We are buying 200 shares of Abbott Laboratories at roughly $113.06. Following the trade, Jim Cramer's Charitable Trust will own 560 shares of ABT, increasing its weighting to 2.04% from 1.32%. We are taking advantage of Friday's sell-off in Abbott — shares are down more than 4% in morning trading — to increase our exposure to the medical device maker.
It's the FDA that determines who is ultimately allowed to go to market, and given how tough the FDA has been on Abbott that barrier to entry for a new competitor is going to be very high. As a result, we don't see this report impacting actual earnings results in any material way, especially not in the near term.
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