For Immediate Release
Chicago, IL – October 22, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Morgan Stanley (MS), Goldman Sachs (GS), St. Jude Medical, Inc. (STJ), Medtronic Inc. (MDT) and Boston Scientific Corporation (BSX).
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Here are highlights from Wednesday’s AnalystBlog:
Morgan Stanley Finally Profits
Morgan Stanley (MS) reported third-quarter 2009 income of $498 million this morning or 38 cents per share, compared with a loss of $159 million or $1.37 per share in the prior quarter and an income of $7.7 billion, or $7.38 per share a year ago. The results were much ahead of the Zacks Consensus Estimate of 30 cents per share.
The results marked the first quarter of income in a year’s time. Results were aided by robust underwriting revenues in the investment banking operation resulting from higher levels of market activity, strong growth in fixed income sales and trading, commodities, prime brokerage and wealth management business, which offset losses in commercial real estate.
Unlike the preceding qaurters, the results were in line with strong results from competitors like Goldman Sachs (GS), which has been grabbing market share after the financial crisis.
St. Jude Beats Zacks Estimate
St. Jude Medical, Inc. (STJ) today reported financial results for the third quarter of 2009 before the market opened. Earnings per share came in at 59 cents, compared to the Zacks Consensus Estimate of 58 cents and the year-ago earnings of 54 cents.
Net sales in the reported quarter increased 7% year over year to approximately $1.2 billion. Excluding an unfavorable foreign exchange translation (FX), net sales increased 10% year over year. Growth was witnessed across all the business segments. However, the company’s domestic revenues were below expectation primarily due to lack of purchase of cardiac rhythm management (CRM) devices by roughly 50 hospitals in the U.S.
St. Jude’s cash and cash equivalents stood at approximately $798.3 million at the end of the reported quarter. The company ended the quarter with an outstanding debt of roughly $2.0 billion.
St. Jude has provided earnings per share guidance for the fourth quarter and full fiscal 2009. For the fourth quarter, earnings per share are expected between 61 and 63 cents. For full fiscal 2009, earnings per share are expected between $2.41 and $2.43.
St. Jude is a leading medical devices manufacturer that designs, manufactures and distributes medical devices to treat cardiovascular and neurological conditions.
Presently, St. Jude Medical holds the #2 market position for ICDs and pacemakers behind Medtronic Inc. (MDT) but ahead of Boston Scientific Corporation (BSX). This segment is the company’s largest in terms of revenues. St. Jude also holds the #2 market position behind Medtronic in neuromodulation.
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