2023-04-19 17:12:00 ET
Thanks to good quarterly results reported by two peers, Medtronic (NYSE: MDT) stock did very well on Tuesday. The medical-device maker's share price enjoyed a nearly 4% ride skyward, contrasting quite favorably with the essentially flat movement of the S&P 500 index on the day.
Medtronic didn't have any news of its own to report but didn't need to. Both Intuitive Surgical (NASDAQ: ISRG) , a maker of next-generation robots for surgical procedures, and Abbot Laboratories (NYSE: ABT) , a traditional pharmaceutical company that has a thriving business in devices, released their latest quarterly earnings reports after market hours on Monday and on Tuesday morning, respectively.
Intuitive 's results were particularly encouraging. The number of procedures performed by its da Vinci system leaped by roughly 26% on a year-over-year basis. Meanwhile, it posted double-digit growth in revenue and a notably improved bottom-line profit.
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Why Medtronic Stock Soared More Than 4% Higher Today