Boston Scientific's shares are down nearly 16% on news that they are halting defibrillator sales due to an FDA issue. The issue seems to be a paperwork issue rather than a safety issue, as they made manufacturing changes without informing the FDA. This issue is likely to cause a permanent market share loss even once the issues are resolved.
Defibrillator sales make up approximately 20% of Boston Scientific's profit. If Boston Scientific goes down a few percent more, a complete wipeout of defibrillator profits will already be priced in. The shares were previously cheap and seem to be even more discounted currently. Astute investors such as David Einhorn and John Paulson have large positions in the shares. I will likely start building a position on fiurther weakness.