Abbott (NYSE:ABT) rebuked a new study including the healthcare giant in a list of 26 publicly traded companies who allegedly pay their CEOs more than they pay in taxes.
Abbott received a $586 million federal tax refund in 2011 and paid CEO Miles White $19 million, according to a study released by the Institute for Policy Studies, figures which an Abbott spokesman called "a blatant misrepresentation of the facts."
The company actually paid $700 million in taxes last year, spokesman Scott Stoffel told the Chicago Tribune, and the tax credit cited by the Institute for Policy Studies refer to a non-cash accounting adjustment.
The IPS study, entitled "Executive Excess 2012: The CEO Hands in Uncle Sam’s Pocket," considered only federal taxes paid and excluded differed taxes, according to the Tribune.
Hologic announces more layoffs following Gen-Probe merger
Hologic (NSDQ:HOLX) confirmed that it will close an Indianapolis facility, in turn letting go of about 200 employees over the next 18 months, but the company did not say whether the layoffs were connected to the recent $3.7 billion merger with molecular diagnostics giant giant Gen-Probe (NSDQ:GPRO).
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Cambus Teo adds 35 jobs following Helix merger
Medical device component manufacturer Cambus Teo plans to add 35 new jobs at its Ireland headquarters, the financing for which will come from Helix Medical under the terms of the companies’ merger agreement. Read more
iCad announces 1-for-5 reverse stock split
Nashua, N.H.-based image analysts and radiation solutions maker iCad (NSDQ:ICAD) launched a 1-for-5 reverse stock split in order to raise the per-share trading price of the company’s common stock. Shares were up 14.3% to $2.95 as of about 2:45 p.m. today. Read more
- Teleflex closes the books on the $43M sales of its OEM orthopedics unit to Tecomet
- Steris completes the $270M acquisition of U.S. Endoscopy Group
GPOs: Premier touts new deals for cellular voice and data services
Group purchasing organization Premier awarded contracts for cellular voice and data services to AT&T Mobility National Accounts and Verizon Wireless. Read more
Analysts’ ups and downs
- Cerner (NSDQ:CERN): Morgan Stanley downgrades from "overweight" to "equal-weight" rating
- Haemonetics (NYSE:HAE): Zacks Equity maintains "neutral" rating
- McKesson (NYSE:MCK): Morgan Stanley downgrades from "overweight" to "equal-weight" rating
- Medtronic (NYSE:MDT): Argus upgrades from "hold" to "buy" rating with $48 price target
- St. Jude Medical (NYSE:STJ): Leerink Swann maintains "outperform rating with ~$46 price target; Barclays reiterates "over weight" rating and $48 price target
