Sector Update: Healthcare


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 ( SYK ) have turned lower Tuesday, giving back a run to a new all-time high after the medical device manufacturer said it would 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 sales.

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 last March.

In other sector news,

(+) FRX, (+29.0%) Agrees to $25 bln buyout offer from Actavis ( ACT ). 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.

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.

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

This article appears in: Investing , Commodities

Referenced Stocks: SYK , ACT

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