Opening Bell: 9.23.15 - Dealbreaker

Opening Bell: 9.23.15

Martin Shkreli will cut drug price even though he still thinks you should all suck it; Popes at UN = good for markets; "Burrito Blamed For Bus Crash"; and more.
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Turing to Cut Price of Drug Daraprim After Increase Sparks Outcry (WSJ)
The drug, Daraprim, had cost $13.50 a tablet before Turing Pharmaceuticals AG bought the U.S. rights in August from Impax Laboratories Inc. and raised the price to $750. The increase became a poster child for high drug prices, which have been attacked by drug-benefit managers and some Democrats. Over the last few days, privately held Turing and Chief Executive Martin Shkreli have resisted criticism over Daraprim’s price hike, saying the drug had been underpriced and the higher returns would fund research into a new and better treatment. Mr. Shkreli had also rejected cutting the drug’s price, while lashing out at critics on social media. Mr. Shkreli didn’t respond to requests for comment.

Google Opens to Wall Street (WSJ)
Google Inc. has long ignored most Wall Street conventions, but that is changing under new Chief Financial Officer Ruth Porat. Earlier this month, the Internet giant began offering analysts 15- to 30-minute briefings on Google’s business, according to people familiar with the situation. Many publicly traded companies conduct similar calls, which tiptoe around securities laws. Until now, though, Google wasn’t among them, analysts say.

Papal visits to the UN usually mean good news for Wall Street (NYP)
Three previous popes made four addresses — and the Dow Jones industrial average gained an average of 1.23 percent on the day each appeared, research reveals. A similar advance on Friday could result in a 200-point pop for the Dow. “Just as studies have shown that bad weather can affect the mood of the market, so, too, does the visit by the pontiff,” Sam Stovall, an analyst at S&P Capital IQ, told The Post. “Not only does it end up being uplifting for the faithful, but also encouraging for the fundamental.” The last papal appearance at the UN was Pope Benedict XVI’s visit on April 18, 2008 — and it also had the best reaction by Wall Street. The Dow jumped 1.8 percent that day.

McDonald's offering reserved tables to promote burger (UPI)
The company said 30 Swedish McDonald's locations are offering reservation packages Sept. 25-Oct. 2 on website Bookatable for tables where customers will be served a two-course meal consisting of the new Maestro Classic burger and a dessert option. "We have a very exciting and tasty new premium hamburger coming to our restaurants, the Maestro Classic, so we wanted to give our most loyal customers a unique and memorable experience when they try the Maestro hamburger for the very first time," McDonald's Sweden Director of Marketing Jeff Jackett said.

Gross Tells Fed to `Get Off Zero Now!' as Economies Run on Empty (Bloomberg)
If zero interest rates become the long-term norm, economic participants will soon run on empty because their investments aren’t producing the gains or cash flow needed to finance past promises in an aging society, he wrote in an investment outlook on Wednesday for Denver-based Janus Capital Group Inc. That’s already beginning to happen in the developed world, where Detroit, Puerto Rico, and, he predicts, soon Chicago, struggle to meet their liabilities.

Draghi Says Time Needed to Judge If More Stimulus Necessary (Bloomberg)
“More time is needed to determine in particular whether the loss of growth momentum in emerging markets is of a temporary or permanent nature,” the ECB president said in his quarterly testimony to European Parliament lawmakers in Brussels on Wednesday. Officials need to “assess the driving forces behind the drop in the international price of commodities and behind the recent episodes of severe financial turbulence,” he said.

Burrito Blamed For Bus Crash (HP)
Newly released surveillance video shows Perea was eating a burrito behind the wheel at the time of the crash. At one point, he can be seen taking both hands off the wheel in order to take a bite, KOB TV reports. The video shows Perea putting down the burrito and apparently taking his eyes off the road. The driver doesn't seem to notice a line of cars stopped ahead of him until he hit one car, causing a chain reaction of crashes. One driver injured in the crash is now suing the City of Albuquerque for damages. City officials aren't commenting on the lawsuit, but told KOAT TV that bus drivers aren't allowed to eat or drink while driving.

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