Health Care Winners: Medtronic
MINNEAPOLIS (TheStreet) -- A healthy earnings report this morning from Medtronic (MDT) sent the medical technology stock price up more than 7.3% on the day on trading volume almost quadruple its average daily volume -- 22 million versus 6.5 million shares trading hands.
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Medtronic was the biggest winner in the medical equipment and supplies sector on Tuesday, though its key competitors surged on its good earnings report and a more positive outlook on sales of cardiac medical devices. Boston Scientific (BSX) shot up 4.9%; while St. Jude Medical (STJ) was up 4% at the close. An analyst initiation of coverage also led to one of the largest gainers in the sector on Tuesday. Morgan Keegan initiated coverage of Cooper Companies (COO) with a rating of outperform, and the stock price shot up 5.9% on Monday.
The healthcare sector as a whole was up slightly, with a gain of 0.5%.
-- Reported by Eric Rosenbaum in New York
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