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ResMed falls on Medicare cut

The respiratory-device maker's shares sank 6.5% after the Centers for Medicare and Medicaid Services, which is the federal agency that administers the health care programs, said it plans to slash reimbursements on certain equipment by an average of 45%. That is seen hitting distributors of ResMed's (RMD) products. Shares have fallen 9.4% since strong Q2 results lifted them to a new high.