DOW -- St. Jude Medical Inc. (STJ) posted a 14% jump in second-quarter profit, though foreign exchange ate into sales of its heart-rhythm and cardiovascular products. The company, which reaffirmed its 2009 earnings outlook, also announced a buyback of up to $500 million of its stock and gave a tepid third-quarter earnings forecast. Chairman and Chief Executive Daniel J. Starks said the buyback plan reflects “our confidence” in “the company’s growth platforms.” St. Jude’s market value is about $13.5 billion.
