Top Performer for Thurs: Hospira (HSP)

Sometimes the Zacks #1 Rank Top Performer isn't soaring to new heights, but just keeping its head above water in an otherwise gloomy session.

Such is the case today with Hospira, Inc. (HSP - Analyst Report). Shares of the company are up by less than 1% mid-day Thursday, but that's actually not that bad considering the market's mood so far today.

Apart from the macroeconomic factors though, HSP recently raised its profit guidance for 2009, which has pushed earnings estimates higher in the past week. Plus, the company recently received a brokerage upgrade.

HSP is a global specialty pharmaceutical and medication delivery company that's dedicated to Advancing Wellness. It is 1 of only 2 companies from the Medical Products industry on today's Zacks #1 Rank List, which includes 222 stocks in total. (The other company is Micrus Endovascular Corporation (MEND).

Volume today is at 643,000 shares, below the daily average of 844,000.

Earnings Estimates

The past week has seen 5 of 6 covering analysts revise higher for both this year and next. The Zacks Consensus Estimate for the year ending this December is now at $2.83, marking a 2.5% advance from $2.76 in 7 days.

Meanwhile, the Zacks Consensus Estimate for the year ending December 2010 is up 2.6% to $3.21 in that timeframe. Therefore, analysts currently expect year-over-year profit growth of around 13.4%.

Earnings estimates have been trending higher for longer than just the past week. Two months ago, the Zacks Consensus Estimate for this year and next was $2.71 and $3.08, respectively, marking gains of 4.4% and 4.2% since that time.

Raised Outlook

It's easy to pinpoint why analysts are comfortable revising their expectations. Last week, HSP raised its 2009 outlook to between $2.80 and $2.85, compared to its prior guidance of $2.70 to $2.75.

In addition, it now expects global revenue to rise between 5% and 7%, instead of 4% to 6%.

One of the main reasons for its raised outlook is solid sales of its injectable generic medicines.

Read the full analyst report on HSP

Read the full analyst report on MEND