On July 14, Abbott Laboratories fell 3.5% in regular trading, trading at $89.7/share, with turnover of $129 million. The decline coincided with broad-based weakness across the Health Care Equipment sector and rising risk-aversion sentiment ahead of the company's Q2 earnings release scheduled for July 16 pre-market.

The medical device sector experienced significant selling pressure, with peers Stryker down 5.67%, GE Healthcare down 5.73%, Intuitive Surgical down 3.9%, Medtronic down 3.76%, and Boston Scientific down 3.67%. Abbott has been under sustained pressure since April, when it lowered full-year adjusted EPS guidance to $5.38-$5.58 following Q1 results that were weighed down by international tender renewal delays impacting its continuous glucose monitoring business and short-term earnings dilution from the approximately $21 billion Exact Sciences acquisition. Multiple brokerages subsequently cut price targets, including Citi to $108, Oppenheimer to $115, and Daiwa downgrading the stock to Neutral with a $92 target.

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