For them to bid more than they originally bid would have signaled to other potential acquisitions that they didn't have the financial discipline they've always been known for.

I don't think J&J wants to walk away from the deal. I think they want a more equitable price for the company they're buying,

Clearly there are egos involved. Clearly (Guidant) couldn't have been happy when J&J lowered their bid, claiming there had been a material change.

The revenue line is fairly disappointing. I can't remember the last time this happened.

It's certainly not positive. It's certainly indicative of a more serious problem.

It might reflect that Guidant knows that it has some troubles, and it may see a safety net here. Maybe Boston Scientific has signaled to Guidant that the situation has too many problems, and it may be pulling back.

It's a victory for J&J, ... I think it's a recognition that Guidant's franchise has at least sustained some near-term damage. Whether they can correct that and when they can correct that is going to be a question going forward.

They paid an egregious amount. There's going to be dilution until 2010.

They still need to look to do as large an acquisition, with as much growth, as possible. It's a huge company, and it's hard to get the top line to grow because the base is so big.

When J&J lowered the price and came in at $63 a share, it was probably closer to what is the real worth of Guidant. The only thing I can say is this behavior, certainly the behavior of Boston Scientific, is not rational here. I just think they are playing a very dangerous game.