Medtronic, Patterson Among Day's Biggest Losers, Trump Continues to Pressure Healthcare Sector

U.S. indexes soared Tuesday as the post-election rally continues to push the market. The Dow Jones Industrials closed above 19,000 for the first time, gaining 1000 points in less than a month.  All sectors closed up with the exception of the healthcare sector, which closed down 1.55%. 

President-elect Trump's campaign rhetoric to replace and a vow to repeal the Affordable Care Act (ACA) has carried into the third week since his election. Trump's vague policy of keeping certain provisions of the ACA intact while repealing others has also put the $3 trillion health care industry on edge.

The Dow Jones Industrial Average gained 67 points, or 0.35%, to 19,023. The S&P 500 index added 4.76 points, or 0.22%, to 2,202, and the Nasdaq composite added about 17 points, or 0.33%, to 5,386.

The biggest losers of the day were Patterson Cos.  (PDCO) , Medtronic plc  (MDT) , Insys Therapeutics Inc. (INSY) , Fluidigm Corporation (FLDM) and Momenta Pharmaceuticals, Inc. (MNTA) .

Saint Paul, Minn.-based Patterson Companies is a a medical equipment wholesaler serving the dental, veterinary and rehabilitation supply markets. Shares of Patterson plunged almost 17% today to $39.56 per share after the company reported today fiscal second-quarter 2017 results that missed analysts' projections. The company reported net sales of $1.42 billion for the period, which missed analysts' estimate of $1.44 billion in revenue.

Dublin-headquartered Medtronic is a medical technology and services company. Shares of Medtronic dipped almost 9% to $73.60 per share after the medical device marker reported worse-than-expected quarterly sales for almost all its major product lines today. Despite posting a total revenue of $7.35 billion, a 4 percent increase from the same period last year, the figure missed the average analyst estimate of $7.46 billion.

Phoenix-based Insys Therapeutics is a commercial-stage specialty pharmaceutical company. Shares of Insys Therapeutics fell 7.47% to $12.27 per share. The company reported on Nov.3 better-than-estimated earnings of $0.02 per share by $0.05 per share but its net revenue plunged 39.5% to $55.2 million from last year's $91.3 million. 

South San Francisco, Calif.-based Fluidigm Corporation engages in the design, manufacture and sale of biological research equipment based on integrated fluidic circuit technology. Shares of Fluidigm fell 7.34% to $5.81 per share today. The company reported on Nov. 3 that its total revenue for the third quarter of 2016 was $22.2 million, a decrease of 23% from $28.6 million in the third quarter of 2015.

Cambridge, Mass.-based Momenta Pharmaceuticals specializes in biotechnology. Shares of Momenta decreased 6.71% to $13.55 per share at the market's close. The company posted on Nov.2 a total revenue of $29.1 million for the third quarter of 2016 compared to $13.8 million for the same period in 2015. 

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