Rite Aid (RAD) is grappling with dismal sales trends lately, which is also weighing upon its bottom lines. Lower comps and decline in revenues at key business segments are hurting the top line.
From Walmart ($486B) to companies a tiny fraction of the size, here is a map showing the largest company in every state by revenue. The post The Largest Company in Every State by Revenue appeared first on Visual Capitalist.
Per the new deal with Interpace, Dianon Pathology, member of the LabCorp (LH) Specialty Testing Group, is supposed to perform the thyroid biopsy analysis.
Don't miss out on your best defense against this potentially deadly infection.
A little over two years after Theranos was exposed as a fraud by the WSJ, and not that much longer after its CEO Elizabeth Holmes was prancing around with Bill Clinton on the stage of the Clinton Global Initiative... ... the SEC finally woke up, and moments ago it announced that it has charged Elizabeth Holmes as well as Theranos' former president Ramesh Balwani with "massive fraud" for raising $700M+ "through an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance." The SEC announced that as part of a settlement, Theranos and Holmes have agreed to resolve the charges against them, and "in addition to a penalty, Holmes has agreed to give up majority voting control over the company, as well as to a reduction of her equity which, combined with shares she previously returned, materially reduces her equity stake." “As a result of Holmes’ alleged fraudulent conduct, she is being stripped of control of the company she founded, is returning millions of shares to Theranos, and is barred from serving as an officer or director of a public company for 10 years,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division. “This package of remedies exemplifies our efforts to impose tailored and meaningful sanctions that directly address the unlawful behavior charged and best remedies the harm done to shareholders.” But before you think that justice is finally being done, here is the actual "fine": $500.000. Theranos and Holmes have agreed to settle the fraud charges levied against them. Holmes agreed to pay a $500,000 penalty, be barred from serving as an officer or director of a public company for 10 years, return the remaining 18.9 million shares that she obtained during the fraud, and relinquish her voting control of Theranos by converting her super-majority Theranos Class B Common shares to Class A Common shares. Due to the company’s liquidation preference, if Theranos is acquired or is otherwise liquidated, Holmes would not profit from her ownership until – assuming redemption of certain warrants – over $750 million is returned to defrauded investors and other preferred shareholders. The settlements with Theranos and Holmes are subject to court approval. Theranos and Holmes neither admitted nor denied the allegations in the SEC’s complaint. The SEC will litigate its claims against Balwani in federal district court in the Northern District of California. Or to summarize: Martin Shkreli = 7 years, $7.5M fine Investor capital lost = ~$0 Elizabeth Holmes = $500k fine, D&O bar Company value lost = ~$8 billion — Quoth the Raven (@QTRResearch) March 14, 2018 So yes, no prison time, and no actual financial hardship. But at least story of the "brilliant entrepreneur", who was supposed to be the next turtleneck-clad Steve Jobs according to the idiot press... ... and who ended up being a complete fraud, is officially finished. There is just one loose end: it is unclear if the "investing" idiots over at Softbank will recoup any of their $100 million investment which they made just this past December as we profiled in "Busted Billion-Dollar-Baby Fraud Finds Another Greater Fool - Softbank Lends Theranos $100 Million!" Full SEC press release below: Holmes Stripped of Control of Company for Defrauding Investors The Securities and Exchange Commission today charged Silicon Valley-based private company Theranos Inc., its founder and CEO Elizabeth Holmes, and its former President Ramesh “Sunny” Balwani with raising more than $700 million from investors through an elaborate, years-long fraud in which they exaggerated or made false statements about the company’s technology, business, and financial performance. Theranos and Holmes have agreed to resolve the charges against them. Importantly, in addition to a penalty, Holmes has agreed to give up majority voting control over the company, as well as to a reduction of her equity which, combined with shares she previously returned, materially reduces her equity stake. The complaints allege that Theranos, Holmes, and Balwani made numerous false and misleading statements in investor presentations, product demonstrations, and media articles by which they deceived investors into believing that its key product – a portable blood analyzer – could conduct comprehensive blood tests from finger drops of blood, revolutionizing the blood testing industry. In truth, according to the SEC’s complaint, Theranos’ proprietary analyzer could complete only a small number of tests, and the company conducted the vast majority of patient tests on modified and industry-standard commercial analyzers manufactured by others. The complaints further charge that Theranos, Holmes, and Balwani claimed that Theranos’ products were deployed by the U.S. Department of Defense on the battlefield in Afghanistan and on medevac helicopters and that the company would generate more than $100 million in revenue in 2014. In truth, Theranos’ technology was never deployed by the U.S. Department of Defense and generated a little more than $100,000 in revenue from operations in 2014. “Investors are entitled to nothing less than complete truth and candor from companies and their executives,” said Steven Peikin, Co-Director of the SEC’s Enforcement Division. “The charges against Theranos, Holmes, and Balwani make clear that there is no exemption from the anti-fraud provisions of the federal securities laws simply because a company is non-public, development-stage, or the subject of exuberant media attention.” “As a result of Holmes’ alleged fraudulent conduct, she is being stripped of control of the company she founded, is returning millions of shares to Theranos, and is barred from serving as an officer or director of a public company for 10 years,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division. “This package of remedies exemplifies our efforts to impose tailored and meaningful sanctions that directly address the unlawful behavior charged and best remedies the harm done to shareholders.” “The Theranos story is an important lesson for Silicon Valley,” said Jina Choi, Director of the SEC’s San Francisco Regional Office. “Innovators who seek to revolutionize and disrupt an industry must tell investors the truth about what their technology can do today, not just what they hope it might do someday.” Theranos and Holmes have agreed to settle the fraud charges levied against them. Holmes agreed to pay a $500,000 penalty, be barred from serving as an officer or director of a public company for 10 years, return the remaining 18.9 million shares that she obtained during the fraud, and relinquish her voting control of Theranos by converting her super-majority Theranos Class B Common shares to Class A Common shares. Due to the company’s liquidation preference, if Theranos is acquired or is otherwise liquidated, Holmes would not profit from her ownership until – assuming redemption of certain warrants – over $750 million is returned to defrauded investors and other preferred shareholders. The settlements with Theranos and Holmes are subject to court approval. Theranos and Holmes neither admitted nor denied the allegations in the SEC’s complaint. The SEC will litigate its claims against Balwani in federal district court in the Northern District of California. The SEC’s investigation was conducted by Jessica Chan, Rahul Kolhatkar, and Michael Foley and supervised by Monique Winkler and Erin Schneider in the San Francisco Regional Office. The SEC’s litigation will be led by Jason Habermeyer and Marc Katz of the San Francisco office. Finally, here is a "brief" recap of all the fawning coverage the objective media had given to Theranos and Holmes in the years ahead of her spectacular collapse: August 30, 2013"Theranos: The Biggest Biotech You've Never Heard of." San Francisco Business Times. By Ron Leuty. Here. September 8, 2013"Elizabeth Holmes: The Breakthrough of Instant Diagnosis." The pivotal Wall Street Journal article, by Joseph Rago. Here A Stanford dropout is bidding to make tests more accurate, less painful - and at a fraction of the current price. September 9, 2013 "Secretive Theranos emerging partly from shadows." SF BizJournal, SF/Biotech, by Ron Leuty, subtitled, "The biggest biotech you've never heard of." Here. October 9, 2013"Just a Drop Will Do." Pediatric News. By William Wilkoff. Here. November 6, 2013 "What Heath Care Needs is a Real Time Snapshot of You." WIRED, By Daniela Hernandez. Here. November 13, 2013."One Small Ow-eee." PediaBlog. By Ned Ketyer MD. Here. November 18, 2013"Creative disruption? She's 29 and Set to Reboot Lab Medicine." MedPageToday. By Eric Topol. Here. February 18, 2014 "This Woman Invented a Way to Run 30 Lab Tests on Only One Drop of Blood." WIRED again, by Caitlin Roper. Here. WIRED revisits Holmes, with an interview. February 28, 2014 "Stanford Dropout Revolutionizes Blood Tests" Take Part, by Liana Aghajanian. Here. June, 2014 Hematology Reports (Open Access Journal). Full article PDF: Here. Chan SM, Chadwick J, Young DL, Holmes E, & Gotlib J (2014). Intensive serial biomarker profiling for the prediction of neutropenic fever with hematologic malignancies undergoing therapy: a pilot study. Hematology Reports 6(2). Pubmed Central, here. June 12, 2014 "This CEO is Out for Blood." Fortune, by Roger Parloff. Here. Featured as cover story (picture). June 17, 2014 "Elizabeth Holmes, Who Wants To Shake Up The Blood Testing Industry, Is A Billionaire At 30." Forbes [blog], by - Zina Moukheiber. Here. July 2, 2014 "Bloody Amazing." Forbes [blog 7/2, and Issue, 7/21], by Mathew Herper. Here. June 3, 2014US Patent: "Systems and Methods of Sample Processing and Fluid Control in a Fluidic System." PDF, Patent 8,742,230 B2, 80 pp.. Here. "This invention is in the field of medical devices...portable medical devices that allow real-tie detection of analytes from a biological fluid...for providing point-of-care testing for a variety of medical applications." June 20, 2014"Theranos: Small Sample, Big Opportunity." Decibio [Consultancy blog]. By Eric Lakin. Here. July 8, 2014 "Nanotainer Revolutionizes Blood Testing." VIDEO USA TODAY. Here. July 15, 2014"Meet Elizabeth Holmes, Silicon Valley's Latest Phenomenon" San Jose Mercury News, by Michelle Quinn. Here. July 15, 2014"Theranos bringing 500 new jobs to Scottsdale's SkySong." Phoenix Business Journal. By Angela Gonzales. Here. [SkySong is an ASU-affiliated tech park]. July 21, 2014"Meet Elizabeth Holmes, the Youngest Female Self-made Billionaire Changing the World with Medical Technology." Women's ILAB, by Katherine Melescuic. Here. August 11, 2014 "Ignoring Lab Industry, Theranos Goes Its Way." "My Visit to Walgreens for Theranos Lab Tests." DARK REPORT (Paper by subscription only). Table of contents here. September 8, 2014 TechCrunch / Youtube Interview with John Sheiber. VIDEO.Here.,For further details, see here. September 8, 2014 "Elizabeth Holmes takes Theranos' blood test to tech movers, shakers." Biotech SF / Bizjournals - by Ron Leuty. Discussion of TechCrunch presentation. Here. September 29, 2014"This Woman's Revolutionary Idea Made Her A Billionaire — And Could Change Medicine." Business Insider. By Kevin Loria. Here. See also June 4, 2015. September 30, 2014 "Queen Elizabeth: Mystique of Theranos founder grows with Forbes' richest ranking." Biotech SF / Bizjournals - by Ron Leuty. Here. October, 2014"Health Plans Deploy New Systems to Control Use of Lab Tests." Managed Care. By Joseph Burns. Here. Does not directly cite Theranos. Cites contrasting viewpoints on the value of direct easy inexpensive test access: October 1, 2014 "How One Entrepreneur is Transforming Blood Testing." Slate - by Kevin Loria. Here. [Reprint from Business Insider, 9/29, above.] October 16, 2014"She's America's Youngest Female Billionaire - And a Dropout." by Rachel Crane. CNN/Money. Here. [Text & Video.] October 27, 2014"Theranos Due Diligence: Company Profile, SWOT Analysis, Market Opportunity." Decibio. Consulting group profile of Theranos and its valuation and market position (73 pages; $850). Here. Table of Contents, here. Additional description here. November 7, 2014 TEDMED - Youtube - Elizabeth Holmes at TEDMED. VIDEO. Here.,For further details, see here. November 7, 2014"Major Upside for Walgreens Stock" InvestorPlace. By John Divine. Here. "The single biggest catalyst for WAG stock in the future may be the company’s decision to partner with the privately held health-tech firm Theranos." December 8, 2014 Fortune/Youtube - Theranos Billionaire Founder Talks Growth. VIDEO. Video interview with Pattie Sellers. Here. For further details, see here. December 8, 2014"Here's How the World's Youngest Self-Made Female Billionaire Shows People She's In Charge." Business Insider. By Richard Feloni. Here. December 8, 2014"The New Yorker on the Promise, the Secrecy, and the Challenges of Super-Startup Theranos." MedCityNews. by Meghana Keshavan. Here. December 12, 2014"Behind the Curtain at Theranos." NBC News. (Video). Interview with Ken Auletta. Here. For more detail, see here. December 14, 2014"Blood Test Innovation: Less Cost, No Big Needle" Information Week/Healthcare. By Larry Stofko. Here. January 28, 2015 "Elizabeth Holmes, Theranos: Transforming Healthcare by Embracing Failure." Youtube. Stanford Graduate School of Business. Here. February, 2015 "Top 10 Most Innovative Companies in Health Care, 2015: #7, Theranos" Fast Company (staff), here. February, 2015 "Vetting Theranos" Laboratory Economics [trade journal, subscription]. By JonDavid Kipp. Here. February 2, 2015. "CEO Q&A: Craig Hall." Real Estate Daily. By Christina Perez. Hall was early investor in Theranos. Here. February 3, 2015 "Breakthrough Branding: Theranos, with Walgreens, Revolutionizes Healthcare." Brand Channel. By Sheila Shayon. Here. February 3, 2015 "Will Theranos Turn the Lab Industry Upside Down?" Market Financial Analysis. Here and here. Order here ($99). February 6, 2015 "Ten Things to Know about America's Youngest Female Billionaire." Business Insider. By Koa Beck. Here. February 5, 2015 "Disruptive Technology Main Focus at Clinton Health Conference." California Healthline. By Lauren McSherry. Here. President Clinton, Fourth Annual Health Matters Activation Summit. "Access to health information is a basic human right," said Elizabeth Holmes, a young Silicon Valley entrepreneur who founded Theranos, a blood analytics and diagnostics company. [President] Clinton, who applauded her work to provide low-cost testing to the general public, said the company is valued at $9 billion. See also at Clinton Foundation.org, here. February 10, 2015 "Elizabeth Holmes - Theranos" Upstart. By Teresa Novellino. Here. February 10, 2015 "Theranos CEO: Avoid Backup Plans." INC (from Stanford Business School.) By Deborah Peterson. Here. "I think that the minute that you have a backup plan, you've admitted that you're not going to succeed." February 17, 2015 "Stealth Research: Is Biomedical Innovation Happening Outside the Peer-reviewed Literature?" JAMA. By John P.A. Ionnanidis. Here. "Theranos is just one example among many for which major efforts and major claims about biomedical progress seem to be happening outside the peer-reviewed scientific literature...stealth research creates total ambiguity about what evidence can be trusted in a mix of possibly brilliant ideas, aggressive corporate announcements, and mass media hype." See comment at Healthnewsreview.org here (February 23, 2015). February 27, 2015 "Tech company Theranos pushes consumer lab-testing bill." Arizona Republic. By Ken Tucker. Here. For legislative text, here. For a blog on the topic, here. For cloud version of the legislative text, here. Article in March 2015 Laboratory Economics [subscription, here.] February, 2015 "Theranos: Blood Tests that Need Just a Tiny Sample." Walgreens website, "At the Corner of Happy and Healthy," accessed 2/17/2015. Here. March, 2015 "Secret Shoppers Disappointed by Theranos." Laboratory Economics. By Jondavid Klipp. Here (subscription). Summarizes experiences of "secret shoppers" from Piper Jaffray, an Arizona lab, The Dark Report, and a California lab. Most reported 3-day results and many reported standard venipuncture. March 2, 2015 "Meet the Most Impressive Woman on Forbes' Female Billionaire List." Identities.Mic. March 2, 2015. By Julie Zeilinger. Here. March 5, 2015 "Millennials and Money: New Kids in the Forbes Billionaires Club." National Center for Business Journalism. By Rian Bosse. Elizabeth Holmes noted. Here. March 6, 2015 "Theranos Files Comment In Support Of Food and Drug Administration Oversight Of Laboratory-Developed Tests." Theranos Press Release. Here. The comment letter, dated 3/1/2015, 4 pages, here. March 7, 2015. "Health care in America: Shock treatment. A wasteful and inefficient industry is in the throes of great disruption." The Economist. Theranos mentioned. Here. Also here. March 9, 2015 "Theranos and Cleveland Clinic Announce Strategic Alliance to Improve Patient Care through Innovation in Testing." Press release. Here. March 9, 2015 "Cleveland Clinic Taps Theranos, Bets on Cheaper Diagnostics." Healthcare Finance News. Anthony Brio. Here. March 9, 2015. Fox News Cleveland Clinic/Theranos Interview. VIDEO. Fox News Online. Here. Additional notes, here. March 9, 2015 "Cleveland Clinic Enters 'Long-Term Strategic Alliance' with Theranos, Inc." Crain's Cleveland Business. By Timothy Magaw. Here. March 9, 2015 "Elizabeth Holmes: 2015 Horatio Alger Award Winner." Horatio Alger Association. Webpage, here. Press release, here. March 13, 2015 "Theranos Seeks FDA Approval for Early-detection Ebola Test: George Schultz." Silicon Valley Business Journal. By Ben Soriano. Here. March 17, 2015 "Mark Cuban Talks Healthcare Investing: Soon Our Bodies Will Be Big Math Equations." MedCity News. By Stephanie Baum. Here. “Sensors are the next opportunity,” Cuban said. He also voiced his enthusiasm for companies like 23andMe and Theranos. March 23, 2015 "Boies Schiller Set to Open Palo Alto Outpost." The Recorder. By Patience Haggin. Here. April 7, 2015 "Patients Can Soon Get Lab Tests Without Doctors' Orders." Arizona Republic. By Yvonne Wingett Sanchez & Ken Alltucker. Here. April 8, 2015 "Theranos One Step Closer to Consumerizing Health." Decibio [Blog]. By Eric Lakin. Here. [Arizona consumer test law.] April 9, 2015 "Arizona Health Law Could Boost Theranos' Biotech Prospects." USA Today [America's Markets]. By Marco Della Cava. Here. April 16, 2015 "Elizabeth Holmes." TIME [100 Most Influential People.] By Henry Kissinger. Here. April 17, 2015. "How Elizabeth Holmes became inspired to transform blood testing." VIDEO CBS News This Morning. Here. Also here, here. More here. April 20, 2015 "The Doctor is Out: LabCorp to Let Consumers Order Own Tests." Bloomberg. By Cynthia Koons. Here., Also: In slightly different version, same author, Bloomberg Business Week, 4/27/15. April 20, 2015 "What News at Theranos? Lab Firm Expands in AZ." "In Arizona, New Consumer Direct Access Law is a First Win for California-Based Theranos." "Theranos: Many Questions, but Very Few Answers." Dark Report (subscription). Here. April 27, 2015 "World's Youngest Billionaire - Another Steve Jobs?" CNBC. By Abigail Stevenson. Here. April 27, 2015 "Occam's Razor and the Secrecy of Theranos. A Bunch of Crock? No." Medcitynews. By Meghana Keshavan. Here. April 28, 2015 "Guest List, State Dinner, Prime Minister Shinzo Abe, Japan." Washington Post. Here. (Including Ms. Holmes.) May 5, 2015 "Theranos Sticks It to Critics, Plans Expansion of Lab Services." San Francisco Business Times. By Ron Leuty. Here. "Can Theranos Disrupt the Clinical Lab Testing Market? An Objective Look at Advantages, Liabilities, and Challenges That Must Be Addressed." [Pathology] Executive War College. By Dr. Robert Boorstein. [Deck] Here. May 7, 2015 "Theranos Jump Starts Consumer Lab Testing." Fortune. By Ron Parloff. Here. "My last routine blood tests, drawn at my physician’s office...cost me $433 out of pocket, even after application of my “gold”-level insurance....Had I not been insured, the lab’s price for those tests would have been $2,411, according to the explanation of benefits sent me. The same tests, according to Theranos’s price menu, would have cost me $75." May 7, 2015 "New Laboratory Testing Firm Seeks to Shatter Old Diagnostic Testing Model." Genomeweb. Here. May 7, 2015 "Silicon Valley Lab Testing Startup Hires Clinton Advisor." Bloomberg. By Caroline Chen. Here. (Similarly: Here.) May 11, 2015 "Our Editor Describes Visit to Theranos Test Center." Dark Report. (Subscription). Here. Sidebar: "Comparing Patient Visit with Advertised Benefits." May 11, 2015 "Airbnb Chesky, Theranos Holmes among presidential entrepreneurs." USAToday. By Marco della Cava. Here. Winners met with Commerce Secretary Penny Pritzker and President Obama. May 11, 2015 "Elizabeth Holmes on Joining the Presidential Ambassadors for Global Entrepreneurship Initiative." Theranos/news/posts. By Elizabeth Holmes. Here. June 2, 2015. Elizabeth Holmes: Charlie Rose. VIDEO. Here. Comment, Kevin Loria, June 4, 2015. June, 2015 "Collecting More Dollars From Patients: Why It’s Time For Clinical Labs and Pathology Groups to Move To The Retail Model." Dark Report [Trade journal, white paper]. Here. This white paper does not mention "Theranos" but covers the topic of retail access to laboratory tests. June 19, 2015 "Personalized Technology Will Upend the Doctor-Patient Relationship." Harvard Business Review. By Sundar Subramanian et al. Here. June 21, 2015 "The Benefits to Your Brain of a Work Uniform." Providence Journal [Chicago Tribune]. By Alexia Elejalde-Ruiz. Here. June 22, 2015. "With Carlos Slim, Billionaire Elizabeth Holmes Brings Innovative Blood Testing Method To Mexico." Forbes. By Dolia Estevez. Here. June 23, 2015 "Theranos' New Deal with Billionair Carlos Slim May Take It to Another Level." Biz Journal SF. By Ron Leuty. Here. July 2, 2015 "Controversial Multibillion-Dollar Health Startup Theranos Just Got a Huge Seal of Approval from the US Government." Business Insider. By Laren F Friedman. Here. July 2, 2015 "Disruptive Diagnostics Firm Theranos Gets Boost from FDA." Fortune. By Roger Parloff. Here. July 3, 2015 "Theranos Blood Test: The Insanely Influential Stanford Professor Who Called the Comapny Out for its 'Stealth Research.' " Washington Post. By Ariana Eunjung Cha. Here. July 24, 2015 "Biden Visits Theranos Lab as Part of Healthcare Innovation Summit" USAToday. By Marco della Cava. Here. Theranos Press Release, here. The Suffield Times, here. July 24, 2015 "Theranos Pushing Direct to Consumer Blood Testing." Health IT Outcomes. By Christine Kern. Here. July 30, 2015 "Theranos’ Holmes Marks 50th Anniversary of Medicare and Medicaid with Vision for Next 50 Years." Business Wire [press release]. Here. August 11, 2015 "Nickles Takes On Theranos." O'Dwyer PR Inside News, here. (Nickles is a Washington policy group). August 17, 2015 "A Good Month for Blood." Laboratory Equipment. By Michelle Taylor. Here. August 19-20, 2015 "Leveraging Pharmacies for Rapid Diagnostics." 7th Annual Next Generation Diagnostics Summit (Two-Day Track on Pharmacies). While not specific to Theranos, a two-day meeting on lab tests in the pharmacy space. Here or here. August 24, 2015 "Labcorp is Reaching Past Doctor's Office to the Patient." Investors Business Daily. By Gillian Rich. Here. October 5, 2015 "Elizabeth Holmes on Using Business to Change the World." Forbes. By Sarah Hedgecock. Here. October 6, 2015 "Self Made Billionaire on Re-inventing Blood Tests: It's Like Cocaine." Vanity Fair. By Emily Jane Fox. Here. October 6, 2015 "How Theranos is Disrupting the Health Care Industry." Bloomberg. [VIDEO 6:38 min.] Here. "A cholesterol test is $2.99, whereas it could cost hundreds in other locations...The response from the lab industry, they have so aggressively seeded false information about us into the press, into journalists, into physicians in the market we are in." October 7, 2015 "Theranos Founder Elizabeth Holmes to Deliver Keynote Address at 2015 Medical Innovation Summit." Craigs Cleveland Business. Here. October 12, 2015 "Theranos' Elizabeth Holmes Call on Women to Help Each Other." Fortune. By Michael Lev-Ram. Here. October 12, 2015 "CME Group Announces Elizabeth Holmes as the 2015 Melamed-Arditti Innovation Award Receipient." MarketWatch. Here.
Fred's (FRED) focuses on pharmacy organization and expense reduction to achieve turnaround. However, receding comps continue to hurt.
Blue Cross and Blue Shield plans will expand a partnership with the ride-hailing company Lyft to provide health plan enrollees transportation to certain pilot neighborhood Walgreens and CVS pharmacies.
Federal Reserve policy is hurting homeowners and small businesses on Main Street and in rural America as consumer rates rise but savings rates do not.
Zacks Value Investor Highlights: Diageo, Mylan, Sony, AbbVie and Walgreens
Update: Cigna Shareholders appear notably disappointed by this so-called "defensive deal," slamming the shares down over 10% (as ESRX jumps 12%). We note the combined market cap of the companies is modestly lower now - after the announcement... Some have suggested that Cigna's weakness is a removal of an acquisition premium based on hope that Amazon might have taken them out (prior to this deal). A “defensive deal” may surprise and disappoint the Street, wrote JPMorgan's Gary Taylor. Like CVS Health Corp.’s pending acquisition of the insurer Aetna Inc., Taylor sees the value but questions if it’s “worth the squeeze” for added debt for Cigna. The deal would leave Anthem to stand alone among the big five health insurers without an owned and integrated pharmacy benefit manager. * * * In the latest sign that investors are seeing a replay of the health-care consolidation wave from 2015, Bloomfield, Conn. health insurer Cigna Corp. is reportedly nearing a deal to buy Express Scripts Holdings Co., a pharmacy benefit manager, after Express last year lost its biggest client when Anthem said it would set up its own pharmacy benefits management unit after accusing Express Scripts of overcharging it by millions of dollars. Cigna has reportedly agreed to pay $67 billion for Express, according to the Wall Street Journal. Express Scripts shareholders will receive $48.75 in cash and 0.2434 shares in the combined company for each Express Scripts share they own - representing a 31% premium to Express's Wednesday closing price of $73.42. Pharmacy benefit managers serve as middlemen who help negotiate discounts with drug makers. Late last year, CVS Health Corp. agreed to buy Aetna for $70 billion, the catalyst for this week's massive bond offering - the largest corporate bond sale in more than two years and - at a rumored $4 billion - the third largest bond deal ever behind Verizon's $49 billion issuance in 2013 to fund its buyout of Vodafone's stake. Investors are reportedly jockeying to get a piece of the deal and are expected to pay a not-insubstantial "liquidity premium". Repayment dates range from about two years to 30 years. On Tuesday, S&P downgraded CVS to "BBB" from "BBB+," outlook stable, and removed ratings from watch negative, citing the company’s expected risk profile following the issuance of senior unsecured notes to partly fund the purchase of health insurance provider Aetna Inc. After the 2015 consolidation wave was largely thwarted by regulators (a proposed merger between Cigna and Anthem ended in acrimony, with the companies suing each other over the terms of the deal). Aside from the CVS deal for Aetna, Albertsons Cos recently agreed to buy the rest of Rite Aid Corp. after most of the chain was bought by Walgreens. The deal is also happening as Amazon has begun to take steps to become a competitor in the health-care equipment distribution, stoking fears that its ambitions could stretch further. * * * In the pre-market, Express Scripts shares are up around 20% and Cigna down around 6%...
Rite Aid (RAD) has transferred 1,651 stores and related assets to Walgreens Boots Alliance, thus nearing the completion of the commitment.
Rite Aid said it has now transferred 1,651 of 1,932 stores to Walgreens Boots Alliance as part of a larger deal with the nation’s largest pharmacy chain.
Zacks.com highlights: Huntington Ingalls Industries, Sprouts Farmers Market, Lithia Motors, Dollar General and Walgreens Boots Alliance
Zacks.com highlights: Huntington Ingalls Industries, Sprouts Farmers Market, Lithia Motors, Dollar General and Walgreens Boots Alliance
Interest Coverage Ratio suggests the number of times the interest could be paid from earnings and gauges the margin of safety a firm carries for paying interest.
Authored by Karen Morris via The Organic prepper blog, When I mention the year 2014 do any events stand out in your mind? Some of you may think of births of family members or special anniversaries or incredible vacations that you took. You know the kind, the ones you wish you could take every year because they were just that amazing? Yeah, I love those too. But when I think of 2014, two things come to mind. Let’s start with the second event. We moved (usually a fun thing) in November of 2014. But the reason we moved was because of another event that began in August of 2014 and continued through the end of 2014 and beyond. The first thing that I will always think of when I hear, “the year 2014” are the images of destruction from my town of Ferguson, Missouri – images of the riots that we saw and experienced first hand while driving down streets where ruin ran rampant (say that five times fast). Businesses were destroyed. Personal property was demolished. It wasn’t even safe to leave your house depending on where in Ferguson you lived. Some Background Details We considered moving to Ferguson in the fall of 2001. We were expecting twins and decided to buy a house in an affordable suburb of St. Louis. We had friends who lived in the area, and they liked it. What greater reference to the quality of the community than someone who already lives there, right? We found a great starter house on the corner of two of Ferguson’s four main streets. The house we chose to purchase had a small backyard, a decent sized front yard, and room for the two children we were expecting at the time to play. We purchased the house in December of 2001 and lived there between 2001 and 2014. We had our twins the following summer, and over the years, we added three more children to our family. In August of 2014, our children’s ages were 12, 12, 8,7, and 3. How It All Started We pulled into our driveway on the afternoon of August 10, 2014, having just gotten back from a trip out of town. After tucking the kids into bed, I got some things in order and started working on a project at my desk when a friend of mine messaged me asking if I was all right. Okay, that was a rather odd question out of the blue. I told her I was fine and asked her why she was asking. She told me that there were riots going on in Ferguson. That one sentence changed the course of my life – literally. I knew my friend, and I trusted her. But you know that feeling…the one that says, “It can’t be as bad as she’s making it out to be.” Yeah, it’s real, and it’s called normalcy bias. According to Wikipedia (which I’ve been told never to quote): “Normalcy bias is a belief people hold when facing a disaster. It causes people to underestimate both the likelihood of a disaster and its possible effects, because people believe that things will always function the way things normally have functioned.” (source) I didn’t know it at the time, but that was exactly what was going on in my head – it can’t be THAT bad because nothing like this had ever happened to me before. BUT since I knew she wouldn’t lie to me, I opened a new tab on my browser and started looking up “Riots in Ferguson.” One of the local news stations was running live coverage on their website. I watched for a moment. Then I called my husband over, and both of us watched, aghast at what we were seeing. There was a wall of police and a mass of rioters. As we watched and listened online we saw and heard screaming and yelling, threatening gestures, profanities being hurled. I saw one side moved forward and the other side moved back. Then both groups shifted toward either the left or the right. It was almost like watching a sinister dance. But this was a dance that took a dark turn fast. That night things got out of control. Businesses were burned stores were looted, most of them were still about a mile away from us. We watched and we were saddened, but there was no reason to believe that but the events were going to get closer to us. We were safe, right? Yeah, there was that normalcy bias again. I’m putting a picture from Google maps in here to show you where things were happening and where we lived. You’ll notice three main North/South streets, West Florissant (this is the street right off of which Michael Brown was shot and where the riots started), Elizabeth (the street we lived on) and N. Florissant (the west most of the main North/South streets). The main East/West street that you see had several different names, Chambers and Hereford are two shown on the map. Our house was on the corner of Chambers and Elizabeth. Despite what happened during the night, during the next day, things felt rather normal. The sun was shining, kids were walking to the school across the corner from our house, cars were driving by where we lived just like usual. But it was an uneasy, eerie feeling. It was like the calm that occurs when the eye of a hurricane passes over you and the sun comes out like life is happy and normal and there’s nothing to worry about until the second half of the hurricane hits you. But of course, night follows day. And with the next night, there was more unrest. Again, thankfully, it was mostly contained about a mile from us. The riots didn’t stop. This cycle of fairly calm days and vicious nights continued the next few days. By Wednesday, we had seen that this wasn’t going to go away quickly. The protests seemed to be growing each evening – at least a little. So Thursday, I packed several suitcases and put them in the back of the van – where they stayed. Bug Out Bags are okay, but if you know there’s a good chance you’re going to have to leave for a few days (or permanently if our house was burned) it’s better to have three changes of clothes and night clothes for each person than to have just one. The question started growing in our minds. When do we leave? We knew our family needed to be protected, but how close to our house is too close? I’ve read articles where people talk about ‘buggin out’ like there is that one right moment to bug out. Anything before that is just worry. Anything after that is foolishness. There is no cut and dried “perfect time to leave” while you are living in a dangerous situation. The struggle is a real. You don’t want to leave too soon and foolishly waste resources or overtake friend’s houses unnecessarily. On the other hand, you don’t want to get caught in the middle of the turmoil and not be able to make it out with your family. The truth is there is no way to know when it is the exact right time to leave until after that moment happens. We waited, wondered if we should leave, and watched. Friday night though, we had a lot more to watch. That night the riots broke out in the area of Ferguson in which they had previously been contained. Rioting, looting, and burning spread all the way from the area in which it started north almost two miles to the highway. It also spread across the city over to New Florissant road. Our Walgreens, Little Caesars, and Shop & Save (our grocery store) were all on different corners of the intersection of West Florissant and Chambers/Hereford. They were only about one quarter to one half a mile from our house. All of them were looted. Again, we felt that torn feeling. Do we stay or do we leave at 1 am? Do we wake up the kids and wake up our friends? My parents also lived in Ferguson, so it’s not like we could go to their house for a few nights to escape the turmoil. We hated to be a burden on friends outside the area. I know it sounds silly. Our friends would have been happy to put us up, but that really does weigh on your decision. Going to a hotel wasn’t really an option. That cost a lot of money that at the time we didn’t have. We stayed that night and didn’t sleep much. As the next day dawned though, we witnessed the destruction. Then everything changed. There was something else that was evident the next morning too. Now that the riots had turned more violent and moved to the other side of our house, I had lost my sense of security. That might sound like a “DUH,” moment, but until something like this happens, it’s hard to realize just how deep your sense of security had been and just how much is now gone. It was that ‘normalcy bias’ that I talked about earlier. It was then that I realized things weren’t going to get better quickly. With our sense of security gone, practical things changed for us. we could no longer sit out on our porch swing. Our children weren’t allowed outside. The blinds were kept pulled all day long. We didn’t leave the house unless we absolutely had to. At night we could literally smell the tear gas that was being hurled at people. On the night of Monday, August 18th, everything exploded again. Hundreds of protesters gathered in Ferguson. Rioters threw bottles at police before the group charged the officers. Almost 100 people were arrested that night. The next morning, we called our friends, loaded our children into the car and decided that it was time for us to leave for a few days. We spent three days with friends about thirty minutes from Ferguson as things continued. After three nights of being away, when Governor Nixon recalled the national guard from Ferguson, we found that our house was still standing and there was no physical damage to the property. We decided we really needed to return home. Things would never be the same. Upon our return, our attitude changed further. It’s amazing the things you take for granted like the stores at which you shop. I stopped shopping at my usual stores because I didn’t want to shop in the area. I would travel five to eight miles out of town to go to a store when it had a counterpart less than a mile from me. We found a park near my husband’s work and ate lunch with him and to let the kids play because they weren’t going to play outside at home. We did what we could to give the kids a sense of normalcy since we were living in this nightmare for months on end. The atmosphere during the following days continued to change as well. Gunshots in the streets became more frequent. We had heard them on occasion over the previous thirteen years that we had lived there, but NEVER like we heard after August 9th. There were fewer kids walking to school. Police sirens were heard crossing our corner almost hourly. It was about this time that my husband and I began to talk about relocating. We had been casually talking about the possibility of a job with a company located in central Illinois. We decided that this was the time to get more pointed and committed to the discussion with them. We didn’t know how we were going to sell a house in the middle of a zone torn by riots, but we knew we couldn’t continue living this way with five children. The unrest went on far longer than most people realized. What might surprise many readers is that the riots really lasted a LONG time for us. There was unrest almost every night for months. One night, I had to be out teaching a class. When I came home, the kids all told me about how the protesters had walked from the Memorial on West Florissant north to Chambers/Hereford where they turned west, and then when they reached North (New) Florissant, they turned south and went to the police station. This took them right by our front yard. As a matter of fact, the crowd was so big that there were some who overflowed into our yard. The police had a helicopter with its searchlight/spotlight pointed into our front yard to watch the protesters at one point. It was a sensational event for a couple of my children, but it really frightened several of my children. Some of our children started to exhibit signs of emotional trauma. Incidents of bed-wetting increased, and our youngest child even refused to sleep in a bed by himself. We had children that were frightened to go out to the car if it wasn’t in the garage. Between August and October, when we were home, we lived exclusively indoors. We continued to take multiple trips each week to parks near my husband’s work. The kids would play, and my husband would join us for lunch. We had a library that we loved to go to where the kids didn’t have to worry about whispering. We went there at least once a week. It was hard helping the kids find a sense of normal in the midst of daily turmoil. They had seen some very frightening events first hand. But time continued on. Despite the fact that there was still unrest almost every night, television stations stopped broadcasting about the riots. Everyone was tired of hearing of hearing about them, so all of a sudden, in the media, it was like the riots didn’t exist But they did for us. By this time our house was on the market (of course without a prospect on the horizon). We were getting close to a job deal with the company in central Illinois. Moving was starting to look like a real possibility. Once we reached October, there was a whole month of activities planned by activists called, “Ferguson, October.” Fortunately, the events of “Ferguson October” were listed online. When we were checking it out, we saw that there was going to be a big event in Ferguson in for an entire weekend. Again, we were torn, but we didn’t need our children to be subjected to any more of the violence, so we decided to pack up and leave the town for the weekend. We stayed with some friends in Illinois. Not much came of that weekend, though. We finally relocated. Eventually, despite my husband’s well-paying, secure job in St. Peters, Missouri, we moved from Ferguson to a small city in central Illinois in November. November actually ended up having the worst violence of our whole time in Ferguson. We planned on leaving Ferguson on November 20th, but on November 17th, Governor Nixon declared a state of emergency in anticipation of the verdict in the case of the police officer who shot Michael Brown. No matter what the outcome, violence was anticipated. When we heard that, we left. We packed up our belongings on November 18th and drove to a friend’s house in central Illinois. We wouldn’t be taking possession of our rental house until November 20th, but all indications were that things were going to get out of hand. Yeah. That was the understatement of the year – and considering the year we had, that says something! The verdict of not guilty came out of November 24th and carnage ensued. Shops that had been looted before were now burned. Shops we had used for years on end were gone never to be rebuilt – or at least not rebuilt as the businesses they were in the past. There had been an attempt at a deal between the city of Ferguson to bring in a CVS drug store. With everything that happened, CVS refused to move into the neighborhood. Other stores which hadn’t been destroyed pulled out as well. We still had to come back to finish cleaning out our house in the hopes of selling it. We saw the devastation first hand again. This event affected us permanently. While we missed our house and our neighborhood, we would have missed it even if we had stayed. I have friends who still live in Ferguson and they’ve told me that there is still violence from time to time and that it doesn’t have the same atmosphere as before the riots. When we moved, our salary was greatly diminished and our expenses were higher, but our children were able to play outside again. It took years for our house to sell and we took an enormous loss. They were able to climb trees in our own yard again. We rarely heard sirens anymore. In many ways, my children were able to bounce back. It was worth every bit the cost of moving and more. Even now though, four years later, from time to time I still notice residual actions or insecurities that I believe were brought on by what we lived through in Ferguson. Those events changed each of us. They made us a little more streetwise. They brought us a little more sense of awareness around us. What we learned So if I could leave you with a few takeaways, they would be these: Don’t think it could NEVER happen to you. We lived in a small town surrounded by wonderful people. I would never have dreamed in my wildest nightmares that we’d be enveloped in civil unrest of any magnitude, let alone that magnitude. Being ready for the unexpected is a MUST! I have a friend who asked me why in the world she should keep items together (like a BOB or Grab-and-GO bag) in case they had to evacuate. Sure she lives on the Florida peninsula, but they always have some notice before a hurricane, right? This is why. You never know when you literally have five minutes to be out of the house before unrest of one sort or another reaches you. Learn to use social media to your advantage. During the whole situation, Twitter was our best friend. We would stalk Twitter and more specifically #Ferguson on Twitter. What we saw either could keep us in our house or evacuate us at a moment’s notice. If we needed to leave the house, we always checked #Ferguson on Twitter. We would be able to see where the protests were and which was the safest way out of the city. Having items that you keep in your car all the time is VERY helpful in case you ever need to leave quickly. We keep various tools, foods, drinks, first aid kits and more in our family vehicle. You never know when having them in your car is the difference between you having something and you having nothing. Watch for the effects that stressful situations may be having on your children. Learn to notice the differences and do what you can to mitigate what they are going through. If you can’t actually stop what they are going through, then do what you can to help them have a sense of normalcy in the midst of it. For us, routines helped. It was also helpful to learn where we could go that was safe so that our children could get out their energy. Extra time with parents and extra snuggle time with those children who need it is also vital. I want to leave you with one final thought. Earlier I mentioned normalcy bias. Ya know what? You most likely have that, even if you’re a prepper. By the time the Ferguson Riots hit, I was a prepper – maybe not a very good one – but a prepper nonetheless. Yeah, I was prepping for some unnamed event out in the future that MIGHT happen to me, but when it did happen to me, in many ways it still didn’t seem real. There’s another part of Wikipedia’s definition I didn’t mention before, “This [normalcy bias] may result in situations where people fail to adequately prepare themselves for disasters.” (source) Don’t be that person. Don’t be that person who doesn’t prepare for anything because they think that everything is just going to be the same as it always was. Don’t be the person who lives in denial of a terrible event ever happening to them. It can happen to you, and it might happen to you. I never dreamed that my family would have to face having our home severely damaged by a tornado, or that we’d live through the Ferguson riots, or even that we’d be attacked by a knife-wielding teenager bent on killing everyone at our chess club. We didn’t plan for any of that to happen to us, but it did. Learn, practice, and prepare yourselves mentally as well as physically, so that if a life-altering event happens to you, you can face it and come through the other side more wise and capable than when you went in.
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