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U.S. investigators filed criminal and civil fraud charges against a French doctor they say leaked negative inside information about a Human Genome Sciences Inc. hepatitis drug trial, enabling six hedge funds to avoid $30 million of losses.
Yves Benhamou was accused by the Department of Justice and Securities and Exchange Commission of tipping a portfolio manager about Human Genome’s experimental hepatitis C treatment Albuferon in late 2007 and early 2008. Get the full story »
Ambac Financial Group Inc., which was the second-largest U.S. bond insurer before suffering huge losses on risky mortgages, said it may file for bankruptcy protection as soon as this year after skipping a bond interest payment.
Ambac shares slid as much as 59.8 percent Monday. Get the full story »
CNA Financial Corp. has offered to purchase the stock of CNA Surety Corp. that it doesn’t own.
CNA Surety, which provides surety and fidelity bonds, said its board of directors has formed a special committee to consider the proposal. CNA Financial is offering $22 for each share. Get the full story »
Bloomberg News | “Stable” third-quarter earnings and a forecast for a weaker-than-expected fourth quarter sent shares of Navigant Consulting tumbling in late morning trading. The stock is down 22 percent, to $9.47.
The Securities and Exchange Commission will vote Nov. 3 on whether to adopt a proposed ban on “naked access,” a trading arrangement that allows some firms to trade anonymously.
Naked access, offered to customers by some major banks and brokerage firms, allows traders to buy and sell stocks on exchanges using a broker’s computer code, which can shield their identity from regulators and exchanges. Get the full story »
Shares of Molex Inc. were down 7 percent in early trading Wednesday, a day after the Lisle-based company reported better-than-expected earnings bur warned that its second-quarter earnings would be below estimates. Get the full story »
Electronic connector maker Molex Inc. posted a quarterly profit that beat market estimates, partly helped by new product launches and strong demand, but forecast second-quarter earnings below estimates, sending its shares down 4 percent in after-market trade. Get the full story »
The U.S. Securities and Exchange Commission questioned Warren Buffett’s Berkshire Hathaway in the second quarter on why it was not writing down large losses on shares in Kraft and US Bancorp, but the company insisted its accounting was right. Get the full story »
Verizon Communications Inc.’s wireless business lost more ground than expected to AT&T in the third quarter, pushing shares down 2 percent.
Verizon Wireless, its venture with Vodafone Group is widely expected to sell Apple’s iPhone early next year, but for now it is playing catch-up to AT&T, the exclusive U.S. iPhone carrier. Get the full story »
Shares of Wells Fargo & Co. traded on the CBOE Stock Exchange Thursday morning at a price about 8 percent below its price on other exchanges, Reuters data showed.
The action was notable because sudden drops in stock prices have become more scrutinized after the May 6 “flash crash,” when markets fell precipitously in minutes. Get the full story »
The cost for the huge government bailouts of housing finance giants Fannie Mae and Freddie Mac will grow — and possibly more than double to $363 billion — over the next three years.
But the taxpayer loss depends mainly on the health of the economy and the real estate market, a federal regulator said Thursday. Get the full story »
Monsanto said it received a unsolicited mini-tender offer on Tuesday by TRC Capital Corp. to purchase 2 million shares of stock at $54.15 per share. That offer, the company said, is 5.5 percent below the $57.30 Monsanto’s shares were selling by closing price on Tuesday.
First Midwest Bancorp Inc., the $8.38 billion-asset parent of First Midwest Bank, missed Wall Street’s expectations for its third-quarter results, sending the Itasca-based lender’s shares down 13.7 percent in mid-afternoon trading.
By some measures, credit trends took a turn for the worse. Get the full story »
