Tim's Feed
Dec 17, 2014

U.S. charges two pharmacists with 25 murders in meningitis outbreak

BOSTON (Reuters) – Two pharmacists from Massachusetts were charged with second-degree murder in connection with a deadly 2012 meningitis outbreak that killed at least 64 people and injured about 750, according to an indictment made public on Wednesday.

The 131-count indictment accuses 14 people who either worked or acted as owners of New England Compounding Center (NECC), a specialty pharmacy that went into bankruptcy after the outbreak.

Dec 17, 2014

Fourteen charged in deadly 2012 U.S. meningitis outbreak -prosecutors

BOSTON (Reuters) – Fourteen owners and employees of a
Massachusetts pharmacy company were arrested on Wednesday in
connection with America’s deadliest fungal meningitis outbreak,
which killed 64 people in 2012, federal prosecutors said.

Those arrested include Barry Cadden and Gregory Conigliaro,
co-founders of the now-bankrupt New England Compounding Center
(NECC) in Framingham, according to the complaint.

Dec 17, 2014

U.S. officials charge 14 in deadly 2012 meningitis outbreak

BOSTON, Dec 17 (Reuters) – Fourteen owners and employees of
a Massachusetts pharmacy company were arrested on Wednesday in
connection with America’s deadliest fungal meningitis outbreak,
which killed 64 people in 2012, federal prosecutors said.

Those arrested include Barry Cadden and Gregory Conigliaro,
co-founders of the now-bankrupt New England Compounding Center
(NECC) in Framingham, according to the complaint.

Dec 17, 2014

Investors in beat-up oil bonds lean on banks for rescue

BOSTON, Dec 17 (Reuters) – Independent oil exploration and
production companies are leaning heavily on bank credit lines to
survive plunging crude prices, making it a nervous time for U.S.
funds holding their junk-rated debt.

“The question is, ‘How long do the banks keep the heart
beating?’” said Francis Bradley III, a Greenberg Traurig
attorney in Houston who specializes in energy company financing
deals. “It’s not an unlimited lifeline.”

Dec 8, 2014

Franklin Income Fund hit by oil slump, but sees opportunity

BOSTON, Dec 8 (Reuters) – The Franklin Income Fund
is used to top-dog status among its mutual fund peers, but a 40
percent slide in oil prices since June has hammered its recent
performance.

At the end of September, the $94 billion fund had nearly $2
billion in bets on the junk-rated debt of several small
exploration and production companies, almost all of which have
tanked as crude oil futures slumped to four-year lows.

Dec 2, 2014

Oil price collapse roils U.S. junk bond funds

BOSTON (Reuters) – Collapsing energy prices have hit hard U.S. corporate junk bond funds, putting them on track for their worst performance in six years by squeezing the exploration and drilling companies that have been among most active issuers of high-yield debt.

U.S. funds have played a big part in bankrolling the U.S. shale boom, gobbling up billions of dollars of junk-rated debt issued by energy companies to rapidly expand production.

Nov 19, 2014

Falling oil prices hit junk bonds in energy sector

NEW YORK, Nov 19 (Reuters) – Several months ago, U.S. mutual
funds scooped up most of the $1.25 billion in high-yield junk
bonds issued by Denbury Resources Inc, a Plano, Texas,
oil and gas exploration company.

But since late August, amid falling oil prices, the price on
the Denbury bonds issued in April has dropped 8.25 percent to
about 94 cents on the dollar. The bonds’ yields, which move
inversely to price, have surged to about 6.5 percent from about
5 percent.

Nov 13, 2014

Activist hedge fund Marcato takes stake in BNY Mellon: filing

BOSTON (Reuters) – Hedge fund Marcato Capital Management has bought a 1.6 percent stake in the Bank of New York Mellon, becoming the second prominent activist investor in recent months to disclose a position in the world’s largest custody bank, according to a regulatory filing.

San Francisco-based Marcato’s stake is valued at $688 million, making it the biggest position of the $3 billion firm, according to the filing, which details holdings at the end of the third quarter.

Nov 7, 2014

U.S. funds turn eye to major oil stocks amid volatile market

BOSTON, Nov 6 (Reuters) – Welcome back “Big Oil.”

U.S. stock funds with big bets on the stars of the American
shale-energy boom have taken a beating recently amid plunging
oil prices. In response, portfolio managers say they are turning
an eye back toward big, integrated oil stocks, which have
weathered the energy sector sell-off better for the most part.

The strong balance sheets and diversified global operations
of majors like Exxon Mobil Corp, Chevron Corp and BP plc, have
sheltered index funds and some active portfolio managers from
the worst of a volatile ride on energy markets, where oil prices
have plunged 21 percent since early August.

Nov 4, 2014

Insight – Top investors stay loyal to big name corporate founders

BOSTON (Reuters) – For good stock market bets, some top investors can’t be too bothered by details like corporate profits: instead, they pick companies run by their founders.

Four of the top six performing companies on Nasdaq over the past five years as of Oct. 29 are run by founders, including Bruce Cozadd’s No. 1 Jazz Pharmaceuticals plc and Reed Hastings’ No. 6 NetFlix Inc. Jazz is up 2,426 percent and internet streaming company Netflix has gained 584 percent, according to an analysis of companies with market caps of $10 billion (6.25 billion pounds) or more by FactSet Research Systems Inc.