Thoratec Corp. (NASDAQ: THOR) is trading up sharply after the company beat earnings targets and even raised its guidance. Strong heart failure pumps were cited as the reason. What is interesting more than anything here is that it was just this last Monday when the stock was mutilated over a product recall. Product recalls for internal medical devices are far different than a tire recall.
At 9:44 AM EST shares are up almost 12% at $24.45 and its 52-week trading range is $12.92 to $29.72. We have also seen over 500,000 shares trade hands, compared to an average dily volume of 1.15 million shares. We’d expect to see that average volume get passed by 10:00 or 10:15 AM this morning.
Jon C. Ogg
October 31, 2008