Smith & Nephew (NYSE: SNN) is lower in early trading Tuesday as Stryker Corp. (NYSE: SYK) announced a new $2 billion share repurchase program.

Notably, it was recently speculated that Stryker would move to acquire Smith & Nephew. Verbiage in several reports indicated that the deal would go through, but certain elements and timing had yet to be finalized.

Smith & Nephew is 2.7 percent lower.