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IRVINE, Calif.-- Edwards Lifesciences Corp. lowered its annual net income guidance on Friday, as it announced third-quarter results, citing disappointing sales of its Sapien heart valve.
Johnson & Johnson reported better-than-expected quarterly results on Tuesday, as prescription drug sales rebounded with the help of newer products and jitters about medical device sales proved unfounded.
Oct 10- Edwards Lifesciences Corp:. *Deal for approximately $42 million. *Says expects the net earnings impact from this transaction to be immaterial.
IRVINE, Calif.-- Edwards Lifesciences Corp. said Wednesday it completed its acquisition of Bmeye BV, a Dutch company that develops products used in monitoring blood circulation and heart function, for about $42 million. Irvine, Calif.- based Edwards said the acquisition won't affect its income in 2012 and will cause a small reduction to its net income in 2013..
NEW YORK-- Stocks slumped Tuesday on Wall Street after the International Monetary Fund predicted weaker world economic growth and as investors waited for what they expected to be lower corporate earnings. The slide came on the five-year anniversary of record high closes for the Dow and S&P 500.
Stocks closed near session lows Tuesday, with most key S&P sectors finishing in the red, amid fears over slowing global growth and ahead of what many expect will be a weak earnings season.
Indexes fell on Wall Street as investors reacted to another weak forecast on the global economy and ahead of the traditional start of earnings season: results from Alcoa, the aluminum maker and economic bellwether, which come out after the closing bell.
The Irvine, Calif. company said Monday after markets closed that its total revenue rose 9 percent to $448 million, well short of its initial forecast for $465 million to $485 million. It said sales of Sapien heart valves totaled about $124 million, including $55 million in U.S. revenue.
U.S stock index futures struggled for direction Tuesday as investors remained on edge over worries about slowing global growth and ahead of the third-quarter earnings season.
*Alcoa to start earnings season after the close. The IMF warnings come on the heels of a lowered forecast for growth in the East Asia-Pacific region by the World Bank on concerns China's slowdown could last longer than expected.
Oct 9- Edwards Lifesciences Corp:. *UBS cuts Edwards Lifesciences Corp price target to $95 from $110;. Reuters Station users, click. 1568.
Take a look at some of Tuesdays morning movers.
**ALCOA INC, Monday close $9.12, up 0.5 pct post-market. **YUM BRANDS, Monday close $66.94,. **CHEVRON CORP, Monday close $117.62.
*Alcoa to start earnings season after the close. *The IMF warnings comes on the heels of a growth forecast cut for East Asia by the World Bank on concerns China's slowdown could last longer than expected.
Oct 9- Edwards Lifesciences Corp:. *Lazard raises Edwards Lifesciences price target to $100 from $110,. Reuters Station users, click. 1568.
PARIS, Oct 9-* U.S. stock index futures pointed to a lower open on Wall Street on Tuesday, with futures for the S&P 500 down 0.21 percent, Dow Jones futures 0.13 percent lower and Nasdaq 100 futures down 0.36 percent at 0922 GMT.
*Canaccord Genuity cuts Edwards Lifesciences target price to $109 from. Reuters Station users, click. 1568. Reuters Station users, click. 4899.
Oct 9- Edwards Lifesciences Corp:. *S&P Capital IQ cuts Edwards Lifesciences target price to $101 from. Reuters Station users, click. 1568.
IRVINE, Calif.-- Edwards Lifesciences Corp. shares fell nearly 16 percent in after-hours trading Monday following a disappointing third-quarter revenue forecast Monday, including weak sales of its Sapien heart valve. Edwards said government austerity measures hurt its revenue from Europe while U.S. sales are constrained by Medicare coverage issues.
Check out which companies are making headlines after the bell Monday.