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 MINNEAPOLIS (AP) - Medtronic Inc. reported a 23 percent jump in quarterly income as recall woes at rival medical device maker Guidant Corp. helped spur some business. Still, revenue for the quarter fell short of Wall Street's forecast, and Medtronic shares fell nearly 2.3 percent to close New York trading.
Medtronic said it earned $669.6 million, or 55 cents per share, during its third quarter, up from $544.1 million, or 45 cents per share, in the same period last year. The results matched the estimate of analysts polled by Thomson Financial.
Revenue rose 9 percent to $2.77 billion. Wall Street was expecting nearly $2.9 billion.
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