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Boston Scientific Must Compensate for Debt


Medical tech company jumped into the deep end with '06 Guidant acquisition.

Minyan Morning Memo

One to Watch: Boston Scientific (BSX) reports earnings today. The medical technology company brought in a well regarded new CEO last week as it aims to diversify its product offering and continue to cut costs. Since the company's cardiac offerings are more essential than elective, it should navigate an iffy economy better than most. But BSX has to sell bucketloads of balloon catheters to compensate for ballooning debt, the result of paying a pretty price for Guidant in '06.

What Just Happened: Stocks had their strongest run since March on optimism about the economy and earnings. They thus reversed course from the prior week, which saw a slide on pessimism over the economy and earnings. Oil ended well above $60 as bonds fell. Friday saw a Summer's tale, with the National Economic Council head saying he sees the stimulus working.

What's Happening: Asia is at a high for the year, ex Japan which was closed for Marine Day. Appropriately enough, as the Nikkei has been under water for much of the past month. Europe is up. And CIT Group (CIT) seems to have averted chapter 11 at hour 11, with a smoke-filled-room agreement on Sunday aimed at keeping it afloat.

What Will Happen: Mr. Dimon goes to D.C. today as JP Morgan (JPM) is hosting a board meeting in a capital which has provided capital aplenty to the banks. It's the 40th anniversary of man on the moon, in anticipation of which the ego has landed on the pages of the FT in the form of Charlie Gasparino. A quiet week in economics kicks off with June leading indicators at 10:00 AM Eastern. Expect earnings out of Texas Instruments (TXN), Halliburton (HAL) and Eaton (ETN).

Happenstance: Ordinarily I prefer to begin the week more Mauldin than maudlin, but this macabre story couldn't escape my attention. Seems a dire economy is prompting some desperate measures. And that's the way it is.
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