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Jun 13, 2016

DealBook P.M. Edition on June 13, 2016: Highlights: Libyan Fund Claims Goldman Sachs Exploited its Financial Naïveté

Monday, June 13, 2016
From left, Jeff Weiner, chief executive of LinkedIn; Satya Nadella, chief executive of Microsoft; and Reid Hoffman, a founder of LinkedIn.
Microsoft to Buy LinkedIn for $26.2 Billion The companies said that Microsoft would pay $196 a share to acquire LinkedIn, the business social network site.

The headquarters of Morgan Stanley in New York.
Handful of Advisers Behind Microsoft's Deal for LinkedIn The deal will provide a windfall to Microsoft's traditional advisers and to boutique investment banks on LinkedIn's side.
Breakingviews: Microsoft's Deal for LinkedIn Raises Red Flags The deal has a strategic logic, but its financial benefits are in short supply.
  • NYT » | Microsoft to Buy LinkedIn for $26.2 Billion
    At its annual conference for software developers on Monday, Apple was trying to demonstrate that it was still a purveyor of high-quality software and services.
    Analysis From Apple's Developer Conference: A Series of Upgrades Apple announced new features for the operating systems running its products, reflecting pressure to improve its software and services as hardware sales slow.
    The Aguirre Thermoelectric Generator, owned by the Puerto Rico Electric Power Authority. Puerto Rico's public utilities want to restructure $20 billion in debt.
    Supreme Court Rules Against Puerto Rico in Debt Restructuring Case Justice Clarence Thomas said the law was at odds with the federal Bankruptcy Code, which bars states and lower units of government from enacting their own versions of bankruptcy law.
    Libyan Fund Claims Goldman Sachs Exploited Its Financial Naïveté The Libyan Investment Authority claims in a lawsuit that it lost $1.2 billion after it was misled by the Wall street bank about a series of derivatives transactions.
    Finra Names Robert Cook Its Chief Executive Mr. Cook, a former Securities and Exchange Commission official, will join the Financial Industry Regulatory Authority in the second half of 2016.
    Morris E. Zukerman, left, agreed to continued representation by his lawyers even though they were called to testify before a federal grand jury.
    Peter J. Henning: When Lawyers Testify Against a Client The specter of having to disclose confidential information can have a chilling effect on the attorney-client relationship.
    Some may be heading to the office; others may be busking for dollars. The jobless rate has fallen in the United States, but it may not be giving a complete picture of the labor market.
    Upshot: Which Labor Market Data Should You Believe? Two important measures of how the job market is doing seem to point in opposite directions.
    Buzz Tracker
    FanDuel and DraftKings in Merger Talks Amid Legal Fights The two biggest daily fantasy sports companies are in talks about a merger, according to people familiar with the situation
    Blackstone Said Close to Raising $5 Billion Buyout Fund The world's largest private equity manager expects this month to finish raising the biggest buyout pool yet designed to mimic the long-term, buy-and-hold strategy of Warren Buffett.
    Was Someone Tipped Off To The LinkedIn Sale? According to data from Bloomberg, 600 options to buy LinkedIn shares at $160 were bought in two trades on Friday afternoon for a total of $135,100. Those same options are now worth just over $2 million, for a less than one trading day profit of nearly $1.9 million.
    The Electronic Entertainment Expo, or E3, opens Tuesday.
    A quieter games convention as industry adapts. The Electronic Entertainment Expo, or E3, video game convention in Los Angeles is usually the most cacophonous of trade shows, where lots of earsplitting new games debut. But the event that begins on Tuesday will be a little less deafening than normal. Major game publishers like Activision and Electronic Arts have decided not to exhibit on the show floor this year; instead, Electronic Arts held its own expo nearby on Sunday. Nintendo has already told fans not to expect to see its next-generation game console, code-named NX, at E3. Still, Sony and Microsoft are likely to get gamers buzzing on Monday when they hold events showcasing the games coming to their consoles. Analysts are also expecting the companies to announce updated versions of their existing consoles, the PlayStation 4 and Xbox One. Nick Wingfield
    Economists expect a slight increase in consumer prices for May.
    Consumer spending numbers expected for May. Retail sales data for the United States, due on Tuesday, is expected to show a rise in consumer spending for May. Still, it probably will not be as robust as that in April, when spending rose to the highest levels in more than a year. Rachel Abrams
    China awaits word on inclusion in MSCI. Financial policy makers in China will be hoping their languid stock markets get a vote of confidence on Wednesday (Tuesday evening in New York), when a decision on whether to include domestic Chinese shares in a major global stock index is to be announced. The MSCI emerging markets index, a benchmark tracked by hundreds of billions of dollars in investment funds around the world, is set to announce the results of an annual review on whether to include stocks listed in Shanghai and Shenzhen for the first time. Even though it is the world's second-biggest by market value, China's domestic share market remains only partly open to foreign investors, and values have remained depressed since the government bungled a stock bailout attempt last summer. Neil Gough

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