Market Focus

Verizon

Verizon says it has no need to make large spectrum purchases in the near term. This comes after the company won over $10 billion of wireless licenses at a recent auction.Verizon says it will focus on technology that makes use of its current spectrum holdings, given the high cost. Shares fell a fraction to $49.18.

Medtronic

A big beat on the top and bottom lines for Medtronic. The medical device maker delivered for investors as it had strong sales of its cardiovascular devices. The stock was one of the best performers in the S&P 500, up nearly four percent to $78.07, a new 52-week high.

CVS Health

CVS health is raising concerns about the possible impact of a new class of specialty cholesterol drugs. The company, which negotiates drug prices for millions, warned specifically that the new cholesterol drugs could eventually cost the health care system as much as $150 billion a year. Shares were up a fraction to $103.55.

Fossil

Fossil announced fourth quarter results that missed the Street’s estimates sending shares way down initially after-hours. The watch and accessories maker blamed currency headwinds. It also announced a ten-year licensing agreement with Kate Spade. Still, as you can see the stock plunged after the close. Before the closing bell, the stock was up a fraction to $99.32.

Boston Scientific

It was the opposite story for Boston Scientific. The company announced news investors liked. It has reached a $600 million settlement with Johnson & Johnson over a breach of merger.The lawsuit was brought by Johnson & Johnson against Guidant, which Boston Scientific acquired. Shares popped initially in after-hours trading. Before the market closed, shares were off slightly to $14.84.

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