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Jul 11, 2014

DealBook P.M. Edition - July 11, 2014: Weekend Reading: Have You Even Tried the Potato Salad in Sun Valley?

For the latest updates, go to dealbook.nytimes.com »
FRIDAY, JULY 11, 2014
TOP STORY
Weekend Reading: Have You Even Tried the Potato Salad in Sun Valley? Zack "Danger" Brown can raise more than $43,000 on Kickstarter to pay for his potato salad. Surely there is someone at the Sun Valley conference who can make use of his talents. Or technology and media titans could make use of these delicious potato salad recipes from The New York Times. DealBook recommends Sam Sifton's grilled fingerling-potato salad with chipotle bacon vinaigrette. Mmm, bacon.
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
Reynolds American is the parent company of R.J. Reynolds, the maker of Pall Mall and Camel cigarettes.
Reynolds in Talks to Acquire Lorillard in Merger of Tobacco Rivals Confronting a shrinking market of smokers, a deal would unite some of the best-selling brands in cigarettes, including Camel and Newport.
A Wells Fargo branch in New York.
Wells Fargo's Profit Prowess Shows Signs of SlowingWells Fargo said its profit in the second quarter rose 4 percent from the same period a year ago to $5.7 billion, as credit quality improved and the bank tightened expenses.
Susan M. Cameron rejoined Reynolds American as chief executive in May.
As Reynolds Looks Ahead, a Familiar Leader, Susan Cameron, Guides the Way The chief executive of Reynolds American, who had the job once before, has decades of experience in the tobacco industry and is looking once again to lead a transformation.
FROM THE ARCHIVES The 1985 merger creating RJR Nabisco led to a 1988 buyout and 1999 split.
Big Tobacco Getting Bigger: A Brief History of Deal Making Since facing a wave of litigation in the 1980s and '90s over the health consequences of smoking, tobacco companies have sought to reposition themselves through mergers and acquisitions.
Imperial Tobacco's market share is just 3.5 percent in the United States, and it is looking to increase it.
Reuters Breakingviews: Imperial Tobacco's Ambitions Challenge Its Balance Sheet Investors are pushing up shares of Imperial Tobacco on the possibility that it could acquire brands cast off in a Reynolds-Lorillard deal, but an acquisition would be a stretch financially, and the long-term benefits may be scant.
Drug Makers AbbVie and Shire Officials Meet to Discuss MergerThe talks follow AbbVie's revised offer to pay about $51 billion for Shire, which has its headquarters in Ireland and is listed in London. Shire confirmed the talks on Friday but did not provide details of the discussions.
Shares of Royal Mail jumped 38 percent on the first day of trading in October.
Parliament Committee Criticizes Handling of Royal Mail I.P.O. in Britain A committee said that government officials underestimated the potential market value of the Royal Mail when it was privatized in October and relied too heavily on the judgment of outside advisers.
The average pay for a housekeeper runs $7 to $9 an hour.
Life@Work: Why You Should Tip More Than You Do Now Tipping well for good service is not about charity; it's about compensating people more fairly for the work they do, writes Tony Schwartz in Life@Work.
Stephen Schwarzman, the chief of Blackstone Group.
Blackstone to Buy a Wealth Management Business The insurer Friends Life Group, based on the Channel Island of Guernsey, agreed to sell its Luxembourg-based wealth management arm for about $610 million.
Mota-Engil Africa Pulls London I.P.O. Amid European Market JittersIt is the second public listing to be postponed since concerns about Portugal's second-largest bank, Banco Espírito Santo, sent stock markets across Europe lower on Thursday.
THURSDAY
Scott W. Rothstein, a lawyer in Fort Lauderdale, Fla., was accused in 2009 of defrauding investors of up to $400 million in a Ponzi scheme.
Despite Exposure of Madoff Fraud, New Ponzi Schemes Emerge Financial regulators say a new Ponzi scheme operator is found nearly every week, and legal actions are brought against about 100 such questionable investment operations every year.
WEDNESDAY
Daniel Gitner, the lawyer who received a not-guilty verdict for a client accused of insider trading.
Defense Lawyer Ends Preet Bharara's Streak in Insider Trading Cases Daniel M. Gitner, who stopped a United States attorney's perfect record in prosecuting insider trading cases, overcame public anger with Wall Street to win a not-guilty verdict for Rengan Rajaratnam.
From left, the three co-founders of Phone2Action, Patrick Stoddart, Ximena Hartsock and Jeb Ory, with a client.
Start-Ups Make Political Organizing Mobile-ReadyCompanies like Phone2Action and CrowdHall are providing services that were once the province of legislators and political parties.
TUESDAY
Rengan Rajaratnam, left, with his lawyer Daniel Gitner.
Prosecutors' Winning Streak on Insider Trading Cases Ends The younger brother of the convicted inside trader Raj Rajaratnam was found not guilty at his own trial, a rare loss for federal prosecutors.
Citigroup is seeking to resolve issues from the financial crisis while it grapples with new challenges posed by a costly fraud in its Mexico unit and its failure to pass the Federal Reserve stress test.
Citigroup Is Said to Be Close to Settling Inquiry Into Mortgage Securities The deal could cost the bank roughly $7 billion, people briefed on the matter said.
Deal Professor: In Deal to Cut Corporate Taxes, Shareholders Pay the Price In its bid to acquire Covidien, Medtronic will move abroad and lower its corporate taxes, but its shareholders will be left with a big tax bill.
América Móvil has also agreed to give up the option to acquire Dish, whose satellite dishes dot Mexico City roofs.
América Móvil to Shed Assets, Loosening Grip The announcement comes just as Mexican legislators approved new antitrust laws governing Mexico's telecommunications and broadcasting industries.
The drug maker Shire has several attention deficit hyperactivity disorder medications including Adderall.
U.S. Drug Maker AbbVie Increases Bid for Shire, as Cost of Moving Abroad Rises AbbVie said that it had increased its bid to acquire the Irish drug maker that had rejected its previous takeover offer. The new bid is about $51.6 billion.
Commerzbank, one of Germany's largest lenders, is suspected of violating American sanctions on trade with Iran and other countries.
Commerzbank Shares Sink on News of U.S. InquiryGermany's second-largest lender could settle with United States authorities over suspicions that it violated sanctions on trade with Iran.
MONDAY
American authorities have begun settlement talks with Germany's second-largest lender, Commerzbank, based in Frankfurt.
U.S. Scrutiny for Banks Shifts to Commerzbank and Germany The authorities are said to have begun settlement talks with Commerzbank over its dealings with Iran, a move that may pave the way toward talks with Deutsche Bank.
A power plant in Cataño, Puerto Rico, that is owned by the Puerto Rico Electric Power Authority.
Lenders Agree to Give Puerto Rico Electric Power Authority More Time to Repay Debt The agreement to delay certain payments for three more weeks forestalls a possible restructuring by the Puerto Rico Electric Power Authority.
Gaillardia Country Club in Oklahoma City is among the courses owned by investors.
Investors Are Buying Troubled Golf Courses and Giving Them Makeovers While golf is still anathema to many portfolios, investors who have the cash are scooping up distressed clubs and revamping their business models.
In February, SunEdison announced completion of a 16.4-megawatt installation at Davis-Monthan Air Force Base outside Tucson.
An Activist Investor Helps a Solar Power Company Turn Itself Around A hedge fund executive whom SunEdison made a director two years ago has proved to be instrumental in its turnaround.
SUNDAY
A Viamericas CD Mega in Virginia. Viamericas is a money transfer company with a large focus on Mexico.
U.S. Banks Curtail International Money TransfersUnder regulatory pressure, many banks are ending or limiting money transfers, most likely meaning higher costs for immigrants sending money home.
For the latest updates, go to dealbook.nytimes.com »

WSJ | Biggest Gainers Closing July 11, 2014.

Biggest Gainers Closing
Biggest Gainers
4:47 pm ET 07/11/2014
NYSE
ISSUEVOLUMEPRICECHG% CHG
GeoPark (GPRK)74,529$10.490.798.14
Aerohive Networks (HIVE)332,9288.190.618.05
Cheetah Mobile ADS (CMCM)591,26621.001.568.02
Ruckus Wireless (RKUS)3,387,21411.880.877.90
Transcontinental Realty Investors (TCI)3,20013.430.917.27
Endeavour Silver (EXK)2,752,3196.210.406.88
Frontline (FRO)802,8032.670.176.80
Fortuna Silver Mines (FSM)351,0795.780.325.86
McEwen Mining (MUX)2,812,3743.100.175.80
ReneSola ADS (SOL)925,7002.620.145.65
DRDGOLD ADS (DRD)114,9693.200.175.61
Bitauto Holdings ADS (BITA)1,590,73250.672.615.43
Empresa Distribuidora y Comercializadora Norte Cl B ADS (EDN)213,23016.430.835.32
BioAmber (BIOA)31,06913.900.695.22
voxeljet ADS (VJET)967,88919.600.965.15
Banco Macro ADS (BMA)395,08646.022.215.04
Doral Financial (DRL)1,114,6455.470.264.99
King Digital Entertainment (KING)1,008,90020.820.964.83
Walter Energy (WLT)2,745,8935.750.264.74
Lorillard (LO)13,014,34366.012.924.63
GOL Linhas Aereas Inteligentes ADS (GOL)2,385,4366.140.274.60
ChannelAdvisor (ECOM)775,08424.221.064.58
Dean Foods (DF)5,327,89317.460.764.55
Sibanye Gold ADS (SBGL)923,82410.230.444.49
Coeur Mining (CDE)1,445,6509.160.384.33
 
Nasdaq
ISSUEVOLUMEPRICECHG% CHG
Glu Mobile (GLUU)17,461,832$6.000.6311.73
Radius Health (RDUS)31,18211.550.969.07
Meru Networks (MERU)28,6783.870.318.71
Achillion Pharmaceuticals (ACHN)7,793,3037.640.618.68
Potbelly (PBPB)3,357,46511.920.958.66
Cyclacel Pharmaceuticals (CYCC)157,9463.390.268.31
Ardelyx (ARDX)24,43517.751.257.58
SpartanNash (SPTN)452,93221.911.507.35
Aruba Networks (ARUN)4,423,56117.461.177.18
Turtle Beach (HEAR)152,8888.800.587.06
Amphastar Pharmaceuticals (AMPH)79,6669.290.606.90
ZELTIQ Aesthetics (ZLTQ)735,91114.770.926.64
Rocket Fuel (FUEL)638,34024.441.526.63
Town Sports International Holdings (CLUB)271,7237.040.436.51
Ultragenyx Pharmaceutical (RARE)269,81642.972.606.44
ORBCOMM (ORBC)384,0396.810.416.41
Westmoreland Coal (WLB)1,007,13239.312.316.24
Parnell Pharmaceuticals Holdings (PARN)8,4046.850.406.20
Arena Pharmaceuticals (ARNA)6,004,5905.370.316.13
National Research Cl B (NRCIB)9,75741.912.365.97
EDAP TMS ADS (EDAP)465,2045.510.315.96
Hutchinson Technology (HTCH)139,5472.180.125.83
Xencor (XNCR)37,06810.660.585.75
Spectranetics (SPNC)682,51424.901.335.64
Amazon.com (AMZN)8,171,142346.2018.285.57
 
NYSE Arca
ISSUEVOLUMEPRICECHG% CHG
Direxion Daily Junior Gold Miners Index Bull 3X Shares (JNUG)2,749,624$33.583.4411.41
Direxion Daily Gold Miners Bull 3x Shares (NUGT)3,734,13950.543.567.58
Direxion Daily Natural Gas Related Bear 3x Shares (GASX)52,59115.050.926.51
VelocityShares 3x Inverse Crude ETN linked to the S&P GSCI Crude Oil Index Excess Return (DWTI)33,86425.581.425.88
Market Vectors Junior Gold Minets ETF (GDXJ)7,980,46345.531.874.28
ProShares UltraShort Bloomberg Crude Oil (SCO)1,709,29726.831.064.11
PowerShares DB Crude Oil Double Short ETN (DTO)196,85231.051.133.78
Global X Gold Explorers ETF (GLDX)70,62617.270.533.17
Market Vectors ETF Trust Market Vectors Gold Miners (GDX)31,936,82527.320.712.67
db X-trackers Harvest CSI 500 China A-Shares Small Cap Fund (ASHS)21,59827.220.682.56
Global X Silver Miners ETF (SIL)188,39214.700.312.15
PureFunds ISE Junior Silver (Small Cap Miners/Explorers) ETF (SILJ)51,00114.200.302.15
Direxion Daily Energy Bear 3x Shares (ERY)398,32813.340.272.07
PowerShares DB Base Metals Double Long ETN (BDD)3,4768.950.182.05
Market Vectors Poland ETF (PLND)8,79722.770.431.92
Direxion Daily 20+ Year Treasury Bull 3X Shares (TMF)115,94061.911.161.91
Credit Suisse ETN linked on a Leverage Basis to Credit Suisse Merger Arbitrage Liquid Index (CSMB)7,20019.440.361.89
PowerShares DB 3x Long 25+ Year Treasury Bond Exchange Traded Note (LBND)6,80041.120.761.88
Global X Junior Miners ETF (JUNR)6,78917.650.311.79
ProShares UltraShort Oil&Gas (DUG)94,07938.280.611.62
VelocityShares 3x Long Natural Gas ETN linked to the S&P GSCI Natural Gas Index Excess Return (UGAZ)907,24818.340.291.60
Direxion Daily Brazil Bull 3X Shares (BRZU)26,02825.480.381.51
iShares MSCI Global Gold Miners ETF (RING)25,69611.420.161.42
iShares MSCI Poland Capped ETF (EPOL)61,17229.140.391.36
United States Metals Index Fund (USMI)14,82523.880.311.32
 
Composite
ISSUEVOLUMEPRICECHG% CHG
La Jolla Pharmaceutical (LJPC)1,043,559$10.651.7018.99
American Shared Hospital Services (AMS)89,2042.840.3212.89
Summer Infant (SUMR)525,7113.390.3712.25
Glu Mobile (GLUU)17,461,8326.000.6311.73
InterCloud Systems (ICLD)2,644,8446.250.6511.61
Direxion Daily Junior Gold Miners Index Bull 3X Shares (JNUG)2,749,62433.583.4411.41
MYOS (MYOS)7,15614.471.4711.29
Swisher Hygiene (SWSH)91,2184.640.429.95
ClearSign Combustion (CLIR)55,2978.200.709.33
Radius Health (RDUS)31,18211.550.969.07
Idera Pharmaceuticals (IDRA)1,321,2112.850.238.78
Meru Networks (MERU)28,6783.870.318.71
Achillion Pharmaceuticals (ACHN)7,793,3037.640.618.68
Potbelly (PBPB)3,357,46511.920.958.66
Cyclacel Pharmaceuticals (CYCC)157,9463.390.268.31
GeoPark (GPRK)74,52910.490.798.14
Vapor (VPCO)108,7804.650.358.14
Altisource Asset Management (AAMC)12,647710.0053.038.07
Aerohive Networks (HIVE)332,9288.190.618.05
Cheetah Mobile ADS (CMCM)591,26621.001.568.02
Ruckus Wireless (RKUS)3,387,21411.880.877.90
Direxion Daily Gold Miners Bull 3x Shares (NUGT)3,734,13950.543.567.58
Ardelyx (ARDX)24,43517.751.257.58
inTEST (INTT)43,1064.330.307.44
SpartanNash (SPTN)452,93221.911.507.35
 
See All Gainers
 
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