Standard & Poor’s Ratings Services downgraded Medtronic’s (NYSE:MDT) credit rating after the company reported declines for its bread-and-butter CRM and spine businesses – which together accounted for more than 50 percent of its total Q2 revenues.
CRDM revenues were up 1.6 percent to $1.27 billion for the quarter, but defibrillator sales slid 5.0 percent to $708 million.
The spine unit saw revenues decline 1.3 percent to $839 million, driven by a 3.7 percent decline in its spinal biologics business.
S&P cut its rating by 1 notch, setting Medtronic at "A-plus," according to Dow Jones Newswires.
MDT shares were up about 0.9% today as of about 1:20 p.m., to $39.65.
Hedge fund billionaire stocks up on BSX
Billionaire hedge fund manager David Tepper, of Appaloosa Management, bought 7.8 million shares of Boston Scientific stock during the 4th quarter, according to regulatory filings, for a stake with a market value of $41.6 million as of Dec. 31. Read more
Fujifilm closes Sonosite buyout
Fujifilm Holdings (TSE:4901) closed its nearly $1 billion, $54-per-share cash tender offer for SonoSite (NSDQ: SONO), with more than 13.7 million shares tendered as of midnight last night – representing roughly 97.4% of all outstanding shares.
Fujifilm said it intends to acquire the remaining shares via a second-step merger, expected to close in late March. Read more
NASDAQ gives World Heart a 6-month reprieve
The NASDAQ stock exchange gave World Heart Corp. (NSDQ:WHRT) another 6 months to regain the exchanges good graces.
WHRT shares slipped below $1 apiece – the exchange’s minimum listing requirement – after the company announced layoffs for nearly half its workforce and the tabling of its Levacor VAD project. NASDAQ sent its warning letter August 15, according to an SEC filing, giving the company until Feb. 13 to boost shares above the $1 mark or risk a de-listing.
But the exchange sent World Heart a Valentine Feb. 14, giving the company another 6 months to boost its share price above the $1 requirement. The new deadline is August 13.
"If, at any time before August 13, 2012, the bid price of our common stock closes at $1.00 or more for a minimum of 10 consecutive business days," according to the filing, SEC staff "will provide written notification to us that we comply."
If World Heart can’t meet the requirement by August 13, the SEC will initiate the de-listing process. World Heart would then have the option to appeal, with the de-listing suspended pending the outcome.
WHRT shares were trading at 27 cents as of about 1:50 p.m. today. Read more
Intuitive Surgical keeps climbing
Intuitive Surgical (NSDQ:ISRG) set another 52-week high yesterday, hitting $515.61 before closing at $505.23. ISRG shares were trading at $511.76 as of about 1:50 p.m. today.
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