Abbott Labs cuts earnings forecast lost earnings: Medical device maker Abbott Laboratories <ABT.N> failed to meet Wall Street estimates for quarterly earnings Wednesday, trimming the upper end of its whole earnings forecast. year.

Shares of the company fell 3% in early trading, following a win on Tuesday following Abbott's $ 3 billion (2.35 billion) buyback announcement, as well as the high expectations in the period before the results.

"High expectations are probably the cause of the stock pressure," said Cowen and Co analyst Josh Jennings, adding that investors were looking for Abbott to beat estimates and raise forecasts.

The quarterly revenue loss was mainly due to the company's flagship cardiovascular unit. The business reported sales of $ 2.40 billion, below estimates of $ 2.44 billion, according to two analysts polled by Refinitiv.

This offset the gains in its fast-growing diabetes care business. The unit posted revenue of $ 665 million in the third quarter, exceeding estimates of $ 645 million. The pace was driven by a 63% jump in sales of the FreeStyle Free Continuous Glucose Monitor.

Abbott Labs cuts earnings forecast lost earnings

The device helps diabetics track blood sugar levels without puncturing their fingers, and the company is awaiting approval from the U.S. Food and Drug Administration. UU For a next-generation version of the device, Freestyle 2.0 Free.

The company lowered its adjusted earnings per share forecast for 2019 from $ 3.23 to $ 3.25, from a previous expectation of $ 3.21 to $ 3.27.

Abbott's net earnings increased to $ 960 million, or 53 cents a share, in the third quarter ending September 30, from $ 563 million, or 32 cents a year, a year earlier.

Excluding the items, the company earned 84 cents per share, which matches the average analyst estimate.

Net sales rose 5.5% to $ 8.08 billion, just below the analysts' average estimate of $ 8.10 billion.

The CEO of Exelon Utilities is retiring amid a federal inquiry

Anne Pramaggiore's departure on Tuesday comes as the Chicago-based energy company was recently pulled over by an ongoing FBI investigation into state Sen. Martin Sandoval. Last month, the FBI raided Sandoval's offices and home.

Exelon revealed in a federal filing late last week that it is cooperating with researchers.

Pramaggiore is being replaced by Calvin G. Butler Jr., CEO of Baltimore Gas and Electric Company, which is part of the Exelon family.
MDHHS: The decision to ban the ban on flavored vaping is deeply troubling

"This ruling is deeply troubling and a threat to Michigan's public health. There is no doubt that youth vaping is a public health crisis. The data is overwhelming, and we receive new information every day that strengthens the governor and the governing body. MDHHS was right in taking rapid action to protect our children from the harmful effects of vaping. "

The Michigan Department of Health and Human Services in another state entity is evaluating the injunction on emergency vaping rules.

Dr. Joneigh Khaldun, MDHHS Medical Director and Deputy Chief of Health, issued the above statement following Tuesday's ruling.

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