The choppy market conditions sometime give the impression that growth plays do not exist, but that is far from the case, with Parexel International (NASDAQ: PRXL) providing the evidence.

Parexel International is a leading contract research organization and boasts some of the world's largest drug, biotech and medical device companies among its clients.

Analysts like PRXL's operational breadth: its clinical research services unit offers clinical trial and data management, study design and recruitment, biostatistical analysis, clinical pharmacology, industry training, and publishing services.

ArthroCare (NASDAQ: ARTC), a medical device company, is recently down $2.48 to $52.42. ARTC December 50 straddle is priced at $6.10. ARTC call option volume of 1,233 contracts compares to put volume of 8,267 contracts. ARTC January option implied volatility of 64 is above its 26-week average of 41 according to Track Data, suggesting larger downside risks.

Daily Options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

The headline on the Johnson & Johnson (NYSE:JNJ) earnings release says that revenue rose 13.2%. It did, but it didn't. Adjusting the numbers for the company's purchase of Pfizer's (NYSE:PFE) consumer health business and sales were only up 3.2% to $15.1 billion.

A quick look at the company's segment data shows a more accurate picture. JNJ's pharma division revenue rose 5.8% to $6.1 billion. The company's medical device units, which includes stents, had a revenue increase of 5.1% to $5.4 billion. US growth in the unit was only 1.1%.

A few of the company's key drugs like PROCRIT lost ground. Its sales fell 6% to $758 million. Sales of DURAGESIC were down 14% to $289 million.

While the company showed pro forma figures of its consumer division to demonstrate the benefits of the Pfizer deal, it would appear that they too were underwhelming. If the company's total sales rose 3.2% with Pfizer numbers included in both years and JNJ's two other big divisions up over 5%, the consumer segment must not have done very well.

JNJ stock is down 1.3% to $63. That's what fuzzy numbers will get you.

Douglas A. McIntyre is a partner at 24/7 Wall St.

On today's STOP TRADING segment on CNBC, Jim Cramer said many medical stocks have bottomed out; even some where he had been "long and wrong."

St. Jude Medical Inc. (NYSE:STJ) would be an ideal buyout candidate if you believed the bad news was priced in the shares, according to Cramer, who urged people to buy both options and shares. Cramer even said Amgen Inc. (NASDAQ:AMGN) and Boston Scientific Corp. (NASDAQ:BSX) might be worth considering since their shares aren't being hurt by negative news. He has been defending Amgen for some time. Here is something he noted on it back in late January when he helped push it up to $70.85. Shares are now down to $60.00 and have dipped down close to $55.00. Boston Scientific and St. Jude are both up more than $2.00 from their lows.

His positive call on Boston Scientific has proven right. The question is whether lightning will also strike with St. Jude, up about 14% this year.

Cramer noted Costco Wholesale Corp. (NASDAQ:COST) and Sears Holdings Corp. (NASDAQ:SHLD) positively. He remains negative on homebuilders, arguing that increased housing starts results in more inventory they can't sell.