Diamonds and Dogs
Medtronic (MDT) trading at all-time highs. The Dublin medical device maker is up 4% following better than expected earnings helped by strong sales of its diabetes and heart devices. The largest U.S. standalone device maker's diabetes unit that makes insulin pumps and glucose monitoring systems posted a 27 percent rise in sales, largely due to strong adoption of its artificial pancreas device in the U.S. Chief Executive Officer Omar Ishrak said Medtronic was excited about its progress in the diabetes market, and expects the company to be in the leadership position in the segment. BMO Capital Markets analyst Joanne Wuensch said, "the diabetes segment is the fastest growing segment in the company and there is a lot of momentum in this franchise."
Brazilian truckers hurting Manhattan cosmetic maker, Coty Inc (COTY). Coty is down 10% to a 52 week low after lowering guidance. The beauty products maker also said its chief financial officer was stepping down and also gave a profit forecast for 2019 that was below Wall Street expectations. A 10-day long trucker strike in Brazil is being blamed for disrupted supplies to the retailer back in May and June. Coty receives supplies from Brazil to make some of their most popular products under the brand names Rimmel, Max Factor and CoverGirl. With the stock down 50% since February, maybe there is a problem demand as well.