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Wire

Stryker's Fundamentals 'Solidly Intact' Despite Cyber Disruption, RBC Says

Stryker's (SYK) fundamentals remain solidly intact despite a recent cybersecurity disruption that could limit upside to the company's 2026 guidance, RBC Capital Markets said in a note Tuesday.Citing comments made by Stryker's competitor, Zimmer Biomet (ZBH), on its earnings call Tuesday, the brokerage said the cyber incident in Q1 did not appear to have translated into any meaningful share loss for Stryker.Zimmer executives said they did not materially benefit from Stryker's operational difficulties due to the cyber incident, while highlighting positive end-market dynamics, with no macro disruption, according to the note.The firm said a healthy orthopedic market with stable demand, steady pricing, reconstruction market growth above 4% and solid hospital capital spending on technology platforms provide a "favorable backdrop" for Stryker, which has resumed full operations following the cyber incident.Stryker has indicated the disruption is "not reasonably likely" to have a material effect on its 2026 outlook, which calls for organic revenue growth of 8% to 9.5%, the firm said.RBC Capital Markets reiterated an outperform rating on Stryker, with a price target of $435.Shares of Stryker were down about 2% in Wednesday trading.Price: $314.80, Change: $-6.63, Percent Change: -2.06%

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Wire

Zimmer Biomet Supported by Sales Force Improvements, 2026 Upside Potential, RBC Says

Zimmer Biomet's (ZBH) sales force productivity improvements, stable end markets and continued focus on buybacks remain supportive, though the quarter was weighed by transition-related execution and guidance concerns, RBC Capital Markets said.The company is undergoing go-to-market model adjustments in the US, shifts in emerging markets, aggressive investments in innovation and significant talent and sales force changes. Management categorized 2026 as a "year of transition" and held off on raising full-year revenue guidance despite a "strong" Q1, the brokerage said Tuesday in a note.RBC believes the recent 10% stock decline reflects a lack of core business beat and raise. It also points to concerns over earnings quality, given that most of the EPS beat was driven by a tariff refund. In addition, unchanged revenue guidance implies lower numbers in Q2 to Q4.The firm said the market is also focused on 2027 margin and EPS growth, especially given this year's tariff refund benefit. 2026 guidance has room for a beat and raise, driven by US sales force transition benefits, new product launches and organic growth contribution from Paragon 28 starting in Q2.RBC models 2026 sales of $8.56 billion, near the top end of Zimmer's 1% to 3% growth guidance. It also expects EPS of $8.48, implying 3.5% growth, impacted by acquisition-related dilution and the tariff benefit this year.RBC maintained an outperform rating on Zimmer Biomet with a price target of $101.Shares of Zimmer were down 2.5% in Wednesday trading.Price: $80.76, Change: $-2.04, Percent Change: -2.46%

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Wire

Bernstein Adjusts Price Target on Zimmer Biomet to $91 From $99, Maintains Market Perform Rating

Zimmer Biomet (ZBH) has an average rating of hold and mean price target of $98.24, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $80.21, Change: $-2.60, Percent Change: -3.13%

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Wire

Truist Cuts Price Target on Zimmer Biomet Holdings to $92 From $98, Keeps Hold Rating

Zimmer Biomet Holdings (ZBH) has an average rating of hold and mean price target of $97.86 according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $80.83, Change: $-1.97, Percent Change: -2.38%

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Research

Research Alert: CFRA Keeps Hold Rating On Shares Of Zimmer Biomet Holdings

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our target price to $92 from $100, representing 10.1x our 2027 EPS estimate, a discount to ZBH's five-year average forward P/E of 15.2x. We slightly lift our 2026 EPS view to $8.55 from $8.50 to reflect the Q1 EPS beat. We lower our 2027 EPS to $9.12 from $9.18 as we anticipate some margin pressures. We maintain our Hold rating after Q1 earnings release today as we view 2026 to be a transitional year amid an important leadership change with the long-tenured CFO's departure. Zimmer Biomet reported a better-than-anticipated start to 2026, highlighting healthy end markets, yet management kept the sales guidance intact for 2026, pointing to modest 2.5%-4.5% Y/Y reported growth and 1.0%-3.0% Y/Y organic constant currency growth. ZBH also announced the departure of its CFO, Suketu Upadhyay, who will be joining Incyte as the new CFO. The company has appointed Paul Stellato, its current Controller and Chief Accounting Officer, as the interim CFO, while conducting a search for a permanent successor.

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Wire

Top Midday Decliners

Greenland Energy (GLND) stock sank 41% after the company said late Monday it priced a $70 million offering of 17.5 million shares at $4 apiece.More than 9.36 million shares of the company traded intraday compared with a daily average of about 2.33 million.Zimmer Biomet (ZBH) reported a year-over-year increase in Q1 adjusted earnings and sales on Tuesday and said its chief financial officer, Suketu Upadhyay, is leaving the company.Shares slumped 11% as intraday trading volume soared to more than 5.32 million from a daily average of about 2.13 million.Pentair (PNR) reported stronger-than-expected Q1 adjusted earnings and sales growth on Tuesday, but the company revised the bottom end of its full-year revenue growth forecast.Shares slumped 11% as intraday trading volume rose to over 3.46 million from a daily average of about 1.75 million.Price: $3.22, Change: $-2.20, Percent Change: -40.57%

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Sectors

Sector Update: Health Care Stocks Mixed Pre-Bell Tuesday

Health care stocks were mixed premarket Tuesday, with the State Street Health Care Select Sector SPDR ETF (XLV) gaining by 0.6% and the iShares Biotechnology ETF (IBB) retreating marginally by 0.01%.Novartis (NVS) shares retreated less than 1% pre-bell after the company reported lower Q1 core earnings and net sales.Axogen (AXGN) stock was up more than 9% premarket after the company reported it swung to Q1 adjusted earnings as revenue increased.Zimmer Biomet (ZBH) stock was down more than 6% premarket after closing the prior session with a 1.5% gain. The company reported higher Q1 financial results and said its chief financial officer, Suketu Upadhyay, is leaving the company.

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Commodities

Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Tuesday Amid Higher Oil Prices, Earnings Deluge

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.7% and the actively traded Invesco QQQ Trust (QQQ) was 1.4% lower in Tuesday's premarket activity amid higher oil prices and a deluge of corporate earnings reports.US stock futures were mixed, with S&P 500 Index futures down 0.7%, Dow Jones Industrial Average futures gaining 0.2%, and Nasdaq futures retreating 1.2% before the start of regular trading.The Case-Shiller Home Price Index and the Federal Housing Finance Agency House Price Index, both for February, will be released at 9 am ET.April's consumer confidence report and Richmond Fed manufacturing index will be released at 10 am ET.In premarket activity, bitcoin was down by 0.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1% lower, Ether ETF (EETH) retreated by 0.7%, and Bitcoin & Ether Market Cap Weight ETF (BETH) declined by 0.01%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.5%, while the Vanguard Industrials Index Fund (VIS) was flat and the iShares US Industrials ETF (IYJ) was 0.01% lower.Allegion (ALLE) stock was down more than 4% before the opening bell after the company reported lower Q1 adjusted earnings.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 2.3%, and the iShares US Technology ETF (IYW) was 2% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 2.2%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 4.2%, while the iShares Semiconductor ETF (SOXX) fell by 4%.Intel (INTC) shares were up more than 1% in Tuesday's premarket activity after gaining 2.9% at the previous close. Bloomberg reported Monday, citing a person familiar with the matter, that the company has launched an investment-grade bond sale to help finance its $14.20 billion plan to regain full ownership of its Irish chip manufacturing facility.EnergyThe iShares US Energy ETF (IYE) was up 1.4%, while the State Street Energy Select Sector SPDR ETF (XLE) rose by 1.7%.BP (BP) stock was up more than 3% before Tuesday's opening bell after the company reported higher Q1 underlying replacement cost profit and sales.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.3%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was down 0.3%. The iShares US Consumer Staples ETF (IYK) advanced 0.8%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.4%. The VanEck Retail ETF (RTH) was 0.2% lower, while the State Street SPDR S&P Retail ETF (XRT) declined by 0.2%.Coca-Cola (KO) shares were up more than 2% pre-bell after the company reported higher Q1 adjusted earnings and revenue.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.4%, the Vanguard Health Care Index Fund (VHT) was up 0.5%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) retreated by 0.1%.Zimmer Biomet (ZBH) stock was down more than 2% premarket after closing the prior session with a 1.5% gain. The company reported higher Q1 financial results and said its chief financial officer, Suketu Upadhyay, is leaving the company.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.1%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.4% lower.Barclays (BCS) shares were down more than 2% pre-bell. Bloomberg reported the company has reserved 228 million British pounds ($307.9 million) in Q1 to cover the collapse of specialty lender MFS.CommoditiesFront-month US West Texas Intermediate crude oil rose by 5.1% to $101.28 per barrel on the New York Mercantile Exchange. Natural gas retreated by 0.7% to $2.53 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 4.7%, while the United States Natural Gas Fund (UNG) was 0.4% lower.Gold futures for May were down by 2.6% at $4,573.30 an ounce on the Comex. Silver futures retreated by 3.9% to $72.60 an ounce. SPDR Gold Shares (GLD) was 2.3% lower, and the iShares Silver Trust (SLV) fell by 3.9%.

Dow JonesNasdaq CompositeS&P 500$ALLE$BCS$BETH$BITO$BP$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$INTC$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$KO$PMR$QQQ$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD$ZBH
Research

Research Alert: Zbh Q1 Tops Estimates, Fueled By Diversified Portfolio And Strategic Growth

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Zimmer Biomet delivered solid Q1 2026 results with net sales of $2.087B (+9.3% reported, +2.9% organic constant currency), $20M above the consensus view, and adjusted EPS of $2.09 (+15.5% Y/Y), beating the consensus by $0.23. Performance was broad-based across U.S. markets at $1.209B (+3.2% Y/Y organic) and international operations at $877.4M (+2.5% Y/Y organic). The diversified portfolio enabled resilient performance with knees at $828.6M (+1.8% organic), hips at $524.1M (+3.2% organic), and S.E.T. serving as a growth engine with sales at $562.2M, benefiting from the Paragon 28 acquisition. Management raised full-year EPS guidance to $8.40-$8.55 from $8.30-$8.45 while maintaining revenue guidance of 2.5%-4.5% reported growth. Key milestones in Q1 included mBos robotic system enrollment completion in India, first G7 Acetabular System case following FDA clearance, and Dr. Vigdorchik's appointment as Chief Science Officer.

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