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Shares of Microsoft (MSFT.O) fell 3.9% after it warned that growth in its lucrative cloud business could stall, while its PC unit continued to struggle. The S&P 500 technology index (.SPLRCT) shed 2.1% to lead declines among the 11 major sector indexes. Amazon.com Inc (AMZN.O), Salesforce Inc (CRM.N) and ServiceNow Inc (NOW.N), which have substantial cloud businesses, fell between 2.5% and 4.5%. Other major growth stocks, including Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O) and Tesla Inc (TSLA.O), also dropped between 1.5% and 3.0%. The S&P index recorded two new 52-week highs and one new low, while the Nasdaq recorded 29 new highs and 16 new lows.

☆ Abbott's medical device sales hit by China curbs, supply-chain issues
▼ + stars: | 2023-01-25 | by ( Leroy Leo | ) www.reuters.com time to read: +2 min

Jan 25 (Reuters) - Abbott Laboratories (ABT.N) on Wednesday reported lower-than-expected medical device sales in the fourth quarter as COVID-19 curbs in China and supply-chain issues hit its international operations, dragging shares 2.5% lower in premarket trading. The multinational healthcare giant recorded an overall medical device sales of $3.75 billion, missing analysts' average estimate of $3.84 billion. The company, however, posted a better-than-expected quarterly profit, underpinned by strong demand for its diagnostics business and glucose monitoring device FreeStyle Libre. Freestyle Libre has been driving the sales of Abbott's medical devices, offsetting a decline in COVID-19 diagnostic test sales as infections wane. The company recorded $1.1 billion each in sales of FreeStyle Libre and COVID-testing related sales.

☆ Stocks making the biggest moves premarket: Wayfair, Salesforce, Paypal and more
▼ + stars: | 2023-01-23 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest premarket moves:Advanced Micro Devices — The semiconductor maker rallied nearly 3% after being upgraded by Barclays to overweight from equal weight. The Wall Street firm cited improving market share trends and a better grasp on spending from management. Abbott Laboratories — Abbott Labs lost 2.5% following a Wall Street Journal report Friday that the Justice Department is investigating conduct at its infant-formula plant in Sturgis, Michigan. Tapestry — The Coach and Kate Spade parent slid 1.85% after being downgraded to equal weight from overweight by Barclays. The Wall Street firm's reasons included inflation creeping to higher household income brackets.

☆ After baby formula problems, Abbott Laboratories under DOJ investigation
▼ + stars: | 2023-01-21 | by ( Laura Strickler | Laura Strickler Is A Senior Investigative Producer | Reporter For Nbc News. She Is Based In Washington. | ) www.nbcnews.com time to read: +2 min

Abbott Laboratories is under investigation by the U.S. Department of Justice, the company confirmed Friday, almost a year after it shut down a Michigan baby-formula plant after illnesses were reported. Abbott did not specify what aspect of the company is under Justice Department scrutiny. “DOJ has informed us of its investigation and we’re cooperating fully,” an Abbott spokesperson said in a statement to NBC News. The Abbott manufacturing facility in Sturgis, Mich., on May 13, 2022. Abbott voluntarily shut down production at its Sturgis infant formula manufacturing plant on Feb. 17, 2022, after infants who consumed formula made at the plant became sick.

The Justice Department is investigating conduct at the Abbott Laboratories infant-formula plant in Sturgis, Mich., that led to its shutdown last year and worsened a nationwide formula shortage, people familiar with the matter said. Attorneys with the Justice Department’s consumer-protection branch are conducting the criminal investigation, the people said.

☆ What diabetes is revealing about the benefits and risks of personal medicine connected to the internet
▼ + stars: | 2023-01-21 | by ( Ellen Sheng | ) www.cnbc.com time to read: +4 min

Devices such as insulin pumps, which go back decades, and continuous glucose monitors, which monitor blood sugar levels 24/7, are increasingly connected to smartphones via Bluetooth. Sleep apnea, Type 2 diabetes and remote health careIt's not just diabetes where the medical device market is offering patients new benefits from remote monitoring. The number of internet-connected medical devices grew during the pandemic, as lockdowns created a big push to treat people at home. Multiple forms of medical cybersecurity riskIndustry security experts categorize cybersecurity risks of medical devices into three buckets. Many medical devices such as insulin pumps require patients to create online accounts to download data to a computer or smartphone.

☆ Abbott faces U.S. criminal probe over baby formula -WSJ
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Abbott Laboratories facility where dozens of recalled types of powdered baby formulas were made leading to production being halted at the location in Sturgis, Michigan, U.S., May 20, 2022. REUTERS/Eric CoxCompanies Abbott Laboratories FollowJan 20 (Reuters) - Abbott Laboratories' (ABT.N) Michigan plant, which was at the center of the U.S. baby formula shortage last year, faces a criminal investigation by the Justice Department, the Wall Street Journal reported on Friday. Panicked parents emptied baby formula aisles at supermarkets last year as a recall of formulas by Abbott due to complaints of bacterial infections exacerbated a shortage that began due to pandemic-induced supply chain issues. Attorneys with the Justice Department's consumer-protection branch are conducting the criminal investigation, the WSJ report said, citing people familiar with the matter. In February 2022, Abbott, the biggest U.S. supplier of baby formula, recalled Similac and other infant formula products produced at the Michigan facility after reports of bacterial infections in babies who had consumed products made there.

☆ UBS says disinflation may be the big surprise of 2023 — 10 stocks to play the trend
▼ + stars: | 2023-01-19 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Disinflation could be the big surprise of 2023, according to UBS. From here, we think the pace of disinflation will also be faster than markets expect," UBS' strategist Nicolas Le Roux wrote in a Wednesday note. Here are the 10 stocks UBS noted. Netflix is positively correlated to disinflation, according to the note. Another firm that will benefit from a temporary slowing in price increases is Dollar General , which UBS says is positively correlated to disinflation.

☆ Baby formula imports to face tariffs again in 2023 - WSJ
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +2 min

Dec 28 (Reuters) - Imported baby formula would be subject to tariffs again in the new year after the expiration of exemptions implemented amid a nationwide shortage, the Wall Street Journal reported on Wednesday. According to the WSJ report, a White House spokesman said the tariff waivers doubled the number of manufacturers selling baby formula in the United States. In August, two big U.S. retailers Walmart Inc (WMT.N) and Target Corp (TGT.N) said supplies of baby formula were improving. Still, Target had purchase restrictions on baby formula products both at its stores and online. However, Reckitt in early December said it expects the U.S. infant formula shortage to "persist" until spring.

[1/3] Mead Johnson's product Enfamil baby formula are displayed on a store shelf in New York City, U.S., February 10, 2017. Panicked parents had earlier this year emptied the baby formula aisles at supermarkets after former top U.S. manufacturer Abbott Laboratories (ABT.N) in February recalled dozens of types of its Similac, Alimentum and EleCare formulas. Since the Abbott recall, share of Reckitt in the infant formula market has skyrocketed, making it the No.1 supplier in the United States. Companies normally bid for state contracts to be the sole provider of baby formula for low-income families under the Women, Infants and Children (WIC) programme. Reckitt has said its formula factories are operating 24/7, and it was feeding more than 40% of all low-income WIC infants.

☆ FDA to review baby formula production rules to prevent bacterial illness
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

Nov 15 (Reuters) - The U.S. health regulator said on Tuesday it would review guidance and rules about manufacturing infant formula as part of its strategy to prevent bacterial illness similar to Abbott Laboratories' (ABT.N) products this year. The plant shutdown and the recall of Abbott infant formula products deepened a supply shortage and sent parents in the United States scrambling. Abbott's plant was restarted in July. While the bacterial infection is considered rare and is not reportable in most states, it can be deadly in newborns. Abbott's products were recalled following reports of four cases and two deaths.

☆ Baby formula maker Perrigo buying Nestle's Good Start brand, Wisconsin plant
▼ + stars: | 2022-11-01 | by ( Jessica Dinapoli | Thomson Reuters | New York-Based Reporter Covering U.S. Consumer Products Spanning Paper Towels To Packaged Food | ) www.reuters.com time to read: +2 min

NEW YORK, Nov 1 (Reuters) - Infant formula manufacturer Perrigo Company Plc (PRGO.N) said on Tuesday it is buying the Good Start brand and a Wisconsin plant that makes the product from Nestle SA (NESN.S), as U.S. retailers recover from shortages of the good. The deal is part of a $170 million investment that Perrigo is making in its U.S. infant formula manufacturing. The investment includes $60 million to expand the plant's capacity by roughly 100 million eight-ounce bottles each year. Nestle has sent cans of specialized Alfamino formula and NAN from Europe to help try to alleviate the shortage earlier this year. Perrigo will supply Nestle with Good Start formula so the company can fulfill its contracts with the Women, Infants and Children program, which helps poor families afford the item.

☆ Eli Lilly's bleak annual forecast overshadows quarterly beat
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

The company's shares fell nearly 4% in premarket trading as a forecast cut for the third time this year overshadowed strong performance by its newly approved diabetes drug. The drugmaker also trimmed its full-year revenue forecast, citing a $300 million hit to its revenue from the strong dollar. Lilly now sees revenue in the range of $28.5 billion to $29 billion, below analysts' estimates of $28.76 billion at mid-point. Lilly flagged a total impact of about $1 billion from the strong dollar for the full year. The company posted better-than-expected results for the third quarter, as demand for its recently approved diabetes drug, Mounjaro, helped counter declining sales of its diabetes and cancer treatments.

☆ Eli Lilly cuts annual profit forecast on stronger dollar
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

Nov 1 (Reuters) - Eli Lilly and Co (LLY.N) on Tuesday cut its annual profit forecast for the third time, as a stronger dollar piled more pressure on the drugmaker struggling with lower insulin prices and generic competition for its cancer drug. The company's shares fell nearly 4% in premarket trading as the forecast cut overshadowed strong performance by its newly approved diabetes drug. Eli Lilly now expects adjusted full-year earnings of $7.70 to $7.85 per share, compared to its prior forecast of $7.90 to $8.05. Multinational companies such as Abbott Laboratories and Johnson & Johnson (JNJ.N) have been hit by the dollar's strength against a basket of currencies. Lilly flagged a total impact of about $1 billion from the strong dollar for the full year.

But that higher inflation has already been baked into many tax and wage figures that will change in 2023. Income tax bracketsThe IRS tax brackets corresponding to your marginal tax rates are also shifting upward — by 7% — thanks to inflation. But many banks, especially those that are online-only, are also paying out more money through higher interest rates for high-yield savings and certificate of deposit accounts. California is the largest state that will see a cost of living adjustment next year, with the minimum wage rising to $15.50 for all establishments. California's increase is limited by a statute that declares the minimum wage cannot increase by more than 3.5% each year.

"The peak of pricing and commodities will be the second half of this year," he added, saying supply chain cost inflation is starting to come down. Despite those pressures, Reckitt now expects like-for-like sales growth of 6%-8% in 2022, compared with its previous guidance of 5%-8%. "Clearly consumers are buying a little less in more discretionary categories," Carr said, flagging that sales volumes had declined in the supplements, vitamins and air freshener categories. Sales volumes declined 4.6%. Once all these one-offs are excluded, some sell-side analysts believe underlying sales growth is far more modest and close to the bottom end of medium-term sales growth guidance."

☆ Reckitt upbeat on sales outlook as prices rise
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

The higher prices, which are contributing to a global cost-of-living crisis, are denting sales volumes as many people turn to cheaper or private label products. The company's third-quarter like-for-like revenue rose 7.4%, above the 6.1% growth analysts had expected in a company-supplied poll. Sales volumes declined 4.6%. Prices for the company's products rose 12% in the quarter. Reckitt, which has held off on price increases in this category, said it estimated this benefit to have added about 3% to net revenue growth in the third quarter.

☆ Inflation is dominating the conversation on earnings calls. Here's what execs are saying
▼ + stars: | 2022-10-24 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

One thing's clear at the start of the corporate earnings season: Inflation is still a hot topic for companies. The consumer price index increased 0.4% in September, which was a hotter reading than the 0.3% expected by Dow Jones, according to the Bureau of Labor Statistics. It was at 0.6% without food and energy factored in, which was also above Dow Jones' estimate of 0.4%. That was similarly above the Dow Jones expectation of 0.2%. The company beat earnings per share expectations for the third quarter but revenue came in lower than analysts anticipated.

☆ Nasdaq futures fall as Tesla warns on 2022 deliveries
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures down: Dow 0.13%, S&P 0.49%, Nasdaq 0.82%Oct 20 (Reuters) - U.S. stock index futures slipped on Thursday, with those of the Nasdaq taking the biggest hit, after Tesla failed to meet estimates for quarterly revenue and warned of missing its vehicle delivery target. Shares of the electric-vehicle maker (TSLA.O) dropped 6.1% in premarket trading as the company flagged persistent logistics challenges, with fourth-quarter deliveries growing by less than the aimed 50%. ET, Dow e-minis were down 39 points, or 0.13%, S&P 500 e-minis were down 18.25 points, or 0.49%, and Nasdaq 100 e-minis were down 91.75 points, or 0.82%. IBM Corp (IBM.N) said it was expecting to exceed full-year revenue growth target on strong demand for its digital services. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ankika Biswas; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Abbott Names New Leadership at Troubled Baby-Formula Plant
▼ + stars: | 2022-10-19 | by ( Peter Loftus | ) www.wsj.com time to read: 1 min

Abbott Laboratories has made leadership changes at its major baby-formula manufacturing plant and in its quality organization, following a temporary shutdown of the Sturgis, Mich., plant earlier this year after contamination was found. The Abbott Park, Ill., company also plans to spend about $500 million to build a new baby-formula plant in the U.S., after analyzing the market and concluding more capacity is needed, Chief Executive Robert Ford said Wednesday.

☆ Rapid Covid Tests Can’t Keep Abbott Healthy Forever
▼ + stars: | 2022-10-19 | by ( David Wainer | ) www.wsj.com time to read: 1 min

Third-quarter sales of the BinaxNow test declined somewhat from a year earlier but were still $1.64 billion. Covid-19 has been a double-edged sword of sorts for Abbott Laboratories the maker of the popular rapid antigen test BinaxNow. On the one hand, demand for that product has barely let up, allowing the health-supplies company to raise its 2022 adjusted earnings forecast while posting third-quarter revenue of $10.4 billion that far exceeded Wall Street expectations. Its sales of BinaxNow declined somewhat from the same period last year when the Delta variant was raging, but they still came at an impressive $1.64 billion, trouncing Wall Street expectations of about $500 million.

☆ Morning Bid: Earnings vs Rates
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +5 min

Oct 19 (Reuters) - A look at the day ahead in U.S. and global markets from Mike Dolan. Market tension is building between surprising positivity still coming from the unfolding corporate earnings season and the anxiety in interest rate markets and macro gloom. But earnings may be just a rearview mirror of the economy and the inflation and interest rate backdrop showed little sign of improvement across the western economies. U.S. 10- and 30-year bond yields were now both above 4% this week for the first time in 12 years. Oil prices steadied after Tuesday's slide amid reports U.S. President Joe Biden plans to release more of the Strategic Petroleum Reserve.

☆ Abbott raises 2022 profit forecast for second time
▼ + stars: | 2022-10-19 | by ( Nancy Lapid | ) www.reuters.com time to read: +1 min

Oct 19 (Reuters) - Abbott Laboratories (ABT.N) on Wednesday raised its annual earnings forecast for the second time, citing strong demand for medical devices and COVID-19 diagnostic tests. COVID-19 test kit sales were up $1.7 billion, compared to $1.9 billion last year and $2.3 billion in the second quarter, as testing declined amid a slower pace of infections. The company now expects $5.17-$5.23 per share in adjusted earnings this year, compared to at least $4.90 per share it forecast earlier. read moreAbbott said it expects around $7.8 billion in COVID-19 test sales this year, with $500 million in the fourth quarter, compared to the $6.1 billion it had forecast earlier. The Illinois-based company reported third-quarter worldwide sales of $10.4 billion, down 4.7% from a year ago.

☆ Abbott recalls some liquid baby formula over bottle defect
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

Oct 14 (Reuters) - Abbott Laboratories (ABT.N) said on Friday it was recalling some ready-to-feed baby formula liquid products including Similac-branded items due to inadequate sealing of some bottle caps. The recall, which equates to less than one day's worth of infant formula used in the United States, is not expected to impact the overall formula supply, Abbott said in a statement. Abbott has been at the center of a baby formula shortage in the United States that earlier this year sent parent scrambling for supplies. Register now for FREE unlimited access to Reuters.com RegisterThe recall of baby formula made at Abbott's Michigan plant following complaints of bacterial infection in February exacerbated its shortage in the United States. Shares in Abbott, which is recalling products made at the company's plant in Columbus, Ohio, were down 1.1% at $101.39 in afternoon trading.

☆ Abbott has a new glucose monitor for diabetics — It's so small I forgot I was wearing it
▼ + stars: | 2022-10-14 | by ( Erin Black | ) www.cnbc.com time to read: +4 min

Continuous glucose monitors (CGMs) allow diabetics to track their blood sugar 24/7. They're incredibly useful, providing insight on how your blood sugar reacts to insulin, food, exercise and whatever else affects it. Abbott Freestyle Libre 3 sensor CNBC | Andrew EversThe trend arrows tell you if your glucose is steady, rising or falling. Abbott Freestyle Libre 3 size vs Dexcom G6 CNBC | Erin BlackIt was accurate most of the time. Abbott Freestyle Libre 3 Apple iWatch notification CNBC | Erin BlackPrescription required, price varies

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