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Sep 3, 2014

DealBook P.M. Edition - September 3, 2014: Court Challenge to New Inversion Rules Would Face Long Odds.

For the latest updates, go to dealbook.nytimes.com »
WEDNESDAY, SEPTEMBER 3, 2014
TOP STORY
Treasury Secretary Jacob J. Lew has questioned whether his department has the legal authority to act unilaterally on inversions.
Court Challenge to New Inversion Rules Would Face Long Odds As the government considers new regulations to curb inversions, a review of Tax Court cases shows the rules would most likely withstand any legal challenge, Victor Fleischer writes in the Standard Deduction column.
For the latest updates, go to dealbook.nytimes.com »
DEALBOOK HIGHLIGHTS
Antonia M. Apps
Prosecutor on Insider Trading Cases Heads to Private Practice Antonia M. Apps, the lead federal prosecutor in the criminal trial last year of Michael Steinberg, is taking a job with the law firm Milbank Tweed Hadley & McCloy.
K.K.R. to Sell Its Stake in German Telecom Company VersatelThe German Internet services provider United Internet has agreed to buy Kohlberg Kravis Roberts's 74.9 percent stake in Versatel for about $769 million.
Switzerland Investigates Bank With Ties to Espírito Santo Companies The Swiss Financial Market Supervisory Authority said it was looking into the role of Banque Privée Espírito Santo in the distribution of financial products of one of the Espírito Santo family companies.
Reuters Breakingviews: In Hermes Agreement, a Rare Retreat by a Luxury Deal Maker Bernard Arnault will distribute to shareholders the stake he built up in Hermes. But Groupe Arnault will retain 8.5 percent of its capital, suggesting it is keeping its long-term options open, Carol Ryan writes.
Wall Street professionals said the Blackstone Group, led by Stephen A. Schwarzman, was the top overall bank to work for in a report from Vault.
Quality of Life Improving Across Wall Street, Report Says The Blackstone Group was deemed the best bank to work for in North America, beating out Goldman Sachs and others, according to a report by Vault based on questions sent to 3,600 finance professionals.
Former Goldman Banker Joins Perella Weinberg Stefan Green, formerly of Goldman Sachs, has joined Perella Weinberg Partners as a partner.
Centerview Hires Former Bank Bailout Adviser to Britain Robin Budenberg, who helped advise the British government on its bank bailouts during the financial crisis, has joined Centerview Partners as its chairman in London.
German Online Retailer Zalando Plans I.P.O. The planned listing in Frankfurt represents the latest milestone for Zalando, which operates online stores in 15 European countries and is one of Europe's most prominent start-ups.
LOOKING AHEAD
European Central Bank to Discuss Monetary Policy The European Central Bank holds its monthly monetary policy meeting on Thursday. Mario Draghi, the president of the bank, may signal that it is moving closer to large-scale asset purchases as a way to revive the faltering eurozone economy.
U.S. Trade Deficit Is Expected to Widen On Thursday, the Commerce Department will report the latest data on the country's trade balance in July. Economists expect a slight widening in the trade deficit, with imports exceeding exports by $42.7 billion, compared with a gap of $41.5 billion in June. While increasing domestic energy production has helped the overall trade picture, economists say strong demand for foreign-made automobiles this summer may bolster imports.
Unemployment Rate Is Expected to Drop On Friday, the Labor Department will report the latest figures on unemployment and job creation in August. Economists estimate that employers added 210,000 jobs last month, while the unemployment rate is expected to drop to 6.1 percent, from 6.2 percent in July. The consensus also calls for a 0.2 percentage point increase in average hourly earnings, another closely watched indicator of the labor market's health.
For the latest updates, go to dealbook.nytimes.com »

WSJ | Biggest Decliners Closing on September 3, 2014.

Biggest Decliners Closing
Biggest Decliners
4:32 pm ET 09/03/2014
NYSE
Issue Volume Price Chg % Chg
Genie Energy (GNE) 264,586 $7.15 -1.25 -14.88
Frontline (FRO) 3,072,995 1.78 -0.24 -11.88
Vince Holding (VNCE) 1,424,303 34.27 -4.47 -11.54
Coupons.com (COUP) 1,910,941 14.96 -1.32 -8.11
Skilled Healthcare Group Cl A (SKH) 226,471 6.84 -0.52 -7.07
AK Steel Holding (AKS) 18,811,389 10.01 -0.68 -6.36
Millennial Media (MM) 1,669,858 2.21 -0.15 -6.36
Harvest Natural Resources (HNR) 405,419 4.64 -0.30 -6.07
Paragon Offshore (PGN) 7,733,525 8.77 -0.55 -5.90
Jumei International Holding ADS (JMEI) 1,222,879 28.97 -1.72 -5.60
Green Dot Cl A (GDOT) 535,966 18.23 -1.07 -5.54
Navios Maritime Holdings (NM) 981,471 8.81 -0.48 -5.17
Delta Air Lines (DAL) 23,969,516 38.82 -2.11 -5.16
Marcus&Millichap (MMI) 90,029 29.11 -1.53 -4.99
WCI Communities (WCIC) 70,286 18.95 -0.98 -4.92
Valero Energy Partners (VLP) 71,508 50.78 -2.58 -4.84
Cheetah Mobile ADS (CMCM) 846,145 26.56 -1.34 -4.80
Invacare (IVC) 247,344 14.27 -0.71 -4.74
Toll Brothers (TOL) 6,748,164 33.95 -1.68 -4.72
Intrawest Resorts Holdings (SNOW) 35,343 11.36 -0.54 -4.54
Miller Energy Resources (MILL) 549,799 4.64 -0.22 -4.53
Ameresco (AMRC) 62,459 8.02 -0.38 -4.52
OCI Partners (OCIP) 137,294 19.65 -0.93 -4.52
AerCap Holdings (AER) 6,258,817 46.96 -2.21 -4.49
Amrep (AXR) 25,062 5.66 -0.26 -4.39
Nasdaq
Issue Volume Price Chg % Chg
Marrone Bio Innovations (MBII) 2,539,656 $3.15 -2.50 -44.25
PHI (PHII) 6,947 43.00 -9.98 -18.84
Argos Therapeutics (ARGS) 122,223 8.74 -1.09 -11.09
Pacific Biosciences of California (PACB) 966,431 5.16 -0.62 -10.73
Helen of Troy (HELE) 1,242,594 53.00 -6.15 -10.40
HMS Holdings (HMSY) 4,365,849 20.30 -2.31 -10.19
On Track Innovations (OTIV) 873,137 2.72 -0.28 -9.33
PhotoMedex (PHMD) 241,189 7.50 -0.72 -8.76
UBIC ADS (UBIC) 33,816 18.70 -1.77 -8.67
DepoMed (DEPO) 4,260,509 13.99 -1.32 -8.62
21Vianet Group ADS (VNET) 2,576,568 25.71 -2.34 -8.34
Pain Therapeutics (PTIE) 227,132 4.11 -0.36 -8.05
EveryWare Global (EVRY) 1,890,413 2.48 -0.20 -7.46
Clovis Oncology (CLVS) 1,967,806 45.00 -3.30 -6.83
Energy Recovery (ERII) 271,501 4.41 -0.32 -6.77
Zafgen (ZFGN) 82,934 19.78 -1.44 -6.76
Turtle Beach (HEAR) 181,930 6.65 -0.47 -6.60
Dot Hill Systems (HILL) 290,448 3.60 -0.25 -6.49
Cadiz (CDZI) 266,202 11.71 -0.80 -6.39
FireEye (FEYE) 17,428,770 31.62 -2.16 -6.39
Virco Manufacturing (VIRC) 16,975 2.52 -0.17 -6.32
Highpower International (HPJ) 1,295,691 6.79 -0.44 -6.09
Synaptics (SYNA) 1,403,296 80.64 -5.10 -5.95
Endocyte (ECYT) 1,535,347 6.85 -0.43 -5.91
Calumet Specialty Products Partners (CLMT) 1,445,526 28.29 -1.76 -5.86
NYSE Arca
Issue Volume Price Chg % Chg
Direxion Daily Russia Bear 3x Shares (RUSS) 777,859 $11.07 -2.35 -17.51
Direxion Daily FTSE China Bear 3X Shares (YANG) 185,452 12.91 -1.39 -9.72
VelocityShares 3x Inverse Crude ETN linked to the S&P GSCI Crude Oil Index Excess Return (DWTI) 90,019 28.09 -2.23 -7.35
ProShares UltraShort FTSE China 25 (FXP) 76,398 45.18 -3.25 -6.71
Credit Suisse Commodity Benchmark ETN (CSCB) 7,642 20.52 -1.22 -5.61
ProShares UltraShort Bloomberg Crude Oil (SCO) 1,334,277 28.96 -1.38 -4.55
ELEMENTS ETN-SPECTRUM Large Cap U.S. TR (EEH) 20,542 29.00 -1.35 -4.45
PowerShares DB Crude Oil Double Short ETN (DTO) 150,502 33.53 -1.44 -4.12
Direxion Daily Emerging Markets Bear 3x Shares (EDZ) 995,612 26.79 -1.12 -4.01
VelocityShares 3x Long Natural Gas ETN linked to the S&P GSCI Natural Gas Index Excess Return (UGAZ) 7,013,444 14.05 -0.58 -3.96
AB Svensk Exportkredit ELEMENTS linked to MLCX Grain Index Total Return (GRU) 10,561 4.90 -0.17 -3.41
iPath DJ-UBS Coffee Subindex Total Return ETN (JO) 91,408 38.12 -1.33 -3.37
iPath Dow Jones -UBS Coffee Subindex Total return Coll ETN (CAFE) 27,710 25.01 -0.87 -3.36
Teucrium Wheat Fund (WEAT) 208,974 12.26 -0.41 -3.24
Teucrium Corn Fund (CORN) 427,858 24.82 -0.81 -3.16
ProShares Short FTSE China 25 (YXI) 3,945 29.00 -0.83 -2.78
iPath Dow Jones UBS Grains Subindex Total Return ETN (JJG) 160,461 36.72 -1.05 -2.78
ProShares UltraShort MSCI Emerging Markets (EEV) 23,238 15.67 -0.43 -2.67
iPath Pure Beta Lead ETN (LEDD) 4,605 38.70 -1.02 -2.57
PowerShares DB 3x Long US Dollar Index Futures ETN (UUPT) 2,302 20.62 -0.53 -2.51
Direxion Daily FTSE Europe Bear 3x Shares (EURZ) 4,307 35.22 -0.89 -2.46
ProShares Ultra Bloomberg Natural Gas (BOIL) 207,589 32.80 -0.82 -2.44
ProShares Ultra VIX Short-Term Futures ETF (UVXY) 6,927,501 24.36 -0.59 -2.36
iPath Dow Jones UBS Agriculture SubindexTotal Return ETN (JJA) 7,394 43.22 -1.04 -2.35
E-TRACS UBS Bloomberg CMCI Gold ETN (UBG) 16,037 32.99 -0.76 -2.25
Composite
Issue Volume Price Chg % Chg
Marrone Bio Innovations (MBII) 2,539,656 $3.15 -2.50 -44.25
iRadimed (IRMD) 653,043 7.15 -3.25 -31.25
Digital Ally (DGLY) 7,496,721 23.04 -10.37 -31.04
PHI (PHII) 6,947 43.00 -9.98 -18.84
Repros Therapeutics (RPRX) 3,066,001 18.05 -4.11 -18.55
Direxion Daily Russia Bear 3x Shares (RUSS) 777,859 11.07 -2.35 -17.51
Genie Energy (GNE) 264,586 7.15 -1.25 -14.88
Frontline (FRO) 3,072,995 1.78 -0.24 -11.88
Vince Holding (VNCE) 1,424,303 34.27 -4.47 -11.54
Ascent Solar Technologies (ASTI) 812,004 2.61 -0.33 -11.22
Argos Therapeutics (ARGS) 122,223 8.74 -1.09 -11.09
Pacific Biosciences of California (PACB) 966,431 5.16 -0.62 -10.73
Helen of Troy (HELE) 1,242,594 53.00 -6.15 -10.40
HMS Holdings (HMSY) 4,365,849 20.30 -2.31 -10.19
Kingtone Wirelessinfo Solution Holding (KONE) 9,000 4.50 -0.50 -10.00
Direxion Daily FTSE China Bear 3X Shares (YANG) 185,452 12.91 -1.39 -9.72
Astea International (ATEA) 22,358 2.08 -0.22 -9.57
On Track Innovations (OTIV) 873,137 2.72 -0.28 -9.33
PhotoMedex (PHMD) 241,189 7.50 -0.72 -8.76
UBIC ADS (UBIC) 33,816 18.70 -1.77 -8.67
DepoMed (DEPO) 4,260,509 13.99 -1.32 -8.62
21Vianet Group ADS (VNET) 2,576,568 25.71 -2.34 -8.34
Coupons.com (COUP) 1,910,941 14.96 -1.32 -8.11
Pain Therapeutics (PTIE) 227,132 4.11 -0.36 -8.05
NanoViricides (NNVC) 405,836 3.57 -0.31 -7.99
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