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EIN NEWS EDITORS' PICKS | AUGUST 8, 2015
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TUESDAY, AUGUST 11, 2015TODAY'S TOP HEADLINES | ||||||||||||||||||||
M & A Terex Corporation and Konecranes of Finland Agree to MergeINVESTMENT BANKING Warren Raises Fears Over SymphonyHEDGE FUNDS More Companies Deal With Multiple ActivistsVENTURE CAPITAL Start-Ups Vie to Build an Uber for Health CareLEGAL/REGULATORY China Devalues Its Currency as Worries Rise About Economic Slowdown | ||||||||||||||||||||
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BY AMIE TSANG
STOCK BUYBACKS DRAW SCRUTINY Debate over buybacks has grown and corporate America is worried, Andrew Ross Sorkin writes in the DealBook column. The buyback bug, which has bitten big companies from Apple to General Electric, has led to a backlash from investors and government officials. They doubt that using profits like that is a productive way to deploy capital compared with reinvesting in businesses and jobs.
Senator Elizabeth Warren and Senator Tammy Baldwin have made explosive claims that buybacks might be a form of market manipulation. Both senators have urged the Securities and Exchange Commission to investigate the practice. "These buybacks were treated as stock manipulation for decades because that is exactly what they are," Ms. Warren said. Hillary Rodham Clinton also got the attention of industry in a speech when she said, "Investors and regulators alike need more information about these transactions. Capital markets work best when information is promptly and widely available to all." She pointed out that in places like Britain and Hong Kong, stock buybacks have to be disclosed in one day, whereas in the United States, companies can go an entire quarter without disclosing. Mr. Sorkin notes that if the disclosure rule were changed, it would probablymake it tougher and more expensive for American companies to buy back shares. The surge in buybacks followed a provision that gave companies so-called safe harbor against charges of manipulation if they bought their stock in the open market under certain circumstances. Buybacks are considered shareholder friendly, and tax efficient because there is no tax to be immediately paid, unlike a dividend. But they also benefit executives seeking to lift their pay. Buybacks allow companies to issue more stock to executives without diluting other shareholders. Another point of contention is that buybacks increase earnings per share, a metric that some compensation committees use to determine the pay of their executives. On top of that, it also increases stock price in the short term regardless of operational success, potentially letting executives cash out of some of their shares at artificially high prices. Although buybacks can have their drawbacks, it is hard to tell a company how it can or cannot spend its money, Mr. Sorkin writes. "Ultimately, the pressure for companies to invest in their operations and new jobs is only going to come when managements see a real business opportunity- and shareholders demand it."
MAN CHARGED WITH BITCOIN SCHEME IN COURT Anthony Murgio, a Florida man, was charged with running an illegal bitcoin money exchange company and is thought to have information about the hacking attack last summer against JPMorgan Chase. He said nothing when he appeared in court, letting his lawyer do the talking, Matthew Goldstein reports in DealBook.
Mr. Murgio remains free on $100,000 bail, which was posted a week ago. He was arrested on July 21 in Tampa and spent a few nights in the Pinellas County jail while he and his family secured the money. Federal authorities contend that his company, Coin.mx, allowed online criminals to illegally exchange bitcoin for cash as part of a money-laundering scheme. Mr. Murgio could be sentenced to up to 20 yearsin prison if convicted. His partner in the company, Yuri Lebedev, faces a similar charge and is free on $25,000 bail. Neither has been charged with any wrongdoing in connection with the hacking at JPMorgan. But federal authorities want to know what information Mr. Murgio may have about the attack, as his name surfacedearly in the inquiry by the Federal Bureau of Investigation, people briefed on the investigation have said. One of his friends, Joshua Aaron, also came to the attention of the F.B.I. He has been charged with operating a series of schemes to pump up the prices of otherwise worthless stocks. Authorities have declined to discuss what led them to think Mr. Murgio and Mr. Aaron might have information about the JPMorgan attack. People briefed on the matter said that Mr. Aaron might have used information gathered in the breach, likepurloined email addresses and customer home addresses, to put together a list of potential victims to pitch stocks. They both visited Russia in the last few years. The authorities suspect the actual hackers may be in Russia or another European country.
WARREN BUFFETT BUCKS THE TREND When Berkshire Hathaway first invested in Precision Castparts three years ago, Warren Buffett had hardly heard of the metal parts manufacturer. Now he has bought the company in his biggest takeover ever. The $32 billion purchase will help Berkshire Hathaway move further into the industrial sector, Michael J. de la Merced and Chad Bray write in DealBook. It is also betting that Precision Castparts, whose turbine airfoils and valves are used by companies like Boeing and Airbus, will benefit from growing numbers in airline travel.
Berkshire Hathaway is generally expected to strike huge deals - the company generates an enormous amount of cash and is sitting on nearly $67 billion as of June 30. Although the acquisition fits Mr. Buffett's mold, it also coincides with cyclical highs in plane orders, stock valuations, and mergers and acquisitions, Antony Currie writes in Breakingviews. Mr. Currie notes that Precision Castparts' shares have tumbled 40 percent since their peak in June of last year - just the sort of opportunity Mr. Buffett is known to relish. Although aircraft orders have increased, it is not clear that this pace of growth can be sustained, and a minority of analysts published by Reuters have the equivalent of a buy rating on the stock. This makes the deal arather contrarian investment, Mr. Currie notes.
THE F.D.A. AND THE FREE-SPEECH FIGHT The Food and Drug Administration takes the position that when it approves a drug for a particular treatment, the manufacturer of that drug cannot promote it for other uses even if those statements are true. That policy has been called into question in a decision by Judge Paul A. Engelmayer, who found that the First Amendment protects drug companies that want to make truthful statements about their drugs, even if it is for an unapproved use, Peter J. Henning writes in the White Collar Watch column. This sets up a likely appeal to determine just how far the government can go to punish speech that is truthful.
Amarin Pharma, a small drug manufacturer, challenged the F.D.A. when it wanted to promote the off-label use of its cardiovascular health drug, Vascepa, for patients with a different condition. An F.D.A.-approved study showed that the use of the drug was effective, but the agency denied approval for use by those patients. The company and four doctors sued the F.D.A. after it threatened to bring civil charges against them if they used the study to help sell off-label use of Vascepa. They claim that the agency's rule violates their First Amendment right to free speech, asking the district court to block enforcement. Judge Engelmayer sided with the company. Mr. Henning notes that the decision is "not a license for pharmaceutical manufacturers to start bombarding doctors with promotional materials for new uses of their products. They need to be careful to stay well within the requirement that any statements be truthful and not misleading, lest they cross the line into fraud. As long as they do, then the type of blockbuster settlements for off-label promotions may be a thing of the past."
ON THE AGENDA The Bureau of Labor Statistics releases data onproductivity and labor costs at 8:30 a.m. Symantec reports quarterly earnings after the bell and will discuss the results at 5 p.m.
MALLINCKRODT TO ACQUIRE THERAKOS Mallinckrodt Pharmaceuticals, a maker of drugs and medical devices, said that it had agreed to buy Therakos from the American private equity firm Gores Group for about $1.33 billion, Chad Bray reports in DealBook.
The purchase of Therakos, which makes immunotherapy treatment devices, is expected to broaden Mallinckrodt's specialty segmentand to expand its business in hospitals. This would give it a larger presence in the market for pain management and critical-care respiratory therapies in neonatal intensive care units. It is also the latest in a deal-making binge by Mallinckrodt, which last year acquired Cadence, a biopharmaceutical company in San Diego, for $1.3 billion and bought Questcor Pharmaceuticals for $5.6 billion. It also acquired Ikaria, a maker of treatments for critically ill infants, for $2.3 billion in March. Mallinckrodt is under pressure because the growth of its biggest product, HP Acthar Gel, seems to be slowing, only a year after Mallinckrodt obtained the ultraexpensive, immune-modulating drug. Its shares fell last week after the company lowered sales expectations for Acthar in announcing quarterly earnings.
Contact amie.tsang@nytimes.com
MERGERS & ACQUISITIONS »
Terex Corporation and Konecranes of Finland Agree to MergeThe combined company would be a big supplier of cranes and heavy equipment, with estimated revenue of about $10 billion a year.
Yodlee, a Hub for Financial Apps, Sells Itself to Envestnet Yodlee, a public company for less than a year, will give Envestnet, a software provider, a new tool to market to financial advisers.
Just Retirement to Buy Rival in $1 Billion Deal Britain's Just Retirement has agreed to buy its rival Partnership Assurance for 669 million pounds, or $1 billion, in shares, hoping greater scale and a stronger capital position will help it cope with changes that have rocked its industry.
Symantec Agrees to Sell Data Storage Unit to Carlyle The software security company Symantec has agreed to sell its data storage business Veritas to the private equity firm Carlyle Group, according to a person familiar with the matter.
Baxalta Chief Denounces Shire's 'Lowball' Offer Baxalta has doubled down on its opposition to a $30 billion hostile takeover approach from Shire, describing the opening offer as a "lowball valuation."
INVESTMENT BANKING »
Warren Raises Fears Over Symphony Senator Elizabeth Warren has waded into controversy surrounding Symphony, a messaging service backed by a host of Wall Street banks, by warning six financial regulators that the tool could be used to circumvent compliance controls.
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HEDGE FUNDS »
More Companies Deal With Multiple Activists Activist investors, who take positions and agitate for financial or strategic changes, are increasingly showing up in the same stocks, often with different agendas.
VENTURE CAPITAL »
Start-Ups Vie to Build an Uber for Health Care Health care ventures are attracting investment and partnerships with hospital systems, which increasingly see in-home care as a way to reduce unnecessary emergency room visits and readmissions.
Bill Gates Joins $120 Million Fundraising for Editas Medicine Gene Start-Up Bill Gates and the venture capital arm of Google have participated in a $120 million fundraising for Editas Medicine, a biotech group focused on a nascent area of medical science that seeks to use "gene editing" to tackle serious diseases.
Google to Reorganize in Move to Keep Its Lead as an Innovator Under the new name, Alphabet, the company is signaling that it has essentially become a collection of disparate businesses.
LEGAL/REGULATORY »
China Devalues Its Currency as Worries Rise About Economic Slowdown The move appeared to be a response to signs that the economy was slowing too fast for comfort and could raise tensions with trading partners like the United States.
Guggenheim Partners Pays $20 Million to Settle S.E.C. ChargesThe settlement covers a charge brought by the Securities and Exchange Commission that the firm failed to disclose a $50 million loan from a client to an executive.
StanChart Bolsters Financial Crime Team Standard Chartered is under investigation by United States regulators for flouting sanctions laws following a fine in 2012 and has announced new appointments to its financial crime team.
The Unintended Consequences of the C.E.O. Pay Ratio Rule If the rule requiring companies to reveal their chief executive pay ratio is implemented, a high median compensation could attract activist investors who believe the company is failing to adequately control costs, Ronald Barusch argues in the Dealpolitik column.
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272,689 live feeds · 5,496,992 readers
EIN NEWS EDITORS' PICKS | AUGUST 11, 2015
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  Who Is More Conservative: Ted Cruz Or Marco Rubio?Put your knowledge to the test? Here are the six conservative lions of the Senate in order from the least to the most conservative... let's see if your guesses were right... Read More  Trump Releases His Plan To Stop AmnestyAs promised, Donald Trump released a comprehensive immigration reform plan over the weekend. In it, the presidential candidate lays out how he would have Mexico pay for a wall along the border. He also calls for an end to birthright citizenship for the children of those in the country illegally... Read More  IRS Hacked: 334,000 Victims May Have Had Records StolenA computer breach at the IRS in which thieves stole tax information from thousands of taxpayers is much bigger than the agency originally disclosed. An additional 220,000 potential victims had information stolen from an IRS website as part of a sophisticated scheme to use stolen identities to claim fraudulent tax refunds, the IRS said Monday. The revelation more than doubles the total number of potential victims, to 334,000... Read More  Get Ready For Ads On The Moon...It's no joke, in the latter half of 2016, an American firm devoted to space exploration, Space X, plans to land a rover on the moon. Here's everything you need to know about the dawn of the lunar advertising era... Read More |
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Aug. 18, 2015
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NEWSOne Iranian Family's Fight to Keep a Colorado City From Taking Their Property When Nasrin Kholghy opened the letter from the city of Glendale, Colo., in April, it transported her back to another country in another time. Read More |
NEWSThe Future of Nuclear Sanctions Against Iran, Explained in 90 Seconds As lawmakers prepare to vote on whether to lift certain sanctions on Iran, this new Daily Signal video helps you understand what's at stake.Watch the Video |
NEWSWhat the Death of a 19-Year-Old Ukrainian Soldier Teaches Us About War Daniel Kasyanenko's death reflects a truth: The notion that there is, or ever was, a cease-fire in eastern Ukraine is a farce.Read More |
NEWSAre Republicans Happier in Their Marriages Than Democrats? A new survey from a prominent sociologist offers some clues.Read More |
COMMENTARYShould Military Chaplains Be Forced to Conduct Same-Sex Weddings? Last month, the U.S. Army celebrated the 240th anniversary of the Army Chaplain Corps. Amidst the celebrations there was also concern: there seems to be a growing threat to religious liberty for military chaplains.Read More |
NEWS11 Questions Lawmakers Want Answered in Probe of Planned Parenthood's Federal Funding Lawmakers on the House Committee on Oversight and Government Reform are investigating how Planned Parenthood is using the federal funds that the organization receives.Read More |
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