Medical Equipment Higher Despite Excise Tax (SYK, MDT, STJ, more...)
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Medical equipment makers are mostly higher today following the approval of the health care reform bill by the House, despite being hit with a new tax.
The bill contains a 2.3% excise tax on the industry beginning Jan. 1, 2013, which will equal about $2 billion per year. Despite the tax, investors may feel that the wider insurance coverage is a positive for the industry.
Stryker Corp. (NYSE: SYK) is up 0.9%, Medtronic, Inc. (NYSE: MDT) is up 2.9%, St. Jude Medical Inc. (NYSE: STJ) is up 2.1%, Zimmer Holdings (NYSE: ZMH) is up 1.6%, Boston Scientific (NYSE: BSX) is down 0.6% and Intuitive Surgical (Nasdaq: ISRG) is down 0.7%.
The bill contains a 2.3% excise tax on the industry beginning Jan. 1, 2013, which will equal about $2 billion per year. Despite the tax, investors may feel that the wider insurance coverage is a positive for the industry.
Stryker Corp. (NYSE: SYK) is up 0.9%, Medtronic, Inc. (NYSE: MDT) is up 2.9%, St. Jude Medical Inc. (NYSE: STJ) is up 2.1%, Zimmer Holdings (NYSE: ZMH) is up 1.6%, Boston Scientific (NYSE: BSX) is down 0.6% and Intuitive Surgical (Nasdaq: ISRG) is down 0.7%.
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