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.
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 Follow TheStreet.com on Twitter and become a fan on Facebook.