Strength Seen in Covidien (CVD): Stock Soars 20.5%
Covidien plc (CVD) was a big mover last session with its shares surging over 20% on the day. The positive market sentiment was a result of medical technology giant Medtronic Inc.’s (MDT) announcement of its plans to acquire Covidien in a deal worth $42.9 billion. The move came on solid volume too with far more shares of Covidien changing hands than in a normal session. The stock picked up sharply from the near-flat trend of $70.65 to $73.60 in the past one-month time frame.
This medical instruments and supplies company has seen no estimate revisions in the last 30 days. The Zacks Consensus Estimate hasn’t been in trend either. Yesterday’s sharp climb is encouraging though, so make sure to keep a close watch on this firm in the near future.
Covidien currently holds a Zacks Rank #3 (Hold) while its Earnings ESP is 0.00%.
Better-ranked Med Product stocks like Cardica Inc. (CRDC) and ICU Medical, Inc. (ICUI) are worth a look. Both the stocks carry a Zacks Rank #2 (Buy).
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COVANCE INC (CVD): Free Stock Analysis Report
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