Valeant previously disclosed in October 2015 that the United States Attorney's Office for the Southern District of New York commenced an investigation involving Valeant. We have been fully cooperating with the authorities throughout the investigation, and we are in frequent contact and continue to cooperate with the U.S. Attorney's Office for the Southern District of New York.
Top 10 News for 8/8 - 8/12: Valent Under Probe; Markets Remain Near Record Highs; Wal-mart Moves on Amazon
- Nasdaq hits record; bank earnings validate Wall St. rally
- Intrawest Resorts (SNOW) Exploring a Possible Sale - Reuters
- Alibaba (BABA) Has No Plans to Acquire Rest of Groupon (GRPN) - Source
- Time (TIME) Said to Soon Begin Discussions with Interested Buyers - Bloomberg
- JPMorgan (JPM) Reports Q4 EPS of $1.71
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Valeant Pharma also reported Q2 EPS of $1.40, versus the analyst estimate of $1.48. Revenue for the quarter came in at $2.42 billion versus the consensus estimate of $2.46 billion. The company reaffirmed FY16 guidance.
2. On Thursday:
- Nasdaq closed at 5,228.40
- S&P 500 closed at 2,185.79
- Dow Jones Industrial Average closed at 18,613.52
All three were the highest closes seen since 1999, according to market data.
3. Alibaba (NYSE: BABA) shares ran higher after the company reported Q1 EPS of RMB4.90, RMB0.70 better than the analyst estimate of RMB4.20. Revenue for the quarter came in at RMB32.2 billion versus the consensus estimate of RMB30.2 billion. Mobile MAUs in June reached 427 million, an increase of 17 million over March 2016, while annual active buyers on our China retail marketplaces increased to 434 million, a net addition of 11 million annual active buyers from the prior quarter.
4. Key department store/retailer earnings:
- Kohl's Corp. (NYSE: KSS) reported Q2 EPS of $1.22, $0.19 better than the analyst estimate of $1.03. Revenue for the quarter came in at $4.18 billion versus the consensus estimate of $4.16 billion. Comps fell 1.8%.
- Macy's (NYSE: M) reported Q2 EPS of $0.54, $0.09 better than the analyst estimate of $0.45. Revenue for the quarter came in at $5.87 billion versus the consensus estimate of $5.74 billion.
- Nordstrom (NYSE: JWN) reported Q2 EPS of $0.67, $0.11 better than the analyst estimate of $0.56. Revenue for the quarter came in at $3.65 billion versus the consensus estimate of $3.68 billion. Comps were down 1.2%.
5. Wal-Mart Stores, Inc. and Jet.com, Inc. announced they have entered into a definitive agreement for Walmart to acquire Jet for approximately $3 billion in cash, a portion of which will be paid over time. Additionally, $300 million of Walmart shares will be paid over time as part of the transaction.
6. Disney (NYSE: DIS) reported Q3 EPS of $1.62, $0.01 better than the analyst estimate of $1.61. Revenue for the quarter came in at $14.28 billion versus the consensus estimate of $14.15 billion. “Disney delivered another quarter of double-digit EPS growth, and we are thrilled with our continued performance,” said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company. “Our results are evidence that our asset mix is strong, as is our ability to execute in ways that enhance the Disney brand and create value for our shareholders while we invest for future growth.”
7. Mattress Firm Holding Corp. (Nasdaq: MFRM) announced that the Company and Steinhoff International Holdings N.V. have entered into a definitive merger agreement under which Steinhoff will, subject to the successful consummation of a cash tender offer and satisfaction of other customary closing conditions, acquire Mattress Firm for $64.00 per share in cash.
8. NVIDIA (Nasdaq: NVDA) reported Q2 EPS of $0.53, which was $0.16 better than the analyst estimate of $0.37. Revenue for the quarter came in at $1.43 billion versus the consensus estimate of $1.35 billion. The company said that FY17 revenue is expected to be $1.68 billion, plus or minus two percent. (The Street was looking for FY17 revenue of $1.425 billion.)
9. SGI (Nasdaq: SGI) announced that it has signed a definitive agreement to be acquired by Hewlett Packard Enterprise (NYSE: HPE) for $7.75 per share in cash, a transaction valued at approximately $275 million, net of cash and debt.
10. The Producer Price Index for final demand decreased 0.4 percent in July, seasonally adjusted, the U.S. Bureau of Labor Statistics reported Friday. (The Street was looking for a flat result.) Final demand prices rose 0.5 percent in June and 0.4 percent in May. On an unadjusted basis, the final demand index moved down 0.2 percent for the 12 months ended in July.
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