Category: Stock Market News

Valeant Pharmaceuticals Inc. issued a statement Monday afternoon in response to a report that its former chief executive and CFO may face criminal charges, though the statement said little of consequence. Valeant, which has faced intense scrutiny for more than a year stemming from the prices it charges for medicine and its relationship with a mail-order pharmacy, acknowledged again that it is under investigation from the U.S. Attorney’s Office in New York and that it is cooperating with that inquiry. “We do not comment on rumors about investigations, and cannot comment on or speculate about the possible course of any ongoing investigation,” the company stated. Valeant shares dove more than 12% Monday, with the decline occurring swiftly after the original Bloomberg News report was released; the stock gained about 2% in late trading.

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Tenet Healthcare Corp. shares fell in the extended session Monday after the hospital operator forecast lower-than-expected earnings for the fourth quarter. Tenet shares declined 5.6% to $18.60 after hours. Tenet estimated adjusted fourth-quarter earnings of 17 cents to 22 cents a share on revenue of $4.9 billion to $5 billion. Analysts surveyed by FactSet had estimated 54 cents a share on revenue of $4.94 billion. For the third quarter, the company reported adjusted earnings of 16 cents a share on net operating revenue of $4.85 billion. Analysts had forecast earnings of 19 cents a share on revenue of $4.78 billion.

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Robert Bakish on Monday was named the acting chief executive and president for Viacom Inc. , the third CEO in as many months for the entertainment company amid reported merger talks with CBS Corp. Bakish, who has been Viacom’s head of international channels for a decade, replaces interim CEO Tom Dooley, who took over after Philippe Dauman agreed to step down in August after a power struggle with majority owner Sumner Redstone and his family. Viacom announced that Dooley would be leaving the company last month. Viacom, which owns media properties like Comedy Central and Nickelodeon, has reportedly been in talks with CBS about a tie-up for more than a month, and board chairman Tom May mentioned the potential merger in Monday’s announcement. “We are determined to move forward aggressively to strengthen Viacom for the future, whether as a stand-alone company or in a potential combination with CBS,” May said in a prepared statement. Viacom shares gained 0.1% in late trading Monday after announcing the move, which Bloomberg News reported was in the works last week.

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Shares of Valeant Pharmaceuticals International Inc. fell 5% Monday after a Bloomberg report said the company’s former chief executive and former chief financial officer are the focus of a probe by U.S. prosecutors. Bloomberg reports that the case could bring charges in weeks. The former CEO, Michael Pearson, resigned in March 2016. Just prior to the release of the report the stock was trading down about 0.5%.

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WASHINGTON (MarketWatch) – The U.S. government expects to borrow $188 billion in the October-December quarter, an estimate that is $6 billion higher than previously projected in August, the Treasury Department said Monday. The latest estimate includes an assumption of an end-of-December cash balance of $390 billion. During the January-March quarter, Treasury expects to borrow $56 billion in net marketable debt assuming a cash balance of $100 billion. During the July-September quarter, Treasury borrowed $222 billion in net marketable debt and ended with a cash balance of $353 billion.

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Oil futures ended sharply lower Monday, with the December contract falling $1.84, or 3.8%, to close at $46.86 cents a barrel on the New York Mercantile Exchange, marking the lowest close since Sept. 27. Oil came under pressure after a weekend meeting of major crude producers failed to make progress toward completing an agreement to cut production.

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Brocade Communications Systems Inc. , one of Silicon Valley’s remaining dot-com-era networking giants, is in advanced talks to sell itself, according to a Monday report. The company’s stock roared more than 20% higher Monday after Bloomberg News reported that Brocade “is nearing the final stages of a sale process,” based on anonymous sources. Brocade has struggled to keep pace with networking titan Cisco Systems Inc. and has never come close to reaching the valuation heights it enjoyed before the dot-com boom went bust. The San Jose, Calif., firm has attempted to build on its offerings, including the $1.2 billion acquisition of Wi-Fi company Ruckus Wireless earlier this year. Bloomberg’s report named only one potential suitor, chip company Broadcom Corp., which was acquired by Avago Technologies Ltd. for $37 billion last year, though the new company kept the Broadcom name. Brocade shares jumped as much as 25% to $10.88 after the report hit Monday, pushing them near the company’s 52-week intraday high of $10.92, while Broadcom shares stayed steady.

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Bank of England Gov. Mark Carney said Monday he will remain in his post until June 2019 but won’t serve a full eight-year term. In a letter to Chancellor of the Exchequer Philip Hammond, Carney said he would be “honored” to extend his term of service beyond the five years he had initially intended to serve. The move should see Carney remain in office through the transition period that will see the U.K. leave the European Union, which “should help contribute to the securing of an orderly transition to the U.K.’s new relationship with Europe,” he wrote. The British pound extended a gain after the announcement and was up 0.3% at $1.2231 in recent trade.

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Gold futures for December delivery on Comex slipped $2.50, or 0.2%, to $1,274.30 an ounce at Monday’s settlement. Gold, which hit a more-than-three-week high late last week when U.S. election volatility was revived with the additional review of Democratic nominee Hillary Clinton’s emails, eased Monday as the dollar advanced against chief rivals.

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The Securities and Exchange Commission charged a PricewaterhouseCoopers partner with allegedly failing to find a fraud during his audit of Burrill Life Sciences Capital Fund III, a venture capital fund. The SEC complaint says Adrian D. Beamish failed to scrutinize millions of dollars ”advanced” management fees taken as unauthorized related-party transactions. Beamish also allegedly failed to ensure that the transactions were properly disclosed in the fund’s financial statements.

”Auditors perform a critical check on fraudulent conduct, especially when related party transactions are involved,” said Jina L. Choi, Director of the SEC’s San Francisco Regional Office. The scheduling of a public hearing before an administrative law judge is pending.

Earlier this year G. Steven Burrill, the owner and principal of the investment adviser of the fund, settled his SEC case that alleged he spent fund assets to keep his other businesses afloat, travel on family vacations, and pay other unauthorized personal expenses.

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