Markets & Finance

Guidant Sues J&J to Force Acquisition


Guidant (GDT) posted 32 cents vs. 63 cents third quarter earnings per share (adjusted) from continuing operations on a 14% sales drop. It initiated a lawsuit to force Johnson & Johnson to complete the acquisition of the company on existing terms.

TiVo (TIVO) The Wall Street Journal reported that Yahoo (YHOO) and TiVo are planning a service to let users remotely program TiVo recorders from Yahoo's site. Yahoo also announced plans to purchase the 30% stake in Yahoo! Europe and 67% share of Yahoo! Korea it does not already own, in transactions valued at $500 million.

Google (GOOG) and Yahoo (YHOO) are planning new wireless services, offering features on cellphones similar to those available on computers, according to the Wall Street Journal.

IMS Health (RX) and the Dutch publisher VNU are locked in a stalemate over how to terminate VNU's $7 billion purchase of IMS Health, after holders of nearly half of VNU's shares said they would turn down the plan, according to the Wall Street Journal.

JP Morgan Chase (JPM) reportedly put its life insurance and annuity operations up for sale.

Computer Associates (CA) partnered with Garnett & Helfrich Capital, a private-equity firm specializing in venture buyouts to divest Computer Associate's Ingres open-source database unit into an independent corporate entity, Ingres Corp.

TXU (TXU) raised its $3.25 to $3.35 2006 operating earnings per share estimate to $5.50 to $5.75. It sees $3.40 to $3.50 2007 operating earnings per share and set a 2-for-1 stock split.

Jetblue Airways (JBLU) says it is offering 7 million shares.

Dana (DCN) says it will not file its Form 10-Q for the quarter ended Sept. 30, 2005 by the Nov. 14 extended filing deadline.

Watts Water Tech (WTS) inked a deal to acquire the assets and business of China's Changsha Valve Works, a manufacturer of large diameter hydraulic actuated butterfly valves for thermo-power, hydro-power plants, water distribution, and water works projects.

Viropharma (VPHM) posted 31 cents third quarter earnings per share vs. 13 cents loss on a sharp revenue rise. It sees $120 million to $123 million 2005 net product sales.

Qualcomm (QCOM) set a $2.5 billion stock repurchase program, replacing its previous stock repurchase program, which had approximately $1.0 billion remaining availability.

Dana (DCN) says it will not file its Form 10-Q for the quarter ended Sept. 30, 2005 by its Nov. 14 extended filing deadline.

Beverly Enterprise (BEV) posted 24 cents vs. 20 cents third quarter earnings per share from continuing operations before items on an 11% revenue rise.

Constellation Brands (STZ) Board of Directors of Canada's Vincor International recommends shareholders reject Constellation Brands's C$31 per share cash offer for Vincor shares.

Imax (IMAX) posted 4 cents vs. 4 cents third quarter earnings per share from continuing operations despite a 4.9% revenue rise.

Elbit Systems (ESLT) says its EFW Inc. subsidiary was awarded a $70 million contract from the U.S. Marine Corps Systems Command to develop, design, integrate, test, produce, and install equipment into a variety of USMC vehicles.

Alcon (ACL) says the Food and Drug Administration issued correspondence requiring that current formulation of the company's Patanase nasal spray for seasonal allergies be modified to reduce or remove an inactive ingredient it contains before the drug can be approved.

R & G Financial (RGF) reduced its quarterly dividend by 26%. The CEO declined a dividend payment on his Cl. A shares, which receive the same dividend payout as Cl. B. The company estimates that after-tax reductions of $168 million to $183 million are required to stockholders' equity.

Spartan Motors (SPAR) declared a special dividend of 4 cents per share. The company will also pay its second regular cash dividend of 11 cents per share, for total dividend payments of 26 cents in 2005.

Lafarge North America (LAF) posted lower-than-expected $2.17 vs. $2.16 third quarter earnings per share on a 12% sales rise. It says it's too early to determine if softness in cement volumes will continue.

Novelis (NVL) delayed the release of its third quarter results, to restate previously issued financial statements for the first quarter and second quarter of 2005. It says the decision to restate and delay arose from management's review of reserves and contingencies in South America.


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