What analysts are saying: TCF and free checking

Steven Alexopoulos, an analyst with JPMorgan, remains neutral on TCF Financial after the company reported third-quarter earnings of 6 cents per share. But he's encouraged by TCF's announcement that it is bringing back free checking. "We're intrigued with the recent strategy rollout of [TCF], which takes a page from Huntington Bancshares Inc. with the reintroduction of free checking," he wrote. "TCF's strategy is to charge customers for services used (such as overdraft) and use deposit proceeds to fund loan growth in new specialty areas such as equipment and inventory finance."

On Thursday, St. Jude Medical announced that it was laying off 500 people across the company, including 100 in Minnesota. The latest job cuts are in addition to 300 layoffs that were announced in August. Canaccord Genuity analyst Jason Mills summarized the investment risks in St. Jude on Friday: "A continued sluggish CRM [cardiac rhythm management] market, increasing competition ... inability to obtain operating leverage, and reimbursement pressure."

Mills is maintaining his "hold" rating on STJ. "We remain pessimistic on CRM rebound."