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WASHINGTON (MarketWatch) — The Democrats on the House Committee on Oversight and Government Reform have released a memo on the documents obtained about the pricing of drugs by Valeant Pharmaceuticals . The memo shows how Valeant set drug prices — it lifted the price of Isuprel by 525% and Nitropress by 212% — and Valeant’s public-relations strategy, which was to focus on patient assistant programs. From 2014 to 2015, Valeant increased the prices of more than 20 additional “U.S. Prescription Products” by more than 200%, the document says ahead of a hearing on Thursday about pricing.

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The value of announced deals worth more than $50 million in the U.S. retail and consumer sector totaled $238.1 billion in 2015, a record high according to PwC. The 2015 total was up from $193.9 billion in 2014, with the $53.1 billion merger that created the Kraft Heinz Co. the largest transaction of the year. The number of transactions worth more than $50 million was down 14% last year to 156, however. Retail and consumer companies are under pressure to respond to trends and move quickly on market opportunities, PwC said in a report published Tuesday. Low interest rates and shareholder activism also fueled deal activity, the report said. The number of deals worth more than $1 billion, 31, rose 11% year-over-year. The food and beverage subsector had the most, with eight. “We expect deal activity in the food and beverage (including alcohol), household and personal products and consumer products sub-sectors to remain steady, driven by key trends, such as, changing consumer preferences, emerging competition, low growth in mature markets, channel fragmentation and an increased focus on health and wellness,” PwC said.

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Alphabet Inc. officially surpassed Apple Inc. as the largest company by market capitalization on Tuesday morning. The company’s shares rose more than 3% to $795 in high-volume trade, which gives its stock a valuation of $546.8 billion, versus Apple’s $530.9 billion market cap. This is the first time Alphabet has been valued higher than Apple since January 11, 2010, when they briefly crisscrossed. Apple surpassed ExxonMobil as the world’s most valuable company in 2011, and has held the title for more than four straight years. The oil giant has since been pushed down even further in the ranks by Microsoft Corp. , which is now the third most valuable company with a market cap of $430 million. Alphabet’s rise to the world’s most valuable company follows stronger-than-expected quarterly earnings. The company’s shares are up 50% over the last 12 months, versus a 5% decline for the S&P 500.

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U.S. stocks fell sharply shortly after the opening bell as a second-straight day of big losses in oil and global equity markets weighed on sentiment. The S&P 500 opened 16 points, or 0.9%, lower at 1,922. The Dow Jones Industrial Average fell 190 points, or 1.1%, to 16,260. Meanwhile, the Nasdaq Composite began the day down 32 points, or 0.7%, at 4,589.

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Tesla Motors Inc.’s stock slumped 1.6% in premarket trade Tuesday, in the wake of a downbeat research note from Pacific Crest Securities. Analyst Brad Erikson reiterated his sector weight rating, but said he has become more cautious on the electric-car maker’s stock following channel checks. He increased his loss-per-share estimate for 2015 to $1.10 from $1.09, and slashed his 2016 earnings-per-share estimate to 27 cents from 76 cents. “Consistent with our October checks, our latest checks with U.S. sales centers indicate that Model X orders are still lagging expectations,” Erikson wrote in a note to clients. “While getting the X to showrooms would help, we don’t expect that to happen until later this spring due to production challenges.” He said he doesn’t believe the Model S promotional offer of 20% off the old lease cost has driven a significant increase to sales. “We can’t overstate the importance of the March 29 Model 3 unveiling, but we remain suspicious of underlying demand and would continue to avoid [Tesla’s stock],” Erikson wrote. The stock has tumbled 18% year to date, while the S&P 500 has slipped 5.1%.

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Royal Caribbean Cruises Ltd. shares are down 6.5% in premarket trading after the cruise company offers guidance below Street estimates. The company had net income of $206.8 million, or 94 cents per share, for the fourth quarter of 2015, up from $70 million, or 32 cents per share, for the same period last year. The FactSet consensus was 92 cents. Revenue for the quarter totaled $1.9 billion versus $1.82 billion last year. The FactSet consensus was $1.95 billion. Royal Caribbean expects first quarter 2016 adjusted earnings to be 30 cents per share, below the 46 cents per share forecast by FactSet. The company said first quarter earnings will be impacted by costs associated with its expansion in China, perparatory costs for its new Ovation of the Seas and Harmony of the Seas ships, and new marketing campaigns. “As a result, costs are more concentrated than usual in the first quarter,” the earnings release said. Royal Caribbean shares are down 14.1% for the past three months while the S&P 500 is down 7.8% for that period.

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Exxon Mobil Corp. reported on Tuesday fourth-quarter earnings that fell to $2.78 billion, or 67 cents a share, from $8.84 billion, or $1.56 a share, in the same period a year ago. That beat the FactSet earnings-per-share consensus of 63 cents. Revenue dropped to $59.81 billion from $87.28 billion. The FactSet sales consensus was $50.8 billion. Oil-equivalent production increased to 4.25 million barrels per day from 4.05 million barrels per day. “While our financial results reflect the challenging environment, we remain focused on the business fundamentals, including project execution and effective cost management,” said Chief Executive Rex Tillerson. The stock, which slipped 0.7% in premarket trade, has lost 11% over the past three months, while the Dow Jones Industrial Average ahs slipped 7.7%.

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Allscripts Healthcare Solutions Inc. named Melinda Whittington as chief financial officer early Tuesday, effective March 1. She replaces current CFO, Rick Poulton, whose promotion to president was announced last year. Whittington, who has 25 years of experience in accounting and finance, was previously senior vice president, corporate controller and chief accounting officer of The Kraft Heinz Company.

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United Parcel Service Inc.’s stock ran up 2.9% in premarket trade Tuesday, after the package-delivery giant reported a fourth-quarter profit that beat expectations, although revenue came in a bit shy. Earnings rose to $1.33 billion, or $1.48 a share, from $453 million, or 49 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came in at $1.57, above the FactSet consensus of $1.42. Revenue rose to $16.05 billion from $15.9 billion, below the FactSet consensus of $16.2 billion, with domestic package revenue rising slightly above expectations and international package revenue falling more than forecast. For 2016, the company expects EPS in the range of $5.70 to $5.90, compared with the FactSet consensus of $5.72. “Our business generated strong results in 2015,” said Chief Financial Officer Richard Peretz. “While we face uncertain macro-economic conditions, we are continuing to invest for profitable growth.” The stock had lost 10% over the past three months through Monday, while the S&P 500 has slipped 7.8%.

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