can anyone help? why the sharp drop in sn.price yesterday (15/9/04).i've searched all over for a reason but can't find one.Is it just a lack of interest or what? they still look a good bet to me mid-term

There was a downgrade by an American Broker Yesterday. I am looking for a rebound.

thanks milfam hope the rebound is pretty sharpish am holding sept call opts which expire 17/09

Yesterday's report (15/9/04)

Shares in Smith & Nephew were also weak in midafternoon trade, losing 131/2 pence to 489-1/2 on the back of a slightly downbeat note by Bear Stearns.

In a note to clients, the US broker said it is adjusting its third and fourth quarter EPS estimates for the healthcare group but is sticking with its full year EPS projection.

IMHO, today the MM are manipulating the SP.They are short of stock and it has been marked down.MM want you to panic and sell! so that they can buy it cheap and sell it higher.

I've been waiting to get in to SN. - Maybe today's an excellent opportunity?

Very happy to get a chance to jump onboard at just below 5. From what I read Sir Chris ODonnell is a first class CEO who's training is as an engineer rather than a bean counter. That he's also a Yorkshireman is a further plus (but probably only to Northerners).
There appears to be tons of solid growth ahead with the added potential of a possible takeover approach at some stage down the line.

From Killick & Co

Smith & Nephew hit by US subpoena

Tactical BUY

Price: 498p (-24p)

Risk rating: 6

p/e: 20.2

Net dividend yield: 1.1%

Market cap: 4.7bn

(p/e and yield are prospective)

The US Department of Justice has issued a number of subpoenas on the medical devices industry, as part of an investigation into service contracts in the sector which dates from 2002. US stocks Stryker, Johnson & Johnson and Biomet fell by about 5% in after-hours trading last night. In London, orthopaedics specialist Smith & Nephew is down 24p to 498p. In a short statement Smith & Nephew has stated that the US Attorneys office has requested details of the agreements between orthopaedic surgeons and S&Ns orthopaedics division. Its too early to gauge exactly how the company will fare in the investigation, but we think it unlikely that any fines will turn out to be punitive in the context of expected profit this year of about 300m.