You can follow him on Twitter @TomiKilgore. The global economy appears to be grinding to a halt as governments limit travel to slow the spread of the COVID-19 outbreak. Why is Moderna stock dropping? Medtronic (MDT) is falling Wednesday after U.S. Treasury Secretary Jack Lew asked Congress to "shut down" tax inversion deals… NEW YORK (TheStreet) -- Shares of Medtronic Inc. (MDT) - Get Report are down -1.28% to $63.85 on very heavy trading volume after it was reported that the medical device maker … You can view the full analysis from the report here. "Medtronic, along with two other large medical device manufacturers, discovered an unauthorized intrusion to our systems that was believed to originate from hackers in Asia," the company's 10-K filing said. The biggest wildcard is the company’s restorative therapies unit, “which includes devices and implants for spine, musculoskeletal, brain and nerve conditions” and generates 27% of Medtronic’s revenue. Regardless of MDT's high profit margin, it has managed to decrease from the same period last year. Among the notable names were, Crude oil prices continue to fall amid shocks to both demand and supply. Despite its growing revenue, the company underperformed as compared with the industry average of 3.6%. Let's conquer your financial goals together...faster. Cookie Notice. Shares of Medtronic PLC's However, in any other environment, this stock still has good upside potential despite the fact that it has already risen in the past year. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. Copyright © However, since the minimally invasive therapies group sells products that are used for lung health and respiratory procedures, as well as patient monitoring, its revenue is unlikely to drop meaningfully during the crisis. Intraday Data provided by FACTSET and subject to terms of use. You can follow him on Twitter for the latest news and analysis of the energy and materials industries: That market wash-out sent most stocks tumbling on the day, with several, plunging more than 10%. And diabetes, which accounts for nearly 8% of the company’s revenue, can also be life-threatening. Year to date, shares of Medtronic are down 15%, while the S&P 500 is up about 1%. "These first, targeted steps make substantial progress in constraining the creative techniques used to avoid U.S. taxes, both in terms of meaningfully reducing the economic benefits of inversions after the fact, and when possible, stopping them altogether," Treasury Secretary Jacob J. Lew said in a statement. Turning our attention to the future direction of the stock, it goes without saying that even the best stocks can fall in an overall down market. Why Medtronic (MDT) Stock Is Down Today Medtronic (MDT) is falling Tuesday after the U.S. government announced plans to decrease inversion tax benefits for companies. Yet, in the last three months, MDT stock has tumbled more than 20%. Medtronic stock lost more than 35% this year, declining from $115 to $73. As many analysts have noted, medical practices will cancel or postpone some of their patients’ elective surgeries. While it doesn't have any debt maturing this year, it has a small maturity next year and a larger one to address in 2022. Compared to where it was a year ago today, the stock is now trading at a higher level, regardless of the company's weak earnings results. All quotes are in local exchange time. Medtronic (MDT) is falling Tuesday after the U.S. government announced plans to decrease inversion tax benefits for companies. As of this writing, Larry Ramer owned shares of Medtronic stock. NEW YORK (TheStreet) -- Shares of Medtronic Inc. (MDT) - Get Report are down -1.28% to $63.85 on very heavy trading volume after it was reported that the medical device maker was the victim of a cyber attack and lost some patient records in separate incidents last year, according to a regulatory filed with the SEC today, Reuters reports. We feel these strengths outweigh the fact that the company has had sub par growth in net income.". -0.03% All rights reserved. Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. However, with demand for fuel cratering, the volumes sold at Clean Energy's stations will fall, which will affect its profitability. You’ll get the name & ticker of Matt McCall’s top pick when you tune in to his FREE event. Revenue increased 4% to $7.35 billion, missing the FactSet consensus of $7.45 billion. Earnings for the quarter to Oct. 28 rose 114% to $1.12 billion, or increased 122% on a per-share basis to 80 cents. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures and increase in stock price during the past year. MDT, Intraday data delayed at least 15 minutes or per exchange requirements. Matthew is a senior energy and materials specialist with The Motley Fool. Interestingly, it has since spiked a little over 25% to around $92 (as of July 8, 2020). That’s because the group’s products are used for both elective procedures, such as gastrointestinal surgeries, and non-elective ones, such as lung health procedures. -0.15% It had been using the free cash flow it produced at higher oil prices to repay debt and, given its weak credit profile, can't afford for its leverage to go in the opposite direction. XLV, Further, it will have a tough time booking new orders during this period and will likely have to cut its prices when market conditions finally stabilize.