Opening Bell: 12.6.16

Citi and Goldman facing diversity challenge; Theranos expected massive profit growth; jellyfish mistaken for breast implant; and more.
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Goldman, Citigroup in Crosshairs of Diversity Activists for 2017 (BBG)

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Goldman Sachs Group Inc., Citigroup Inc., Bank of America Corp. and Wells Fargo & Co. are among the companies in the sights of Arjuna Capital, Trillium Investments and Pax World Management, which say a diverse workforce produces better results. Though the investors are relatively small, each managing a few billion dollars, they have succeeded in pushing technology goliaths such as Apple Inc. and Intel Corp. to divulge information about pay gaps.

‘Friendly’ Trump Positive For Russia Investments As ‘Hawks’ Diminish: CFO of Moscow Exchange (CNBC)

"I think a change in the (U.S.) administration may just decrease the number of anti-Russia hawks in Washington and I think just that change may change the perception towards the Russian market," Evgeny Fetisov, chief financial officer at the Moscow Exchange, said.

Ex-Banker Guilty Of Insider Trading Is Released From Prison (NYPost)

Frank “Perk” Hixon, 58, was released from a Brooklyn halfway house. The former Evercore Partners senior managing director was sentenced to 2½ years in prison for making more than $700,000 in illicit profits with the info on upcoming deals. The money was used by the married banker to pay the expenses of his gal pal and the daughter he fathered with her.

A 26-year Old Bitcoin Entrepreneur Was Sent To Prison, And The Experience Only Confirmed His Belief In The Cryptocurrency (BI)

Shrem's belief in the power of the bitcoin blockchain and the elimination of the middleman continues. He sees the digital currency as a "great equalizer" and believes that bitcoin will do to money what email did to the postal service. "It will allow everyone to be equal."

Wall Street as Landlord: Blackstone Going Public with a $10 Billion Bet on Foreclosed Homes (WSJ)

Jonathan Gray of Blackstone Group LP went on the biggest homebuying spree in history after the U.S. foreclosure crisis, purchasing repossessed properties from the courthouse steps and through online auctions. Four years, $10 billion and roughly 50,000 homes later, he will find out if his gambit will pay off. Invitation Homes LP, the company Blackstone formed to maintain and rent those homes, has filed confidentially for an initial public offering that could come as soon as January.

Rogue Chinese Renminbi Exchange Rate Raises Eyebrows (FT)

Anyone checking the exchange rate between China’s renminbi and the US dollar would have got a shock early on Tuesday when an apparent glitch resulted in quotes shown on Google and at least two other currency exchange websites showing an 8 per cent devaluation.

Trump's Corporate Tax Holiday Could Spur Pharma M&A (Reuters)

Trump has proposed allowing repatriation of this cash at a 10-percent tax rate, hoping some of it will be spent on hiring and investing in their businesses. However, drugmakers are much more likely to spend this money on acquisitions that could revive their drug development pipeline by acquiring smaller peers with promising offerings, as opposed to risking more of their own dollars on research and development, corporate executives and dealmakers say.

Theranos Foresaw Huge Growth in Revenue and Profits (WSJ)

While soliciting investors in 2014 and 2015, Theranos Inc. predicted revenue of nearly $2 billion and net income of about $505 million this year, according to investor materials from the blood-testing startup. The projections help show how Theranos and founder Elizabeth Holmes attracted more than $632 million in its latest funding round, which included the period when the investor materials were distributed.

Someone Handed In A Dead Jellyfish To The Police Thinking It Was A Breast Implant From A Murder Scene (BuzzFeed)

Queensland Police uploaded multiple photos of the jellyfish on Friday, saying it was presented to officers “bagged and tagged”. The man was given a receipt by police after he asked them to seize the “implant”.

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