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Apr 28, 2014

DealBook P.M. Edition - April 28, 2014: Bank of America Suspends Buyback and Dividend Increase

For the latest updates, go to dealbook.nytimes.com »
MONDAY, APRIL 28, 2014
TOP STORY
A Bank of America branch in New York.
Bank of America Suspends Buyback and Dividend Increase Bank of America said on Monday that it was suspending its share buyback program and a planned increase in its dividend after it discovered an error in calculating its capital levels.
For the latest updates, go to dealbook.nytimes.com »
DEALBOOK HIGHLIGHTS
Mythili Raman led the Justice Department's criminal division until last month.
Another Former Justice Dept. Official to Join Covington Mythili Raman, who led the Justice Department's criminal division until last month, is the latest former senior official to join Covington & Burling.
A Barclays office in New York.
3 More Former Barclays Employees Face Charges in Libor Inquiry Britain's Serious Fraud Office said the three men, all former employees of Barclays in New York, would face charges of conspiracy to defraud.
William A. Ackman, center, teamed up with Valeant to make an offer for Allergan.
White Collar Watch: Is It Time to Broaden the Definition of Insider Trading? William A. Ackman's actions in the bid for Allergan have raised questions about how well the insider-trading rules have protected investors, Peter J. Henning writes.
A specialist trader works at a post that trades AstraZeneca on the floor of the New York Stock Exchange.
Reuters Breakingviews: Why Pfizer Needs to Do More to Win AstraZeneca If the British drug company AstraZeneca cannot make Pfizer go away, it can certainly make it pay, Neil Unmack contends.
Stock linked to Vernon Davis, the San Francisco 49ers tight end, began trading on Monday on an exchange operated by Fantex.
I.P.O. Linked to Football Player Opens for TradingStock linked to Vernon Davis, the San Francisco 49ers tight end, opened for trading on Monday on an exchange operated by Fantex, a start-up.
An illustration of cellular activity in Furiex's lead product, eluxadoline, a treatment for irritable bowel syndrome.
Forest Labs to Buy Furiex Pharmaceuticals The deal, for up to $1.46 billion, expands Forest Laboratories' position in gastroenterology as it prepares to be acquired for $25 billion by Actavis.
From left, Peter J. Nolan, Jonathan D. Sokoloff and John G. Danhakl of Leonard Green & Partners, with Drexel mementos in 2005.
Managing Partner of Leonard Green to Step DownPeter J. Nolan will become a senior adviser at Leonard Green & Partners, the Los Angeles-based private equity firm, and will continue to serve on the boards of several of its portfolio companies.
A group of 20
Revenues at the Top 100 Law Firms Rose 5.4% Last Year The top partners at the group of 20 "super rich" law firms fared particularly well in 2013, according to the latest rankings from The American Lawyer.
Bank of America is liable for mortgage bonds that were sold by Countrywide Financial.
Doing the Math of a Bank of America Settlement Bank of America was always expected to pay more than JPMorgan Chase's $13 billion settlement. But how much more?
Victor Koo, the chairman and chief executive of Youku Tudou, one of China's biggest online television companies.
Alibaba Buys Stake in Chinese Web TV Company for $1.2 Billion The e-commerce giant's deal for a minority stake in Youku Tudou extends a recent frenzy of acquisitions in China's fast-growing technology sector.
The design for the first polymer note in England - a 5-pound bill featuring Winston Churchill - was displayed in London last year.
Arle Capital to Buy Supplier of Plastic Bank Notes The private equity firm agreed to acquire the Innovia Group, a company set to supply materials for Britain's new plastic bank notes, for about $690 million.
Visma is a Norwegian software company.
Cinven to Take Stake in Norwegian Software Firm Visma The private equity firm agreed to take a 31.3 percent stake in the software company, in a deal that values Visma at about $3.5 billion.
The Swedish drug maker Meda is a specialty pharmaceuticals company.
Meda Again Rejects Takeover Bid by Mylan The Swedish drug maker rejected an increased takeover offer from the generic pharmaceutical company based in Canonsburg, Pa.
LOOKING AHEAD
Investors Watch Twitter for Further Stagnation Twitter is scheduled to release its first-quarter earnings on Tuesday. Its share price has dropped 30 percent since its first earnings announcement as a public company last quarter. Even though Twitter improved its business last quarter, Wall Street is wary of the company's stagnating user growth. Twitter added just nine million monthly active users last quarter, its smallest pace since 2010.
Nokia Plans to Announce a New Strategy and Chief The Finnish company Nokia plans to lay out its new strategy and announce a new chief executive when it reports its first-quarter earnings on Tuesday, days after it sold its struggling cellphone business to Microsoft for $7.5 billion. The strategy is expected to focus on Nokia's mobile infrastructure business, which builds hardware for carriers like Verizon and AT&T.
Cuts in Bond Buying Expected at the Fed The Federal Reserve, which plans to meet on Tuesday and Wednesday, has left little mystery about its short-term plans. After the meetings, it is widely expected to announce another $10 billion cut in monthly bond purchases, to $45 billion. Reinforcements may also be on the way for the Fed's short-handed board. The Senate Banking Committee plans to vote Tuesday on the nominations of Stanley Fischer and Lael Brainard, a necessary prelude to confirmation by the full Senate.
Commerce Dept. to Issue Initial Estimate of Growth The Commerce Department will announce its initial estimate of economic growth in the first quarter of 2014 on Wednesday. The consensus among economists on Wall Street is a growth rate of 1.2 percent, but estimates vary widely because of the still-uncertain impact of the unusually harsh winter in many parts of the country. Whatever the number, it is likely to be significantly less than the 4.1 percent growth rate recorded in the third quarter of 2013 or the 2.6 percent increase in the fourth quarter. Most economists expect growth to pick up later in 2014.
Data on Unemployment and Inflation in Europe Two reports this week are likely to provide important clues about the course of the economic recovery in Europe. On Wednesday, Eurostat, the European Union's statistical agency, will provide a first estimate of the euro zone's inflation rate in April. On Friday, Eurostat will publish data on unemployment in March. Those numbers will help to ground the thinking of the European Central Bank, which plans to hold a monetary policy meeting on May 8 in Brussels as it faces criticism that it is doing too little to keep deflationary pressures under control.
Labor Department Set to Report on Jobs The Labor Department on Friday plans to report the latest data on hiring and the unemployment rate in April. Month-to-month gains in hiring have been volatile recently, but most economists expect a fairly robust report on the job market this month. The consensus calls for an increase in payrolls of 210,000 and a decline in the unemployment rate to 6.6 percent. If the actual payroll gain meets or exceeds that estimate, it will be the best month for hiring since November 2013, and also echo other recent positive signs for the economy, like rising consumer confidence and healthy durable goods orders.
For the latest updates, go to dealbook.nytimes.com »

WSJ | Biggest Decliners Closing April 28, 2014.

Biggest Decliners Closing
Biggest Decliners
4:46 pm ET 04/28/2014
NYSE
ISSUEVOLUMEPRICECHG% CHG
Rubicon Project (RUBI)633,895$16.30-3.19-16.37
McClatchy Cl A (MNI)1,047,2535.25-0.66-11.17
Trina Solar ADS (TSL)7,132,44911.22-1.24-9.95
Stage Stores (SSI)857,15719.93-2.19-9.90
Och-Ziff Capital Management (OZM)3,656,21911.65-1.28-9.90
ChannelAdvisor (ECOM)2,439,17423.49-2.46-9.48
JinkoSolar Holding ADS (JKS)3,145,36326.76-2.76-9.35
Concord Medical Services Holdings ADS (CCM)110,6826.46-0.66-9.27
Taomee Holdings ADS (TAOM)51,5995.23-0.51-8.89
New Oriental Education&Technology Group ADS (EDU)5,959,36323.76-2.22-8.55
NQ Mobile ADS (NQ)4,516,41612.12-1.11-8.39
LightInTheBox Holding ADS (LITB)507,7784.96-0.44-8.15
Daqo New Energy ADS (DQ)22,12341.33-3.64-8.09
Barracuda Networks (CUDA)530,47725.64-2.07-7.47
National Oilwell Varco (NOV)10,738,38377.31-6.16-7.38
Salesforce.com (CRM)17,093,80449.13-3.67-6.95
CNA Financial (CNA)679,66239.76-2.95-6.91
Guangshen Railway ADS (GSH)56,18518.52-1.36-6.84
E-House (China) Holdings ADS (EJ)2,050,7499.08-0.66-6.78
Newmont Mining (NEM)16,871,47524.67-1.78-6.73
Sanchez Energy (SN)1,584,80128.16-1.96-6.51
Silver Spring Networks (SSNI)296,71714.90-1.03-6.47
LinkedIn Cl A (LNKD)7,380,890148.06-10.11-6.39
Bank of America (BAC)340,532,14814.95-1.00-6.27
Phoenix New Media Cl A ADS (FENG)1,364,5939.32-0.62-6.24
 
Nasdaq
ISSUEVOLUMEPRICECHG% CHG
Transition Therapeutics (TTHI)91,197$4.64-0.65-12.29
Zion Oil&Gas (ZN)170,7192.01-0.28-12.23
Gulf Resources Inc (GURE)439,5201.90-0.26-12.04
Wayside Technology Group (WSTG)136,73315.87-2.06-11.49
Knightsbridge Tankers (VLCCF)1,471,26711.86-1.47-11.03
Canadian Solar (CSIQ)6,093,37026.83-3.32-11.01
Pozen (POZN)2,426,8378.18-0.95-10.41
JA Solar Holdings ADS (JASO)5,310,7229.53-1.10-10.35
Varonis Systems (VRNS)363,63623.30-2.56-9.90
Arrowhead Research (ARWR)2,239,26811.00-1.20-9.84
Weibo ADS (WB)7,772,75217.51-1.70-8.85
Kandi Technologies Group (KNDI)2,092,03611.08-1.07-8.81
Sky-mobi ADS (MOBI)623,9386.55-0.60-8.39
Virco Manufacturing (VIRC)24,7802.24-0.20-8.20
China Sunergy ADS (CSUN)225,3383.38-0.30-8.15
Universal Display (OLED)1,251,72926.02-2.24-7.93
YY ADS (YY)4,015,46458.37-4.84-7.66
BIND Therapeutics (BIND)231,9488.70-0.71-7.55
Icon (ICLR)1,936,78439.52-3.17-7.43
Angie's List (ANGI)2,186,35710.89-0.87-7.40
Ocean Power Technologies (OPTT)1,023,9342.63-0.21-7.39
Lumenis Cl B (LMNS)166,8998.18-0.65-7.36
Baidu ADS (BIDU)9,989,301150.93-11.98-7.35
Skywest (SKYW)589,67411.21-0.84-6.97
PAREXEL International (PRXL)2,488,08445.01-3.35-6.94
 
NYSE Arca
ISSUEVOLUMEPRICECHG% CHG
Direxion Daily Russia Bear 3x Shares (RUSS)527,420$18.00-2.42-11.85
Direxion Daily Junior Gold Miners Index Bull 3X Shares (JNUG)1,964,32919.17-1.95-9.23
VelocityShares 3x Inverse Natural Gas ETN linked to the S&P GSCI Natural Gas Index Excess Return (DGAZ)8,253,7262.74-0.21-7.12
Direxion Daily Gold Miners Bull 3x Shares (NUGT)3,923,51035.96-2.10-5.52
ProShares Ultra VIX Short-Term Futures ETF (UVXY)5,245,08455.76-2.60-4.46
Guggenheim Solar ETF (TAN)743,78340.50-1.84-4.35
ProShares UltraShort DJ-UBS Natural Gas (KOLD)60,50536.76-1.65-4.30
Guggenheim China Technology ETF (CQQQ)40,05232.75-1.32-3.87
PowerShares Exchange Traded Fund Trust WilderHill Clean Energy Portfolio (PBW)234,9706.53-0.25-3.69
Global X Uranium ETF (URA)746,42615.52-0.59-3.66
ProShares UltraPro Financials (FINU)2,46858.88-2.17-3.55
PowerShares Golden Dragon China Portfolio (PGJ)241,01627.45-1.00-3.51
C-TRACKS Exchange Trade Notes based on the Performance of the Citi Volatility Index Total Return (CVOL)30,9022.51-0.09-3.46
Market Vectors Junior Gold Minets ETF (GDXJ)4,395,61836.15-1.29-3.45
Market Vectors-Solar Energy ETF (KWT)3,90178.53-2.78-3.42
Global X China Industrials (CHII)6,50011.19-0.38-3.28
ProShares Ultra MSCI Brazil (UBR)2,32647.60-1.54-3.14
Direxion DailyTechnology Bear 3x Shares (TECS)70,40819.20-0.60-3.01
ProShares Ultra Consumer Services (UCC)3,40372.20-2.15-2.90
Direxion Daily Brazil Bear 3X Shares (BRZS)4,03137.77-1.08-2.79
Guggenheim China Small Cap (HAO)56,33924.47-0.62-2.47
PowerShares DB Agriculture Long ETN (AGF)28,88017.82-0.45-2.46
Direxion Daily Real Estate Bear 3x Shares (DRV)49,68242.92-1.06-2.41
2xLeveraged Long E-TRACS Linked to Wells Fargo Business Development Co. Index 052441 (BDCL)383,21425.42-0.62-2.38
iPath Pure Beta Nickel ETN (NINI)8,73032.16-0.74-2.25
 
Composite
ISSUEVOLUMEPRICECHG% CHG
OncoGenex Pharmaceuticals (OGXI)3,622,296$3.85-5.85-60.31
Athersys (ATHX)12,705,4941.33-1.40-51.28
Eltek (ELTK)312,0911.65-0.51-23.58
Rubicon Project (RUBI)633,89516.30-3.19-16.37
Net Element (NETE)34,5472.37-0.45-15.96
Supreme Industries (STS)426,0745.74-1.02-15.09
La Jolla Pharmaceutical (LJPC)224,3989.05-1.44-13.73
RADCOM (RDCM)41,1495.63-0.87-13.37
Plug Power (PLUG)42,738,8164.66-0.71-13.22
YOU On Demand Holdings (YOD)809,6072.78-0.39-12.30
Transition Therapeutics (TTHI)91,1974.64-0.65-12.29
Zion Oil&Gas (ZN)170,7192.01-0.28-12.23
InfoSonics (IFON)508,8072.25-0.31-12.11
Gulf Resources Inc (GURE)439,5201.90-0.26-12.04
Direxion Daily Russia Bear 3x Shares (RUSS)527,42018.00-2.42-11.85
Wayside Technology Group (WSTG)136,73315.87-2.06-11.49
China Yida Holding (CNYD)2,9413.25-0.41-11.31
McClatchy Cl A (MNI)1,047,2535.25-0.66-11.17
Astrotech (ASTC)175,0932.24-0.28-11.11
Knightsbridge Tankers (VLCCF)1,471,26711.86-1.47-11.03
Canadian Solar (CSIQ)6,093,37026.83-3.32-11.01
Pozen (POZN)2,426,8378.18-0.95-10.41
JA Solar Holdings ADS (JASO)5,310,7229.53-1.10-10.35
Trina Solar ADS (TSL)7,132,44911.22-1.24-9.95
Stage Stores (SSI)857,15719.93-2.19-9.90
 
See All Decliners
 
Footnotes
Includes common, closed end funds, ETFs, ETNs and REITS with prior day close of $2 a share or higher, with volume of at least 2,000.
x - stock is trading ex-dividend
Source: WSJ Market Data Group