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This report, from the Institute for Supply Management, is among the most-watched economic surveys by stock and bond traders because a) it is one of the first to come out each month, b) it is a great gauge of the U.S. economic health, c) it has been a consistent measure for decades, and d) is from the private sector, so the government can't manipulate the numbers.
The ISM Report on Business grew from a small-scale survey in 1931 to a snapshot that encompasses more than 300 companies in a wide range of industries. The ISM polls business managers, asking them to evaluate changes in factors like production, new orders, inventories and prices and contrasts them with their answers from the previous month. Then, the answers are crunched and spit out as an index. If the number comes in north of 50, it suggests the economy is expanding (a good sign). Under that level, and it's shrinking (not so good).
Traders love this report because it usually sets the tone for all the other data that is released each month. (Only the monthly federal Employment Situation report tends to have as much impact on the markets.) Sometimes, its components are more important than the whole. If stock and bond traders are worried about inflation, they'll look at what the survey said about the prices companies are paying for goods and the wages they're paying their workers to see signs that prices might be rising.
The ISM figures originally tracked just manufacturing data, but the group started polling service industries in the 1990s. That report, though, doesn't have the same market punch as the manufacturing numbers, but could as the service economy continues to grow in the U.S.
We end on a historical note: For years, the ISM numbers were actually known as "napalm," because the ISM used to be the National Association of Purchasing Managers. But many in the market (and in the organization itself) weren't keen on being associated with a Vietnam-era weapon.
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Friday, May 09, 2008
St. Jude Medical Announces Results of Shareholders' Vote at Annual Meeting
Comtex
ST. PAUL, Minn., May 09, 2008 (BUSINESS WIRE) ----St. Jude Medical, Inc. (NYSE:STJ) announced at its annual meeting of shareholders today that Richard R. Devenuti, Stuart M. Essig, Thomas H. Garrett and Wendy Yarno were re-elected to the Company's Board of Directors for three-year terms.
In addition, shareholders approved certain amendments to the St. Jude Medical, Inc. 2007 Stock Incentive Plan and the St. Jude Medical, Inc. 2007 Employee Stock Purchase Plan, ratified the appointment of Ernst & Young LLP as the Company's Independent Registered Public Accounting Firm, and approved an amendment to the articles of incorporation to implement a majority voting standard for directors in uncontested elections.
About St. Jude Medical
St. Jude Medical develops medical technology and services that focus on putting more control into the hands of those who treat cardiac, neurological and chronic pain patients worldwide. The company is dedicated to advancing the practice of medicine by reducing risk wherever possible and contributing to successful outcomes for every patient. Headquartered in St. Paul, Minn., St. Jude Medical employs more than 12,000 people worldwide and has five major focus areas that include: cardiac rhythm management, atrial fibrillation, cardiac surgery, cardiology and neuromodulation. For more information, please visit www.sjm.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements include the expectations, plans and prospects for the Company, including potential clinical successes, anticipated regulatory approvals and future product launches, and projected revenues, margins, earnings, and market shares. The statements made by the Company are based upon management's current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include market conditions and other factors beyond the Company's control and the risk factors and other cautionary statements described in the Company's filings with the SEC, including those described in the Risk Factors and Cautionary Statements sections of the Company's Annual Report on Form 10-K filed on February 27, 2008. The Company does not intend to update these statements and undertakes no duty to any person to provide any such update under any circumstance.
SOURCE: St. Jude Medical, Inc.
St. Jude Medical Investor Relations Angela Craig, 651-481-7789 or Media Relations Kathleen Janasz, 651-415-7042
Copyright Business Wire 2008
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