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Author: LurkerMom Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1947221  
Subject: Medical giant Stryker cuts 1,170 jobs Date: 11/17/2012 6:44 AM
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Medical giant Stryker cuts 1,170 jobs, citing ObamaCare

snip
"The company will cut 1,170 jobs, or five percent of its worldwide workforce, despite the fact that the founder's grandson was one of the largest contributors to President Obama’s re-election campaign. Medical tech scion Jon Stryker, whose net worth is currently estimated at $1.2 billion, contributed $2 million to the Priorities USA Action super PAC and has given $66,000 in contributions to Obama and the Democratic Party. Stryker does not run the company.
A "medical device excise tax" included in the mandate imposes a 2.3 percent levy on medical device manufacturers and suppliers, which critics say will raise prices on everything from pacemakers to prosthetics to stents. Companies will be required to pay the tax regardless if they have a profit or loss for the year. The tax is estimated to cost the medical device industry $20 billion."
snip
“The targeted reductions and other restructuring activities are being initiated to provide efficiencies and realign resources in advance of the new Medical Device Excise Tax scheduled to begin in 2013, as well as to allow for continued investment in strategic areas and drive growth despite the ongoing challenging economic environment and market slowdown in elective procedures,” Stryker spokeswoman Yin Becker told FoxNews.com. “The reductions and restructuring activities are expected to be substantially complete by the end of 2012.”
Executives for Stryker have placed the blame squarely on the coming tax ever since it gained more steam in Washington."


Read more: http://www.foxnews.com/politics/2012/11/16/medical-supply-gi...
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Author: schvitzing Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1837750 of 1947221
Subject: Re: Medical giant Stryker cuts 1,170 jobs Date: 11/17/2012 11:21 AM
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Of course! It MUST be Obamacare! It couldn't possibly be product safety issues, such as this one:

http://www.fda.gov/Safety/MedWatch/SafetyInformation/SafetyA...

http://www.fda.gov/Safety/Recalls/ucm320958.htm

Stryker has had product safety issues for several years, including with its hip prosthetic.

Schvitz

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Author: LurkerMom Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1837798 of 1947221
Subject: Re: Medical giant Stryker cuts 1,170 jobs Date: 11/17/2012 2:16 PM
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Stryker has had product safety issues for several years, including with its hip prosthetic.

Schvitz


_________________________

So? apples and oranges.

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Author: SaintPatrick1 Big funky green star, 20000 posts 10+ Year Anniversary! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1837802 of 1947221
Subject: Re: Medical giant Stryker cuts 1,170 jobs Date: 11/17/2012 2:25 PM
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So the owner who gave Obama two million for his campaign is just lying about the tax affecting the company.

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Author: schvitzing Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1837872 of 1947221
Subject: Re: Medical giant Stryker cuts 1,170 jobs Date: 11/17/2012 6:00 PM
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So? Apples and oranges

Indeed.

A company flak, according to Fox [more on that below], ascribes a workforce cut to an impending tax on sales. If true, this suggests to me that the employees involved are not contributing to the bottom line, notwithstanding this exise tax. Otherwise, the company would be cutting off its nose to spite its face.

Nevertheless, I find it odd that neither the Wall Street Jl, NY Times, Forbes nor Bloomberg has picked up this announcement. Moreover, Stryker has not filed an 8-K with the SEC. In fact, the latest Stryker press release is dated 11/08/2013.
http://phx.corporate-ir.net/phoenix.zhtml?c=118965&p=iro...

Yes, odd. But, keep believing your 'news' sources.

Schvitz

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Author: schvitzing Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1837876 of 1947221
Subject: Re: Medical giant Stryker cuts 1,170 jobs Date: 11/17/2012 6:20 PM
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Oh, and speaking of apples and oranges, Jon Stryker, who is so prominently featured in the Fox piece, isn't even on Stryker's board. his sister is, but for some reason Fox ignored her. Hmmm.

http://www.stryker.com/en-us/corporate/ForInvestors/Corporat...

[LM, you might benefit from learning some research tools. In this case, one place to start is the company itself; then try the SEC.]

Schvitz

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Author: LurkerMom Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1837997 of 1947221
Subject: Re: Medical giant Stryker cuts 1,170 jobs Date: 11/18/2012 8:29 AM
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Oh, and speaking of apples and oranges, Jon Stryker, who is so prominently featured in the Fox piece, isn't even on Stryker's board. his sister is, but for some reason Fox ignored her. Hmmm.

http://www.stryker.com/en-us/corporate/ForInvestors/Corporat......

[LM, you might benefit from learning some research tools. In this case, one place to start is the company itself; then try the SEC.]

Schvitz

_________________________________

Whatever little side notes you think you need to add really doesn't matter when the bottom line is the medical giant Stryker laid off 1,170 workers and blame prezcare for the added cost to the company's bottom line.

It is becoming the norm now for companies to lay off workers, cut employees hours, raise prices and etc. because of prezczre. It's what you lefties wanted and was warned what would happened if prezcare became Law. As the saying goes, be careful what you wish for....

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Author: notehound Big gold star, 5000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1838009 of 1947221
Subject: Re: Medical giant Stryker cuts 1,170 jobs Date: 11/18/2012 9:41 AM
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...for companies to lay off workers, cut employees hours, raise prices and etc. because of prezczre. It's what you lefties wanted and was warned what would happened if prezcare became Law. As the saying goes, be careful what you wish for....

LurkerMom,

Your posts are usually more logical and internally consistent than these statements seem to indicate.

If the Dems actually want layoffs and that is what Obamacare is causing, then it seems that the pre-election warnings actually served as encouragement. If such is the case, then the logical conclusion would not be "be careful what you wish for," but rather would be "congratulations - you got what you wished for."

;-)

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Author: schvitzing Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1838089 of 1947221
Subject: Re: Medical giant Stryker cuts 1,170 jobs Date: 11/18/2012 2:19 PM
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Another point:

Although reactionaries never admit errors, I do. Stryker did announce the reductions and did attribute the impending exise tax as at least a partial factor.

Stryker announced its intention to implement focused workforce reductions of approximately 5% of its global workforce and other restructuring activities that are anticipated to reduce annual pre-tax operating costs by over $100 million beginning in 2013. The targeted reductions and other restructuring activities are being initiated to provide efficiencies and realign resources in advance of the new Medical Device Excise Tax scheduled to begin in 2013, as well as to allow for continued investment in strategic areas and drive growth.. [emphasis added]
http://phx.corporate-ir.net/phoenix.zhtml?c=118965&p=iro...

So,I was wrong about the announcement, even though Stryker does does state the allocation, nor how many domestic jobs are affected.

What is interesting [to me, anyway] is that Stryker issued the press release almost exactly ONE YEAR ago. Yet, Faux News sees fit to run it now, along with a prominent photo and mention of Jon Stryker, who wasn't even on the board in 2011, when the corporation took this decision, nor is he on the board now. So, what is Faux News up to? [Need one ask?]

BTW, I have no opinion on the relative merits [or lack of them] of the exise tax. It is clear to me, however, the exise tax will reduce SYK's net income by about 15%; so, I am not surprised that they and other medical equipment mfrs are opposed to it.

Schvitz

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