Tuesday, February 7, 2012

Cochlear: Stock up Despite Losses

The Cochlear Ltd is reporting losses for the first time since 1995. The Austrailian company says it lost $20 million during the second half of last year after recalling one of its most popular implants. During the same period in 2010, Cochlear earned more than $87 million in profit. However, investors took heart in the fact that the loss wasn't as big as expected. Stock shares rose by $4.41 to close at $62.52 yesterday. Cochlear was helped by the fact that its Swiss rival, Sonova, also had a major recall this past year.