A rare losing day for stocks on Tuesday as the broader markets fell, ending a hefty run-up over the last few days.
It was also a losing day for Bill Ackman, at least in his campaign at Automatic Data Processing Inc. (ADP) where he lost a hard-fought boardroom battle seeking three seats on ADP's 10-person board in a months-long contest that came to a conclusion on Tuesday, Nov. 7.
Still, the insurgent investor told TheStreet's Ron Orol that he would launch another director battle next year at ADP if the payroll processor doesn't meet its commitments to shareholders.
Meanwhile, Ackman watched one of his former holdings, Valeant Pharmaceuticals (VRX) , pop on Tuesday after the company reported better-than-expected earnings and announced that it had divested a unit that had been giving it some problems from both a sales and litigation perspective.
The Laval, Quebec-based company announced on Monday, Nov. 6, that it would sell the subsidiary that makes a female libido drug, Sprout Pharmaceuticals, to former Sprout shareholders after the unit accused Valeant of mishandling the launch and marketing of one of its drugs.
Valeant will divest Sprout in exchange for a 6% royalty on global sales of its lead drug ADDYI beginning 18 months from the signing of the sale agreement. Valeant, which paid $1 billion to acquire Sprout in 2015, will provide a $25 million loan to fund initial operating expenses. In conjunction with the sale of Sprout, litigation brought against Valeant in regards to marketing of Sprout's treatment will be dismissed.
Meanwhile, we revisit the potential tie-up between Walt Disney Co. (DIS) and 21st Century Fox (FOXA) and why the deal is as much about sealing CEO Bob Iger's legacy at Disney as it is about competing with Netflix (NFLX) and other over-the-top providers.
For many Americans today is election day. And for many, today brings back memories of a year ago when Donald J. Trump was elected as the 45th President of the United States. No matter how you feel about the election, it was a monumental day in America. To that end, TheStreet is out with a feature series, "Inside Trump's First Year," that takes a look at the biggest stories in business over the last year fueled by Trump's election. As part of the series I will be bringing you some interesting, and perhaps never-before-seen photos from the days surrounding the election of 2016. Above is a prop from one of Trump's supporters featured at his New York City election night party. As for stories, today TheStreet looks at the Trump administration's impact on deal making and his undoubted impact on the social media platform Twitter (TWTR) .
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