J&J's Cordis lays off, merges sales staff

With demand for its Cypher heart stent diminishing, Johnson & Johnson medical device subsidiary Cordis will lay off some sales reps and merge its cardiovascular and endovascular units sales forces into one Cordis Vascular group. The total number of employees affected remains undisclosed.

And while J&J spokeswoman Sandra Pound told Reuters the cuts are J&J's way of adapting to the medical device market, Gabelli & Co. analyst Jeff Jonas had a different take. "This is another step to respond to its sales declines and market-share losses," he told Reuters.

- check out the Reuters article