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Nov 26, 2014

DealBook P.M. Edition - November 26, 2014: Failed Allergan Deal Strains Valeant's Business Model

WEDNESDAY, NOVEMBER 26, 2014
TOP STORY
J. Michael Pearson, left, the Valeant Pharmaceuticals chief, and the hedge fund manager William A. Ackman teamed up on an unsuccessful offer for Allergan.
Failed Allergan Deal Strains Valeant's Business ModelValeant Pharmaceuticals has relied on acquisitions for growth, but it's not so simple to keep buying and integrating companies, says Jesse Eisinger of ProPublica in The Trade column.
For the latest updates, go to dealbook.nytimes.com »
DEALBOOK HIGHLIGHTS
BT in Talks to Acquire EE The announcement came days after BT, Britain's former telecom monopoly, said it was in talks with investors in two of Britain's cellphone carriers about a potential takeover offer.
Bank of New York Mellon Fires Currency Trader After Internal Review The bank, like many of its competitors, reviewed its foreign exchange operations after regulators last year began examining possible collusion between currency traders to potentially manipulate the $5-trillion-a-day currency markets – namely benchmark currency rates.
A branch of Wells Fargo in Philadelphia.
Wells Fargo Is the First Big Bank Simple Enough to Fail Wells Fargo has secured a conditional stamp of approval from regulators for its living will. The problems for other giant banks are complexity and interconnectedness, writes Daniel Indiviglio of Reuters Breakingviews.
A Bitcoin trader protesting outside Mt. Gox's offices after the exchange collapsed in February.
Mt. Gox Trustee Taps U.S. Bitcoin Exchange in Repaying Creditors Kraken, based in California, will work with the bankruptcy trustee to return about 200,000 Bitcoin to the collapsed Japanese exchange's 127,000 creditors.
Note to Readers: In observance of the Thanksgiving holiday, there will be no DealBook newsletter on Thursday and Friday. We'll be back on Monday, Dec. 1. For the latest in breaking news and analysis in the world of finance, please visit: dealbook.nytimes.com.
For the latest updates, go to dealbook.nytimes.com »

WSJ | Biggest Decliners Closing on November 26, 2014.

Biggest Decliners Closing
Biggest Decliners
4:47 pm ET 11/26/2014
NYSE
ISSUEVOLUMEPRICECHG% CHG
SeaDrill (SDRL)84,730,260$15.99-4.72-22.79
North Atlantic Drilling (NADL)8,102,0882.66-0.51-16.09
Diamond Offshore Drilling (DO)4,402,38732.22-3.94-10.90
FMSA Holdings (FMSA)1,300,58011.49-1.32-10.30
Transocean (RIG)24,515,05723.27-2.04-8.06
Fortuna Silver Mines (FSM)281,1664.51-0.39-7.96
EXCO Resources (XCO)2,113,9643.36-0.29-7.95
Seventy Seven Energy (SSE)636,99410.40-0.89-7.88
Penn Virginia (PVA)3,494,1657.27-0.57-7.27
Midstates Petroleum (MPO)810,0712.68-0.21-7.27
ReneSola ADS (SOL)4,825,6171.97-0.15-7.08
ENSCO (ESV)5,970,71037.15-2.73-6.85
Matador Resources (MTDR)940,86621.15-1.51-6.66
Resolute Forest Products (RFP)324,08817.08-1.21-6.62
DRDGOLD ADS (DRD)98,2152.26-0.16-6.61
Harvest Natural Resources (HNR)341,1242.56-0.18-6.57
Goodrich Petroleum (GDP)1,788,7409.20-0.63-6.41
W&T Offshore (WTI)2,198,2689.19-0.62-6.32
Diplomat Pharmacy (DPLO)288,91026.18-1.62-5.83
EP Energy (EPE)812,43314.31-0.84-5.54
Atwood Oceanics (ATW)2,016,98334.09-1.95-5.41
Jones Energy Cl A (JONE)268,94512.31-0.70-5.38
Nordic American Offshore (NAO)330,71713.26-0.75-5.35
Pacific Drilling (PACD)830,4366.40-0.36-5.33
Halcon Resources (HK)3,352,6482.87-0.16-5.28
 
Nasdaq
ISSUEVOLUMEPRICECHG% CHG
Quotient (QTNT)48,240$12.55-3.39-21.27
Forbes Energy Services (FES)73,4282.01-0.32-13.73
Lakeland Industries (LAKE)4,058,89811.83-1.78-13.08
Tuniu ADS (TOUR)657,91912.65-1.87-12.88
21Vianet Group ADS (VNET)6,913,63518.61-2.15-10.36
Titan Machinery (TITN)301,46813.34-1.36-9.25
Ctrip.com International ADS (CTRP)14,795,13753.50-4.96-8.48
China Mobile Games&Entertainment Group ADS (CMGE)578,10021.83-1.92-8.08
AeroVironment (AVAV)1,252,18628.24-2.44-7.95
TiVo (TIVO)4,672,82111.94-0.95-7.41
Xunlei ADS (XNET)431,6038.59-0.65-7.03
B Communications (BCOM)2,47219.12-1.28-6.27
China Information Technology (CNIT)44,1614.20-0.28-6.25
Energy XXI (Bermuda) (EXXI)5,281,6546.33-0.38-5.66
Ocean Rig UDW (ORIG)855,93513.00-0.77-5.59
Golar LNG (GLNG)3,449,53849.45-2.78-5.32
Warren Resources (WRES)1,714,4512.51-0.14-5.28
Sears Holdings (SHLD)994,60736.09-1.91-5.03
Burcon Nutrascience (BUR)15,4022.46-0.13-5.02
Trevena (TRVN)65,0155.36-0.28-4.96
Neothetics (NEOT)76,51210.59-0.54-4.85
Clean Energy Fuels (CLNE)952,1326.15-0.31-4.80
PDC Energy (PDCE)741,24038.53-1.83-4.53
IntriCon (IIN)10,2605.93-0.27-4.35
Elbit Imaging (EMITF)45,2972.00-0.09-4.31
 
NYSE Arca
ISSUEVOLUMEPRICECHG% CHG
Direxion Daily FTSE China Bear 3X Shares (YANG)71,328$13.01-1.36-9.47
Direxion Daily Natural Gas Related Bull 3x Shares (GASL)1,281,56011.28-1.14-9.16
Direxion Daily Junior Gold Miners Index Bull 3X Shares (JNUG)13,956,0245.30-0.39-6.85
ProShares UltraShort FTSE/Xinhua China 25 (FXP)35,72245.91-3.09-6.31
Direxion Daily Semiconductor Bear 3X Shares (SOXS)369,96013.91-0.90-6.08
VelocityShares 3x Long Natural Gas ETN linked to the S&P GSCI Natural Gas Index Excess Return (UGAZ)14,298,50415.08-0.84-5.28
Direxion Daily Gold Miners Bull 3x Shares (NUGT)9,308,69116.01-0.68-4.07
ProShares UltraShort Semiconductors (SSG)3,90949.00-2.08-4.07
ProShares Ultra VIX Short-Term Futures ETF (UVXY)8,733,62519.25-0.77-3.85
Direxion Daily Energy Bull 3x Shares (ERX)1,261,96777.36-3.05-3.79
Direxion Daily Emerging Markets Bear 3x Shares (EDZ)704,86831.85-1.25-3.78
Market Vectors Oil Services ETF (OIH)9,389,68141.87-1.54-3.55
ProShares Ultra Bloomberg Natural Gas (BOIL)290,60435.78-1.31-3.53
E-TRACS UBS Bloomberg CMCI ETN (UCI)31,95118.46-0.66-3.45
AB Svensk Exportkredit ELEMENTS linked to MLCX Biofuels Index Total Return (FUE)2,5008.45-0.30-3.43
iPath Bloomberg Natural Gas Subindex Total Return ETN (GAZ)53,5432.61-0.09-3.33
SPDR S&P Oil&Gas Equipment&Services ETF (XES)97,62033.17-1.07-3.13
First Trust ISE-Revere Natural Gas Index Fund (FCG)746,92714.59-0.47-3.12
PowerShares DB Commodity Double Long ETN (DYY)2,4545.35-0.17-3.08
Direxion Daily Russia Bull 3x Shares (RUSL)919,8288.65-0.27-3.03
Direxion Daily Real Estate Bear 3x Shares (DRV)45,45428.15-0.84-2.90
Direxion DailyTechnology Bear 3x Shares (TECS)36,78010.92-0.32-2.85
SPDR S&P Oil&Gas Exploration&Production ETF (XOP)8,950,15758.46-1.67-2.78
Global X Gold Explorers ETF (GLDX)3,85111.21-0.32-2.78
PowerShares Exch-Tr Fund Trust Dynamic Oil Services Portfolio (PXJ)17,84120.83-0.59-2.75
 
Composite
ISSUEVOLUMEPRICECHG% CHG
SeaDrill (SDRL)84,730,260$15.99-4.72-22.79
Quotient (QTNT)48,24012.55-3.39-21.27
North Atlantic Drilling (NADL)8,102,0882.66-0.51-16.09
Forbes Energy Services (FES)73,4282.01-0.32-13.73
Lakeland Industries (LAKE)4,058,89811.83-1.78-13.08
Tuniu ADS (TOUR)657,91912.65-1.87-12.88
Direxion Daily 7-10 Year Treasury Bull 3X Shares (TYD)3,20037.90-5.52-12.71
Siebert Financial (SIEB)6,1292.29-0.33-12.60
Helios&Matheson Analytics (HMNY)11,7232.63-0.34-11.45
Alpha Pro Tech (APT)2,585,7942.98-0.37-11.04
Diamond Offshore Drilling (DO)4,402,38732.22-3.94-10.90
Capnia (CAPN)11,3183.31-0.40-10.78
21Vianet Group ADS (VNET)6,913,63518.61-2.15-10.36
FMSA Holdings (FMSA)1,300,58011.49-1.32-10.30
Harvard Apparatus Regenerative Technology (HART)153,8843.62-0.39-9.73
Direxion Daily FTSE China Bear 3X Shares (YANG)71,32813.01-1.36-9.47
Titan Machinery (TITN)301,46813.34-1.36-9.25
Direxion Daily Natural Gas Related Bull 3x Shares (GASL)1,281,56011.28-1.14-9.16
Recon Technology (RCON)59,0193.06-0.29-8.66
Ctrip.com International ADS (CTRP)14,795,13753.50-4.96-8.48
China Mobile Games&Entertainment Group ADS (CMGE)578,10021.83-1.92-8.08
Transocean (RIG)24,515,05723.27-2.04-8.06
Fortuna Silver Mines (FSM)281,1664.51-0.39-7.96
AeroVironment (AVAV)1,252,18628.24-2.44-7.95
EXCO Resources (XCO)2,113,9643.36-0.29-7.95
 
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