Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
When Valeant Pharmaceuticals’ secret relationship with a pharmacy that sold its drugs directly to consumers was exposed last year, the company first tried to downplay its importance.
It turns out that Valeant had a sales plan dubbed the “Philidor strategy” to use the pharmacy and increase the volume of shipments for two of its drugs. The strategy is detailed in an internal Valeant presentation obtained by Business Insider, and the l
According to the documents, Valeant used a simple strategy to get insurers to pay for a $1,000 drug with $100 alternatives. On Tuesday, the stock was getting decimated after a weak earnings report. Judging by the analyst call, Valeant is still using some of the pages from the Philidor playbook.
Heading back to election news:
- It could be a nail-biter, but Clinton’s ahead in the last day
- The Trump phenomenon, the biggest story of the campaign, comes to a dramatic conclusion
- Trump was booed upon arriving at his polling place in New York City
- BARRO: The core question of the 2016 election is stupidly simple
- Markets are jumping on Election Day
- The Mexican peso is climbing and the yen is tumbling
- The big banks are boosting staff in preparation for Brexit-style tumult in markets after the election
- Banks have warned clients to brace for FX volatility after the election
- MALMGREN: “We’re going to have a period of chaos and gridlock”
- The companies that could be the biggest winners from a Trump or Clinton victory
- The most expensive ballot measure in California is coming down to the wire
- The rate of layoffs in America is at a record low
- There’s a huge concern for the stock market — and it’s not the election
- Check out Donald Trump’s $100 million personal Boeing airliner
Elsewhere, rental car giant Hertz crashed almost 50% after disastrous earnings. CVS plunged 16% after cutting its guidance and citing “slowing prescription growth.” And Tesla is buying a German engineering company to automate factories.
On Wall Street, a whole bunch of Goldman Sachs’ top staff are nervously hoping for a call from CEO Lloyd Blankfein. There’s only one place in the world to be an investment banker. And Credit Suisse has hired a new software banker.
Here are the top Wall Street headlines at midday
The enemy for China is within — For one of Hong Kong’s leading political commentators — with an insider’s perspective of China’s rich history — it’s not the currency, capital flight or a peasant uprising that’s keeping him awake at night.
DEUTSCHE BANK: ‘Bye, bye globalisation’ — Globalisation has reached its peak and we’re about to witness an unwinding of the trend that has dominated economics and trade for decades, according to one of Deutsche Bank’s best-known strategists.
Here’s how the Tesla Model 3 could change the auto industry forever — There have been effectively two massive innovations in the auto industry.
British banker found guilty in Hong Kong double murder trial — A Hong Kong jury on Tuesday found Cambridge-educated British banker Rurik Jutting guilty of murdering two Indonesian women that he confessed to killing in his luxury apartment two years ago.
China’s trade performance remained weak in October — Chinese trade data missed to the downside in October with the value of exports and imports both undershooting expectations, at least in US dollar terms.
India is withdrawing all of its 500 and 1000 rupee bills to fight ‘black money and corruption’ – Indian Prime Minister Narendra Modi on Tuesday announced that 500 and 1000 rupee banknotes would be withdrawn from the financial system at midnight, saying it was part of a crackdown on rampant corruption.
NOLAND: ‘It’s a global bubble. And the markets believe they will do anything to keep it going’ – The global bubble that central banks have kept afloat for the past eight years, based on sovereign and government debt, as well as central bank credit, runs right to the heart of the monetary system.
The ‘bad’ money advice people need to stop taking, according to former Wall Street executive Sallie Krawcheck – From home-buying affordability guides to pre-wedding financial wisdom, there’s a ton of money advice out there. And while much of it is helpful, some tips can be detrimental.
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