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☆ Abbott beats profit estimates on strong medical device sales
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

April 19 (Reuters) - Abbott Laboratories (ABT.N) on Wednesday reported quarterly profit above expectations, driven by sales of its diabetes care devices and an improved demand for other devices due to a resumption in non-urgent medical procedures. Excluding one-off items, the company reported a profit of $1.03 per share for the first quarter ended March 31, higher than the average of analysts' estimates of 99 cents per share, according to Refinitiv IBES data. The healthcare giant retained its adjusted profit forecast for this year at $4.30-$4.50 per share, as it expects its non-COVID-testing-related revenue to offset its testing kit sales. Abbott cut its COVID-testing-related sales forecast to $1.5 billion from $2 billion earlier. Reporting by Leroy Leo and Khushi Mandowara in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Abbott's medical device sales recovery aids quarterly profit beat
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] Boxes of Abbott's heart stents are pictured inside a store at a hospital in New Delhi, India, April 27, 2018. REUTERS/Adnan AbidiApril 19 (Reuters) - Abbott Laboratories (ABT.N) reported quarterly profit above expectations on Wednesday, underpinned by sales of its diabetes care devices and an improved demand for other devices due to a resumption in non-urgent medical procedures. The upbeat sales of Abbott's medical devices mirror a trend seen by rival Johnson & Johnson (JNJ.N), which also posted better-than-expected sales for the business on Tuesday. Sales of medical devices - Abbott's largest segment - grew 8.5% to $3.90 billion, of which $1.2 billion worth revenue was clocked in by glucose monitoring device Freestyle Libre. Abbott, which witnessed first-quarter sales worth $730 million in global COVID-19 test kits, slashed its annual revenue forecast for these devices to $1.5 billion from $2 billion.

United Airlines — The airline lost 0.9% in the premarket after it announced a net loss for the first quarter. The company reported $11.43 billion in revenue, slightly above the $11.42 billion estimated. The company posted earnings per share of $1.35, which fell below the $1.41 consensus estimate from analysts polled by Refinitiv. Ally Financial — The digital financial services company's shares were down 1.3% after its first quarter earnings and revenue missed Wall Street's expectations. The company reported adjusted earnings per share of $1.23, topping against a consensus estimate of $1.20 per share, according to FactSet.

☆ Abbott Labs shares pop as revenue, earnings defy steep drop in Covid test sales
▼ + stars: | 2023-04-19 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

Shares of Abbott Laboratories popped Wednesday after the company's earnings and revenue topped Wall Street's expectations, defying a dramatic slowdown in sales of its Covid-19 tests. Abbott reported revenue of $9.7 billion for the first quarter, slightly surpassing the Refinitiv estimate of $9.64 billion due to recovery in its medical devices business. Strong sales in Abbott's medical devices business fueled the company's first-quarter beats. The unit raked in $3.9 billion in sales during the quarter, up nearly 9% from the same period last year. That comes after rival Johnson & Johnson reported strong growth in its own medical devices unit, noting that surgical procedures are "well in recovery."

☆ Stocks making the biggest moves midday: Rivian, Western Alliance, Peloton and more
▼ + stars: | 2023-04-19 | by ( Pia Singh | ) www.cnbc.com time to read: +6 min

Netflix posted a quarterly revenue of $8.16 billion, slightly below the $8.18 billion expectation per Refinitiv. Zion rose 4.3% ahead of its earnings report after the bell. Tesla — The electric vehicle maker pulled back 1 % ahead of its scheduled quarterly earnings after Wednesday's closing bell. CDW issued quarterly revenue guidance of $5.1 billion, which came out below the $5.58 billion consensus estimate from analysts surveyed by FactSet. Citizens Financial reported earnings per share of $1, falling short of analysts' expectations of $1.13, according to Refinitiv data.

☆ Next week's stock market moves hinge on the longer-term outlook for earnings
▼ + stars: | 2023-04-14 | by ( Scott Schnipper | ) www.cnbc.com time to read: +7 min

Next week's market action could be dictated by how well the latest quarterly reports from corporate America are received. Expectations about the immediate earnings outlook have been down for so long, the actual numbers themselves could look like up to investors. Earnings for all financials in the S & P 500 are actually expected to expand in the first quarter by 4.3%. ET: NAHB Housing Market Index (April) Earnings: Charles Schwab, M & T Bank, State Street, J.B. Hunt Transport Tuesday 8:30 a.m. ET: Philadelphia Fed President Patrick Harker speaks on the economic outlook Earnings: AT & T, American Express, D.R.

☆ U.S. FDA clears Abbott's blood test for concussions
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

March 7 (Reuters) - The U.S. Food and Drug Administration has cleared Abbott Laboratories' (ABT.N) blood test that would help doctors assess traumatic brain injury (TBI), commonly known as concussions, the company said on Tuesday. The clearance marks the first commercially available laboratory blood test for TBI, according to the company, helping the doctors to rule out need for a CT scan in patients with mild TBI. Abbott already has a plasma test for TBI and was cleared by the FDA in 2021. The new test measures two indicators in the blood that, in elevated concentrations, are tightly correlated to brain injury, the company said. Reporting by Raghav Mahobe in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

LONDON, March 1 (Reuters) - Reckitt Benckiser (RKT.L), maker of Dettol and Lysol cleaning products, on Wednesday marginally beat full-year like-for-like net revenue expectations, helped by higher prices and its nutrition and health businesses. The company said it would target like-for-like net revenue growth of mid-single digits for 2023, excluding the substantial boost its 2022 sales received from the recall of a rival's infant formula. Abbott Laboratories (ABT.N) early last year recalled dozens of infant nutrition products in the United States after customers complained of infants contracting bacterial infections. Reckitt, its biggest rival at the time, ramped up production to fill the supply gap left by Abbott, helping to drive full-year like-for-like net sales growth of about 23% in its nutrition business. The company said full-year like-for-like net revenue increased by 7.6%, edging ahead of analysts' expectations of a 7.5% rise, according to a company-provided consensus.

☆ Reckitt sales marginally beat full-year estimates
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 1 (Reuters) - Britain's Reckitt Benckiser (RKT.L), maker of Dettol and Lysol cleaning products, on Wednesday marginally beat full-year like-for-like net revenue expectations, helped by its nutrition and health businesses. The company said it would target like-for-like net revenue growth of mid-single digits for 2023. Abbott Laboratories (ABT.N) early last year recalled dozens of infant nutrition products in the United States after customers complained of infants contracting bacterial infections. Reckitt, its biggest rival at the time, ramped up production to fill the supply gap left by Abbott, helping drive full-year like-for-like net sales growth of about 23% in its nutrition business. Reckitt's own 2022 like-for-like net revenue growth target was 6% to 8%.

☆ Wall Street’s most overbought stocks include PepsiCo and this little-known insurance company
▼ + stars: | 2023-02-26 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

The data sparked a broad market sell-off, with the S & P 500 losing 1%. .SPX 5D mountain Tough week for stocks Still, investors should consider easing exposure to names that are still overbought. CNBC Pro screened for S & P 500 stocks in overbought territory, using the relative strength index. CNBC Pro also screened for S & P 500 stocks in oversold territory. To be sure, First Republic shares are down 1.2% year to date, lagging SPDR S & P Regional Banking ETF (KRE) — which is up 5% in 2023.

Feb 21 (Reuters) - Medtronic Plc (MDT.N) said on Tuesday it expects inflation in various markets to hit its profit in the next fiscal year after the medical device maker beat earnings estimate for the third quarter on strong demand for its heart and diabetes devices. While inflation in many countries has eased in recent months, the management expects a delayed improvement in its earnings as its costs remain high. "VBP has affected us more than many of our competitors, given the size and breadth of our business in China. Stifel analyst Rick Wise expects Medtronic to get past pricing pressure in China in "the not too distant future". Reporting by Leroy Leo and Mariam E Sunny in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Abbott Baby-Formula Business Is Under Investigation By SEC, FTC
▼ + stars: | 2023-02-18 | by ( Peter Loftus | ) www.wsj.com time to read: 1 min

Photo: Sylvia Jarrus for The Wall Street JournalAbbott recalled certain powder baby-formula products that were manufactured at its Sturgis, Mich., plant, and halted production there. The Securities and Exchange Commission and Federal Trade Commission are investigating Abbott Laboratories ’ baby-formula business, the company said. The SEC’s enforcement division sent a subpoena to Abbott in December requesting information about its powder infant-formula business and related public disclosures, the company said Friday in a securities filing.

☆ Abbott gets FTC notice for information on infant formula products
▼ + stars: | 2023-02-17 | by ( ) www.reuters.com time to read: +1 min

Panicked parents had emptied baby formula aisles at supermarkets last year as a recall of formulas produced at an Abbott facility in Michigan over complaints of bacterial infections worsened a shortage started by pandemic-led supply chain issues. The FTC had launched an inquiry last year into the shortage for infant formula in the United States and had said it would examine the pattern of mergers and acquisitions in the formula market. The Wall Street Journal had reported in January that Abbott's Michigan plant faced a criminal investigation by the Justice Department. On Friday, Abbott said in a regulatory filing that multiple civil lawsuits have been filed against the company regarding its manufacturing of certain powder infant formula products. Reporting by Granth Vanaik; Editing by Shailesh Kuber and Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Similac maker Abbott could face criminal penalties of up to $500,000 per offense in DOJ probe of factory conditions amid the baby formula shortage
▼ + stars: | 2023-02-15 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Similac maker Abbott is under federal criminal investigation for its role in the baby formula shortage. The possible charges carry penalties of up to $500,000 for corporations and up to a year of prison time for individuals. "It's a layup for a misdemeanor charge against Abbott," a food-safety attorney told Crain's Chicago. "It's a layup for a misdemeanor charge against Abbott and/or particular executives who were in charge of that plant," food-safety attorney Bill Merler told Crain's Chicago Business. In addition, the Centers for Disease Control said it could not conclusively link the multiple strains of bacteria found at the Abbott plant with those that led to the deaths of two infants in Ohio.

☆ Wall St dips as Treasury yields rise after auction
▼ + stars: | 2023-02-10 | by ( Carolina Mandl | ) www.reuters.com time to read: +4 min

"With Treasury yields higher, it becomes a legitimate alternative to equities," said Michael Rosen, chief investment officer at Angeles Investments. Weighing on the S&P 500 (.SPX) and Nasdaq (.IXIC) indexes, Alphabet Inc (GOOGL.O) extended losses from the previous session to fall 4.7%. All 11 S&P 500 sectors posted losses. More than half of the S&P 500 companies have reported quarterly earnings so far, and 69% of them have beaten estimates, according to Refinitiv data. The S&P 500 posted 15 new 52-week highs and one new low; the Nasdaq Composite recorded 75 new highs and 57 new lows.

☆ Wall St dips as Treasury yields rise; Disney hits 5-month high
▼ + stars: | 2023-02-09 | by ( Carolina Mandl | ) www.reuters.com time to read: +4 min

The U.S. 30-year Treasury yield rose after an auction in the early afternoon, while the yield curve between two-year and 10-year notes widened earlier. Weighing on the S&P 500 (.SPX) and Nasdaq (.IXIC) indexes, Alphabet Inc (GOOGL.O) extended losses from the previous session to fall 5.2179%. The S&P 500 communication services sector (.SPLRCL) sank 2.86%. More than half of the S&P 500 companies have reported quarterly earnings so far, and 69% of them have beaten estimates, according to Refinitiv data. The S&P 500 posted 15 new 52-week highs and one new low; the Nasdaq Composite recorded 69 new highs and 41 new lows.

The data tentatively eased concerns about the Federal Reserve's rate-hike path after a strong January employment report rattled markets last week. Weighing on the S&P 500 (.SPX) and Nasdaq (.IXIC) indexes, Alphabet Inc (GOOGL.O) extended losses from the previous session to fall 5.6%. The S&P 500 communication services sector (.SPLRCL) sank 2.6%, while Alphabet shares eyed their worst weekly performance since November. Ralph Lauren Corp (RL.N) gained 1.2% after beating quarterly sales expectations, while peer Tapestry Inc (TPR.N) soared 5.4% on a strong annual profit forecast. More than half of the S&P 500 companies have reported quarterly earnings so far, and 69% of them have beaten estimates, according to Refinitiv data.

Futures got a lift after data showed initial claims for state unemployment benefits rose 13,000 to a seasonally adjusted 196,000 for the week ended Feb. 4. The data comes on the heels of a strong January employment report that rattled markets last week. "There are so many companies that are laying off people and that eventually is going to weaken the job market. ET, Dow e-minis were up 213 points, or 0.63%, S&P 500 e-minis were up 33 points, or 0.8%, and Nasdaq 100 e-minis were up 160.5 points, or 1.28%. Ralph Lauren Corp (RL.N) gained 2.4% after beating quarterly revenue expectations on resilient demand for its high-end clothing and accessories.

☆ Abbott Laboratories to Acquire Cardiovascular Systems At Equity Value of $890M
▼ + stars: | 2023-02-09 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/abbott-laboratories-to-acquire-cardiovascular-systems-at-equity-value-of-890m-11675903811

Investor sentiment was further boosted after data showed initial claims for state unemployment benefits rose 13,000 to a seasonally adjusted 196,000 last week, above a forecast of 190,000 claims. The data comes on the heels of a strong January employment report that rattled markets last week. Of more than half of the S&P 500 companies that have reported fourth-quarter earnings so far, 69% have topped estimates, as per Refinitiv data. Advancing issues outnumbered decliners by a 3.03-to-1 ratio on the NYSE and by a 2.17-to-1 ratio on the Nasdaq. The S&P index recorded 14 new 52-week highs and one new low, while the Nasdaq recorded 49 new highs and 20 new lows.

☆ Jim Cramer's top 8 things to watch in the market Friday: Intel sinks, Salesforce board shakeup
▼ + stars: | 2023-01-27 | by ( Jim Cramer | ) www.cnbc.com time to read: +3 min

Intel (INTC) catches multiple price target cuts on Wall Street after missing estimates with fourth-quarter earnings and revenue. Piper Sandler raises On Semiconductor (ON) price target to $85 per share from $75; keeps overweight (buy) rating. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ FDA official overseeing food policy and response to resign in wake of baby formula shortage
▼ + stars: | 2023-01-26 | by ( Zoë Richards | Zoë Richards Is The Evening Politics Reporter For Nbc News. | ) www.nbcnews.com time to read: +2 min

Frank Yiannas, a top official at the Food and Drug Administration in charge of the agency's food policy and response office, announced Wednesday that he is stepping down from his role as deputy commissioner. His resignation comes days after Abbott Laboratories confirmed that the Justice Department was investigating the company over its Michigan baby formula plant. "Today, I informed Commissioner [Robert] Califf that I will be resigning my position as Deputy Commissioner for the Office of Food Policy and Response effective February 24 ," Yiannas tweeted. Yiannas' resignation announcement comes weeks after an expert panel issued a scathing report on its investigation of the FDA's processes and organizational structure for its foods program. That investigation, was ordered by FDA Commissioner Robert Califf in July, following growing criticism that the agency had mishandled the formula crisis after illnesses were reported.

☆ S&P 500 closes slightly red as weak corporate guidance fuels recession fears
▼ + stars: | 2023-01-25 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Fourth-quarter earnings season has shifted into overdrive, with 95 of the companies in the S&P 500 having reported. Analysts now see aggregate S&P 500 earnings dropping 3.0% year-on-year, nearly double the 1.6% drop seen on Jan. 1, per Refinitiv. Five of the 11 major sectors of the S&P 500 ended lower, with utilities (.SPLRCU) suffering the largest percentage loss. General Dynamics Corp (GD.N) beat quarterly expectations, but a weak 2023 forecast helped send the defense contractor's shares sliding 3.6%. The S&P 500 posted 8 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 61 new highs and 30 new lows.

☆ Wall Street dips as weak corporate guidance fuels recession fears
▼ + stars: | 2023-01-25 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

Fourth-quarter earnings season has shifted into overdrive, with 95 of the companies in the S&P 500 having reported. Analysts now see aggregate S&P 500 earnings dropping 3.0% year-on-year, nearly double the 1.6% drop seen on Jan. 1, per Refinitiv. Most of the 11 sectors of the S&P 500 were red, utilities (.SPLRCU) suffering the largest percentage loss. General Dynamics Corp (GD.N) beat quarterly expectations, but a weak 2023 forecast helped send the defense contractor's shares sliding 3.2%. The S&P 500 posted 6 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 52 new highs and 26 new lows.

Amazon.com Inc (AMZN.O), Salesforce Inc (CRM.N) and ServiceNow Inc (NOW.N), which have large cloud businesses, fell about 1% each. The S&P 500 technology index (.SPLRCT) shed 1.3%. Other major growth stocks, including Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O) and Tesla Inc (TSLA.O), also dropped between 0.4% and 3%. News Corp (NWSA.O) jumped 6.1%, leading gains on the S&P 500, after Rupert Murdoch withdrew a proposal to reunite News Corp and Fox Corp. The S&P index recorded two new 52-week highs and one new low, while the Nasdaq recorded 45 new highs and 25 new lows.

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