JMP downgrades St. Jude to market perform

St. Jude Medical, Inc. was downgraded to market perform from a strong buy by JMP Securities analyst Robert C. Faulkner following the company's pre-announced financial results. St. Jude missed JMP's estimate and guidance, causing the analyst to question the ICD market. Sales were $784 million, versus JMP's estimate of $838 million and guidance of $799 million to $839 million. JMP lowered its 2006 earnings per share to $1.65 from $1.80. Shares of the St. Paul, Minn., medical device company were down $5.05, or 12.23%, at $36.25 on volume of 51,659,400 shares versus the three-month running average of 2,827,970 shares. (NYSE: STJ)

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