Why Thermo Fisher Scientific Stock Tumbled Today
Sprawling medical device and solutions company Thermo Fisher Scientific (NYSE: TMO) wasn't looking all that healthy on Tuesday, at least as far as its stock was concerned. The company closed a pair of acquisitions, and the twin moves didn't seem to make some investors happy. As a result, the stock fell by more than 1%, a slightly steeper drop than the S&P 500's (SNPINDEX: ^GSPC) 0.7%.
Of Thermo Fisher's two transactions, by far the pricier was its deal for the purification and filtration business of Solventum. It's handing out $4 billion to Solventum, formerly the healthcare business of industrial conglomerate 3M, in an all-cash deal.
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