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Why Edwards Lifesciences Stock Crashed 16% Today

TheMotleyFool 
0 0 28.10.22
Why Edwards Lifesciences Stock Crashed 16% TodayPhoto, wide shot, wide-angle lens, Pharmaceutical company, Midday, harsh overhead sunlight, directional sunlightt, photo by Art Wolfe: https://img.midjourneyapi.xyz/temp/7ae4a134-dd01-4c80-a621-18399f5a2541.png
 

Shares of medical device maker Edwards Lifesciences (NYSE: EW) fell 16.6% through 11:45 a.m. ET on Friday even though the company missed analyst targets for third-quarter earnings last night by only the slimmest of margins.

Analysts had forecast that Edwards would show earnings per share (EPS) of $0.62 on sales of $1.33 billion in last night's report. Its actual results: $0.61 in EPS and $1.32 billion in sales.  

Is that tiny $0.01 miss really worth a 16.6% sell-off?  For the fiscal third quarter, sales grew only 1%, hurt primarily by unfavorable currency exchange rates. In constant dollars, Edwards says its sales would have grown 7%.

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Source Fool.com

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