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 Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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