Your daily dose of financial news The Brief – 2.23.16

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It’s a whole new ballgame for Wall Street traders—and one suspects it’s involving a lot fewer actual ballgames and a lot more algorithms, as the advanced-degree coders and their ETF firms take on the old guard – NYTimes

Honeywell’s taking another crack at United Technologies after a failed feeler last year, offering up a reported “mixture of cash and stock, with a small premium to United Technologies $77.3 billion market cap.” UT’s loss of $38 billion in valuation in the past year may make it a bit more receptive this time around, but antitrust concerns are still a major stumbling block – NYTimes and WSJ

The British pound took an absolute beating yesterday, as London’s outsized mayor Boris Johnson announced this weekend that he would back the campaign for Britain to leave the EU [the “Brexit”]—despite the push by PM (and fellow conservative) David Cameron to stay together (you know, for the kids . . . and the banks) – WSJ

And on the heels of HSBC’s disappointing Q4 report, another Asia-focused UK bank, Standard Chartered, posted a $2.36 billion loss for 2015 – NYTimes and WSJ

A relatively rare win for the big banks accused of Libor manipulation, this time in a civil suit focused on yen-denominated Libor rates, in which SDNY Judge George Daniels refused to allow dismissed antitrust and other claims back in the case by filing against new defendants – Law360

The Deal Professor diagnoses Yahoo’s recent decision to explore “strategic alternatives” and finds at its core a “contender for America’s worst corporate board.” Ouch – NYTimes

Valeant announced yesterday that it will be restating some its past earnings after its board took a closer look into the drug company’s relationship with mail-order pharmacy Philidor – Bloomberg

In spite of an abysmal start to the year in the markets, the US economy is still chugging along—so says the Economic Report of the President, released recently with the equally riveting Annual Report of the Council of Economic Advisers – NYTimes

Google, Amazon . . . and Microsoft? How Mister Softee is looking to capitalize on (by commercializing) its long history with machine learning. It’s all part of the “New Microsoft” – Bloomberg

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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