For the third quarter, Wall Street is expecting earnings of $3.50 a share from Intuitive Surgical on revenue of $534.9 million. JPMorgan was adamant that its call "is not about the quarter" but did add it thinks the risk is "to the upside" for both the third quarter and full year.
"We do not have enough conviction on the system placement number to say that one must go long in front of the print, and clearly, med tech pre-announcements to date have featured notable shortfalls (e.g., EW, NUVA, DXCM), which have been attributed, at least in part, to weakness in Europe and softer procedure volumes," the firm said.
Tuesday's economic calendar includes the consumer price index for September at 8:30 a.m. ET; the net long-term Treasury International Capital flow data for August at 9 a.m. ET; industrial production and capacity utilization data for September at 9:15 a.m. ET; and the National Association of Home Builders housing market index for October at 10 a.m. ET.
Written by Michael Baron in New York.
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