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Banc of America ends Biovail coverage, suit looms

Banc of America ends Biovail coverage, suit looms Banc of America Securities ended its coverage of Canadian drug company Biovail Corp. (BVF.TO: Quote, Profile, Research) (BVF.N: Quote, Profile, Research) on Friday after the securities firm was named, with several other parties, in a class-action lawsuit brought by a group of Biovail shareholders. "We decided to terminate coverage because of the lawsuit, which now names Banc of America Securities," Shirley Norton, Banc of America spokeswoman, told Reuters in an interview from San Francisco. "We think it is prudent to terminate our coverage so that we can concentrate on the litigation and defending

Banc of America Cuts UnumProvident to Neutral from Buy

Banc of America Cuts UnumProvident to Neutral from Buy Says the company's costs were disappointing for the fourth quarter in a row Banc of America downgraded UnumProvident (UNM ) to neutral from buy, explaining that the company's costs were disappointing for the fourth quarter in a row. Analyst Tamra Kravec sees this pointing to a recurring event that could take 12 to 18 months to fix, vs. her prior view that the company would be able to address the issue. The analyst cut a $1.95 2006 earnings per share (EPS) estimate to $1.85 and a $27 stock price target to $24.

Nabi Retains Banc of America Securities

Nabi Retains Banc of America Securities Drug developer Nabi Pharmaceuticals said Wednesday that Banc of America Securities LLC will advise it on future strategy, including licensing agreements, joint ventures and the possible sale of the company. The move came a day after Third Point LLC, which owns 9.5 percent of the company, said it planned to conduct a consent solicitation to remove Thomas H. McLain, Nabi chairman, chief executive and president. The Third Point announcement also said it might seek removal of other board members and would ask shareholders to fill the spots with its choices. In Nabis statement Wednesday, it said

Banc of America Cuts Take-Two Interactive Software to Sell

Banc of America Cuts Take-Two Interactive Software to Sell Cites earnings and a potential SEC investigation into the company's accounting Banc of America downgraded Take-Two Interactive Software (TTWO ) to sell from neutral, citing near term factors such as earnings and a potential Securities and Exchange Commission investigation into the company's accounting. Analyst Gary Cooper says intermediate risks include cash burn, the likelihood to raise additional capital, key employee departures, and governance issues. Long term issues include overdependence on one brand (Grand Theft Auto, or GTA,) the deterioration of that brand, an unprofitable diversification strategy, and other things. Cooper cut his $17 stock

Scotiabank Third-Quarter Profit Rises on Latin America Unit

Scotiabank Third-Quarter Profit Rises on Latin America Unit Bank of Nova Scotia, Canadas third- largest bank by assets, said profit climbed for the 13th straight quarter on higher earnings from its international unit. Net income for the third-quarter ended July 31 rose 19 percent to C$936 million ($842 million), or 93 cents a share, from C$784 million, or 77 cents, a year earlier, the Toronto- based bank said today in a statement sent by PR Newswire. (Bank of Nova Scotia will hold a conference call at 2:30 p.m. Toronto time. To listen, dial (1) (800) 796-7558 at least five minutes