14% Plunge in a Day… $1.6 Billion Vanished from U.S. Medical Device Stocks

Baxter International Inc. (NYSE: BAX) saw its shares plunge nearly 14% to $17.86 on June 16 in New York trading. In a single day, the company wiped out roughly $1.1 billion in market value (about 1.6 trillion won), while trading volume surged to around 2.8 million shares—well above its daily average.

In February, Baxter lowered its full-year 2026 earnings outlook, warned of a substantial loss in the fourth quarter of fiscal 2025, and effectively suspended its quarterly dividend by cutting it to $0.01 per share, sharply dampening investor sentiment. At the end of April, upon reporting first-quarter 2026 results, management affirmed that it is pressing ahead with restructuring and debt-reduction initiatives. However, concerns over the company’s profitability and leverage persist.

Headquartered in Deerfield, Illinois, Baxter International is a global medical-products and pharmaceutical firm supplying hemophilia and renal-disease therapies, intravenous fluids, and related equipment worldwide. The company generated $14.8 billion in revenue (approximately 20 trillion won) in 2023. It is currently undertaking a major portfolio overhaul—including the planned spinoff of its renal-care business—deleveraging its balance sheet and trimming its dividend, making it a classic restructuring target.