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Opening Bell: 9.24.15

Pimco tops Gross; PF Changs tainted by alleged insider trading; Deutsche says Fed might sit tight 'til 2017; Guy robs banks dressed as Rick James; "Oklahoma man discovers he was shot twice after celebrating birthday"; and more.

HSBC Thinks China Stocks Rout Is Nearly Over (Bloomberg)
“We’ve seen the worst" for mainland stocks, said Steven Sun, Hong Kong-based head of China equity strategy at HSBC, who has a neutral position on yuan denominated shares. “The whole deleveraging process is largely over."

Pimco fund outperforms Bill Gross a year after ‘bond king’ left (FT)
Investors who followed the famed bond investor Bill Gross and put money into his new mutual fund at Janus Capital are sitting on a 2.5 per cent loss at the first anniversary of his dramatic career move. Investors who stayed put in the Pimco Total Return fund that Mr Gross had managed to great acclaim for decades are up 1.7 per cent.

SEC Cites Trades in P.F. Chang Amid Deal Talks (WSJ)
The Securities and Exchange Commission is alleging that a former consultant for the parent company of Panda Express shared nonpublic information in 2011 and 2012 about a potential acquisition of P.F. Chang’s China Bistro Inc. The SEC’s insider-trading complaint against Richard Condon and Jonathan Ross alleges that the consultant, Mr. Condon, “repeatedly” shared information with Mr. Ross and another man who died in December 2014. The SEC alleges Mr. Ross bought P.F. Chang’s call options and tipped Ali Sagheb, who allegedly bought options. Mr. Sagheb, named as a relief defendant, has agreed to pay $19,829.

Not even Donald Trump likes price-gouging ‘pharma bro’ Martin Shkreli (RS)
“You want to know the truth? He looks like a spoiled brat,” Trump said during a press conference in Columbia, South Carolina, adding that “hedge fund guys” like Shkreli are the only people who would see their taxes raised if he were elected president. Trump’s remarks came a day after Fox News defended Shkreli’s attempt to raise the price of the drug Daraprim to $750 per pill, a 5000 percent mark-up...According to Think Progress, however, Trump himself hedged when asked twice what he would do to stop companies like Shkreli’s Turing Pharmaceuticals from trying to implement such drastic price increases. Shkreli only reversed course on Tuesday night after widespread public criticism. Instead, the former Apprentice host continued insulting Shkreli. “There’s something about that one — the way he raised it and to that extent,” Trump said. “And then he sat back smug, like he was hot stuff. That guy is nothing. He is zero. He is nothing.”

Man Pays Tribute to Legend Rick James by Robbing Banks in His Name (Gawker)
A man in Indiana has been showing up to banks dressed as Rick James, demanding money, and then bustin’ out of there. In a beaded wig and dark sunglasses, he and his accomplice, dressed as Youngblood Priest from 1970s movie Super Fly, fled from Advance America bank in Indiana with an unknown amount of money, according to RTV6.

Deutsche Strategist: The Odds of the Federal Reserve Staying on Hold Until 2017 Are 'Up There' (Bloomberg)
The probability of a hike implied by federal funds futures will have to be a lot higher before the central bank is able to act, Konstam believes. "I think you have to give the market a lot of credit, that it kind of understands things—perhaps a little bit better than, certainly, some of the members of the FOMC," he said.

Gross Tells Fed to `Get Off Zero Now!' as Economies Run on Empty (Bloomberg)
Gross underscored that it’s not just insurance companies and giant pension funds that are suffering from low interest rates. Investors aren’t getting the 8 percent to 10 percent returns they counted on to pay for education, health care, retirement or vacation. “Mainstream America with their 401(k)s are in a similar pickle,” he wrote. “They are not so much in a pickle barrel as they are on a revolving spit, being slowly cooked alive while central bankers focus on their Taylor models and fight non-existent inflation,” Gross said, referring to a rule named for Stanford University economist John Taylor.

Oklahoma man discovers he was shot twice after celebrating birthday: police (Reuters)
An Oklahoma man who had consumed large amounts of alcohol at his birthday party at a pool hall discovered when he returned home that he had been shot twice, police said on Tuesday. The man, who was not identified, was shot in the shoulder and the buttock, and the wounds were not life-threatening, Tulsa police said. The man and his brother called a friend to drive them home because they were drunk after celebrating his birthday at Sharky’s Pool Hall on Monday, police said. They said they heard popping noises while driving. After arriving home, they noticed there were bullet holes in the car and the birthday boy was bleeding, police said.

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