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Mar 28, 2014

DealBook P.M. Edition - March 28, 2014: Weekend Reading: March Madness, Wall St. Edition II

For the latest updates, go to dealbook.nytimes.com »
FRIDAY, MARCH 28, 2014
TOP STORY
Weekend Reading: March Madness, Wall St. Edition II This week we look at some second, and third round matches in the Wall street edition of March Madness. As promised, here are completely unscientific results of recent court battles, mergers and financial fights.
For the latest updates, go to dealbook.nytimes.com »
A look back on our reporting of the past week's highs and lows in finance.
FRIDAY
The former headquarters of Dewey & LeBoeuf in New York.
Pleas by 'Dewey Seven' Reveal Details on Financial Manipulation The unsealed pleas of seven former lower-level employees of Dewey & LeBoeuf indicate that they came from much different backgrounds than many of the high-powered lawyers at the once-prominent New York firm.
AutoZone Park is considered vital to the city's downtown rebuilding efforts.
Memphis and Cardinals Partner in Deal to Revitalize Ballpark The City of Memphis tapped the municipal bond market to finance the $19 million purchase of AutoZone Park, the home of the Memphis Redbirds, a farm team that the St. Louis Cardinals will buy for $15 million.
Speaking at the Tulane Corporate Law Institute, the lawyer Martin Lipton offered a short list of activist investors he likes and doesn't.
Legendary Deal Maker Criticizes Investors With Short-Term Interests Speaking at the Tulane Corporate Law Institute, the lawyer Martin Lipton offered a short list of activist investors he likes and doesn't.
Leslie Moonves, chief of CBS, and Jeremy Male, chief of CBS Outdoor, discuss why the ad business has been an awkward fit in CBS and the prospect of being a real estate investment trust.
Shares of CBS Outdoor Rise on Debut Shares of the large billboard advertising company trade higher on the New York Stock Exchange.
George Osborne, the chancellor of the Exchequer, outlined pension changes as part of the British government's 2014 budget.
British Insurance Stocks Fall on Regulator's Plans for Review The British regulator confirmed that it would conduct a review on how fairly life insurance customers are being treated, a move that sent British insurance stocks lower on Friday.
A monitor for the Italian stock exchange is displayed at a bank in Milan.
Italy's Anima Receives Regulatory Approval for I.P.O.The asset manager expects to issue about 63.25 percent of its share capital in an I.P.O. that could value the company at up to 1.35 billion euros, or about $1.85 billion.
Steven Englander, the chief foreign exchange strategist for Citigroup.
Bitcoin at a 'Fork in the Road,' Analyst Says Steven Englander of Citigroup says that I.R.S. decision ends some Bitcoin mythologies and possibly paves the way for a "$coin."
James B. Stewart of The New York Times.
A Solid Rally on Wall Street Stocks rose on Wall Street, lifted by remarks from China's premier that the Chinese government was ready to take steps to support its economy.
Andrew Beck, president of River Road Asset Management, based in Louisville, Ky.
Aviva's Asset Manager to Sell One of Its U.S. Businesses The British insurer said its asset management arm would sell River Road Asset Management, the Kentucky-based institutional investment management firm, to Affiliated Managers Group for an undisclosed amount.
Oi is Brazil's largest fixed-line provider and fourth-largest mobile phone operator.
Shareholders of Brazil's Oi Approve Capital IncreaseOi, Brazil's largest fixed-line provider and fourth-largest mobile phone operator, took a step closer to a merger with Portugal Telecom.
Carlo Messina, chief of Intesa Sanpaolo, said his bank was the
Intesa Sanpaolo Posts Steep Fourth-Quarter LossThe surprising loss of 5.19 billion euros, or about $7.12 billion, was seen as another move by a European bank to clean up its balance sheet ahead of an asset review later this year.
Michael Carr, head of Goldman Sachs's mergers and acquisitions group in Americas, examines the role of activists in deal making with Andrew Ross Sorkin at the Tulane Corporate Law Institute.
A Boom Now, but Hurdles Ahead for Activist Investors "A lot of people coming to this space where I question their skills," says an adviser at the Tulane Corporate Law Institute. "I do have concern about less-than-intelligent activists."
Outside the London Stock Exchange.
Specialty Insurer Brit Raises Nearly $400 Million in London I.P.O. The insurer, which is based in the Netherlands, is the latest private equity-owned company to seek to publicly float its stock in recent months.
THURSDAY
Failing Stress Test Is Another Stumble for CitigroupThe broader question hanging over Citigroup is one that has dogged it since it was created nearly two decades ago: that the bank may be simply too big to manage.
A California sign owned by CBS Outdoor, which will sell 20 million shares priced at $28 each in an initial public offering.
I.P.O. to Cut Ill-Fitting Ad Business From CBS"Outdoor doesn't quite fit with us because it's sales, but not content," said Leslie Moonves, chief executive of CBS. "The synergies didn't really exist."
Former Dewey & LeBoeuf officials Steven Davis, left, the chairman, and Stephen DiCarmine, far right, at court on March 6.
Ex-Finance Director of Dewey & LeBoeuf Says Its Chairman Feared Audit Francis J. Canellas, the former finance chief of the bankrupt law firm, spoke to New York prosecutors after pleading guilty this year to taking part in a scheme to manipulate the firm's financial statements.
A Nasty Corporate Divorce, With Insults Traded on Twitter The breakup of an Indonesian coal company and its co-founders is turning out to be nasty, culminating with a tirade of schoolboy insults hurled across Twitter.
WEDNESDAY
Citigroup was the only one of the nation's largest banks that failed to persuade the Fed to bless its plans to give money to shareholders.
Citigroup Fails Federal Reserve's Stress Test for 2nd Time in 3 Years The Fed's decision is prompting calls for another round of changes at the top of the bank's management and questions over whether the bank should break up its far-flung operations.
Isabel Santos says she spends her evenings huddled over stacks of foreclosure notices on her parents' home.
Pitfalls of Reverse Mortgages May Pass to Borrower's Heirs The loans that promised to help older people stay in their homes in retirement are, in some cases, now pushing their children out.
Daniel B. Garrie, of the computer security consulting firm Law & Forensics, said demands from corporate clients were
Law Firms Are Pressed on Security for Data Large American corporations are pressing their law firms to increase cybersecurity to deter hackers from gaining access to confidential information.
The game maker King Digital Entertainment celebrated its initial public offering at the New York Stock Exchange on Wednesday.
App Maker Buckles on 1st Day of Trading The shares of King Digital Entertainment keep sliding below their initial public offering price of $22.50 and were down more than 15 percent, closing at $19
Bank of America and its former chief executive, Kenneth D. Lewis, reached a deal to resolve another lawsuit arising from the financial crisis.
Bank of America to Pay $6.3 Billion to Settle Mortgage Securities Suit The payment settles a lawsuit arising out of troubled mortgage-backed securities the bank cobbled together and sold to Fannie Mae and Freddie Mac in the run-up to the financial crisis.
Alibaba is using a cartoon advertisement to draw crowdfunding for movies.
Alibaba to Make Movies With Crowdfunding Idea The Chinese e-commerce giant Alibaba's most recent push into innovative finance gives investors, for as little as $16, a small role in getting films produced.
George Osborne, chancellor of the Exchequer, at the Royal Mint. Britain will now handle renminbi trades.
Britain Gains Renminbi Trading Deal The agreement by the Bank of England and the People's Bank of China is the first outside of Asia and a victory for the British government in its efforts to make London a leading Western hub for Chinese trading.
TUESDAY
Facebook to Buy Oculus VR, a Virtual Reality Start-Up The social media giant is betting that a technology commonly associated with science fiction can help turn social networking into an immersive, 3-D experience.
Michael J. Cavanagh, left, co-head of JPMorgan Chase's investment bank, at a Senate panel in 2013.
Heir Apparent Leaving JPMorgan Chase Michael J. Cavanagh is leaving his job as co-head of investment banking to become co-president of the Carlyle Group, moving to a firm subject to much less regulatory scrutiny.
David Rubenstein, co-founder of Carlyle, which continued a trend of hiring outside the firm.
For Carlyle, Recruiting an Outsider Is Not UnusualThe company hired Michael J. Cavanagh of JPMorgan Chase to be co-president with Glenn A. Youngkin, continuing a trend of going outside the firm for hiring.
A Bitcoin A.T.M. at a coffee house in Vancouver, British Columbia.
I.R.S. Takes a Position on Bitcoin: It's PropertyAdding clarity to the regulatory landscape, the agency said it would consider Bitcoin property for tax purposes, since it "does not have legal tender status in any jurisdiction."
Candy Crush Saga has been a big hit for King Digital, which begins trading on Wednesday.
Candy Crush Maker King Digital Set to Trade at $22.50, a Midpoint European technology entrepreneurs and investors say a successful initial public offering by King Digital would validate Europe's reputation as a global center for start-ups and innovation.
In a unanimous ruling, a federal appeals court upheld Rajat K. Gupta's 2012 insider trading conviction.
Federal Court Rejects Gupta's Appeal for New Trial A federal appeals court found that there was "ample evidence" that Rajat K. Gupta took part in a wider criminal conspiracy.
A Start-Up Is Offering an Online Way to Invest in Hollywood The JOBS Act, which opened up new ways for companies to raise money, will be used by Junction.
MONDAY
JoAnn Crupi, a former employee of Bernard Madoff.
Five Former Madoff Aides Found Guilty of Fraud The case centered on whether the associates of Bernard L. Madoff knowingly misled auditors and investors. They face decades in prison, although the judge will be able to use her discretion in sentencing.
The Texas energy company TXU, which TPG bought with Kohlberg Kravis Roberts and Goldman Sachs in 2007, sank under debt.
Hurt in Crisis, TPG Pursues Smaller Deals The private equity firm is taking a new approach, moving beyond the gigantic acquisitions and, instead, looking more at buying minority stakes.
Muhtar Kent, Coca-Cola's chief, was paid $20.4 million last year.
DealBook Column: A Question of What's a Reasonable Reward A money manager claims Coca-Cola allocated as much as $24 billion toward stock-based rewards for its senior people, writes Andrew Ross Sorkin.
Carl Icahn, Herbalife's biggest defender, is getting a bigger presence on the board.
In Battle of Billionaires, Icahn Gains Three Seats on the Herbalife Board The nutritional supplements company Herbalife will nominate three directors proposed by Carl C. Icahn, allowing its biggest shareholder five seats on the board.
Fang Fang was a top executive for investment banking and a central figure in an investigation of the bank's hiring practices.
Under Scrutiny, Top JPMorgan Chase Executive in China to Leave Fang Fang, the bank's chief executive for China and a focus of a federal bribery investigation in the United States, announced his desire to retire in an internal memo sent to staff.
David Einhorn, the hedge fund manager, at the Sohn Investment Conference in New York last year.
Having Identified Blogger, Hedge Fund Drops Lawsuit Having discovered the identity of "Valuable Insights," David Einhorn, head of Greenlight Capital, considers the matter resolved. The firm did not name the blogger.
SUNDAY
Ash Ashutosh, founder and chief executive of Actifio.
Start-Up Data Storage Firm Actifio Hits $1 Billion Mark Actifio has announce that it raised $100 million in new financing, valuing the entire company at $1 billion.
For the latest updates, go to dealbook.nytimes.com »

WSJ | Most Actives Closing March 28, 2014.

Most Actives Closing
Most Active Stocks by Volume
4:46 pm ET 03/28/2014
NYSE
ISSUEVOLUMEPRICECHG% CHG
Bank of America (BAC)79,113,694$16.98-0.03-0.18
Citigroup (C)39,611,84247.25-0.20-0.42
Ford Motor (F)36,075,80815.450.201.31
Petroleo Brasileiro ADS (PBR)35,564,33213.180.262.01
Alcoa (AA)33,511,36812.48-0.11-0.87
General Electric (GE)29,574,99625.880.070.27
AT&T (T)24,659,86835.070.110.31
Verizon Communications (VZ)24,125,94047.42-0.27-0.57
Vale ADS (VALE)22,830,11113.680.030.22
Pfizer (PFE)21,904,28231.88-0.22-0.69
Kinross Gold (KGC)20,894,9314.210.153.69
J.C. Penney (JCP)20,783,3318.83-0.14-1.56
Petroleo Brasileiro ADS A (PBRA)19,508,82613.900.261.91
General Motors (GM)19,103,00534.730.220.64
Oracle (ORCL)18,332,70639.570.330.84
CBS Outdoor Americas (CBSO)15,762,77929.501.505.36
Wells Fargo (WFC)14,875,96649.290.190.39
JPMorgan Chase (JPM)14,619,04060.040.120.20
Nokia ADS (NOK)14,507,2427.340.070.96
Itau Unibanco Holding ADS (ITUB)14,145,66714.62-0.03-0.20
Cemex ADS (CX)13,941,16412.56-0.17-1.34
EMC (EMC)13,723,83627.480.170.62
Regions Financial (RF)13,371,61110.950.161.48
Advanced Micro Devices (AMD)13,115,1733.88-0.03-0.77
Arch Coal (ACI)12,839,4314.810.061.26
 
Nasdaq
ISSUEVOLUMEPRICECHG% CHG
BlackBerry (BBRY)74,383,202$8.41-0.64-7.07
Facebook Cl A (FB)66,523,96360.01-0.96-1.57
Sirius XM Holdings (SIRI)52,548,2493.150.030.96
Cisco Systems (CSCO)49,020,60222.330.311.41
Zynga (ZNGA)45,919,3354.42-0.05-1.12
Microsoft (MSFT)43,044,64440.300.942.39
PowerShares QQQ Trust Series 1 (QQQ)38,746,27687.050.170.20
Micron Technology (MU)37,564,43821.91-0.33-1.48
Gilead Sciences (GILD)29,165,88468.55-2.86-4.01
MannKind (MNKD)25,873,6974.83-0.37-7.12
Exelixis (EXEL)22,767,7243.38-0.48-12.44
Intel (INTC)22,664,29125.620.311.22
Ariad Pharmaceuticals (ARIA)20,596,8657.980.385.00
Yahoo! (YHOO)18,193,05435.900.310.87
Groupon (GRPN)17,392,0987.85-0.07-0.88
Comcast Cl A (CMCSA)15,870,50949.560.460.94
FuelCell Energy (FCEL)15,521,5372.29-0.13-5.37
RF Micro Devices (RFMD)14,827,5107.700.010.13
21st Century Fox Cl A (FOXA)14,350,17531.61-0.06-0.19
Symantec (SYMC)12,989,65419.790.522.70
Applied Materials (AMAT)12,570,75320.180.492.49
GT Advanced Technologies (GTAT)12,238,06717.170.452.69
Frontier Communications (FTR)12,155,9315.620.081.44
NVIDIA (NVDA)9,647,72917.900.110.62
Tesla Motors (TSLA)9,616,272212.375.052.44
 
NYSE Arca
ISSUEVOLUMEPRICECHG% CHG
SPDR S&P 500 ETF Trust (SPY)91,977,514$185.490.910.49
iShares MSCI Emerging Markets ETF (EEM)66,640,15840.740.320.79
iShares China Large-Cap ETF (FXI)53,249,51335.830.732.08
iShares Russell 2000 ETF (IWM)46,942,473114.29-0.11-0.10
Market Vectors ETF Trust Market Vectors Gold Miners (GDX)44,651,22724.100.281.18
Select Sector SPDR-Financial (XLF)39,347,83422.110.090.41
Barclays Bank iPath S&P 500 VIX Short Term Futures ETN (VXX)32,773,65743.55-0.52-1.18
iShares MSCI Japan ETF (EWJ)23,567,17911.330.121.07
VelocityShares 3x Inverse Natural Gas ETN linked to the S&P GSCI Natural Gas Index Excess Return (DGAZ)22,779,0073.400.041.19
Direxion Daily Small Cap Bear 3x Shares (TZA)20,931,40416.49-0.01-0.06
iShares MSCI Brazil Capped ETF (EWZ)20,059,86844.870.380.85
Vanguard FTSE Emerging Markets ETF (VWO)15,207,29440.280.320.80
iShares MSCI EAFE ETF (EFA)13,638,17066.860.500.75
Select Sector SPDR-Health Care (XLV)13,117,64757.71-0.22-0.38
ProShares UltraShort S&P500 (SDS)11,459,61128.83-0.28-0.96
Select Sector SPDR-Energy (XLE)9,652,44789.061.101.25
Select Sector SPDR-Industrial (XLI)8,791,84051.730.380.74
iShares MSCI Taiwan ETF (EWT)8,786,25514.310.000.00
iShares U.S. Real Estate ETF (IYR)7,973,89367.280.440.66
Select Sector SPDR-Utilities (XLU)7,693,94241.010.060.15
Direxion Daily Small Cap Bull 3x Shares (TNA)7,473,49574.270.070.09
WisdomTree Japan Hedged Equity Fund (DXJ)7,227,58647.040.701.51
SPDR Gold Trust (GLD)7,179,449124.56-0.03-0.02
ProShares UltraShort QQQ (QID)7,126,61259.47-0.24-0.40
iShares MSCI EMU ETF (EZU)7,096,62342.100.431.03
 
Composite
ISSUEVOLUMEPRICECHG% CHG
SPDR S&P 500 ETF Trust (SPY)91,977,514$185.490.910.49
Bank of America (BAC)79,113,69416.98-0.03-0.18
BlackBerry (BBRY)74,383,2028.41-0.64-7.07
iShares MSCI Emerging Markets ETF (EEM)66,640,15840.740.320.79
Facebook Cl A (FB)66,523,96360.01-0.96-1.57
iShares China Large-Cap ETF (FXI)53,249,51335.830.732.08
Sirius XM Holdings (SIRI)52,548,2493.150.030.96
Cisco Systems (CSCO)49,020,60222.330.311.41
iShares Russell 2000 ETF (IWM)46,942,473114.29-0.11-0.10
Zynga (ZNGA)45,919,3354.42-0.05-1.12
Market Vectors ETF Trust Market Vectors Gold Miners (GDX)44,651,22724.100.281.18
Microsoft (MSFT)43,044,64440.300.942.39
Citigroup (C)39,611,84247.25-0.20-0.42
Select Sector SPDR-Financial (XLF)39,347,83422.110.090.41
PowerShares QQQ Trust Series 1 (QQQ)38,746,27687.050.170.20
Micron Technology (MU)37,564,43821.91-0.33-1.48
Ford Motor (F)36,075,80815.450.201.31
Petroleo Brasileiro ADS (PBR)35,564,33213.180.262.01
Alcoa (AA)33,511,36812.48-0.11-0.87
Barclays Bank iPath S&P 500 VIX Short Term Futures ETN (VXX)32,773,65743.55-0.52-1.18
General Electric (GE)29,574,99625.880.070.27
Gilead Sciences (GILD)29,165,88468.55-2.86-4.01
MannKind (MNKD)25,873,6974.83-0.37-7.12
Plug Power (PLUG)25,452,9386.900.010.15
AT&T (T)24,659,86835.070.110.31
 
See All Most Actives
 
Footnotes
Includes common, closed end funds, ETFs, ETNs and REITS
x - stock is trading ex-dividend
Source: WSJ Market Data Group