Medtronic Results, Outlook Hurt Medical Devices ETFs | ETF Trends

Exchange traded funds that follow healthcare stocks and providers of medical devices were in negative territory Tuesday following weak quarterly results and a disappointing outlook from Medtronic (NYSE: MDT).

“Not a great quarter,” Deutsche Bank analysts said in their quick take on Medtronic’s results. Earlier this month, the company named Omar Ishrak as its chief executive.

Medtronic is about 11% of iShares Dow Jones US Medical Devices (NYSEArca: IHI), which was fractionally lower Tuesday, as was Health Care Select Sector SPDR Fund (NYSEArca: XLV).

iShares Dow Jones US Medical Devices

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