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  • Wall Street opens higher on M&A flurry

    Traders work on the floor of the New York Stock ExchangeNEW YORK (Reuters) - U.S. stocks opened higher on Monday as four M&A deals in the biotech sector lifted market sentiment after the worst weekly decline for the S&P 500 in two months.

  • UnitedHealth to buy pharmacy benefit firm Catamaran for $12.8 billion

    UnitedHealth Chief Executive Officer Hemsley takes part in a panel discussion in Beverly HillsPharmacy benefit managers (PBM) administer drug benefits for employers and health plans and run large mail order pharmacies, helping them get better prices from drugmakers. As employers look to cut prescription costs on expensive drugs, the deal with Catamaran will give UnitedHealth's pharmacy benefits unit, OptumRx, the scale to negotiate favorable prices from pharmacy companies. The purchase of Catamaran will increase UnitedHealth's market share to 15 percent to 20 percent of the people who receive their drug benefits through pharmacy benefit managers, BMO Capital Markets analyst Jennifer Lynch said in a research note.

  • U.S. SEC accuses financier Lynn Tilton of defrauding investors

    Tilton, chief executive officer of private equity firm Patriarch Partners, speaks at the 2009 Reuters Restructuring Summit in New YorkWASHINGTON (Reuters) - U.S. regulators took aim at financier Lynn Tilton and her advisory business on Monday, saying she breached her fiduciary duty to investors by hiding the poor performance of loans underlying three collateralized loan obligations.

  • Exclusive: Morgan Stanley to sell natural gas business scrutinized by Fed

    The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in the Manhattan borough of New York CityBy Lauren Tara LaCapra NEW YORK (Reuters) - Morgan Stanley has agreed to sell a compressed natural gas business that came under regulatory scrutiny shortly after its launch last year, according to a document obtained by Reuters and three people familiar with the matter. The bank will transfer the gas business, Wentworth, to a newly formed company called Pentagon Energy LLC. Two Morgan Stanley managers who were involved with Wentworth, Alberto Chiesara and Ryan Comerford, are leaving to join the new company as principals, according to those sources. Simon Greenshields, who had been co-head of Morgan Stanley's commodities business until January and was earlier said to be seeking to leave the bank through a Wentworth sale, is not joining Pentagon Energy. Pentagon's plan is to take advantage of low natural gas prices in North America by exporting the commodity via container ships to under-served markets in the Caribbean and Central America.

  • Pending home sales give hopeful sign for U.S. housing market

    Home for sale sign hangs in front of a house in Oakton, on the day the National Association of Realtors issues its Pending Home Sales for February report, in VirginiaContracts to purchase previously owned U.S. homes rose to their highest level in 1-1/2 years in February, a sign the lackluster recovery in the U.S. housing market could be accelerating. The National Association of Realtors on Monday said its pending home sales index rose 3.1 percent last month.

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