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 also rising about 1.0% as a group.

In company news, Johnson & Johnson ( JNJ ) shares were lower in late Tuesday trading and the healthcare conglmorate saying its Cordis unit has reached an agreement with TriReme Medical, becoming the exclusive distributor of TriReme's Chocolate PTA Balloon Catheter.

The new catheter is seen as complementing and expanding Cordis' portfolio of lower extremity products, including the S.M.A.R.T. line of self-expanding stents, percutaneous transluminal angioplasty balloon catheters, and chronic total occlusion devices.

JNJ was down 0.6% heading into today's close at $92.23 a share, earlier advancing to an intra-day high of $92.84. The stock has a 52-week range of $75.50 to $95.99 a share.

In other sector news,

(+) FRX, 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, 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: JNJ , ACT

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