Markets closed down fractionally after trading more or less sideways as the market digested the potential for an interest rate hike in December. Oil has slipped off yesterday's highs and is trending down along with the US dollar.
(Reuters) - LinkedIn Corp , the operator of the biggest social networking site for professionals, reported a 37.2 percent jump in quarterly revenue, mainly due to strength in its recruitment services business.
(Reuters) - Virgin America Inc on Thursday said lower fuel costs helped its profit jump in the third quarter, but forecast that the money it makes per mile would fall in the fourth quarter as it expands flight capacity amid intense competition.
(Reuters) - Botox maker Allergan Plc and Pfizer Inc on Thursday said they were in early, friendly talks to create the world's largest drugmaker, a deal that would potentially set up Pfizer to take advantage of Ireland's lower tax rates.
WASHINGTON/BRUSSELS (Reuters) - The United States is wary of a European Union proposal for a new court system to settle investment disputes as part of the world's biggest free-trade agreement, U.S. Trade Representative Michael Froman said.
(Reuters) - Wal-Mart Stores Inc said it would offer fewer "this weekend only" short-term deals during the holiday shopping season while discounting thousands of items for 90 days as it seeks to entice customers by being more consistent on pricing.
(Reuters) - Charter Communications Inc said its acquisition of Time Warner Cable Inc , which is awaiting clearance from U.S. regulators, is now expected to close in the first quarter of 2016, and not by the end of 2015 as planned.
A few days ago we laid out Valeant's "Enron" org chart, laying out the extensive, and previously undocumented and in fact, secret, relationships between Valeant and Philidor - the specialty pharmacy whose sole customer is Valeant.
As a reminder, it was the revelation of Philidor's shady existence that was the reason for the rout that slashed the price of Valeant stock by more than half last week.
And while both the company and its various shareholders, pardon the pun, valiantly defended the company and its exposure to and from Philidor - claiming there is nothing illegal in the troubling disclosures - moments ago VRX stock flash crashed...
... on the following news from Dow Jones:
CVS TERMINATES PHILIDOR FROM CAREMARK PBM NETWORK, DJ SAYS
CVS CITES 'NONCOMPLIANCE' W/ PROVIDER PACT ON PHILIDOR
CVS MOVE BASED ON RECENT AUDITS OF PHILIDOR, DJ SAYS
Recall that Philidor is a sizable 7% of Valeant's bottom line, as per its own slides:
In Q3 2015, Philidor represented 6.8% of total Valeant revenue
In Q3 2015, Philidor represented ~7% of Valeant EBITA
And where CVS goes, others will promptly follow, not only leading to an promptly termination of any and all overinvoicing benefits Philidor provided to Valeant, but leading to a crack down on specialty pharma organizations everywhere, and likely finally inviting a federal in ...
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