The irony is, J&J could have had this company for $76 a share.

If there is a bidding war, the last bid may be the 'losing bid' because that will be the amount that is outlandishly excessive and the 'winner' will have to live with their too-highly priced acquisition.

I'm leaning toward J&J not increasing their bid and essentially taking a walk, but it's close.

In my experience, these investigations can take years and generally don't have any immediate influence on the fundamentals of the companies.

They are more bullish about their ability to pay down their debt than Wall Street had expected.

They are not for sale, they are not looking to be for sale and they are happy doing what they are doing which is adding new products and growing like a weed.

St. Jude has a very rich stock price right now.

It's a pretty complex juggling act. It adds a level of risk we haven't seen before.

A combination of new product launches, contract selling, Guidant missteps, and a favorable market dynamic have increased St. Jude's overall worldwide market share.

There will be a lot of noise and statistics and science in their battle for market share, but in the end, I doubt things will change much.