Tag: stock market

Baxter International Inc. said on Friday that the Justice Department’s Antitrust Division was pursuing a criminal investigation into sales practices of intravenous saline, including those sold by Baxter. One of Baxter’s employees got a grand jury subpoena on Wednesday as part of the investigation, the company said in its 8-K financial filing. Baxter said it is cooperating with the Justice Department on the investigation. Baxter has previously said that the New York Attorney General has asked it for more information on this subject, and that the company is cooperating. A lawsuit against Baxter in November of last year claimed that it and other IV solution manufacturers had worked together to restrict supply and raise prices, causing a shortage. Baxter and the Jusice Department did not immediately respond to request for comment. Baxter shares have surged 14.6% over the last three months, compared with a 2.4% rise in the S&P 500 .

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The White House on Friday said it will not release visitor logs. “Given the grave national security risks and privacy concerns of the hundreds of thousands of visitors annually, the White House Office will disclose Secret Service logs as outlined under the Freedom of Information Act, a position the Obama White House successfully defended in federal court,” said Mike Dubke, the communications director, in a statement. The Obama White House had published visitor logs, though the White House counsel could redact entries including visits from friends.

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Ride-hailing company Uber Technologies Inc. reported a growing number of bookings in 2016 and net revenue outpacing its net losses, Bloomberg reported Friday. Uber had net revenue of $6.5 billion, on top of adjusted net losses of $2.8 billion, not including its business in China, which it sold. The company disclosed these numbers to Bloomberg, reporting gross bookings of $20 billion in 2016, a 126% increase from the previous year. Uber did not immediately respond to a request for comment.

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Apple Inc. is the latest tech company to receive permission from the state of California to test autonomous vehicles. The iPhone manufacturer was added to the California Department of Motor Vehicles list of companies that have received a permit for the testing, which also includes Alphabet Inc. , Tesla Inc. , Uber Technologies Inc. and Nvidia Corp. , along with a host of traditional auto makers. Apple has reportedly been working on a car for several years under the code name Project Titan, but has never publicly disclosed the effort despite issuing opinions about regulations for driverless cars and reports of potential acquisitions like luxury car maker McLaren. The reported autonomous-car effort has excited some observers who believe Apple needs to add another big-ticket item to continue to grow as iPhone sales level out, but not everyone believes the company can succeed in the field.

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The Securities and Exchange Commission said Friday it’s received an emergency court order to freeze assets in two brokerage accounts used to reap more than $1 million in alleged insider trading profits in connection with last week’s announcement that Liberty Interactive was buying General Communication . The traders, who are currently unknown, allegedly used foreign brokerage accounts in the United Kingdom and Lebanon to purchase call option contracts through U.S.-based brokerages and on U.S.-based exchanges in the days leading up to the April 4 public announcement of the acquisition, the SEC said. According to the SEC’s complaint, some of the risky options positions taken in these accounts represented virtually 100% of the market for those options.

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Eli Lilly & Co. and Incyte Corp. said early Friday that the Food and Drug Administration failed to approve their drug for moderate-to-severe rheumatoid arthritis. Eli Lilly reaffirmed its financial guidance for this year, and Incyte said it is evaluating the news’ impact and would provide any update on its first-quarter earnings call. (Incyte’s earnings are scheduled for May 4.) The FDA told the two companies that more clinical data are required to figure out dosage information and safety concerns across groups of patients. New clinical trials could greatly extend the timeline for drug approval. But Eli Lilly and Incyte said they “disagree with the agency’s conclusions” and said they would continue to work with the FDA to find a path to approval. Incyte shares have surged 19.6% over the last three months, and Eli Lilly shares have surged 11.0%, compared with a 2.4% rise in the S&P 500 .

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Kelly Services Inc. said Friday that Chief Executive Carl Camden will step down, effective May 10, after 11 years in the role and 22 years at the company. Camden is leaving the company to pursue opportunities in public service, as he has been named a finalist to be Oakland University’s next president. The staffing services company has pegged Chief Operating Officer George Corona at its CEO, effective May 11. Corona has been COO since January 2009. Kelly’s stock has shed 11% year to date through Thursday, while the S&P 500 has gained 4%.

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Raymond James Financial Inc. said Friday that it will pay $150 million as part of a settlement of all investor claims related to the Jay Peak EB-5 visa matter, subject to court approval. The settlement is related to an alleged fraudulent EB-5 U.S. government visa program, created by third parties in 2007, and offered to foreign investors, in which the foreign investors and their immediate families could obtain permanent residency green cards by making a capital investment in a U.S. business. “Raymond James did not act as placement agent or in any other capacity for the program and none of the investors in the program purchased their investments through Raymond James,” the company said in a statement released overnight. “A Raymond James financial advisor for the brokerage accounts of the related investment partnerships is no longer employed by the firm.” Raymond James’ stock has gained 4.8% year to date through Thursday, while the SPDR Financial Select Sector ETF has lost 1.5% and the S&P 500 has gained 4%.

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Finish Line Inc. disclosed Friday that U.K. sporting good retailer Sports Direct International PLC has acquired 3.2 million shares, or 7.9% of the athletic shoe retailer’s shares outstanding. The stake would make Sports Direct the fifth-largest shareholder of Finish Line, according to FactSet. Finish Line’s stock plunged to a 6 1/2-year low in March in the wake of disappointing quarterly results, before paring some losses to be down 23% year to date. Meanwhile, Sports Direct shares have climbed 12% and the S&P 500 has gained 4%.

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Abbott Laboratories announced Friday an agreement to lower the price it will pay for Alere Inc. by nearly 9%, with the expected equity value of the deal falling to $5.3 billion from $5.8 billion. Under terms of the amended merger agreement, Abbott will now pay $51 a share for each Allere share outstanding, a 21% premium to Thursday’s closing price of $42.31. When the merger deal was originally announced on Feb. 1, 2016, Abbott said it would pay $56 a share. The amended merger agreement comes in the wake of a tough year for Alere, which was highlighted by a report in The Wall Street Journal that the diagnostic-testing company was facing a criminal probe over Medicare and Medicaid billing practices. Alere’s stock has tumbled 16% over the past 12 months, while Abbott shares have slipped 1.9%, the SPDR Health Care Select Sector ETF has tacked on 5.6% and the S&P 500 has gained 12%.

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