MARKET TALK: Orthopedic Sector Slumps As Clouds Darken

21st Jul 2010 16:21

11:21 (Dow Jones) Orthopedics sector is having a rough day after 2Q reports from Stryker (SYK) and Johnson & Johnson (JNJ) indicated recovery in market for replacement joints, which was hurt by deferred procedures during recession, may be hitting fresh speed bumps. SYK off 7.7% to $47.36. Among competitors, Zimmer (ZMH) down 4.1%, Smith & Nephew (SNN) down 6% and Wright Medical (WMGI) down 5%. Citigroup says SYK's results "reinforce our view that Street optimism for a recovery in orthopedics during 2010 was misguided as both US and EU economic trends are weighing on procedure growth." ([email protected]) Call us at (212) 416-2184 or email [email protected] Visit the Market Talk blog at www.djnmarkettalk.com (END) Dow Jones Newswires July 21, 2010 11:21 ET (15:21 GMT)