UPDATE: Medtronic Posts Drop In FQ2 Profit

Medtronic MDT reported a drop in its fiscal second-quarter earnings. Medtronic's quarterly net earnings fell to $646 million, or $0.63 per share, from $871 million, or $0.82 per share, in the year-earlier period. Excluding one-time items, Medtronic earned $0.88 per share. Its revenue rose 2% to $4.095 billion. Medtronic shares closed at $41.81 yesterday.