Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
The plot thickens.
Prosecutors in New York on Thursday charged two executives over a kickback scheme meant to inflate the value of a specialty pharmacy before it was sold to Valeant. Lawyers representing the executives have said the two will prove their innocence.
The charges filed so far are putting the focus on a man who worked for both Valeant and Philidor, the specialty pharmacy that was selling Valeant’s products directly to patients.
Valeant’s share price dropped on the news of the charges, before recovering. But the market seems to be ignoring a massive elephant in the room, according to Business Insider’s Linette Lopez.
In related news, Bill Ackman, the activist hedge fund manager who heads Pershing Square Capital Management, could soon have a seat on Chipotle’s board. And hedge funds fled healthcare stocks before the election — and may have missed out on big money.
In markets news, t
he Nasdaq has hit a new intraday all-time high, and a “violent rotation” is taking place in the market, according to Bank of America Merrill Lynch.
The Bank of Mexico says the US election has made the global economy “more complex.” And here’s how money managers at a $813 billion investment giant tweaked their strategy after Trump won.
In deals news, DraftKings and FanDuel are merging. Brookfield Asset Management has proposed a deal to take a 50% to 60% per cent stake in
Power. And Tesla shareholders have approved the SolarCity takeover.
Here’s everything you need to know about the solar roof Tesla plans to build with SolarCity.
In tech news, Salesforce CEO Marc Benioff is done cozying up to Microsoft — now he’s BFFs with Amazon. And here’s what Apple’s suppliers are saying right now about iPhone 7 sales.
Here are the top Wall Street headlines at midday
Economist on Trump’s impact: ‘¯\_(ツ)_/¯’ – Paul Ashworth, the chief economist at Capital Economics, does not know what to make of President-elect Donald Trump’s effect on the economy.
LORD TURNER: ‘We are in a deeply profound deflationary trap’ – With the world gripped in a deep deflationary trap and seemingly no clear way out, former UK Financial Services Authority chief Lord Turner is advocating a policy of debt monetisation, with central banks financing major fiscal deficits.
Article 50 author: Populism will not ‘sweep’ across the west — it will soon ‘fade’ – Lord Kerr of Kinlochard, a British peer who has served as an ambassador both to the EU and US, does not expect rising populism across the west to deliver any more shock results in upcoming major elections.
China is really worried about capital outflows – Chinese policymakers have been unfazed by the yuan’s recent slide, but they are ready to slow its descent for fear of fanning capital flight if the currency falls too quickly through the psychologically important 7-per-dollar level, policy advisers said.
Volkswagen is spiking 30,000 jobs as part of a huge restructuring programme – The German carmaker Volkswagen is axing about 30,000 jobs over the next five years as part of a huge restructuring programme.
The new Maserati Levante SUV has raised the luxury bar – It would be hard to overestimate the importance of the Levante SUV for Maserati.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.