Shares of Medtronic PLC
ran up 4.8% toward a record high in morning trading, to top the S&P 500’s
list of gainers, after the medical technology company reported second-quarter results that beat expectations and raised its full-year profit outlook. The stock was also the leading gainer within the SPDR Health Care Select Sector ETF
The stock has now run up 8.1% amid a 4-session win streak, which would be the best 4-day stretch since it ran up 10.2% in the four days ending Oct. 2, 2015. SVB Leerink analyst Danielle Antalffy said that despite a decline in the cardiac and vascular group business segment, which is Medtronic’s largest by revenue, the company still delivered a total revenue beat, “which we think highlights the strength of [Medtronic’s] broad-based business model.” The stock has hiked up 20% year to date, while the health care ETF has tacked on 5.5% and the S&P 500
has advanced 16%.
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