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An aerospace company was the best-performing stock in the
S&P 500
on Thursday, while a medical technology company was declining the most.
TransDigm Group
(ticker: TDG) shares were rising 9.2% to $977.33, which would be an all-time high based on available data back to March 15, 2006, according to Dow Jones Market Data. There were a couple of reasons for that stock jump.
The aerospace company announced it entered into an agreement to acquire the electronic device business of private-equity owned Communications & Power Industries for about $1.385 billion in cash.
TransDigm
also posted fiscal 2023 adjusted earnings of $25.84 a share, soaring 51% from the prior year.
Becton Dickinson
(BDX) stock was tumbling 8.3% to $234.70, putting it on pace for its largest percent decrease since Aug. 6, 2020, when it dropped 8.4%. The decline followed the medical technology company’s weak fiscal 2024 sales and earnings forecast.
Becton Dickinson
said it expects revenue in the range of $20.1 billion to $20.3 billion and adjusted earnings of between $12.70 and $13 a share, lower than Wall Street’s call for revenue of $20.345 billion and adjusted earnings of $13.48 a share, according to FactSet.
Write to Emily Dattilo at [email protected]
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