NEW YORK (TheStreet) -- Shares of Stryker Corp. (SYK) are surging, up 3.21% to $82.94, even though the medical technology company denied a Financial Times report that said it plans to bid for orthopedics firm Smith & Nephew (SNN).
Smith & Nephew shares have jumped 3.88% to $83.46.
The U.K. Takeover Panel asked for the statement, according to Stryker.
Under U.K. rules, Stryker now can't bid for Smith & Nephew for six months except in certain circumstances. Those requirements still could be met, reviving the deal, said Lisa Bedell Clive, an analyst at Sanford C. Bernstein & Co., Bloomberg reports.
TheStreet Ratings team rates STRYKER CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate STRYKER CORP (SYK) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."