JMP keeps Medtronic at outperform

Medtronic, Inc. was kept at its market outperform rating by JMP Securities analyst Robert C. Faulkner on news of the declining ICD market. Second-quarter 2006 global market growth came in at negative 6.3%, versus the analyst's expected negative 1.6%. JMP reduced its earnings per share estimates to $2.39, from $2.46 for 2006. Shares of the Minneapolis-based medical device company were down $6.61, or 12.98%, at $44.32, on volume of 47,865,600 shares versus the three-month running average of 7,006,690 shares. (NYSE: MDT)

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