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Stock Market & Financial Investment News

News Breaks
July 23, 2014
13:36 EDTNVDQ, ISRG, SYKIntuitive Surgical rises after Q2 EPS, revenue beat expectations
Shares of surgical instrument and accessory maker Intuitive Surgical (ISRG) are climbing after the company reported second quarter earnings per share and revenue that surpassed analysts' expectations. WHAT'S NEW: Intuitive Surgical's Q2 adjusted EPS was $3.73, while its GAAP EPS $2.77. Analysts' EPS consensus for the quarter was $2.83. The company's Q2 revenue was $512.2M, which was higher than analysts' consensus of $501.7M. Intuitive Surgical said it ended the quarter with $2B in cash, cash equivalents, and investments, which is a decrease of $920M during the quarter, primarily reflecting the impact of $1B utilized during the quarter to repurchase shares of its common stock. It reported that its Q2 worldwide procedures grew 9% over 2Q13 and said it shipped 96 systems during Q2, compared with 87 systems that were shipped last quarter. WHAT'S NOTABLE: During the company's conference call, Intuitive Surgical narrowed its FY14 procedure growth view to 5%-8% from 2%-8%. The company said said that it expects capital pressures in most hospitals to continue and projects international procedure growth to be "lumpy" quarter-over-quarter. ANALYST REACTION: Raymond James analyst Lawrence Keusch upgraded Intuitive Surgical to Outperform from Market Perform this morning following the company's better than anticipated Q2 earnings results. The analyst, who has a $500 price target on the stock, said that the company's results inferred a stabilization in the business in both its system placements and procedures. For this reason, the firm is taking a more positive view of Intuitive Surgical. Keusche said he now sees 10% top-line growth and 18% EPs growth in 2015-2016. Stifel analyst Rick Wise upgraded Intuitive Surgical to Buy from Hold with a $600 price target with the belief that the company's longer-term growth reacceleration drivers are slowly falling into place. Wise feels that procedure volumes for the company look to be recovering, new products launches are going well and future product reveals are set to occur. The firm feels that the risk of 2H14 downward estimate revisions are definitely lower than in prior quarters. Meanwhile, Leerink analyst Richard Newitter remains cautious on Intuitive Surgical's results. He feels that the quarter was encouraging for Intuitive Surgical, but that it is difficult to be confident that a sequential increase in procedure growth could mark a definitive point of emphasis. The firm increased its price target to $450 from $415 based on its higher estimate revisions to its adjusted GAAP EPS view. PRICE ACTION: During afternoon trading, shares of Intuitive Surgical rose $57.76 or 14.73%, to $449.92. OTHERS TO WATCH: Novadaq (NVDQ), which sells consoles for Intuitive Surgical's robotic systems, fell 2c to $16.68. Shares of Stryker (SYK), which previously acquired robotic surgery systems maker MAKO Surgical, were up slightly by 10c to $81.99.
News For ISRG;NVDQ;SYK From The Last 14 Days
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December 19, 2014
13:34 EDTSYKStryker shares look inexpensive, should continue to rise, Barron's says
Despite rising more than 30% over the past year, shares of Stryker still have plenty of upside potential, Barron's reports. The company sports industry-leading organic sales, a strong balance sheet, and is trading at a discount to the broader medical device industry, all of which should push shares higher, Barron's adds. Reference Link
December 10, 2014
12:24 EDTNVDQOn The Fly: Midday Wrap
Stocks on Wall Street opened in negative territory and have remained there throughout the morning. The averages have moved in a narrow range as the price of crude continues to fall. Near noon, WTI crude was down another 5% to roughly $60 per barrel. The weakness is effecting equities, as investors are concerned the oil price weakness is indicative of the slowing global economy. ECONOMIC EVENTS: In the U.S., House and Senate lawmakers reportedly reached a deal on a nearly $1.1T bill to fund most of the government through September and avert a shutdown. The EIA estimated crude oil supplies grew 1.5 Mmbbls last week, while consensus expected a 2.7 Mmbbls decrease. The Treasury budget statement for November is expected at 2:00 pm ET, with the consensus expectation for a deficit of $63B. COMPANY NEWS: Shares of JPMorgan (JPM) declined 2% after guidelines proposed yesterday by the Federal Reserve would likely result in the firm managing to a higher capital buffer. Additionally, JPMorgan CFO Marianne Lake, speaking earlier at a Goldman Sachs conference, said the bank sees its Q4 reported markets revenues down by a "high teens" percentage and that its "core" markets performance in Q4, excluding the sale of physical commodities and allocation of preferred dividend expense, is indicated down 4% to-date compared to last year's quarter. Lake became the latest bank executive to discuss a Q4 trading slump, after Bank of America (BAC) CEO Brian Moynihan, speaking yesterday at the same financial conference, said the bank expects its Q4 trading revenue to be down on both a linked-quarter and year-over-year basis. Also yesterday, Citigroup (C) CEO Michael Corbat estimated that the bank's Q4 markets revenue would be down year-over-year by about 5%. MAJOR MOVERS: Among the notable gainers was Analogic (ALOG), which rose 12% after the company reported better than expected quarterly earnings. Also higher was Novadaq (NVDQ), which gained 11.5% after the company signed a multi-year distributor agreement with LifeNet Health that analysts at Canaccord said could potentially be a big deal and materially help its near and long-term prospects. Among the noteworthy losers was Yum! Brands (YUM), which dropped nearly 5% after the owner of the KFC, Pizza Hut and Taco Bell brands issued a negative preannouncement on its China business and provided lower than expected 2015 EPS guidance. Also lower were shares of Krispy Kreme (KKD), which sunk 8% after the donut maker reported weaker than expected earnings and revenue. INDEXES: Near midday, the Dow was down 164.41, or 0.92%, to 17,636.79, the Nasdaq was down 32.79, or 0.69%, to 4,733.68, and the S&P 500 was down 17.43, or 0.85%, to 2,042.39.
08:02 EDTNVDQNovadaq distribution agreement potentially big deal, says Canaccord
Canaccord said Novadaq's distribution deal with LifeNet is potentially a big deal and could materially augment both near and long-term top and bottom-line prospects. The firm is leaving its estimates intact, but sees positive changes to the company's profitability profile. Canaccord reiterated its Buy rating and $18 price target on Novadaq.
08:01 EDTNVDQNovadaq signs multi-year distributor agreement with LifeNet Health
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December 8, 2014
16:38 EDTNVDQNovadaq granted additioinal SPY technology patent protection in U.S.
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12:42 EDTSYKStryker resolves government investigation of OtisMed matter
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