AP Police officers secure a street during a raid in the Molenbeek neighborhood of Brussels, Belgium, Friday March 18, 2016.
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There is terrible news coming out of Belgium on Tuesday, and it should go without saying that Wall Street news is taking a backseat.
Explosions ripped through Brussels airport and metro stations across the city. Here is what you need to know:
- The death toll has climbed to at least 30.
- ISIS has claimed responsibility.
- Antiterror police in Belgium are overwhelmed.
- OBAMA: 'The world must unite'
- DAVID CAMERON: 'We will never let them win'
You can check back here for news throughout the day.
Back on Wall Street, the Valeant story continues to rumble on. Piper Jaffray analysts have basically given up on the company. Here is the key passage from a note out Monday:
We do not believe that VRX is really a company with a coherent core in a traditional sense, but rather is just an entity that over the years has sought to take advantage of a series of arbitrage opportunities: tax arbitrage, expense arbitrage and drug pricing arbitrage.
Ouch. On a related note, Business Insider's Josh Barro argues that Valeant's collapse is a happy story - it shows companies with no real economic purpose will fail. And here is a story pointing out some of the similarities between Valeant and WorldCom, the telecoms company that imploded in the early 2000s.
Elsewhere, hedge fund legend Leon Cooperman, the founder of $5.2 billion Omega Advisors, held a conference call with investors on Monday afternoon to address a Wells Notice he and Omega received from Securities and Exchange Commission. Here is a summary of what was said on the call.
In other news:
- Marriott is in a battle with a huge Chinese investor - here's why it's probably not over yet
- There's a Main Street version of hedge funds, and they're beating the real thing
- This is the best description we've seen of the affliction plaguing the bond market.
- The CEO of $2 billion startup Domo: "We've been lying to people, we haven't told anybody what we're doing."
Here are the top Wall Street headlines at midday:
IPOs and merger activity collapsed to start 2016 - It's been a miserable start to the year for dealmakers.
2 huge market-data giants announced a deal this week - here's what could go wrong - The financial-data giant IHS on Monday agreed to combine with its UK rival Markit in a $13 billion merger of equals.
The corporate 'recession' is about more than just oil - While fears of a broad-based US recession have abated in the last few weeks, the recession at US corporations is showing no sign of ending anytime soon.
A Wall Street big shot is trying to build a drone empire - Measure, the drone-fleet company cofounded by Wall Streeter Robert Wolf, is launching a nationwide franchise operation.
Erin Callan, the one-time CFO of Lehman Brothers, has written a book about 'leaning in too far' - Erin Callan, who at one time was the most senior woman on Wall Street in her role as CFO of Lehman Brothers prior to its collapse, has written a memoir about rebuilding her life after her Wall Street career ended.
Passengers only care about one thing - and it's creating a huge shift at one of the world's oldest airlines - Scandinavian Airlines is undergoing a transformation.
These are the most popular shoes for guys right now - Just like with hair, beards, and other clothing items, men's shoes are subject to trends that come and go. Luckily, with shoes it's a little bit simpler.
The biggest and most luxurious yachts from the 2016 Palm Beach International Boat Show - The 2016 Palm Beach International Boat show was host to some of the fastest, largest, and most lavishly-equipped yachts on the planet.