ABT also succumbed to pressure at its 100-day moving average
Abbott Laboratories (NYSE:ABT)) is off 3.6% to trade at $101.44 this morning, suffering a drop after its premature infant formula trial ended in the company needing to pay $495 million in damages to those impacted by a possible increase in bowel disease. An Abbott spokesperson stands against the verdict, adamant the company will appeal.
Alongside today’s drop, ABT also succumbed to pressure at its 100-day moving average, a trendline that’s sat overhead since early April. The medical equipment stock remains in the red year-to-date and is eyeing its worst daily percentage drop since June.
At last check, 16 of the 20 covering brokerages recommended a “buy” or or better rating. This leaves plenty of room for an unwinding, meaning more bear notes could be on the horizon.
Its also worth noting that the stock’s Schaeffer’s Volatility Scorecard (SVS) ranks at 81 out of 100. This means the security outperformed volatility expectations in the past year.