Hot Stocks of the Week: Medtronic

-Houston Chronicle

10/19/2007- Faulty wiring, quarterly earnings and the subprime mortgage crisis played major roles in shaping some of the most widely traded stocks for the week.

Medtronic Inc. said Monday it is halting distribution of wires that connect some of its defibrillators to patients' hearts after learning they may have contributed to five deaths.

The stock rose slightly to finish at $50 on Monday as trading volume fell 5 percent, and continued to gain ground as the week progressed. By Friday, the stock fell $1.46, or 3 percent, to finish at $47.48, down 5 percent for the week.

Shares of LM Ericsson Telephone Co. took a dive Tuesday as the cell phone maker cut its third-quarter sales and operating profit outlook on lower-than-expected mobile network upgrades and expansions.

Ericsson's stock fell $9.60, or 23.5 percent, to $31.33 on nearly 22 times average trading volume, and continued to lose ground as the week went on, ending Friday's session down 46 cents to $29.13, a 28.8 percent decline for the week.

MGIC Investment Corp.'s stock declined on Wednesday as the private mortgage insurer said it swung to a third-quarter loss. The Milwaukee company also said a failed investment in subprime mortgage investor C-BASS and the failure of a proposed merger with Radian Group Inc. added to the loss.

Shares shed $4.71, or 15.3 percent, to close at $26.16 on nearly four times average trading volume. The stock continued to fall Thursday as the company forecast a fourth-quarter loss. MGIC finished Friday down $2.36, or 9.9 percent, to $21.59, down 30 percent for the week.

Nektar Therapeutics' stock fell to a four-year low on Thursday after Pfizer Inc. pulled out of a partnership with the drug developer for the inhalable insulin Exubera, sending shares down $1.41, or 17.5 percent, to $6.67 on nearly 23 times average trading volume.

Nektar ended Friday down 21 cents, or 3 percent, to $6.54, a 19 percent fall for the week.

And shares of Washington Mutual Inc. declined Friday after reporting a 72 percent drop in third-quarter profit as the bank continues to feel effects of the U.S. housing slump.

The company's stock fell $1.43, or 4.7 percent, to $29.09, as trading volume declined about 1.5 times average trading volume.

Ennis & Ennis, P.A. is representing individuals that have been harmed defective medical devices such as the Medtronic defibrillator and pacemaker. If you or a loved one have suffered as a result of a defective Medtronic pacemaker or defibrillator or if you need more information about the Medtronic recall or class action lawsuit click here for a free, confidential case evaluation.