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Bristol-Myers, Sanofi Gain Court Victory

From Standard & Poor's Equity Research

Bristol-Myers Squibb (BMY) and Sanofi-Aventis (SNY) announce that a court grants preliminary injunction ordering Apotex to halt sales of its generic product that competes with Plavix, but doesn't order the company to recall already shipped products. S&P upgraded BMY to hold from sell. AG Edwards also upgraded the shares.

Intergraph (INGR) agrees to be acquired by an investor group led by Hellman & Friedman LLC and Texas Pacific Group in a deal valued at about $1.3 billion. Intergraph holders are to get $44 per share in cash.

Intel (INTC) A large, long-awaited head-count reduction at the company could be announced soon, former employees and analysts say. Estimates of potential job losses range from 10,000 to 20,000, these people said, according to the Wall Street Journal.

Take-Two Interactive Software (TTWO) posts 41% higher third quarter revenues (preliminary) vs. a year ago. It says consensus third quarter EPS estimates, Q4 revenue, and EPS estimates are too high. It notes it received additional grand jury subpoenas issued by the NY District Attorney.

H & R Block (HRB) posts 41 cents first quarter loss vs. 8 cents loss on a 12% revenue drop. It notes impact of recent increases in mortgage loan repurchases. It also cuts $1.80-$2.05 fiscal year 2007 EPS guidance to $1.60-$1.85.

Starbucks (SBUX) posts 5% higher Aug. same-store sales and 21% higher total sales.

Qualcomm (QCOM) a Federal court dismisses Broadcom's (BRCM) antitrust complaint against the company, which alleged a variety of purported antitrust violations by Qualcomm. Broadcom says it plans to continue to pursue U.S. federal antitrust claims against Qualcomm in response to the dismissal without prejudice of Broadcomm's federal antitrust lawsuit by the U.S. District Court in New Jersey.

ADVO (AD) says the Vallassis (VCI) lawsuit seeking to rescind its deal to acquire the company for $37/share is nothing more than case of "buyer's remorse" arising from negative reaction by Vallassis's stockholders and analysts to the announcement of the deal.

Lockheed Martin (LMT) Gets a $4 billion contract from NASA to design and build a next-generation human space flight crew transportation system known as Orion.

Verifone Holding (PAY) posts 24 cents vs. 10 cents third quarter earnings per share (EPS) on a 17% revenue rise. The company raises fiscal year 2006 adjusted EPS guidance to between $1.07 and $1.08, as well as fiscal year 2007 adj. EPS to between $1.40 and $1.42, assuming the Nov. 1, '06, completion of the company's Lipman acquisition.

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