UPDATE: Covidien Posts Upbeat FQ1 Earnings

Covidien PLC (NYSE: COV ) reported a 19% drop in its fiscal first-quarter earnings. Covidien's quarterly earnings declined to $398 million, or $0.87 per share, versus $493 million, or $1.03 per share, in the year-ago period. Excluding one-time items, its earnings from continuing operations climbed to $1 per share