Jim Cramer: Drug Stocks Feeling Political Pressure

Political pressure is weighing on drug and medical device stocks including Abbott Labs (ABT) - Get Report and St. Jude (STJ) , says TheStreet's Jim Cramer. St. Jude posted lower-than-expected earnings for the 2016 third quarter. Before today's opening bell, the Saint Paul, MN-based medical device company reported adjusted earnings of $0.99 a share, missing analysts' estimates for adjusted earnings of $1.01 a share. Revenue climbed 12% year-over-year to $1.5 billion and largely met Wall Street's expectations. The company withdrew its guidance for 2016 due to its $25 billion planned sale to Abbott Laboratories. The deal is expected to close in the 2016 fourth quarter.