Shares of medical device maker Covidien (COV) jumped 28% to above 92 on the stock market today after Medtronic (MDT) announced late Sunday that it is buying the company for $43 billion. Medtronic’s cash-and-stock payment amounts to $93.22 a share, based on Medtronic’s closing price Friday, and will create an industry heavyweight with $27 billion in annual revenue. Although Covidien’s operating headquarters are in Mansfield, Mass., its official
Shares of medical-device giant Medtronic (MDT) and British orthopedics firm Smith & Nephew (SNN) pulled back in the stock market today from their new highs Wednesday as analysts debated a buyout rumor. Bloomberg first published its anonymously sourced report before Wednesday’s open, driving S&N’s stock up 12.1% and Medtronic’s 3.6%, both to new highs. Following a similar rumor last week that Stryker (SYK) was looking to buy S&N, the news suggested
Medical device giant Medtronic (MDT) early Tuesday reported a soft quarter and announced a settlement in a long-running patent dispute, sending shares down 2% in morning trading on the stock market today. Medtronic’s sales in its fiscal fourth quarter ended April 25 rose 2% over the year-earlier quarter to $4.56 billion, missing analysts’ consensus by about $20 million. Per-share profit rose 2% to $1.12 a share, in line with the Street’s