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Making India green is the Centre’s one of the prime objectives. And taking the initiative to a new level is SunEdison, the largest renewable energy development company in the world by generation capacity. As per a news report by The Economic Times, SunEdison has signed a definitive agreement to acquire Mumbai-based Continuum Wind Energy. While currently only 20 GW of wind farms operate in India, this buyout will help achieve Modi’s ambitious target of generating 100 GW renewable energy by 2022. 
 The Belmont, California headquartered SunEdison, which is listed on <keyword id="6357328" type="COMPANY" weightage="20" keywordseo="NASDAQ">Nasdaq</keyword>, will take over 242 MW of operating wind assets that Continuum owns and operates in Maharastra and Gujarat as well as 170 MW of assets under contruction. The company also has 1000 MW of plants in development across 6 states. This will be the third wind buy for SunEdison - In May, they acquired two renewable energy portfolios, including the domestic portfolio of around 100 MW of Spain-based FersaEnergias Renovables, SA. 
 
 
Sun Edison has not disclosed the deal value in any official communication, but sources close to the transaction said Continuum Wind Energy has been valued at Rs 3,720-3,900 crore ($620-650 million), inclusive of its debt. The equity value alone has been pegged at around Rs 1,920 crore ($320 million). Analysts tracking the sector estimate that the company should close FY15 with Rs 400 crore of revenue. The deal is expected to close in the next 6-8 weeks. 
 "India is a core market for SunEdison and offers tremendous growth opportunities in both wind and solar energy. We made a commitment to Prime Minister Modi that we will deliver 15.2 GW of renewable energy by 2022. We are putting our money where our mouth is," Pashupathy Gopalan, President of SunEdison, Asia Pacific told ET on a call from <keyword id="6355117" type="COUNTRY" weightage="20" keywordseo="South-Africa">South Africa</keyword>. 
 Originally founded by an investment banker turned green energy entrepreneuer <keyword id="252259" type="PERSON" weightage="20" keywordseo="Arvind-Bansal">Arvind Bansal</keyword> and his IIM-Ahmedabad classmate Vikash Saraf of Essar Group, Continuum Wind Energy was controlled by <keyword id="48670" type="CITY" weightage="20" keywordseo="Morgan-Stanley">Morgan Stanley</keyword>'s infrastructure focussed private equity fund -- Morgan Stanley Infrastructure (MSI). MSI, a $4 billion global platform, is part of the global <keyword id="6354241" type="COMPANY" weightage="20" keywordseo="Financial-Services">financial services</keyword> firm's direct private investment group. In 2012, MSI had invested $200 million (Rs 1200 crore) into the company through a convertible instrument to buy a majority stake. Till date they have already deployed around $160 million, said sources. 
 
Both MSI and the erstwhile promoters are cashing out post the takeover but Bansal and the senior management will stay on for a minimum transitory period of 3-4 years running the operations, said officials in the know. 
 
"Our aspirations of growth is mutual. With a large strategic like SunEdison, we will now be able to finance our growth and not worry about giving exits like we would have had to with PE partners," said Bansal. "We have in-house development capacities and we build our own projects instead of buying them on a turn-key basis. That's what help us stand out." 
 <keyword id="273896" type="PERSON" weightage="20" keywordseo="Raja-Parthasarathy">Raja Parthasarathy</keyword> and SG Shyam Sundar the two MDs and Co-Heads, MSI in India were not available for comment till the time of going to press. Back of the envelope calculation shows, MSI will make 1.66 times return in 3 years in dollar terms --- commendable considering the sharp depriciation of the rupee in the same period. The founder duo are expected to make a rake in 4.6 times their initial investment, said analysts. 
 
Buoyed by the government's push towards green energy, SunEdison has charted out an ambitious play in India. Gopalan said, of the 15 GW that his company plans to install in India, 10 GW will be solar with the rest predominantly wind. "Solar may be the number 1 resource in India but we are yet to see the best of wind. There is enough room for growth," he added. Earlier this year, the company signed an agreement with Adani Enterprises for a $4 bn JV to build solar panels in Gujarat. 
 
SunEdison has been scaling up especially in wind. Globally too, they are adding to their wind portfolio significantly through large buyouts. Last November, it agreed to take over First Wind, one of the largest wind power developers in the United States, for $2.4 billion - making it the largest player in one shot. That aquisition will expand SunEdison's project installation pipeline for 2015 by an estimated 500 megawatts. 
 MSI and Bansal had mandated investment banks in 2013 to secure additional equity funding of close to $200 million from PE or strategic players. However discussions then with global utility firms like GDF and some from <keyword id="8695" type="COUNTRY" weightage="20" keywordseo="Malaysia">Malaysia</keyword> and <keyword id="3739" type="COUNTRY" weightage="20" keywordseo="Thailand">Thailand</keyword> did not progress much. More recently, talks with Malaysia's SWF Khazanah and IFC - an existing lender of the company - had also evaluated the prospect of coming on board. 
 
Other than being a cleaner option and a massive employment generating opportunity, prospects of renewable energy has improved considerably since the economics of green power has improved considerably. Wind power is almost close to grid parity as it almost comparable to imported coal in terms of cost. The prices of turbines and other equipment have also come down over the last few years. So have the prices for solar panels. 
 Foreign investors too are also becoming for perceptive to the opportunities. Earlier this February Sembcorp Utilities, a wholly owned subsidiary of <keyword id="158901" type="COMPANY" weightage="20" keywordseo="Sembcorp-Industries">Sembcorp Industries</keyword>, Singapore's leading utilities and marine group, took a controlling 60% stake in <keyword id="836163" type="COMPANY" weightage="20" keywordseo="Green-Infra">Green Infra</keyword> - a leading renewable energy platform -- from its private equity owners IDFC Alternatives for Rs 1051 crore. This was their first investment in the space in India, after backing two coastal thermal coal projects in Andhra Pradesh since 2011. This was also the first and only FDI into the power sector in India in the last one year of the <keyword id="6387077" type="ORGANIZATION" weightage="20" keywordseo="Narendra-Modi-government">Narendra Modi government</keyword>.

One step for SunEdison, a giant step for making India greener

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Reuters/ Brendan McDermid </div></div></div>Greenlight Capital, the hedge fund founded by investor David Einhorn, is seeking a seat on the board of SunEdison - a solar manufacturing company.<a href="http://www.businessinsider.com/what-is-a-yieldco-and-how-is-it-killing-wall-street-2015-11">Since July, the company's stock has collapsed around 90%.</a> Investors started selling after SunEdison announced a deal to acquire a residential solar company, and the terms revealed that the company was in a poor cash position.Einhorn <a href="http://www.businessinsider.com/david-einhorn-robin-hood-presentation-2014-10">presented his long</a> case for the stock in October 2014 at the Robin Hood Investors Conference.From the presentation:We believe the market misunderstands SunEdison. The financial statements are complicated because they consolidate the company's interests in several public companies, and the non-recourse debt of various solar projects that SUNE controls. This makes it challenging to decipher the economic value of the company from a cursory review of the balance sheet or income statement. We believe this leads to sell-side analysts mis-analyzing the company, and the market undervaluing the stock...Obviously a lot has happened since then. Billionaire hedge fund manager David Tepper, of Appaloosa Management, is a shareholder in one of SunEdison's sister companies, and he's suing SunEdison, for one thing.Now it seems Greenlight wants to affect some change. They're seeking the board seat for two years, and the ability to buy stock in the company more easily. Here's part of the <a href="http://www.sec.gov/Archives/edgar/data/945436/000089914016000972/s16114931a.htm">SEC filing (emphasis ours):</a><div><div>Greenlight originally acquired shares of Common Stock of the Company for investment purposes.</div><div></div><div style="padding-left: 30px;">From January 15, 2016 to January 25, 2016, representatives of the Reporting Persons engaged in discussions with representatives of the Company's board of directors (the "Board"), including the Chairman, and other representatives of the Company to discuss (x) the performance of the Company's senior management team, (y) the composition of the Board and (z) future issuances of the Company's equity and equity-linked securities.</div><div style="padding-left: 30px;"></div><div style="padding-left: 30px;">Specifically, Greenlight has proposed that (x) the Company appoint a person designated by Greenlight to the Board (as well as to the Board's Nominating and Corporate Governance and Finance and Investment Committees) as an independent director, and (y) the Company's bylaws be amended to provide that, for a period of two (2) years following the date of such bylaw amendment, the Company would not be permitted to make equity issuances without a supermajority vote of the Board, except in limited circumstances. To date, no understanding has been reached between Greenlight and the Company with respect to these issues.</div><div style="padding-left: 30px;"></div><div style="padding-left: 30px;">Greenlight intends to evaluate on an ongoing basis its investment in the Company and its options with respect to such investment. In connection with such evaluation, Greenlight may seek additional calls and meetings with members of the Board and/or senior management of the Company, or communicate publicly or privately with other stockholders or third parties to indicate Greenlight's views on issues relating to the strategic direction undertaken by the Company and other matters of interest to stockholders generally, including management. As part of such evaluation and any such discussions, Greenlight may make recommendations, suggestions or proposals to the Company that may relate to or result in one or more of the transactions specified in clauses (a) through (j) of Item 4 of Schedule 13D, including but not limited to: changes in the strategic direction of the Company as a means of enhancing shareholder value, changes to the Board, changes to the Company's senior management, changes to the Company's charter or bylaws, acquisitions or dispositions of securities of the Company, changes in the Company's capital structure or dividend policy, and the sale of material assets or another extraordinary corporate transaction, including a sale of the Company.</div><div style="padding-left: 30px;"></div><div style="padding-left: 30px;">Depending on various factors, including the Company's financial position and strategic direction, the outcome of the matters referenced above, actions taken by the Company's board of directors, price levels of the Common Stock, other investment opportunities available to the Reporting Persons, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investments in the Company as they deem appropriate, including, without limitation, making or causing further acquisitions of securities of the Company, including Common Stock, from time to time and disposing of, or cause to be disposed, any or all of the securities of the Company, including Common Stock, held by Greenlight at any time.</div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/billionaire-apocalypse-survival-bunkers-2015-10">This is how billionaires can buy their survival during an apocalypse</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="FzdjRieDrFX61vj_NshYPIl1bkh69Nic" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Now SunEdison has 2 agitated billionaire hedge fund managers to deal with

India might soon be completing the biggest clean-tech acquisition deal. If all goes well, the largest renewable energy development company in the world by generation capacity, SunEdison will be buying Mumbai-based Continuum <keyword id="83273" type="UNKNOWN" weightage="20" keywordseo="Wind-energy">Wind Energy</keyword>. 
 Just when the Prime Minister has been pushing for <keyword id="154273" type="ORGANIZATION" weightage="20" keywordseo="clean-energy">clean energy</keyword>, here comes the bliss. 
 As per a news report in The Economic Times, Indian clean energy sector has already seen international players like <keyword id="315881" type="COMPANY" weightage="20" keywordseo="Sembcorp">Sembcorp</keyword> and investors such as <keyword id="6361649" type="CITY" weightage="20" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> take control of Indian clean power developers in the backdrop of the <keyword id="6360789" type="ORGANIZATION" weightage="20" keywordseo="Modi-Government">Modi government</keyword>'s renewed focus on the space and its ambitious targto add 100 gw (1,00,000 mw) renewable capacity by 2022. SunEdison has already made a non-binding offer, valuing Continuum Wind Energy at Rs 3,720-3,900 crore ($620-650 million), inclusive of its debt, according to the people cited. 
 The news report further says, originally founded by an investment banker turned <keyword id="60895" type="UNKNOWN" weightage="20" keywordseo="Green-energy">green energy</keyword> entrepreneur Arvind Bansal and his IIM-Ahmedabad classmate Vikash Saraf of the Essar Group, Continuum Wind Energy is currently controlled by Morgan Stanley's infrastructure-focussed <keyword id="34499" type="POSITION" weightage="20" keywordseo="private-equity">private equity</keyword> fund - Morgan Stanley Infrastructure (MSI). 
 
MSI, a $4-billion global platform, is part of the global financial services firm's private investment unit which invests directly in companies. In 2012, MSI had invested $200 million (Rs 1,200 crore) into the company through a convertible instrument to buy a majority stake. Till date, they have already deployed around $160 million, said sources. 
 
Both MSI and the erstwhile promoters are expected to cash out post takeover but Bansal and the senior management will stay on for 3-4 years. By the end of the fiscal year ending March 31, 2016, Continuum is expected to have a portfolio of 500 mw of operating assets spread across wind parks in MP, Gujarat and Maharashtra. Analysts tracking the sector estimate that the company should close FY15 with Rs 400 crore of revenue. 
 
The ET further says, earlier this year, the SunEdison signed an agreement with Adani Enterprises for a $4-billion joint venture to build solar panels in Gujarat. "SunEdison has been scaling up in India, especially in wind. In May, they acquired two renewable energy portfolios totalling 140 mw. This includes the India wind portfolio of around 100 mw of Spain-based FersaEnergias Renovables SA," said an energy consultant who tracks the space. 
 "Globally too, they are adding to their wind portfolio significantly through buyouts," he added. Last November, it agreed to take over First Wind, one of the largest wind power developers in the <keyword id="6356955" type="COUNTRY" weightage="20" keywordseo="united-states">United States</keyword>, for $2.4 billion - making it the largest <keyword id="208390" type="POSITION" weightage="20" keywordseo="player-in-this-sector">player in this sector</keyword>. That acquisition will expand SunEdison's project installation pipeline for 2015 by an estimated 500 mw. In addition, it will also expand the total capacity of TerraForm Power's generating portfolio by more than 50%. 
 
(Image: Wikimedia)

SunEdison may soon buy Continuum Wind Energy, making it India’s biggest clean energy buy

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>The S&amp;P 500 crossed its previous closing high reached two months ago on Monday, and the Nasdaq broke its previous highs reached Friday. It was an ugly day for commodities.First, the scoreboard:<ul><li>Dow: 18,120.25, +33.80, (0.19%)</li><li>S&amp;P 500: 2,131.11, +4.47 (0.21%)</li><li>Nasdaq: 5,228.37, +18.23, (0.35%)</li></ul>And now, the top stories on Monday:<ol><li><a href="http://www.businessinsider.com/gold-just-got-destroyed-2015-7">Gold crashed</a> to a five-year low. Overnight, the spot price of gold fell 3.8%, or $43, within a few seconds. The precious metal fell more than 2% to as low as $1,087.40 an ounce on Monday. An analyst at ANZ bank said the move was caused by "[the] nature, size, and timing of the heavy selling." An <a href="http://www.businessinsider.com/gold-price-flash-crash-caused-by-five-tonnes-of-chinese-bullion-2015-7">investor in China</a> dumped the equivalent of one-fifth of a normal day's trade in two minutes.</li><li><a href="http://www.businessinsider.com/gold-mining-stocks-july-20-2015-7">Gold miners got smoked</a>. Among the biggest losing stocks were Barrick Gold, the world's largest miner of the metal, which fell more than 14% to a 25-year low. Newmont Mining fell 11% - the most on the S&amp;P 500, and shares of Kinross Gold Corporation fell to an all-time low. Gold mining stocks <a href="http://www.businessinsider.com/london-gold-miners-stocks-killed-by-the-chinese-gold-dump-2015-7">listed in London</a> also fell sharply. The Gold Miners ETF fell nearly 10%, and the SPDR Gold Shares ETF fell more than 2%.</li><li>West Texas Intermediate crude oil briefly fell <a href="http://www.businessinsider.com/crude-oil-price-july-20-2015-7">below $50 per barrel</a> for the first time since April 6. Oil prices marked a third weekly decline on Friday, amid concerns of oversupply in the market. Iranian oil exports are expected in about a year, following the impending lifting of economic sanctions. And, according to JP Morgan, surging <a href="http://www.businessinsider.com/jp-morgan-says-iraq-oil-production-bigger-threat-than-iran-2015-7">Iraqi production</a> is, in fact, a bigger threat to the oil market. </li><li>Greece has used its emergency loan to <a href="http://www.businessinsider.com/greece-pays-the-imf-2015-7">pay back</a> the IMF and the ECB. In a statement Monday, an IMF spokesperson confirmed that Greece paid all of its arrears to the IMF, totaling about EUR 2 billion. Greece also paid EUR 4.2 billion to the ECB. Greek <a href="http://www.businessinsider.com/r-greek-banks-ready-to-open-monday-expect-long-queues-2015-7">banks reopened</a> today after they had been closed for three weeks as part of capital controls.</li><li>Shares of <a href="http://www.businessinsider.com/sunedison-to-acquire-vivint-solar-2015-7">Vivint Solar surged</a> more than 44% after the announcement that SunEdison and TerraForm are acquiring the company. According to the statement, the deal will boost SunEdison's operations in the residential and commercial solar energy space. Vivint Solar is selling for $2.2 billion in a combination of cash and stock. SunEdison is offering Vivint shareholders $16.50 a share, a 52% premium to Friday's closing price of $10.88.</li><li>The <a href="http://www.businessinsider.com/pearson-may-sell-the-financial-times-2015-7">Financial Times</a> may be for sale. According to Bloomberg, Pearson is looking into bidders for the 127-year-old British newspaper in a deal that would value the FT at about $1.6 billion. People familiar with the matter said that digital publishing giant Axel Springer may be a possible buyer.</li></ol>DON'T MISS: <a href="http://www.businessinsider.com/goldman-sachs-global-macro-forecast-july-2015">Goldman's complete outlook for markets and the economy in one big slide »</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/new-air-force-one-tour-boeing-private-jet-2015-5">Take a tour of the $367 million jet that will soon be called Air Force One</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="4zNWQ2dTq0SJxfj9SagVkmMxd7YoUovg" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

GOLD CRASHES, STOCKS NEAR ALL-TIME HIGHS: Here's what you need to know

First SolarSolar energy is projected to become the No. 1 source of renewable power by 2050.<ul class="summary-list"><li>Solar energy is on track to become the largest source of renewable energy in the US, according to the US Energy Information Administration.</li><li>Chinese companies have long dominated parts of the US solar business. But several US-based companies are gaining ground in the $17 billion market. </li><li>Business Insider compiled a list of the top US-based solar companies, all of which are public, ranked by market cap at the time of publication. </li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul>Solar energy isn't too impressive right now.Last year, for example, solar arrays in the US generated less than 3% of the country's total electricity, according to the <a href="https://www.eia.gov/outlooks/aeo/">US Energy Information Administration</a> (EIA), putting solar well behind other renewables like wind and hydroelectric.And the industry remains relatively small. As of 2018, it was worth an estimated $17 billion, according to the Solar Energy Industries Association (SEIA), which calculated that figure using data on the amount of solar energy that was built that year. But as you look ahead, a different story starts to emerge. In the next five years, total solar capacity <a href="https://www.seia.org/solar-industry-research-data">is set to double</a>. And by 2050, EIA projects that solar energy will account for nearly half of all renewable power generation in the US, or about 17% of all electricity. The falling price of installing solar panels is helping propel the industry forward, with installation costs falling more than <a href="https://www.seia.org/solar-industry-research-data">70%</a> in the last decade, per SEIA. In 2010, an average residential solar system was priced at $40,000, whereas today it's priced closer to $18,000. "There's one thing to desire to transition, there's another to do it because it's the most economical choice," Ron Pernick, who runs the clean-energy stock indexing site, Clean Edge, said. "If you're looking to put in new generation capacity, and you're looking for the most economical sources for those electrons, that choice today is wind and solar."A <a href="https://www.businessinsider.com/top-10-clean-energy-firms-sold-most-power-last-year-2020-1">record year for corporate renewable energy buying</a> has also helped fuel the growth of solar. And so have new policies in places like California, which <a href="https://www.nytimes.com/2018/05/09/business/energy-environment/california-solar-power.html">passed a bill in 2018</a> requiring that all new homes come with solar energy. <a href="http://newsletter.businessinsider.com/join/4np/power-line">Click here to subscribe to Power Line</a>, Business Insider's weekly clean-energy newsletter.As the <a href="https://www.seia.org/solar-industry-research-data">$17 billion</a> US solar industry takes flight, it's hard to imagine the top players won't rise with it.Many of the largest solar companies are rooted in China, such as Jinko Solar. In fact, <a href="https://www.businessinsider.com/clean-energy-industry-trends-to-watch-how-to-invest-money-2019-12">experts say it was a manufacturing boom</a> in China that contributed to the demise of American solar companies including Solyndra and SunEdison, because they couldn't compete with lower-cost imported panels.But US companies have also begun to ascend, scoring massive returns in 2019, according to <a href="https://cleanedge.com/indexes/overview">Pernick's indices</a>, which include clean-energy and water companies listed on the Nasdaq. In fact, three of the top five performers across all four of his indices were solar companies, with US-based Enphase in the top spot, seeing returns of over 450%.What does 2020 have in store? With earnings season in full swing, Business Insider compiled a list of the top solar companies headquartered in the US, ordered by the market value at the time of publication. They include residential installers in addition to panel manufacturers and power plant developers. <a href="https://www.businessinsider.com/intelligence/bi-intelligence-daily?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=tesla&amp;itm_campaign=bi-intelligence-daily"></a>

Meet the top 7 US companies dominating the $17 billion solar-energy industry

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;ALID=2C0FQEEPL9TK#/SearchResult&amp;ALID=2C0FQEEPL9TK&amp;VBID=2C0FC0EIYJO8&amp;POPUPPN=11&amp;POPUPIID=2C0FQEEBTAX5">Reuters/Marcelo Del Pozo</a>Spanish banderillero Antonio Jimenez "Lili" is gored by a bull during a bullfight at The Maestranza bullring in the Andalusian capital of Seville, southern Spain.</div></div></div>Here is what you need to know.<a href="http://www.businessinsider.com/the-government-is-reportedly-ending-its-quest-to-have-apple-help-it-access-data-on-an-encrypted-iphone-2016-3">Apple wins</a>. The tech giant won't have to create a "backdoor" into its product, because the US Justice Department says it has gained access to the phone of one of the San Bernardino shooters. A statement by the DOJ said, "The FBI has now successfully retrieved the data stored on the San Bernardino terrorist's iPhone and therefore no longer requires the assistance from Apple required by the Court Order." This caused Magistrate Judge Sheri Pym to vacate the original order. It remains unclear how the phone was accessed, but speculation centers on a third party an experimental technique called NAND flash mirroring.<a href="http://www.businessinsider.com/yahoo-wants-bidders-to-submit-offers-to-buy-the-company-in-the-next-two-weeks-2016-3">Yahoo bids are due by April 11</a>. The Wall Street Journal reports, bidders for Yahoo's core assets have the next two weeks to ready their bids. A note to potentially interested parties to list what assets they'd like to buy and how much they're willing to pay, in addition to how they plan to finance the deal. Telecom giants Verizon and AT&amp;T, as well as private-equity firms like TPG and KKR, are said to be among the interested buyers.<a href="http://www.businessinsider.com/sec-investigate-sunedison-cash-reporting-2016-3">The SEC is investigating Wall Street's nightmare stock</a>. SunEdison, one of the world's largest renewable energy companies, is being investigated by the Securities and Exchange Commission, according to the Wall Street Journal. The SEC is looking into how much cash the company had last summer when its stock was in free fall. At the time, SunEdison told investors it had $1 billion cash on hand, but some investors think otherwise. Shares of SunEdison tumbled 23% in after-hours trade and are down 96% over the last eight months.<a href="http://www.businessinsider.com/r-buffett-boosts-berkshires-wells-fargo-stake-to-10-percent-2016-3">Warren Buffett upped his Wells Fargo stake</a>. Buffett's Berkshire Hathaway now owns 10% of Wells Fargo, meaning the investment could see more federal scrutiny. Previously the Fed has said it would review investors' double-digit stakes in banks on a case-by-case basis while the Treasury has said it would not deem a 10% stake as "controlling" if the investor agreed in writing to limit their involvement. Citing Buffett, Reuters reports Berkshire's stake in Wells Fargo has climbed from 6.5% at the end of 2009 and 9.8% as of December 31.<a href="http://www.businessinsider.com/r-sears-ceo-lampert-buys-some-of-companys-debt-sources--2016-3">Eddie Lampert is loaning money to his company</a>. Sears CEO Eddie Lampert has bought a portion of the company's new $750 million loan, which is designed to help the company pay down older debt. Reuters reports, Lampert purchased "a couple of hundred million dollars of the new term loan" through his hedge fund ESL Investments. David Tawil, president at hedge fund Maglan Capital, told Reuters, Lampert's purchase buys time for a turnaround, or allows for more asset sales.<a href="http://finance.yahoo.com/news/lennar-reports-first-quarter-eps-100000543.html">Lennar beats</a>. The homebuilder announced earnings of $0.63 per share, easily beating the $0.52 that was expected. Revenue rose 19.8% versus last year to $1.99 billion, which was better than the $1.87 billion anticipated by the Bloomberg consensus. Home deliveries jumped 12% to 4,832. "We continue to believe that the housing market is continuing its slow and steady recovery driven by years of under production, tight inventory levels, attractive interest rates and the lowest unemployment levels since 2008," CEO Stuart Miller said in te earnings release.<a href="http://www.reuters.com/article/global-forex-idUSL5N171165">Janet Yellen speaks</a>. Fed Chair Janet Yellen will take the mic at the Economic Club of New York this afternoon. Traders will be paying close attention to Yellen's comments, which could lay the foundation for further Fed rate hikes. Yellen's speech will begin at 12:20 p.m. ET.Global stock markets trade mixed. China's Shanghai Composite (-1.3%) lagged in Asia and France's CAC (+0.6%) leads in Europe. S&amp;P 500 futures are down 3 points at 2025.Earnings reporting remains light. Dave &amp; Busters and Restoration Hardware are among the names releasing their quarterly results after markets close.US economic data flows. The Case-Shiller 20-city Index is due out at 9 a.m. ET and consumer confidence will cross the wires at 10 a.m. ET. Treasury will auction $34 billion 5-year notes at 1 p.m. ET. The US 5-year yield is lower by 2 basis points at 1.35%. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/influence-people-strategy-psychology-2016-3">5 psychology tricks to influence people and get exactly what you want </a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ptZW8yMjE6NFl9DKdSvfUKwmpHsjldyS" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

10 things you need to know before the opening bell

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Beawiharta</div></div></div>Stocks slid on Thursday in what was a busy day for economic data as a reading on the US labor market was better than expected while manufacturing data disappointed. First, the scoreboard:<ul><li>Dow: 17,989, -107, (-0.6%)</li><li>S&amp;P 500: 2,091, -11, (-0.5%)</li><li>Nasdaq: 4,946, -2, (-0.04%</li><li>WTI crude oil: $43.50 -1.5%</li></ul><h2>Housing</h2>Deutsche Bank's Joe LaVorgna <a href="http://www.businessinsider.com/lavorgna-bullish-on-housing-market-2016-4">isn't concerned</a> about a housing affordability crisis. "To be sure, the housing market was expected to be weak in the aftermath of the recession, as households repaired their severely-impaired balance sheets," wrote LaVorgna in a note to clients."However, household deleveraging is now complete, mortgage rates are low and banks have been loosening lending standards for residential mortgages. Therefore, an optimistic perspective is that the recent data are an aberration and housing will contribute meaningfully to growth in the remainder of this cycle."And so <a href="http://www.businessinsider.com/housing-supply-crisis-is-looming-2016-3">contra arguments made by yours truly</a> that the housing market is facing a problem with too many buyers wanting lower-end homes in an under-supplied market, LaVorgna sees the market as trending towards a better place.The problem with this argument, in my view, is that looking purely at the potential for more favorable financing conditions still ignores that the homes which are actually affordable simply do not exist. And home prices continue to rise, with Thursday morning seeing the l<a href="http://www.businessinsider.com/fhfa-house-price-index-february-2016-2016-4">atest home price index</a> from the Federal Housing Finance Agency show prices were up 5.6% compared to the prior year in February. <h2>US Economy</h2>The economy is not that exciting right now. Things are fine, not great but not terrible. Thursday morning saw the <a href="http://www.businessinsider.com/initial-jobless-claims-april-21-2016-4">latest reading on initial jobless claims</a> fall to 247,000, the lowest number of initial filings for unemployment insurance in any one week since November 1973. On the other side, the <a href="http://www.businessinsider.com/philly-fed-manufacturing-survey-april-2016-4">Philadelphia Fed's April reading</a> on manufacturing activity indicated a contraction in activity in the sector after a big rebound in March. Take the good with the bad and you muddle-through. <h2>Bankruptcy</h2><a href="http://www.businessinsider.com/sunedison-just-filed-for-bankruptcy-2016-4">SunEdison filed for bankruptcy</a>. The renewable energy company, which had been a favorite of hedge fund investors, had seen its stock crash about 90% in the last nine months after its strategy of acquiring companies to grow its business fell apart. In the process the company racked up about $11 billion in debt. Shares of SunEdison had sort of made clear for some time that a bankruptcy reorganization was going to be necessary. And so here we are. Also in the bankruptcy space, <a href="http://www.businessinsider.com/aeropostale-filing-for-bankruptcy-2016-4">Bloomberg reports</a> that Aeropostale is close to filing for bankruptcy. The NYSE, following this news, suspended trading in the stock. <h2>Additionally</h2><a href="http://www.businessinsider.com/prince-is-dead-2016-4">Prince has died at 57</a>. <a href="http://www.businessinsider.com/under-armour-ceo-steph-curry-obsessed-2016-4">Under Armor CEO Kevin Plank REALLY likes Stephen Curry</a>. <a href="http://www.businessinsider.com/under-armour-1q-2016-2016-4">Shares of the company gained almost 7% after earnings</a>. <a href="http://www.businessinsider.com/donald-trump-low-high-interest-rates-2016-4">Donald Trump on interest rates: They are good low and good high</a>. <a href="http://www.businessinsider.com/investing-strategies-for-sideways-market-2016-4">Markets might be boring, but don't act like there's no alpha out there</a>. <a href="http://www.businessinsider.com/caterpillar-3-month-rolling-sales-fall-2016-4">Caterpillar sales, still falling</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/clear-space-iphone-delete-photos-2016-4">The easiest way to clear out a ton of space on your iPhone superfast</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="YzbWFuMjE6YFMmMhULDhTa71bKUInEef" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

STOCKS SLIDE: Here's what you need to know

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Reuters/Gary CameronU.S. Federal Reserve Board Chair Janet Yellen testifies at the House Financial Services Committee in Washington February 10, 2016.</div></div></div>Finance Insider is Business Insider's midday summary of the top stories of the past 24 hours.To sign up, scroll to the bottom of this page and click "Get updates in your inbox," or <a href="http://www.businessinsider.com/newsletter/prime-finance?IR=T&amp;utm_source=businessinsider&amp;utm_medium=finance_insider&amp;utm_term=finance_insider_leadgen_text_link&amp;utm_content=leadgen_text_link&amp;utm_campaign=finance_insider_leadgen_link">click here.</a>We'll get the full Fed-day package later today: a Federal Open Market Committee interest-rate decision, a new "dot plot" with expectations for future rates, an updated summary of economic projections, and a press conference by Federal Reserve Chair Janet Yellen.Here is what you need to <a href="http://www.businessinsider.com/fomc-meeting-statement-preview-march-2016-3">know ahead of the Fed's announcement.</a> Check back here later on Wednesday to <a href="http://www.businessinsider.com/moneygame">stay up to date with our latest coverage. </a>SunEdison, the largest renewable-energy company in the world, <a href="http://www.businessinsider.com/sunedison-delayed-its-annual-report-again-2016-3">is again delaying the filing of its 10-K annual report.</a> The stock <a href="https://www.google.com/finance?q=NYSE%3ASUNE&amp;ei=rI7pVsHJJsGaea2epEg">is down around 8% at the time of writing.</a> Bill Ackman is acting a <a href="http://www.businessinsider.com/bill-ackman-gotham-partners-blow-up-2016-3">lot like he did the last time he blew up a hedge fund</a>, and the biggest Valeant bull in the Wall Street <a href="http://www.businessinsider.com/nomura-analyst-turns-on-valeant-2016-3">analyst community seems to have thrown in the towel.</a>In non-Wall Street news, President Barack Obama <a href="http://www.businessinsider.com/merrick-garland-obama-supreme-court-nominee-2016-3">announced his selection of Judge Merrick Garland as a nominee</a> to the Supreme Court, and <a href="http://www.businessinsider.com/nate-silver-march-madness-bracket-ncaa-tips-2016-3">Nate Silver has the perfect formula for winning your March Madness bracket.</a>Here are the top Wall Street headlines at midday:<a href="http://www.businessinsider.com/r-banks-face-slump-in-trading-revenue-as-bad-volatility-bites-2016-3">Banks face slump in trading revenue as 'bad' volatility bites </a>- Banks are facing a slump of 15% in market trading revenue in the first quarter, spoiling what is normally the most lucrative period when investors put their money to work at the start of the year.<a href="http://www.businessinsider.com/what-is-anchor-fm-and-how-to-use-the-app-2016-3">Investors can't stop talking about a one-month-old app called Anchor</a> - This past weekend, Austin, Texas was crawling with startup founders, reporters, marketers, and investors. The goal: to power network and to find The Next Big Thing.<a href="http://www.businessinsider.com/jpmorgan-survey-on-biggest-fears-2016-3">Global investors are freaking out about the prospect of a Donald Trump presidency</a> - JPMorgan carried out a survey at its annual Global Markets Conference in Paris, asking attendees what concerned them most from a global geopolitical perspective.<a href="http://www.businessinsider.com/morgan-stanley-says-it-overestimated-linkedins-ability-to-grow-its-platform-2016-3">Morgan Stanley: 'We overestimated LinkedIn's ability to grow its platform'</a> - Morgan Stanley analysts are reversing their bullish case for LinkedIn, calling it a "platform at the crossroads of uncertainty."<a href="http://www.businessinsider.com/mohamed-el-erian-weve-reached-the-end-of-the-road-2016-3">EL-ERIAN: 'The road we're on is coming to an end'</a> - Within the next three years, the global economy will hit a "T-junction."<a href="http://www.businessinsider.com/chevrolet-camaro-zl1-new-for-2017-2016-3">This might be the Camaro the world has been waiting for </a>- The Chevrolet Corvette Z06 is perhaps the most incredible car to ever emerge from General Motors.<a href="http://www.businessinsider.com/the-best-kind-of-suit-for-every-body-type-2016-3">The best kind of suit for every body type</a> - Suits are not one-size-fits-all. That much is obvious.

What you need to know on Wall Street today

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">ReutersRussian President Vladimir Putin attends a joint news conference with his Finnish counterpart Sauli Niinisto following their talks at the Novo-Ogaryovo state residence outside Moscow, Russia, in this March 22, 2016 file photo</div></div></div>Finance Insider is Business Insider's midday summary of the top stories of the past 24 hours.To sign up, scroll to the bottom of this page and click "Get updates in your inbox," or <a href="http://www.businessinsider.com/newsletter/prime-finance?IR=T&amp;utm_source=businessinsider&amp;utm_medium=finance_insider&amp;utm_term=finance_insider_leadgen_text_link&amp;utm_content=leadgen_text_link&amp;utm_campaign=finance_insider_leadgen_link">click here.</a>An obscure law firm in Central America is the source of what's being called the largest information leak in history.Emails and documents reveal how the world's richest and most powerful, from Vladimir Putin to the prime minister of Iceland, hide their business dealings using offshore tax havens and shell companies.This is a great primer <a href="http://www.businessinsider.com/what-are-the-panama-papers-2016-4">on the Panama Papers, and what is included in the leak from law firm Mossack Fonseca</a>. Here is the latest on the reaction to the leak so far:<ul><li><a href="http://www.businessinsider.com/kremlin-dismisses-reports-linking-putin-and-offshore-deals-2016-4">The Kremlin has dismissed reports linking Vladimir Putin and offshore deals. </a></li><li><a href="http://www.businessinsider.com/austrian-watchdog-panama-paper-banks-2016-4">An Austrian regulator is investigation two banks after the leak. </a></li><li><a href="http://www.businessinsider.com/ian-camerons-part-in-blairmore-holdings-2016-4">British Prime Minister David Cameron's late father is linked to an offshore fund established in Panama for "taxation purposes."</a></li><li><a href="http://www.businessinsider.com/r-tax-authorities-begin-probes-into-some-people-named-in-panama-papers-leak-2016-4">Tax authorities in Australia and New Zealand are investigating local clients of a Panama-based law firm.</a></li><li><a href="http://www.businessinsider.com/icelands-prime-minister-walked-out-of-an-interview-2016-4">Iceland's prime minister walked out of an interview when confronted by 'Panama papers' findings.</a></li></ul>Elsewhere, Alaska Air has outbid JetBlue for Virgin America, <a href="http://www.businessinsider.com/alaska-air-is-buying-virgin-america-2016-4">and it will buy the company for $2.6 billion.</a> Virgin founder Richard Branson expressed his disappointment in the sale, <a href="http://www.businessinsider.com/richard-branson-nothing-i-could-do-to-stop-virgin-america-takeover-2016-4">saying there was nothing he could do to prevent it.</a>SunEdison, the solar-energy manufacturing firm, <a href="http://www.businessinsider.com/report-sunedison-the-solar-company-that-has-caused-wall-street-so-much-pain-is-preparing-to-file-for-bankruptcy-2016-4">is nearing bankruptcy</a>. Businesses ranging from Silicon Valley venture capitalists to a <a href="http://www.businessinsider.com/r-from-silicon-valley-to-main-st-firms-say-sunedison-owes-money-2016-4">small Massachusetts solar installer say they are owed money</a>. Here is how the <a href="http://www.businessinsider.com/the-biggest-solar-energy-firm-in-the-world-is-a-50-cent-stock-heres-how-that-went-down-2016-4">company fell to its knees.</a>One of the <a href="http://www.businessinsider.com/best-stock-market-signal-saying-time-to-sell-2016-4">best signals in the stock market is saying it may be time to sell</a>, and a company <a href="http://www.businessinsider.com/willis-towers-watsons-pulsemodel-to-predict-death-for-insurance-purposes-2016-4">invented a piece of tech to more accurately predict when you'll die</a>.Here is Microsoft CEO Satya Nadella on why you'll love Cortana, <a href="http://www.businessinsider.com/satya-nadella-microsoft-interview-with-business-insider-2016-4">how cars are like data centers, and what's spurring all these global startups</a>.And here is a <a href="http://www.businessinsider.com/is-it-time-to-buy-stocks-2016-4">bucket of cold water for those who are bullish about stocks.</a>Here are the top Wall Street headlines at midday:<a href="http://www.businessinsider.com/lululemon-sales-mask-lack-of-growth-2016-4">Wall Street can't seem to see through Lululemon</a> - Lululemon is not the growth story it seems to be.<a href="http://www.businessinsider.com/moore-capital-james-mcintyre-2016-4">One of the victims in Andrew Caspersen's alleged $95 million fraud was his Princeton classmate</a> - James H. McIntyre of Moore Capital Management has been identified as the hedge fund employee duped in an alleged $95 million fraud.<a href="http://www.businessinsider.com/deutsche-bank-map-of-winners-and-losers-from-the-oil-slump-2016-4">This map from Deutsche Bank shows the winners and losers from the oil slump</a> - For oil-producing countries, the days of asking for $100 a barrel seem to be over.<a href="http://www.businessinsider.com/south-korean-exports-fall-15-straight-month-march-2016-4">There are signs of life emerging from the world's economic 'canary in the coal mine'</a> - The world's economic "canary in the coal mine" is still weak, but it seems to be showing signs of improvement.<a href="http://www.businessinsider.com/hillary-clinton-quarterly-capitalism-2016-4">HILLARY: Corporate America is obsessed with 'quarterly capitalism' - here's how I'd change that</a> - Democratic presidential frontrunner Hillary Clinton thinks that corporate America has a vision problem.

Leaked documents, takeovers and bankruptcy: WHAT YOU NEED TO KNOW TODAY

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">ReutersA woman watches a partial solar eclipse in Budapest March 20, 2015. A solar eclipse swept across the Atlantic Ocean on Friday with the moon set to block out the sun for about 2-1/2-hour, sky gazers in Europe, Africa and Asia getting a partial celestial show.</div></div></div>President Obama announced a major plan to tackle climate change on Monday. It involves carbon emission reductions and incentive programs for states to invest in renewable energy sources, like solar energy.The thing is, for the renewable sector to grow, it needs Wall Street cash. And from Wall Street's perspective, Obama's proposals couldn't be coming at a stranger time for the energy industry as a whole."I think it's interesting if you think about what's going on in commodities today. The irony is that as commodity pries are going down people are going to care less about renewables," says Tim Seymour, a managing Partner at Triogem Asset Management.Oil and other commodities are getting pummelled by a wide range of macro economic factors, including falling Chinese demand. That makes traditional forms of energy cheap, and has dampened the urgency to invest in alternate energy sources for now.As a result, solar stocks have been getting hammered right along with energy stocks suffering from a commodities price slump.Here's how some of the larger names have done over the last month:<ul><li>SunEdison (SUNE), with a $7.1 billion market cap, is down 11% over the last three months.</li><li>SolarCity (SCTY), with a $5.5 billion market cap, is down 7% over the last three months. </li><li>SunPower Corp (SPWR), with a $3.5 billion market cap, is down 18% over the last three months.</li><li>TerraForm Power (TERP), with a $3.5 billion market cap, is down 28% over the last three months.</li></ul>"I think we're getting near a capitulation moment but its not going to happen in the next week or the next months," Seymour continued.In other words, Wall Street is seeing a lot of uncertainty here. That usually means sitting on the sidelines to wait and see what happens. Investors are watching Washington - where lawmakers from energy dependant states already suffering from a fall in commodities prices areworking on their counter-attack to Obama's proposals."This is going to put companies on the brink out of business if you think this is going to pass," said Seymour. "Clearly there's a number of states where the government's just aren't going to let this happen and they've already talked about lawsuits against the EPA."There's also the Fed factor at work here. Analysts fear that if the Federal Reserve raises interest rates, already-debt laden solar companies could collapse under the weight of all the capital they've raised.In addition to watching Washington investors are also watching Beijing, where it's likely Chinese lawmakers will implement some policies to stimulate the economy in the second half of the year. That would pump up demand for commodities, making oil and coal more expensive and perhaps again sparking demand for alternative energy source.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Wells Fargo</div></div></div>Despite all these factors hurting the industry, a lot of people on The Street think that the world is headed toward renewables in the long run, so investing in this stuff is hotly debated. It's all in the timing. While some people believe solar companies can't survive without government subsidies and financial engineering, others think they're an investment worth sticking to. That's why analysts at Deutsche Bank are calling these lows a "temporary set back" and still have a buy-rating on solar companies like Solar City."Solar... stocks have been under pressure lately due to concerns over rising yields and resulting slower growth..." analysts wrote in a recent note. "We believe these concerns are overdone - solar companies...should be able to find ample growth opportunities at sufficiently high cash on cash yields, in our view. Reiterate Buy in SUNE, TERP, SPWR, SCTY."So while some of Wall Street will hold on for what promises to be a wild ride, it's certain that even more investors will wait on the solar sidelines to ensure that they don't get burned.

Here's what Wall Street is saying about the massive climate change plan Obama just announced

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://www.public.navy.mil/surfor/ddg105/Pages/USSDEWEYTestFirestheUSNAVYFirstSM6Missiles.aspx#.Vs3lT5Pyui4">US Navy</a>USS Dewey test-fires the Navy's first SM-6 missiles, March 31. 2011.</div></div></div>Welcome to March!Stocks exploded higher on Tuesday to bring March in like, well, a bull. (As of yet, there are no market-related analogies about whether lions or lambs are better for investors.)The Dow, S&amp;P 500, and Nasdaq all gained more than 2% on Tuesday as manufacturing data was better across the board though auto sales came in a touch light for February.Alternatively, the <a href="http://www.businessinsider.com/retail-investor-sentiment-and-stocks-2016-3">rally may have been all about how bearish investors had gotten</a>. First, the scoreboard:<ul><li>Dow: 16865.1, +348.6, (+2.1%)</li><li>S&amp;P 500: 1,978.4, +46.1, (+2.4%)</li><li>Nasdaq: 4,689.6, +131.7, (+2.9%)</li><li>WTI crude oil: $34.30, +1.7%</li></ul><h2>Economy</h2>It was a big day for <a href="http://www.businessinsider.com/markit-pmi-and-ism-manufacturing-february-2016-3">US manufacturing data as readings on activity</a> in the sector out of both the Institute for Supply Management and Markit Economics beat expectations, though still indicated only lukewarm activity (at best) for US manufacturing. Markit's final reading on manufacturing in February hit 51.3, indicating expansion but still, overall, serving as the worst reading in about two years. "The February data add to signs of distress in the US manufacturing economy," said Markit's Chris Williamson."With other headwinds including the downturn in the oil sector, heightened uncertainty due to financial market volatility, global growth worries and growing concerns about the presidential election, it's no surprise that the manufacturing sector is facing its toughest period since the global financial crisis."ISM's measure, meanwhile, showed a continued decline in activity during February with its reading hitting 49.5 - 50 is the breakeven level for expansion and contraction in these surveys - and Ian Shepherdson at Pantheon Macro called this, "not a robust report" adding that he has no "real hopes" of a strong rebound this year. Expectations were for a reading of 48.5.Manufacturing, both in the US and internationally, has been hammered by a strong US dollar (making cross-currency trade of all kinds more onerous) while the decline in oil prices has also weighed on these readings as oil production falls under the manufacturing umbrella. Of course, as we've noted time and again, manufacturing accounts for about 15% of GDP data. Prolonged weakness in this or really any part of the economy puts the whole thing at risk, however, as layoffs and a loss of confidence from even what is a clear minority of US workers and corporations can ding confidence in the broader economy and send things south. So, we're watching it. Elsewhere in the economy we got auto sales that were solid but not quite as a good as expected with <a href="http://www.businessinsider.com/us-auto-sales-february-2016-2016-3">February sales hitting an annualized pace of 17.43 million</a>, according to Ward Auto. Expectations were for this measure to hit 17.7 million. Construction spending in January rose 1.5% over the prior month, way more than expected. <h2>Recession Watch, 2016</h2>Deutsche Bank's chief international economist Torsten Sløk is still bullish, <a href="http://www.businessinsider.com/torsten-slok-bullish-still-2016-3">highlighting three charts on Tuesday</a> that indicate an economy very much not trending towards recession and also suggesting that the Fed ought to consider raising interest rates at its March meeting. In an email Tuesday, Neil Dutta at Renaissance Macro followed along this line of thinking, writing (emphasis mine):It is not secret that I am very sympathetic to [Sløk's] view. However, the Fed (in its own mind at least) is not data dependent so much as it is outlook dependent. It will probably not be until the June meeting that the Fed determines whether or not the economy was able to shake off the recent tightening of financial conditions. My guess is that conditions will be fine and unemployment somewhat lower than it is at the moment. That said, I do see a significant risk that the Fed will be forced into the scenario they've said they want to avoid -- namely, going more aggressively later on. The recession scenario the market has been pricing is off base: it is not about the US fundamentals or slowing global economy for that matter. That scenario can be mitigated by better data. We may be seeing some of that today. The real recession risk comes later, when the Fed is forced to make up for hikes they took a pass on in 2016. And that's really the thing about recessions: they always come at the end of a tightening cycle from the Fed.The whole reason that you raise interest rates as a central bank is to tamp down inflation and cool off an economic cycle you think has gone too far, too fast, and/or created too many excesses or something. In effect the economy isn't working. So the scenario Dutta outlines is one that has been talked about here and there but, for a Fed-watching public that has seen nothing but disappointing inflation readings for years, seems sort of impossible. I mean, too much inflation for the Fed? After inflation running below-target for a decade? Well, it very much seems that we could be headed that way, at least given recent trends.<div class="KonaFilter image-container display-table"><div><div class="image">Deutsche Bank</div></div></div>Now, we're not making a specific call on the future of inflation, but the reality is that so much of what kept the headline numbers down over the last nearly two years was the decline in oil prices - which also kept down the cost of making some goods, keeping even core readings down in some small way. All oil needs to do, then, is merely not go down anymore and you're looking at much higher inflation. If it rises, we're probably looking at a Fed meeting its target. And then you get rate hikes. And then you get recession. Someday. <h2>Valeant</h2>On Monday, shares of Valeant crashed about 18% after a series of bad news came out about the company including reports that it would delay the filing of its annual report with the SEC and that the <a href="http://www.businessinsider.com/the-sec-is-investigating-valeant-2016-2">SEC is investigating the company</a>.Shares of the company were finished Tuesday roughly unchanged at around $65 a share. In a <a href="http://www.businessinsider.com/rbc-cuts-valeant-price-target-2016-3">note out before the market open on Tuesday</a>, analysts at RBC cut their price target on the company to $100 from $164, a 56% reduction that follows a 70% decline in the stock price over the last six months. RBC writes:While we believe the company has several high quality businesses, our ability to have high conviction is impaired at present. We had previously highlighted headline risk in Q1 and Q2 of 2016 but expected strengthening operations through the year to lead to multiple expansion later in 2016.While we still believe operations will improve, especially given the recently announced, unique, Walgreens access program, our lack of visibility on various issues makes it difficult to call for an expansion in the multiple at present. As such, the foundation for our previous Outperform rating no longer applies.Being an analyst is hard. Valeant, you'll recall, is hedge fund giant Bill Ackman's largest holding. Also in hedge fund stocks, <a href="http://www.businessinsider.com/sunedison-delaying-its-10-k-2016-3">SunEdison shares fell more than 20% on Tuesday</a> after the company filed to delay its annual report with the SEC.<h2>Larry Summers</h2><a href="http://www.businessinsider.com/larry-summers-on-donald-trump-2016-3">Larry Summers on Donald Trump</a>:While comparisons between Donald Trump and Mussolini or Hitler are overwrought, Trump's rise does illustrate how democratic processes can lose their way and turn dangerously toxic when there is intense economic frustration and widespread apprehension about the future. This is especially the case when some previously respected leaders scurry to make peace in a new order -- yes Chris Christie, I mean you.The possible election of Donald Trump as president is the greatest present threat to the prosperity and security of the United States. I have had a strong point of view on each of the last ten presidential elections, but never before had I feared that what I regarded as the wrong outcome would in the long sweep of history risk grave damage to the American project.Or, as I said in the headline, Summers thinks Trump is what happens when democracy goes awry. Trump is poised to be a big winner on Super Tuesday and move one step closer to winning the Republican nomination for president. And so we're in the part of the cycle where we're trying to make sense of what this means. There was also a "secular stagnation" angle to Summers' Trump thing (<a href="http://www.businessinsider.com/larry-summers-imf-speech-on-the-zero-lower-bound-2013-11">obviously</a>!) which says that since the economy has been so frail and people are so uncertain about the future the only thing people can get behind is the boisterousness of a candidate like Donald Trump who runs not on traditional policy-backed views but simply his bluster. To Summers, Trump's rise, "is a reflection of the political psychology of frustration - people see him as responding to their fears about the modern world order, an outsider fighting for those who have been left behind."<h2>Additionally</h2><a href="http://www.businessinsider.com/wall-street-spring-reading-list-2016-2">Wall Street reading list.</a><a href="http://www.businessinsider.com/greenspan-havent-been-optimistic-for-awhile-2016-3">Alan Greenspan, not that excited about America's future. </a><a href="http://www.businessinsider.com/stock-market-off-to-wildest-years-ever-2016-3">2016 has been one of the wildest years in the history of the S&amp;P 500.</a>"<a href="http://theirrelevantinvestor.com/2016/03/01/misconduct/">Of the 5,278 advisers in Palm Beach, Florida, 18.11% have engaged in misconduct</a>."<a href="http://www.bloomberg.com/features/2016-jamie-dimon-interview/">Jamie Dimon talked to Bloomberg</a>. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/curiosity-rover-mars-takes-selfies-photos-outer-space-nasa-2016-2">There's something unsettling about these photos from NASA's Curiosity Mars rover</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="A5d2dwMDE6k7a5W_p92Tz4lr9sTPvcDb" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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