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 (
) 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
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 (
). 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.
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