0703 GMT - Smith & Nephew announcing that CFO John Rogers resigned to take a new position in the U.S. is unlikely to be taken well by the market, J.P. Morgan Securities analysts say in a note. The medical technology company's CFO has been instrumental in the business's margin improvement--although it wasn't as much as planned due to external headwinds--the analysts say. "He was generally seen as a good communicator and was well regarded and so we see this news as an incremental negative that is likely to see the shares off low single-digit to mid single-digit."