Search This Blog

Search Tool

Asian Markets at Close Report

European Markets at Close Report

Aug 23, 2016

DealBook | Today's Summary Top Stories - August 23, 2016

The New York Times
Top Story
More new homes were sold in July than in nearly a decade.
The Housing Market Is Finally Starting to Look Healthy
Millennials are in the mood to buy, and homebuilders are starting to produce more of the starter houses they demand.

DealBook Highlights
An Insider Trading Case That Pit Father Against Son
Sean Stewart is likely to go to jail after his father, who made $150,000 from trading on tips passed by his son, refused to testify in his defense.
What makes an EpiPen special is not the drug, but the ease with which it automatically administers the correct dose without delay.
The EpiPen, a Case Study in Health Care System Dysfunction
It’s a simple, lifesaving medication — yet hurdles to market entry allow a company that makes it to keep raising the price.
Investor Adds a New Twist to Williams’s Bizarre Tale
Keith Meister, a hedge fund investor who once sat on the company’s board, is nominating his own slate as placeholders for candidates to come.
Buzz Tracker
Tesla unveils Model S, its quickest production car. Tesla Motors is adding versions of its Model S sedan and Model X sport utility vehicle with a more powerful battery pack. – Bloomberg
Disney and Vice, a storybook romance. The family-friendly entertainment conglomerate, worried about reaching young men in an era of cable-cutting, is betting big on the profane gonzo journalism of ex-punk rocker Shane Smith. – The Wall Street Journal
Apollo charged with disclosure and supervisory failures. Four private equity advisers affiliated with Apollo Global Management have agreed to a $52.7 million settlement. –
Pinterest acquires Instapaper. The news-bookmarking start-up will continue to operate as separate application. – The Wall Street Journal
Eight Fed banks urge rate increase. That compared to six in June, showing growing confidence among Fed policymakers in the U.S. economic outlook. –Reuters
Looking Ahead
HP aims to build on steady personal computer sales. Hewlett-Packard is a much smaller company than it was a year ago because management split off its corporate computing businesses. But it is still the world’s second-largest maker of personal computers (after Lenovo of China), and the biggest PC printer company. On Wednesday, HP will disclose financial results for the first nine months of the fiscal year, a time when it has struggled to come out with innovative new PC designs. There are signs it is succeeding: Last month, consultants at the research firm IDC said HP shipped 5 percent more personal computers in the first six months of 2016 than it had a year earlier, despite an overall declining market for PCs. HP’s stock, however, has barely budged from last November. If PC and printer sales don’t pick up, leadership may soon announce moves into adjacent markets. – Quentin Hardy
Home sales numbers expected to dip slightly. On Wednesday, the National Association of Realtors will report the figures for existing home sales in July. Economists expect a slight decline in the pace of transactions, with the rate of annual sales falling slightly to 5.53 million from 5.57 million in June. Over all, the real estate market remains healthy in most parts of the country, buoyed by low mortgage rates and steady hiring. – Nelson D. Schwartz