Opening Bell 8.4.17

Hedge fund activist Bill Ackman wants to shake up payroll processing company ADP [CNBC]
The hedge fund run by billionaire activist investor Bill Ackman has amassed an 8 percent stake in ADP, mostly in derivatives, ADP said in a statement on Friday. Ackman first contacted ADP on August 1 asking that it extend the August 10 deadline for nomination of directors so that he can nominate five people, including himself, to ADP's 10-member board.

Grand jury issues subpoenas in connection with Trump Jr., Russian lawyer meeting: sources [Reuters]
A grand jury has issued subpoenas in connection with a June 2016 meeting that included President Donald Trump's son, his son-in-law and a Russian lawyer, two sources told Reuters on Thursday, signaling an investigation is gathering pace into suspected Russian meddling in the 2016 U.S. election.

The Oil Trader Known as ‘God’ Is Closing Down His Main Hedge Fund [Bloomberg]
Hall consistently pushed against the bearish tide on oil this year, using investor letters to cast doubt on data showing rising crude supplies and arguing that a sustained rally was on its way.
Then last month he changed tack, telling investors that the global crude market had “materially worsened” and that prices may be stuck around $50 a barrel or below. Brent crude fell 22 percent from the start of the year to a low in June, and though it has since rallied, it’s still only about $52.

Toyota to Take 5 Percent Stake in Mazda and Build Joint U.S. Plant [NYT]
The factory’s location has not been decided, but Toyota and Mazda said they hoped the first vehicles would roll off its production lines in 2021. The plant is likely to cost $1.6 billion and will employ about 4,000 workers, they said.
Akio Toyoda, Toyota’s chief executive, said in January that the carmaker would invest $10 billion in the United States over the next five years.

China blacklists nine HSBC mutual funds for IPO violations [FT]
HSBC Jintrust, a joint venture between HSBC Global Asset Management and Shanxi Trust & Investment, led the blacklist, with nine funds with combined assets of Rmb14.2bn ($2.1bn) under management.
Among these is the HSBC Jintrust Large Cap Equity Securities Investment Fund, one of China’s top-performing stock funds. With Rmb4.7bn under management and a five-star rating from Morningstar, its share price has nearly tripled in the past three years.

Smoke, Then Fire: Uber Knowingly Leased Unsafe Cars to Drivers [WSJ]
Uber managers in Singapore were aware of the Honda recall when they bought more than 1,000 defective Vezels and rented them to Mr. Koh and other drivers without the needed repairs, according to internal Uber emails and documents reviewed by The Wall Street Journal and interviews with people familiar with Uber’s operations in the region.

Cannabis company plans to turn desert town into pot paradise [AP]
American Green Inc. announced Thursday it is buying all 80 acres of Nipton, which includes its Old West-style hotel, a handful of houses, an RV park and a coffee shop. Its plans are to transform the old Gold Rush town into what it calls “an energy-independent, cannabis-friendly hospitality destination.”