+) FRX, (+29.0%) Agrees to $25 bln buyout offer from Actavis (
). Deal has FRX shareholders receiving $26.04 in cash and 0.3306 of
an ACT share - or $89.48 total - for each share they now own. ACT
sees double-digit accretion to FY15 and FY16 adjusted EPS; shares
rise 6.9%. Morgan Stanley raises FRX to Overweight.
(-) MDT, (-0.8%) Narrows FY14 EPS guidance to $3.81 to $3.83, ex
items, (from $3.80 to $3.85), in-line with $3.82 consensus.
Reaffirms in-line FY14 revenue outlook of 3% to 4% growth. Q3
earnings of $0.91 per share on 3.4% year over year revenue growth
of $4.16 bln, both matching Wall Street expectations.
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