Stock Alert: NuVasive Down 7%

(RTTNews) - Shares of NuVasive, Inc. (NUVA), a developer of minimally disruptive surgical products for spine surgery, are declining more than 7 percent or $3.51 in Friday's morning trade at $45.76 despite its third-quarter results beating analysts' estimates.

Thursday, NuVasive reported third-quarter net income of $5.87 million or $0.11 per share, down from $11.01 million or $0.21 per share in the year-ago quarter. Adjusted earnings were $0.55 per share, compared to $0.59 per share last year. Revenue rose to $295.28 million from $290.84 million a year ago. Analysts polled by Thomson Reuters expected the company to report earnings of $0.24 per share on revenues of $256.68 million.

However, U.S. stocks are lower on Friday, reflecting weakness in shares of tech companies such as Apple and Amazon, lingering concerns about the recent spike in coronavirus cases and uncertainty about next week's presidential elections.

NuVasive has traded in a range of $28.55 to $81.91 in the past 52 weeks.