Sector Update: Health Care Stocks Falling; Agilent Tech Measures Up With Investors Foilowing Q3 Results

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Healthcare stocks were lower in afternoon trade with the NYSE Healthcare Sector Index falling about 0.6% and shares of healthcare companies in the S&P 500 were down just 0.2% as a group.

In company news, Agilent Technologies ( A ) rose Friday after the diagnosis equipment manufacturer beat Wall Street expectations with its fiscal Q3 adjusted net income and revenue.

A shares were up about 3.6% this afternoon at $57.64 apiece, earlier climbing to a session high of $59.01 a share. The stock has a 52-week range of $46.17 to $61.22 a share, rising nearly 24% over the past 12 months.

The company reported GAAP net income during the three months ended July 31 of $147 million, or $0.43 per share, down compared with last year's Q3 GAAP profit of $168 million, or $0.49 per share.

Per-share net income for the quarter, excluding one-time items, came in at $0.78, topping the Capital IQ consensus by $0.04 per share. Revenue rose 7% year over year to $1.77 billion, also exceeding expectations by around $30 million.

For the current quarter, A is expecting revenue in a range of $1.81 to $1.85 billion, bracketing Street estimates looking for $1.83 billion in quarterly revenue. EPS is seen in a range of $0.87 to $0.91, trailing the consensus view by at least $0.03 per share.

In other sector news,

(+) CRMD, (+7.2%) FDA accepts Phase III study protocol of Neutrolin drug candidate in hemodialysis patients with a central venous catheter. Also announces strategic pact with Wonik Corp. to sell Neutrolin in South Korea after expected regulatory approval.

(-) CLRB, (-17.3%) Prices $12.5 mln public offering of 3.33 mln shares at $3.75 apiece, as well warrants to buy additional 3.33 mln shares at $4.68 each. Issues 1.11 mln shares and warrants in exchange of cancelling $4 mln of convertible debentures.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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