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SOURCE: The Wall Street Transcript

The Wall Street Transcript Publishes Medical
Technology / Large Cap Stocks Issue

Dr. Gruber was somewhat disappointed with Abbott (NYSE: ABT - news). ``The appointment of Miles White as CEO was
first greeted with applause, but the aborted acquisition of ALZA (NYSE: AZA - news) and the still-perplexing acquisition of
Perclose suggested a 'Ready, Fire, Aim`` approach to acquisitions.'

Wise was disappointed by the sector's performance as a whole in 1999, ``with the exception of Johnson & Johnson (NYSE:
JNJ - news), which had a very good year -- Abbott Labs faced multiple operating issues; Medtronic, although it had a solid
year overall, still faced significant challenges in integrating their acquisition of Arterial Vascular Engineering; Baxter had to work
through considerable concerns in the first half of 1999 regarding the quality of anticipated earnings. Those concerns didn't
materialize, but that still affected the stock. Guidant (NYSE: GDT - news) had acquisition-integration issues; Boston Scientific
had a host of internal execution issues; Becton, Dickinson had to work through over-optimistic expectations relative to their
growth rates; Stryker's (NYSE: SYK - news) earnings were diluted by an acquisition; Biomet (Nasdaq: BMET - news) faced
investor concerns about European operations; Bausch & Lomb (NYSE: BOL - news) saw EPS diluted after divesting their
Charles River operation; St. Jude had operating and performance issues.'

According to Lucera, Johnson & Johnson ``in terms of performance and market cap, was the best name in the group in 1999.'

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