Abbott Laboratories moved closer to joining the U.S. market for drug-coated heart stents on Thursday as an advisory panel backed the company's experimental device.
Stocks closed higher after another volatile session, helped by a rally among energy shares as oil soared to a record high close of $98 a barrel.
Shares of medical device maker Medtronic rose Tuesday after Wall Street shrugged off a 2 percent dip in the company's second-quarter profit on the recall of Sprint Fidelis heart wires.
Medtronic on Monday said quarterly profit fell 2 percent from a year ago, as the recall of a component used with its implantable devices to treat abnormal heart rhythms hurt revenue.
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Medtronic said on Monday that its move to suspend sales of a heart device would hurt revenue by $150 million to $250 million in the second quarter.
Orthopedic device makers Zimmer Holdings, Stryker, Medtronic and Biomet have been notified that U.S. securities regulators intend to investigate possible violations of the Foreign Corrupt Practices Act.
Late yesterday an FDA panel of outside experts unanimously recommended the agency approve Medtronic's drug-coated stent called, "Endeavor". Unlike drugs, there is no telegraphed date for an agency decision, but analysts think the FDA will approve the device by the end of the year or early next year.
BREAKING: Reuters reports FDA panel backs drug-coated stents made by Medtronic (MDT).
Medtronic's new chief executive is not taking his predecessor's pledge to deliver 15 percent earnings and sales growth over any five year period.
Medical device maker Medtronic, feeling the pinch of a slowdown in one of its key markets, will eliminate about 900 jobs through early retirement packages, voluntary and involuntary separations, the company said in a filing.
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Delta Air Lines' newly named chief executive, Richard Anderson, foresees further consolidation in the airline industry, but said Delta is not about to make a move to acquire Northwest Airlines.
M&A news and stock buybacks were some of the catalysts behind the most actively traded stocks on Friday.
Medical technology company Medtronic said Friday that it would acquire Kyphon for $3.9 billion to expand its spinal treatment business.
Medtronic reported a forecast-beating 10% rise in quarterly earnings on Tuesday on strongsales of its vascular, neurology and diabetes products and improving demand for its heart rhythm devices.
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