Two recent court events — a request to review a verdict, and another lawsuit’s progress — preserve the possibility of comeuppance for Wall Street.
Valeant posts a wider loss. The company said it would reorganize, continuing a push to remake itself as a conventional pharmaceutical firm. Valeant also affirmed its yearly guidance. – The Wall Street Journal
Bitfinex and a 36% charge from the school of life. Publicly, the bitcoin exchange lumped its users with a haircut to cover a $70 million hack. However, customers report a variance in how the charge is imposed. Bitcoin is called “a giant ‘alternate reality game’ MBA course for people who failed to learn anything about finance.” – FT Alphaville
The credit card is coming back.In the second quarter, total household debt increased by $35 billion to $12.3 trillion. That increase was driven by two categories: auto loans and credit cards.– The Wall Street Journal
A Formula One bet vaults a buyout firm to the top. CVC Capital Partners has made about $4.5 billion on its initial $1 billion stake. Much of that came when CVC loaded Formula One with debt to pay itself dividends -- too much so in the eyes of critics. – Bloomberg
Macy’s earnings and national sales data.Two important indicators of the health of the economy will come out this week. Macy’s, the nation’s largest department store, is scheduled to report earnings on Thursday. The retailer has struggled to compete against the growth of discount and low-cost rivals, particularly online, and revealed unexpectedly weak results last quarter. And on Friday, the Commerce Department will release retail sales data. Analysts expect the data to show that spending climbed slightly in July. – Rachel Abrams