A yearlong study by the Community Service Society of New York has concluded that the problem of homeless people on the streets of the city has ''reached such extraordinary proportions'' that emergency housing must be set up.

The study, to be made public tomorrow, says government agencies have failed to face the problem of the homeless and have made it even worse with the state's program of discharging many patients from mental institutions into communities.

The homeless are found in almost every part of the city. Sometimes they are seen shuffling along the streets or crouched in doorways seeking temporary shelter from wind and rain. They inhabit the bus and railroad stations and subways until they are chased away by the police.

But many of the homeless are all but invisible, hidden in steam tunnels that snake under the streets or out of sight in cardboard boxes and packing cases that look like refuse waiting for the next garbage collection.

In all, there are an estimated 36,000 homeless men and women on the streets of New York City - a ''shocking statistic,'' the report says, especially when there are only 3,200 beds available in public shelters.

''On all accounts it falls woefully short,'' the report says of the city's capacity for sheltering the homeless. ''Armories, unused hospitals, school buildings, hotels, theaters, in rem buildings, church basements, virtually anything with a roof and wall,'' the report says, ''could be used to accommodate homeless people at low cost and in short order.'' In rem buildings are ones that have been taken over by the city because the landlords did not pay taxes.

Asked to comment on the study's findings, Robert Trobe, the deputy administrator for family and adult services of the city's Human Resources Administration, said the city had only so much money for the homeless - spending about $12 million a year to shelter them.

''Advocacy groups do not think there is any limit on the amount of money government can spend,'' he said. ''They think there is no end to revenues.''

Mr. Trobe defended the city's services for the homeless, saying that no one who turns up at a shelter is turned away. ''There are some people who choose not to come to the shelters,'' he said.

But the report of the Community Service Society - a 132-year old nonprofit, nonsectarian social agency in Manhattan - disagrees with the idea that the homeless prefer the streets. Report Rebuts 'Myth'

''Counter to the prevailing myth that the homeless choose their nomadic lifestyle and refuse any assistance offered them,'' the report says, ''the reality is that most have never been offered the fundamental provisions of decent food and humane, noncoercive shelter.''

The report, ''Private Lives/ Public Spaces: Homeless Adults on the Streets of New York City,'' was the result of hundreds of interviews by two researchers, Ellen Baxter and Kim Hopper, who sought out the homeless all over the city, finding a widely varied group.

''A tattered appearance, bizarre behavior, belongings carried in plastic bags or cardboard boxes tied with string, swollen ulcerated legs or apparrent aimlessness: these are the obvious features which distinguish the homeless from other pedestrians and travelers,'' the 129-page report says.

''But there are also those who have been able to maintain a reasonably good personal appearance and whose behavior displays no apparent sign of disorder, and they are often overlooked by casual observation.''

The report explains how the researchers found homeless people who did not fit the usual description: ''Their presence during late night hours when commuters have gone home and stores have closed, and especially their repeated presence in the same sites days or weeks later, is the only telling sign. After midnight, a prime time for research, the homeless become the majority in the waiting rooms of stations and terminals.'' 'No Place to Go Nights'

The study gives examples of some of the homeless who do not fit the usual image. One was at a subway station: ''An impeccably dressed, small-framed woman in her late 60's stood quietly in the entranceway at 2 A.M. with her hands folded, because she 'had no place to go nights.' She said she had had such bad luck and that with rents so high, she couldn't afford both a place to stay and food to eat. She picks up a Social Security check at the bank each month, but it is barely enough to get by on.''

The report says that mental patients released from hospitals under a state program that seeks to ease them into communities constitute another part of the problem. And the ranks of the homeless are also swelled, according to the report, by the current high unemployment and evictions from single-room-occupancy hotels that are being upgraded by landlords into more profitable luxury housing.

The researchers said some of the homeless had been forced violently from their hotels. In some cases, they said, buildings had been burned down to drive out tenants. In others, they were told that developers had come in with sawed-off shotguns and dogs in the middle of the night to get people out. Poignant Scene at Garbage Can


BONN AT the economic summit meeting of Western leaders here in 1978, West Germany staunchly resisted calls for it to use its head of economic steam like a locomotive to tug Europe's lagging economies out of the recession that the oil crisis of 1974 had induced.

By the end of 1980, however, Germany's politicians and industrialists would have been flattered if anyone had asked them to play locomotive. With the cost of oil still climbing and Europe's economies locked in another downturn, West Germany, too, had run out of steam and its leaders were becoming increasingly pessimistic about 1981.

Most people remain convinced that Germany is still one of the line's heavier pieces of rolling stock, but they also have came to realize that it is not immune to the economic difficulties that plague other industrialized nations.

To be sure, 1980 began well for West Germany. Fears of spiraling oil prices led factory owners to stockpile, industry booked heavy orders, and assembly lines hummed. Growth in the first quarter was an acceptable 2 percent.

In the second quarter, however, the pace slackened. Consumer spending eased as energy costs rose. Orders from overseas dried up as developing countries spent their money for oil rather than for turnkey plants from West Germany. Production slowed further when ripples of the United States recession, which had begun earlier in the year when interest rates were screwed ever higher to fight inflation, spread across the Atlantic. But that was only half the picture.

Traditionally, Germany is a juggler of its current account, using strong export earnings to offset the capital German companies invest abroad, the money German tourists spend overseas, and the considerable sums foreign workers send back to families in places like Turkey and Yugoslavia.

But in 1980, a combination of slackened exports, sharply increased payments for imports - among other things, for costly oil - enormous outlays by German tourists abroad, and huge overseas industrial investment swelled the deficit to $14.2 billion, after a $5.4 billion deficit in 1979, and reduced the current account to a shambles. In 1978, the current account had showed a surplus of nearly $9 billion; it is expected to be $10 billion in deficit this year.

Germany's economic engineers at the central bank, the Bundesbank, did their best to attract capital back into Germany by raising their key lending rates to record heights. And last spring, the Government went borrowing from Saudi Arabia to further close the gap.

But some of these measures had only partial success, and others brought unwanted side effects. The high interest rates lost much of their attraction because they came at a time when the United States, to fight double-digit inflation, also lifted interest rates to alltime highs. In addition, they made money expensive, dampening the economy further at a time when many said cheap money was needed to stoke the fires.

What is more, the high United States interest rates that attracted investors out of German marks and into dollars caused the mark to drop in value by 15 percent compared with the dollar last year. By year end, the mark's relatively low value was making imports more costly, lifting the inflationary spiral in Germany again, but doing little to stem the decline in exports caused by worldwide recession.

As the year ended, the outlook for 1981 offered little consolation. In October, Bonn's Minister of Economics, Otto Lambsdorff, predicted economic growth in 1981 would be between zero and 1 percent. Shortly thereafter, in a gloomy joint report, Germany's five leding economic institutes said they expected the country's real gross national product to stand still in 1981, after 2 percent growth in 1980.

But by the beginning of the new year, even these somber predictions were considered too optimistic. In an address to the nation, Chancellor Helmut Schmidt warned that ''1981 is a hard piece of road lying ahead of us.'' His remarks were likely prompted by predictions by some economists who were saying that economic activity could shrink by as much as 1.5 percent over the year.

And in a survey, economists at the Commerzbank, the country's third-largest commercial bank, said consumer buying was likely to stagnate in 1981, as tax cuts promised by the Government for early in the year are offset by rising social security payments.

Government pump-priming will be out of the question, the survey said, and unemployment will go up to about 4.8 percent. More important, the number of people on shortened hours, now 130,000, should jump to 520,000, the bank economists said.

In his speech, Mr. Schmidt rejected what he belittlingly termed the ''rhetoric of belt-tightening.'' And when a junior minister in his Government, Andreas von Bulow, minister of research, told reporters later that the Government might have to consider limiting travel and currency expenditures abroad if the high deficit proves to be a chronic ailment, he was immediately called to order by his senior colleagues.

In the meantime, the planes to the resorts on Tenerife remain booked up. JOHN TAGLIABUE


THE new Broadway season is barely out of the starting gate, but it's not a minute too early to start thinking about contenders for next season. That is what Sheldon Harnick and Joseph Raposo are doing. They are working on a musical adaptati on of ''It's a WonderfulLife,'' Frank Capra's 1946 film that starred James Stewart as an amiable chap who is foiled in his attempt to break out of his smalltown life. Mr. Harnick is writing the bo ok and lyrics, and Mr. Raposo, the music. The producers are Mary Jo Slater and Eugene Wolsk.

Mr. Harnick, the lyricist for ''Fiddler on the Roof,'' reports that he and Mr. Raposo have been working on ''It's a Wonderful Life'' for nearly two years, but not solidly. ''In the midst of it,'' he says, ''I got an assignment from the Houston Grand Opera to do 'Carmen.' It opened last January. And Joe did the score for 'The Great Muppet Caper' movie.''

Mr. Harnick has also been working on another new musical, ''A Christmas Carol,'' which will open in Wilmington, Del., in November with Richard Kiley as Scrooge. After that, he and Mr. Raposo will give their full attention to ''It's a Wonderful Life.'' Theoretically, Mr. Harnick could have two shows on Broadway next season, for ''A Christmas Carol'' is scheduled to tour the country for a year and then open in New York.

''You hate to rely on just one show,'' he observes. ''In this business, things tend to fall through.''

Bob Gunton, the original Juan Peron in ''Evita,'' is coming back to New York in Amlin Gray's ''How I Got That Story,'' which deals with the Vietnam War. Last season Mr. Gunton gave a tour de force performance in it, playing 21 different roles in an Off Off Broadway production at the Second Stage. Don Scardino will also be in the Obie award-winning play, which has a cast of two. Harold DeFelice and Louis Scheeder, the producers, plan to open ''How I Got That Story'' Off Broadway in early December. Carole Rothman, co-artistic director of the Second Stage, will again direct the play.

Mr. Scardino is now in previews with Jeffrey Moss's new musical ''Double Feature,'' due to open on Oct. 8 in the Theater at St. Peter's. But according to Miss Rothman, Mr. Scardino went into that show with the und erstanding that he could leave to do ''How I Got That Story.''

Joseph Papp is giving David Henry Hwang the kind of support that most young playwrights don't even dream of. Mr. Papp produced Mr. Hwang's first play, ''F.O.B.'' Then, he produced his second, ''The Dance and the Railroad,'' which is still running at the Public Theater. Both plays received excellent reviews.

And now he is producing Mr. Hwang's third play, ''Family Devotions,'' a comedy about a Chinese Communist who visits his rich relatives in the posh Bel Air section of Los Angeles. Robert Allan Ackerman is directing the production. Performances begin on Oct. 6.

Mr. Papp and Mr. Ackerman had trouble casting ''Family Devotions'' in New York and found seven of their nine actors in Los Angeles. ''There are not enough good Asian actors here,'' Mr. Papp says. ''Parts are not written for them. They have so little opportunity to act.''

Jill O'Hara says she is amazed by the timing of all this: She used to be a meek person who sat by herself and never opened her mouth at meetings of her tenants' association. Then, a year ago, she suddenly became the feisty ringleader of a hard-fought rent strike. And now, as the leader of a women's assertiveness training group in Barbara Schottenfeld's musical ''I Can't Keep Running in Place,'' Miss O'Hara is encouraging other women to stand up for themselves.

''It's funny how my experience with the rent strike ties into the show,'' the 34-year-old Miss O'Hara says. ''The whole idea of fighting for your rights, and not being intimidated by the big boys. The first lawyers I talked to said we didn't have a case. Then I got the name of Leonard Lerner, a lawyer who specializes in tenants' rights. I call him the Legal Eagle. The landlord settled with us for $27,000 out of court. What I have learned from that experience!''

Miss O'Hara went into ''I Can't Keep Running in Place'' at the Westside Arts Theater three weeks ago as Marcia Rodd's replacement. ''When I first heard about the role, I didn't think I'd like it,'' she says. ''I don't think the theater should be used to exploit political causes. So often you end up with a pamphlet on the stage instead of the human condition. But then I went to see the show, and was rocked by it. I didn't expect something that would move me so.''

She adds that she is surprised by the numbers of people who come up to her after the show to tell her how much they enjoyed her performance in the Neil Simon-Burt Bacharach musical ''Promises, Promises.'' That was in 1968, and Miss O'Hara was the toast of New York in her first - and only - starring role on Broadway. Previously she had been leading lady of the original production of ''Hair'' at the Public Theater.

''I was only 21 in 'Promises,' '' Miss O'Hara says. ''People forget how young I was. I've done everything backward in my career.'' Since ''Promises,'' she has worked mostly in regional theaters and summer stock. ''I've done several Broadway-bound shows th at folded and didn't come in,'' she notes. ''There is a lot of luc k in this business. Actually, I hate show business, but I love my work. There are a lot of bad people in this business.

''Did you know that the song 'I'll Never Fall in Love Again' from 'Promises' was written for me? Burt Bacharach wanted to record it with me. My manager said no. I didn't know at the time that my manager was starting his own record company and wanted me to record the song for him. Eventually, he went bankrupt. Dionne Warwick recorded the song. I have a few other stories like that, unfortunately.''

Suddenly, Miss O'Hara's frown turns into a big smile. ''I have a very rich personal life,'' she reports. ''I'm engaged to Philip Jones, a painter, and I've never been happier.'

Tonight ''Evita'' begins its third year at the Broadway Theater. The cast is currently headed by Derin Altay as Eva Peron, James Stein as Che Guevera and David Cryer as Juan Peron. ... Casting notes from the Manhattan Theater Club: Cleavon Little will make a rare New York stage appearance as the star of Oyama's new play, ''The Resurrection of Lady Lester.'' He will portray Lester Young, the jazz saxophonist. And Alvin Epstein has been signed to star in Alonso Alegria's new play ''Crossing Niagara.'' Both productions begin performances on Oct. 20. ... Christopher Durang's one-act comedies, ''Sister Mary Ignatius Explains It All for You'' and ''The Actor's Nightmare,'' will open on Oct. 22 at Playwrights Horizons. Elizabeth Franz, Polly Draper, Robert Joy, Timothy Landfield, Mark Stefan and Mary Catherine Wright will head the casts, and Jerry Zaks will direct. ... Richard Horner has been named booking agent for a coalition of theaters on West 42d Street's Theater Row. The theaters are seeking to book outside attractions during their dark periods to generate much-needed income.

Illustrations: Hirshfeld drawing of Jill O'Hara


ARLINGTON HEIGHTS, Ill., Aug. 25— Arlington Park race officials denied today published reports that an influenza virus was spreading through the track's barns and might affect Sunday's running of the Arlington Million.

Meanwhile, another horse was withdrawn from the race because of a high fever. Premio Nobel of Chile had a temperature of 103 degrees yesterday and the owner Carlos Hirmas decided today to scratch his horse.

In New York, officials of the Offtrack Betting Corporation announced that shops would take bets on the race Saturday and Sunday.


EAST RUTHERFORD YOUNGSTERS squealed with laughter as the first contingent of clowns chased each other in mock fury to the accompaniment of the circus band. Minutes later, they sat in awe as the full circus cast took center stage.

This was the 111th edition of the Ringling Brothers and Barnum & Bailey Circus and it was the first time the circus had given regularly scheduled performances in New Jersey. The run, at the Brendan T. Byrne Arena here, will end Tuesday.

According to circus organizers, performers and spectators alike, the engagement is one they would like to see continued. ''We couldn't ask for a better place to stage a circus,'' said Tim Holst, the performance director. ''Our people love it.'' While clowns were entertaining in the recently opened arena, animal attendants backstage were preparing elephants for the next act.

''It's constant motion back here,'' said Mr. Holst, as several showgirls climbed atop the elephants and steadied themselves. Within moments, spotlights illuminated the entrance as the elephants, trunk to tail, lumbered into the arena.

Although the dream of becoming a circus performer usually begins at a young age, Mr. Holst was a year out of college before he left a teaching job in Idaho and enrolled at the then newly opened Clown College in Venice, Fla., in 1972.

''It was a flamboyant fantasy,'' Mr. Holst recalled. ''I was young, single and with no obligations. In short, I was having the time of my life, but the thing I really wanted was to become the singing ringmaster.''

He realized that ambition the following year, and served as ringmaster for five years while gaining experience in dealing with the people and personalities that shape the circus.

In 1978, Mr. Holst became performance director of the Red Unit of the circus, which made him responsible for everything that happens out on the floor.

''It's a big job,'' he said, ''not only because of the technical problems involved in setting up each date and performance, but also in controlling squabbles that often arise from time to time between performers. My biggest headache right now is a fear of someone getting hurt, since everyone is dead tired at this stage of the season.''

Because of the large number of performers, stagehands and others, Ringling Brothers divides the circus into two divisions, the Red and Blue Units. Each is a different troupe, and they alternate routes and cities during the season.

Logging nearly 1,000 performances in more than 40 cities since the middle of January, the performers will get a few weeks off after their next engagement at the Nassau County Veterans Memorial Coliseum in Uniondale, L.I.

Shortly after the first of the year, they will rejoin the circus at its winter headquarters in Florida. ''It's hard work and we're all exhausted,'' said Wally Naghtin, ''but let's face it. It has to be one of the most exciting occupations in the world,''

Together with his wife, 14-year-old son and two assistants, Mr. Naghtin presides over 14 bears who ride bicycles and motorcycles. ''As long as the bears hold up, I think we'll make it,'' Mr. Naghtin said. Artists, stagehands and animal keepers - more than 300 travel with the circus from city to city - were nearly unanimous in their praise of the new arena and said they hoped the New Jersey engagement would become an annual event.

''It seems that every new facility we play in is a little better than the next,'' Mr. Holst said, ''but this one seems to have the best of everything. The backstage area is spotless, and there is plenty of room for the animals, cars trucks and props right here in the building.

''Performers even get their own dressing rooms. That's quite a treat for many not used to such privacy in other arenas.'' Although the Red Unit is performing for the second time this year in the New York area - the same group appeared at Madison Square Garden in New York City last spring - circus officials are pleased with attendance at the Byrne Arena so far and expect an even better response when state residents realize they can see the circus without going to New York.

Enthusiasm here was not limited to the performers. ''I can't believe it,'' said Andrew Hilton of Teaneck, who went with his wife and two children. ''We left the house a half-hour ago, bought tickets and even had time to buy popcorn for the kids before the first act.

''I'll tell you one thing: This beats going to New York City for the circus by a country mile.''

Illustrations: photo of dogs performing at Ringling Bros. circus


By Christopher Lehmann-Haupt HOW LIFE IMITATES THE WORLD SERIES. By Thomas Boswell. 296 pages. Doubleday. $14.95.

YOU could say that Thomas Boswell's ''How Life Imitates the World Series'' is an obvious sort of baseball book because its pieces answer many of the questions that seem obvious to anyone who follows the game closely. Why do the Baltimore Orioles win more games than any other team? (Short answer: They have Earl Weaver to manage them.) Why did Bill Veeck used to consume four packs of cigarettes and a case of beer a day? (With Oscar Wilde, he believed that ''the only way to get rid of a temptation is to yield to it.'')

What's the point of going to the ballpark early enough to watch both teams take batting practice? (''It is commonplace, but essential, to note that the longest home runs, the best outfield catches, the grandest infield pirouettes are almost always displayed in batting practice. The fresh memory of those harshly batted balls and brilliant catches keeps us aware of the potential behind each pitch during the actual game. Surely the gent who reached the upper deck at 6 P.M. can still do it at 10 P.M.'') How prevalent are spitball pitchers nowadays? (Very.)

Mr. Boswell, who writes for The Washington Post and is a contributing editor of Inside Sports, may not get off the cleverest or most graceful lines in the world. Though I loved his evocation of Earl Weaver sitting on a stool in his office and cursing all ''the reporters cowering over him,'' I winced at the description of Reggie Jackson as ''the Hester Prynne of sluggers who walks through the baseball world with a scarlet dollar sign on his chest,'' especially when it became the only line in this entire collection to be repeated.

And if, as an undergraduate at Amherst, you happen to have beaten David Eisenhower for the college stickball championship, you are obliged to come up with a better punch line than ''I always said you couldn't learn real stickball on the South Lawn.''

Nor is Mr. Boswell altogether charming on the transcendental meaning of baseball: ''In our daily cacophony, the national 'pastime' is one of those notes we periodically strike in hopes of hearing a hint of middle C.'' Anyway, when it comes to celebrating the game's radiance, Roger Angell has pretty much retired the trophy.

But Mr. Boswell has good ideas for subjects: What baseball is like in such places as Puerto Rico and Cuba. Why Sandy Koufax retired at the peak of his career and why he came back after 13 years of wandering, to help coach Dodger spring training. What made Bill Veeck such a maverick among team owners.

Better yet: he comes up with any number of entertainingly original approaches to a story: Recount the 1980 pennant races backwards from the moment Pete Rose caught that flubbed pop-up to save the championship for the Philadelphia Phillies. List and track down the members of the starting lineup of the last Washington Senators team ever to open the season in the nation's capital. Follow the career of a beginner with the Bluefield (Va.) Orioles all the way to however far he gets in professional baseball.

Best of all, Mr. Boswell catches a lot of details that make things clearer than they were before. Did you know that it may have been a ''hanging spitter'' that the Yankees' Bucky Dent hit off Boston's Mike Torrez to win the 1978 American League East playoff game, which Mr. Boswell pronounces ''the greatest game ever played''? Is there a better way to sum up Little League baseball than Mr. Boswell's description of two husbands having to separate their scrapping wives? Might Bill Veeck not best be described as ''the man in Chicago who danced with his wife,'' his beloved counselor and helpmeet, Mary Frances?

Among Mr. Boswell's sharpest insights may be his discovery of a new baseball statistic, the total average. This is the ratio between the total number of bases a player accumulates for his team by any means, be it walking, stealing or hitting a home run, and the outs he costs his club at bat or on the base paths. As Mr. Boswell points out, total average makes it possible to create a single scale on which a slugger like Reggie Jackson (1980 total average, 1.065) may be compared with a rabbit like Ricky Henderson (1980 total average, 1.034). ''It illuminates new stars like Henderson and Willie Randolph, while blowing holes in big names like Steve Garvey and Pete Rose.''

Best of all, it shows that on the all-time list, where Babe Ruth (1.432), Ted Williams (1.369) and Lou Gehrig (1.255) rank first, second and third, Mickey Mantle is a surprising sixth (1.115), while Willie Mays is 13th (1.019) and Duke Snider is 23d (0.972). This ought to settle one long-simmering hot-stove-league debate.

Actually, I'm only kidding, or indulging a rooting bias. Total average doesn't account for fielding skill or even ability to hit in the clutch. All the same, it's an interesting statistic. It suggests that Johnny Mize, Joe Jackson and Hack Wilson, each of whom ranks in the all-time top 20, are underrated. It suggests that Dave Kingman is given more than his due.

Illustrations: photo of Tom Boswell


The latest advertising incursion into previous ad-free areas of print is the sponsored comic strip, according to Editor & Publisher.

The first panel in the five-panel feature called Plumb Loco carries a ''Brought to you by...'' introduction much like a 10-second I.D. on television.

It is being peddled by Western Features Syndicate of Carmel, Calif., which so far has sold it to a number of weeklies. Both The Jefferson Star in Rigby, Idaho, and the Douglas County Herald in Ava, Mo., are charging advertisers $12 a week. The latter has as sponsor Lethco Sales, a Buick dealer, who reports some comment. The former is Modern Plumbing, the local plumber, who gave up after two months because of ''no response.''


How many big pharma research centers can fit in Cambridge? At least one more.

On Thursday, Bristol-Myers Squibb Co. said it will open a drug-discovery center in Kendall Square in early 2018 with 300 workers to focus on genetic diseases. The 100 Binney St. site will include about 100 researchers from a Waltham lab that is slated to close. The center’s other 200 employees may include many accepting transfers from a Wallingford, Conn., company site also to be shut down as part of a broader Bristol-Myers restructuring.

But the New York-based company, which employs about 450 people at a biologics manufacturing plant in Devens, will probably recruit some new hires from the Boston area, said spokeswoman Sarah Koenig.

“We really feel this is an opportunity to be right in the heart of a vibrant ecosystem,” Koening said. “It’s a great environment for external collaboration. It’s a heavy concentration of world-class science, innovation, and business opportunities.”

Bristol-Myers joins a parade of biopharmaceutical companies that have recently established or expanded operations in Cambridge, a leading worldwide life sciences hub. Drug makers Pfizer Inc., Sanofi SA, and Novartis AG have all consolidated research operations at their Cambridge sites, even while cutting jobs and research programs at other locations around the world.

Baxter International Inc. is setting up a 400-person research site for its new biopharma business, Baxalta, behind the Bristol-Myers building.

The drug giants are drawn by an entrepreneurial culture marked by partnerships between industry and academic researchers, licensing of technology from hospitals and universities, and the spin-off of business, said life sciences adviser Leora Schiff, principal at Altius Strategy Consulting in Somerville. As their patents expire, exposing their products to competition from low-priced generics, the pharmaceutical giants are on the hunt for new drug candidates, she said.

“It’s part of this activity by the Big Pharmas to locate near the science and be able to cultivate relationships with the scientists who are doing cutting edge research,” Schiff said. “They’re intensifying their efforts given that they have to replenish their pipelines.”

A leader in the emerging field of immuno-oncology, which seeks to boost the immune system to fend off cancers, Bristol-Myers also develops drugs to treat heart failure, fibrotic diseases, and a range of genetically defined diseases caused by specific mutations.

At its 89-acre Devens facility, about 45 miles west of Boston, the company produces the rheumatoid arthritis treatment Orencia. Bristol-Myers already has several collaborations in Massachusetts, including one with Boston’s Dana-Farber Cancer Institute and another with Allied Minds, a company that develops and commercializes technology.

Bristol-Myers’s restructuring will also expand a site in the San Francisco Bay Area, another biopharma center, that focuses on immunotherapies, partly by relocating about 40 scientists now in Seattle.

At its 900-worker Wallingford, Conn., operation, 200 researchers will be offered jobs in Cambridge, 100 others will be offered jobs at a New Jersey site, and 100 jobs will be eliminated, Koenig said. She said the remaining 500 jobs will be moved to a new Connecticut site in a location yet to be determined.

“It’s obviously our hope that our talented employees will stay with the company,” she said. Overall, she said, the restructuring “is not a cost-cutting move” but an investment in research and geographic areas that will best position Bristol-Myers for the future.

Bristol-Myers will be moving into a Binney Street building under construction by Alexandria Real Estate Equities Inc., a real estate developer focusing on life sciences.

Summary: Becoming the latest global pharmaceutical giant to set up a Cambridge research operation, Bristol-Myers Squibb Co. said Thursday it will open a 300-person drug discovery center at 100 Binney St. in Kendall Square early in 2018 to focus on genetically defined diseases.


OAK BLUFFS — At foreclosure auctions on Martha’s Vineyard, the bidders and gawkers pull up in Jaguars, Range Rovers, and Porsches.

On Friday, a crowd of more than 100, dressed in pressed jeans and shorts and sporting early summer tans, milled among the scrub oaks and dandelions.

Some had come in the hopes of picking up a few acres on the island retreat for a bargain. Even more came to watch the conclusion of what has been a 15-year-old, divisive drama involving some 50 acres that were initially envisioned as a luxury golf course development and then an equestrian center, before ending up in bankruptcy court.

“The ins and outs, and ups and downs, and misunderstandings have been incredible,” said Dick Pratt, a real estate broker with the Island Group in Edgartown. “It has been an epic. This is a step in the right direction.”

Vincent DeWitt for The Boston Globe

Justin J. Manning (in black suit) conducted the auction Friday that attracted 19 bidders for 20 residential parcels.

A group of Quincy developers, headed by Paul Adamson, who owns Shenannigans Irish Pub & Restaurant in South Boston, and Assembly, a Quincy restaurant, won the bidding for the property, which includes 20 residential parcels, two with partially built manors. Adamson and his partners offered $5.2 million, plus expenses such as back taxes — slightly more than the $4.9 million owed to creditors.

The Adamson group was one of 19 bidders — five who wanted to buy the property as a whole and 14 who wanted to buy individual lots. Adamson said five of the lots will be developed with homes for friends and family members, many of them longtime visitors to Martha’s Vineyard. The rest will be sold to those who want — and can afford — to live on an island that has served as a getaway for presidents and movie stars.

“We’re looking to move forward,” Adamson said.

So are local residents and politicians.

For years, the property has had an uncertain future. Located next to the Farm Neck Golf Course, where presidents Bill Clinton and Barack Obama have teed off, it has been a prize in a tug-of-war pitting those who wanted to preserve the land for open space and walking trails against those who wanted to build on the Vineyard’s reputation as a summer playground for the wealthy.

Corey A. Kupersmith, a former medical journal publisher from Greenwich, Conn., bought 350 acres in the late 1990s. An avid golfer, Kupersmith wanted to build another 18-hole course development on the land because of the high demand for tee times.

But conservation groups opposed his plans, and the Martha’s Vineyard Commission, a planning agency, rejected his proposals three times in two years, a period that locals refer to as the Golf Course Wars.

Kupersmith spent years negotiating and battling with locals. He promised to open the course to the public and set aside some land for a sewage treatment plant. He and his business partners also filed lawsuits, warned they would put up low-income housing, and threatened to

Vincent DeWitt for the Boston Globe

Most of the parcels that were auctioned off Friday have not been developed, and several issues still need to be resolved with the Martha’s Vineyard Commission.

clear-cut the land. One of Kupersmith’s associates posed for photos with a chain saw after cutting down hundreds of pitch pines.

“It got sordid and ugly,” said Peter Fyler, a buyers agent with SplitRock Real Estate, LLC.

Eventually, in 2005, Kupersmith sold 190 acres to the Martha’s Vineyard Land Bank for preservation, and the island’s planning agencies agreed to let him build on part of the property. Kupersmith nixed the golf course plan and instead planned to build a subdivision around an equestrian center with a horse barn and riding trails.

Crews began construction of two homes, but the economy, along with Kupersmith’s finances, collapsed in 2008. Kupersmith and the group developing the property filed for bankruptcy, according to court records.

Connecticut-based People’s United Bank, which had a $4.9 million loan on the property, tried to auction it off in 2012 and again last year. But legal issues sidelined those plans.

NLP Finance LLC, a development group from Williamstown, bought the bank note this year. The company cleaned up the property to appeal to potential bidders, removing broken glass from the windows of the unfinished houses and flattening piles of dirt and stumps around a giant pit that was intended as a pond.

Kupersmith could not be reached for comment. But on Friday, many at the auction recalled his time on the island and wondered out loud what had become of him.

Richard Combra, a former Oak Bluffs selectman and real-estate sales agent who is working with the property’s new owners, said the project took its toll on Kupersmith. “He fought a battle,” Combra said. “All he wanted to do was build a golf course.”

Despite the sale, issues involving public access to walking trails and the money developers are supposed to set aside for affordable housing still must be resolved, said Fred J. Hancock, chairman of the Martha’s Vineyard Commission.

“We want them to work with us and settle these issues,” Hancock said.

Summary: An auction ends a 15-year-old drama on Martha’s Vineyard: the fate of some 50 acres first envisioned as a luxury golf course.


Also: Microsoft may back Dell buyout; Reid Hoffman on hiring a “professional” CEO.

The no-hire paper trail Steve Jobs and Eric Schmidt didn’t want you to see [THE VERGE]

In his statement, Colligan says he received a call from Jobs in August of 2007, expressing concern about Palm’s hiring of Apple employees. He goes on to say that Jobs “proposed an arrangement between Palm and Apple” that would stop the practice, also suggesting that “if Palm did not agree to such an agreement, Palm could face lawsuits alleging infringement of Apple’s many patents.” Colligan later responded in an email, suggesting that any such agreement would likely be illegal and that Palm had patents of its own that it could use to countersue. Jobs replied, writing, “I’m sure you realize the asymmetry in the financial resources of our respective companies when you say: ‘We will both just end up paying a lot of lawyers a lot of money.’”

Microsoft may back Dell buyout [THE NEW YORK TIMES]

If completed, a buyout of Dell would be the largest leveraged buyout since the financial crisis, reaching levels unseen since the takeovers of Hilton Hotels and the Texas energy giant TXU. Such a deal is taking advantage of Dell’s still-low stock price and the abundance of investors willing to buy up the debt issued as part of a transaction to take the company private. And Silver Lake has been working with Dell’s founder, Michael S. Dell, who is expected to contribute his nearly 16 percent stake in the company to a takeover bid.

Keep your Blu-rays and DVDs, Hollywood — I’ve gone digital [CNET]

All this hassle and for what? To get “extras” from a DVD or Blu-ray disc that I’ll probably watch once? No thanks.

And no thanks especially that in order to even watch those extras, as well as the feature film itself, I’m often forced to sit through previews and promotions that either can’t be skipped or require hitting the next chapter button on your DVD or Blu-ray player repeatedly.

I went all digital on taking photos and buying music years ago; all digital on buying books last year. Now it’s time to leave buying physical movies behind, especially as the digital options are more-and-more offering the same extras that a physical disc provides.

If, why, and how founders hould hire a “professional” CEO [REID HOFFMAN’S BLOG]

To be a successful growth-stage CEO, you need to be ready to manage a 1,000 person organization and devote substantial time to time consuming things like running meetings and other business process. You can’t just do the exciting stuff like making the final call on product and speaking at conferences, while shuffling off everything else to the mythical COO who loves doing all the dirty work and doesn’t want any of the credit.

Google: Psy’s ‘Gangham Style’ has earned $8 million on YouTube alone [QUARTZ]

Gangnam Style, the most-watched YouTube video ever, with more than one billion views, by K-pop sensation Psy has generated $8 million revenue on YouTube alone, said Google chief business officer Nikesh Arora in a rare disclosure on the company’s fourth quarter earnings call. A previous analysis by the Associated Press indicated that Psy had earned $7.9 million from Gangnam Style in worldwide revenue, including downloads on iTunes and streaming and sales on services available only in Korea.

The end of an era: Intel’s desktop motherboard business to ramp down over next 3 years [ANANDTECH]

It’s not too tough to understand why Intel would want to wind down its desktop motherboard business. Intel has two options to keep Wall Street happy: ship tons of product with huge margins and/or generate additional profit (at forgiveably lower margins) that’s not directly tied to the PC industry. The overwhelming majority of Intel’s business is in the former group. The desktop motherboards division doesn’t exactly fit within that category. Motherboards aren’t good high margin products, which makes the fact that Intel kept its desktop board business around this long very impressive. Intel doesn’t usually keep drains on margins around for too long (look how quickly Intel exited the de-emphasized its consumer SSD business).

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Summary: Also: Microsoft may back Dell buyout; Reid Hoffman on hiring a "professional" CEO.  The no-hire paper trail Steve Jobs and Eric Schmidt didn't want you to see [THE VERGE] In his statement, Colligan says he received a call from Jobs in August of 2007, expressing concern about Palm’s hiring of Apple employees. He goes on to…


07/15/2015 AT 06:50 PM EDT

At least two armed intruders burst into

's Tarzana home early Wednesday morning and locked his aunt in a closet, PEOPLE confirms.

Though the star wasn't at home, Brown's aunt was there when "at least two, possibly more" armed men forced their way into the house around 2 a.m., says an LAPD spokesman about the incident, first

According to police, the men stole money, "some electronic devices" and other property.

Brown was at Argyle club in Hollywood during the invasion for a pre-ESPY event. The star performed with Kid Ink on stage and sang more than five songs "well after 2 a.m.," says a partygoer.

The singer's rep could not be reached for comment.

Summary: The star's aunt was held at gunpoint early Wednesday at his Tarzana home, police confirm to PEOPLE


FORTUNE — President Obama yesterday proposed an extension of the Bush tax cuts for those making less than $250,000 per year, and threatened to veto any bill that keeps all of the current rates intact. That last part also would seem to include capital gains tax rates — for everyone — which are scheduled to increase from 15% to 23.8% beginning January 1.

Bob Baltimore, a managing director with investment bank Harris Williams & Co., says that the markets are assuming the capital gains rate will rise, which is causing a spike in middle-market M&A and private equity deal activity.

We’ve seen this movie before. Back in 2010, before Obama surprisingly extended the tax cuts, we heard about sellers trying to get deals completed before December 31. Particularly owners of family businesses. The only problem was that many of the sellers were too late, launching their processes in the third or fourth quarters. Baltimore says that some of those same names are back, but this time began their engagements in Q1 or Q2.

He also says that certain private equity firms are pushing 2012 sales, due to a belief that there could be a 2013 change to the tax treatment of carried interest. No firms are saying so explicitly — it could be viewed as a violation of fiduciary duty to limited partners — but he believes the sentiment exists.

Harris Williams has seen an 83% increase in its number of first half deals completed year-over-year, and a 20% increase in engagements. Baltimore said he couldn’t quantify how much of that was sparked by tax issues, but believes it has played a VERY significant factor.

“As the market brushes up to December 31, there will be a bit of a blind man’s bluff,” Baltimore explains. “Will a seller take a discount in order to get a deal done and avoid the 2013 tax bill, or will they hold on and take a better deal with higher taxes? Buyers know this challenge is coming for sellers, and that it should create some opportunities.”

All of that said, overall U.S. M&A and private equity activity — including large-market deals — remains lower in 2012 than in 2011.

Sign up for Dan’s daily email newsletter on deals and deal-makers: GetTermSheet.com

Summary: Are pending tax hikes leading to more mergers?


Renee "DD" Ruben and Joanne C. Reich | Photo by

08/21/2015 AT 11:45 AM EDT

Rachel and Patrick Givens wanted their Aug. 8 wedding at

in Middletown, Connecticut, to be fun, inviting and undeniably them.

"We paid a lot of attention to details to make sure our love was represented in a personal way throughout the entire weekend. Our goal was for our guests to walk away saying, 'That wedding was so Rachel and Patrick,' " Rachel Givens tells PEOPLE.

This included finding a unique way for the couple to include their grandmothers, Renee "DD" Ruben and Joanne C. Reich, in the ceremony.

"We asked them to be our flower ladies because we knew they would have the best time doing it," Rachel says. "Also, the theme of our wedding was 'adventure,' and our grandmothers, who have always both loved to travel, have served as inspiration for us and our future adventures together."

The women were instantly interested in taking on the role of "co-flower ladies." Rachel's grandmother "DD" pumped her fist and shouted, "All right!" in response to the offer.

So on Rachel and Patrick's big day – photographed by

– the adorably unconventional flower girls, who just met that weekend, strutted down the aisle arm-in-arm, tossing petals and beaming at the crowd. The guests responded with smiles of their own and thunderous applause.

Renee DD Ruben and Joanne C. Reich | Photo by ALLAN ZEPEDA

"It was an incredible feeling looking out at this amazing crowd of our family and friends, and then seeing the heart of it all, the women at the start of it, strutting down the aisle with the biggest smiles on their faces. I had plenty of nerves standing up there, but seeing my grandma Joanne tossing flowers around and DD kicking her heels up with that flair – it was such a great reminder to just enjoy the moment," Patrick says.

The grandmas left an impression on the guests too. The bride said that throughout the reception numerous people told her the flower ladies were the best thing they have ever seen. Rachel hopes her special wedding touch encourages other couples to personalize their weddings.

Patrick and Rachel Givens | Photo by ALLAN ZEPEDA

"A lot of wedding traditions are outdated, so don't be afraid to make it your own. Of course, I understand the importance of some religious traditions, but that doesn't mean you can't still weave in elements of your own personal style throughout the day," she says.

She adds, "Do you want to serve pie instead of cake? Do it! We did, and everyone loved it. Do you want to have your adorable grandmothers throw the petals instead of a traditional flower girl? Go for it! The most important thing is that it's what you want and what will make you have the best day of your life."

Summary: Rachel and Pat Givens personaliazed their wedding by having their grandmothers toss petals down the aisle


Whether pro-Russian rebels in the east can be brought to heel is still a subject of debate for observers of the long-running conflict.

"As we've seen so many times before, that hasn't been the case. It's a question of whether the separatists in eastern Ukraine are fully under the control of Putin and will abide by this, and if they don't we could see this unraveling quite quickly," Carnell told CNBC's "Worldwide Exchange."

Carnell said a positive outcome of the deal was that it put on ice the U.S. threat of arming Ukraine but, in all, the best perspective on the deal was to be "cautiously optimistic."

Following the deal, Poroshenko said Kiev would reassert control of the joint border with Russia by the end of 2015, adding that the peace deal did not include federalization or autonomy status for pro-Russian rebels.

Read MoreRussia in 'dire straits' and needs reform: FinMin

Christopher Granville, managing director of the Russia team at emerging market research firm Trusted Sources, agreed that the deal was a "necessary starting point."

"It's not a sufficient condition for a resolution of what is ultimately a geopolitical confrontation going way beyond the horrible events going on in south-eastern Ukraine but it's a necessary condition for getting to a solution," he told CNBC's "Worldwide Exchange."

"But there's chance now that the worst of this violence and the loss of life will be behind us," he added.

Summary: The cease-fire agreement is only hours old and doesn't start until Sunday, but analysts fear the deal will fail.


Brent was down $2.46 at $56.73 a barrel by 2:21 p.m. EDT (1821 GMT).

For the week, Brent was up more than 4 percent and U.S. crude settled about 7 percent higher, after gains from earlier sessions when the dollar was weaker.

Read MoreDon't worry too much about Yemen conflict: Oil analyst

Western nations brokering a nuclear deal for Iran indicated they may achieve before the end of March some sort of agreement that Tehran hopes will lift sanctions curbing its oil exports.

Tehran is keen to recover market share lost under the U.S.-led sanctions that have restricted its crude exports to just 1 million barrels per day from 2.5 million bpd in 2012.

British Foreign Secretary Philip Hammond said on Friday parties at the nuclear talks in Lausanne, Switzerland were "better than halfway" in terms of areas where they were close to agreement.

France's Foreign Minister Laurent Fabius concurred there had been progress but said the focus was on getting the content for the deal right, rather than meeting the deadline.

Read More How oil is preparing for a new world order

"Both sides have a lot of skin in the game in terms of the pressure to deliver something, so we're probably going to hear noise that they have a deal or are close enough but will have to postpone to another deadline," said John Kilduff, partner at New York energy hedge fund Again Capital.

Oil had jumped around 5 percent on Thursday on fear the conflict in Yemen could disrupt cargoes on the neighboring Bab el-Mandeb Strait, where 3.8 million bpd of crude and oil products flow.

But influential Wall Street bank Goldman Sachs said Yemen was only a small crude exporter, and oil tankers could avoid passing its waters to reach their ports of destination.

Summary: U.S. crude settled down 5 percent on Friday as fears about the disruption of crude shipments from Yemen's conflict eased.


The Federal Reserve better not rush to increase interest rates in June because the labor market is really weaker than it appears, former Deputy Treasury Secretary Roger Altman said Thursday.

"I don't think 5.5 percent [unemployment rate] is the best measure of labor market conditions," the former Clinton administration official said in a CNBC "Squawk Box" interview.

Last Friday, the government said the jobless rate fell to 5.5 percent for February, while nonfarm payrolls growth boomed by 295,000, despite the brutal winter conditions.

Read MoreSurge! Job creation jumps despite tough winter

"If 5.5 percent were really capturing the conditions, you wouldn't see wage growth just barely ticking up," said Altman, founder of Evercore Partners. American worker pay rose just 3 cents an hour for last month, representing a 2 percent annualized gain.

Wage inflation remains low, as do consumer and producer inflation. Fed policymakers have repeatedly said they want to see more pricing pressures before raising rates.

The Fed started cutting rates to their current near zero percent levels in 2007 and 2008. The last Fed funds rate hike was in 2006.

Acting in June or September does not really matter in the greater scheme of things, Altman said. But it's important to act at some point, he argued, to give the Fed another weapon besides bond purchasers to fight future crises. "One of the downsides of QE ... is we don't have anything left in the toolbox if there should suddenly be a crisis. And often crises come out of the blue. The next one never comes where the last one came from."

Summary: The Fed better not rush to hike interest rates because the jobs market is weaker than it seems, former Deputy Treasury Secretary Roger Altman tells CNBC.


WHEN: TODAY, FRIDAY, MARCH 13TH

Following are excerpts from the unofficial transcript of a CNBC interview with Bill Ackman, Pershing Square Capital Founder & CEO, today on CNBC's "Squawk Box." Following are links to the video of the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000361539 and http://video.cnbc.com/gallery/?video=3000361555.

All references must be sourced to CNBC.

CERTAINLY NOT BY THE FBI OR DOJ WE HAVE, YOU KNOW, VERY I WOULD SAY PROACTIVELY AND OFFENSIVELY BEEN IN TO SEE THE SEC AND DOJ TO MAKE OUR CASE ABOUT HERBALIFE BUT NO WE HAVE NOT GOTTEN ANY SUBPOENAS ASKING ME TO TESTIFY ABOUT MARKET MANIPULATION OR ANYTHING ELSE THAT IS CONCERNING OUR CONDUCT WITH RESPECT TO HERBALIFE.

ACKMAN ON THE HERBALIFE INVESTIGATION:

IT'S ACTUALLY SOMETHING LESS THAN 50 MILLION AND THE VAST MAJORITY OF THAT IS ACTUALLY LEGAL FEES AND THEN SECOND IS INVESTIGATIVE COSTS WE HAVE BEEN USING HIDDEN CAMERAS RECORDING DEVICES AND WE HAVE HAD INVESTIGATORS GO INTO NUTRITION CLUBS, YOU KNOW, GO TO HERBALIFE DISTRIBUTION CENTERS AND WE'VE SPENT A FAIR AMOUNT OF MONEY DOING THAT WE SPENT A FAIRLY SMALL AMOUNT OF MONEY OUT OF THE TOTAL PACKAGE ON ADVOCACY BUT YOU KNOW IT IS SOMETHING WE'VE DONE AND SOMETHING WE BELIEVE IN.

ACKMAN ON HERBALIFE PYRAMID SCHEME:

BOTTOM LINE IS LET ME MAKE THIS CLEAR HERBALIFE IS A PYRAMID SCHEME OK IT'S A CRIMINAL ENTERPRISE IT PRAYS ON PRINCIPALLY UNDOCUMENTED LATINO PEOPLE IN THE US AND POOR PEOPLE AROUND THE WORLD THIS IS A CONSCIOUS STRATEGY BY THE MOST SENIOR MANAGEMENT OF THE COMPANY I AM SHOUTING IT FROM THE ROOFTOPS.

ACKMAN ON WE STAND BEHIND OUR WORK:

PEOPLE WHO ARE GUILTY OF CRIMES DON'T GO ON NETWORK TV THE MORNING AFTER A STORY APPEARS IN THE WALL STREET JOURNAL SAYING THAT PEOPLE THAT WE HAVE HIRED ARE UNDER INVESTIGATION PEOPLE WHO BELIEVE IN WHAT THEY SAY WHO CARE ABOUT THEIR REPUTATION GO ON NETWORK TV AND ARE PREPARED TO TELL THE WORLD EXACTLY WHAT YOU KNOW I'LL ANSWER ANY QUESTION THAT YOU HAVE YOU CAN ASK ME ANYTHING YOU WANT YOU KNOW THIS, WE HAVE DONE AN ENORMOUS AMOUNT OF RESEARCH ON THE COMPANY WE STAND BEHIND THE WORK.

ACKMAN ON POINTING OUT ERRORS:

HERBALIFE HAS YET TO DISPUTE ANYTHING WE HAVE SAID OTHER THAN BY PUTTING OUT THESE VERY BROAD GENERALIZATIONS THAT WE SAID FALSE AND MISLEADING AND FABRICATING THINGS GO AHEAD I ENCOURAGE HERBALIFE TO GO THROUGH POINT BY POINT ANY OF OUR PRESENTATIONS AND POINT OUT ERRORS IN OUR NUTRITION CLUB PRESENTATION.

ACKMAN ON GILD THE LILY:

WE DON'T NEED TO MAKE FALSE STATEMENTS ABOUT HERBALIFE, ALL RIGHT, MY STATEMENTS COULD NOT BE MORE CLEAR I DON'T NEED TO GILD THE LILY RIGHT, THIS IS A PYRAMID SCHEME I SAID IT LOUD AND CLEAR THAT'S A VIOLATION OF THE LAW THEY ARE INTENTIONALLY DECEIVING PEOPLE PROMISING THEM THAT HERBALIFE IS A WONDERFUL BUSINESS OPPORTUNITY AND THEN THEY TAKE THEIR MONEY.

MICHAEL JOHNSON, WHO IS CEO OF THIS COMPANY, HAS DISAPPEARED OVER THE LAST TWO YEARS. THAT'S BECAUSE HE PERJURED HIMSELF ON CNBC, WHEN HE SAID 90% OF THE PEOPLE WHO BUY HERBALIFE PRODUCT ARE RETAIL CUSTOMERS AND HE CAN PROVE THAT. THAT WAS A TOTALY FALSE STATEMENT. AFTER HE MADE THAT STATEMENT, MICHAEL JOHNSON'S LAWYERS PROBABLY TOLD HIM HE BETTER NOT GO ON TV ANYMORE. THE COMPANY CONFERENCE CALLS, THE FIRST PART OF THE CONFERENCE CALLS IS RECORDED. SO JOHNSON READS A SCRIPT. THEN HE SAYS NOTHING FOR THE REST OF THE CALL. IF MICHAEL JOHNSON THINKS I'M SAYING FALSE STATEMENTS ABOUT HERBALIFE, ASK MICHAEL JOHNSON TO COME ON CNBC AND ANSWER YOUR QUESTIONS. I GUARANTEE HE WON'T DO IT.

THE ENDO TRANSACTION, EVEN THOUGH THEY'VE ALREADY DONE DUE DILIGENCE, THEY SAY IS SUBJECT TO FURTHER DUE DILIGENCE WHICH IS NOT PARTICULARLY INSPIRING IN THAT THEY HAVE ALREADY BEEN THROUGH THE PROCESS AND DONE THEIR BUSINESS. IT'S A 75% STOCK TRANSACTION SO THAT IF SHAREHOLDERS -- THIS IS NOT AN ACQUISITION OF SALIX. IT'S A MERGER WHERE THE SALIX SHAREHOLDERS WILL END UP OWNING 40% OF ENDO. ENDO WILL BE A VERY HIGHLY LEVERED COMPANY. WE THINK OVER SIX TIMES LEVERAGE FOR A BUSINESS THAT DOES NOT HAVE THE QUALITY AND DURABILITY OF PRODUCTS AND CASH FLOWS THAT VALEANT DOES.

With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD , CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 371 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries.

CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms. These include CNBC.com, the online destination for global business; CNBC PRO, the premium, integrated desktop/mobile service that provides real-time global market data and live access to CNBC global programming; and a suite of CNBC Mobile products including the CNBC Real-Time iPhone and iPad Apps.

Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site at http://www.nbcumv.com/mediavillage/networks/cnbc/.

Summary: CNBC Excerpts: Bill Ackman, Pershing Square Capital Founder & CEO, on CNBC's "Squawk Box" Today


So what exactly is the Bloomberg Terminal?

The software system from Bloomberg L.P. provides messaging, security data, analytics and news to more than 300,000 professional market participants around the world.

Many traders and investors rely on its messaging service for their main communications and even to execute trades between each other. These customers pay about $20,000 annually for the service.

Other than messaging, the top "functions" on the Bloomberg are top news stories, stock charts, and bond price analytics. There is also formal trading execution product called "Bloomberg Tradebook."

This is why an outage on April 17 actually affected market volume and caused the U.K. to postpone a debt auction. Without the messaging and data the company provides, investors didn't have the communication means or the information they typically rely on to execute trades, especially for those involved in the bond markets.

While it is known in Wall Street circles as "The Bloomberg Terminal" the company has worked over the years to change that nickname and use its official name "The Bloomberg Professional Service." This is because in the 1990's the company transitioned from a physcial terminal in offices to making it a piece of software accessible from anywhere. Traders can now even access their terminal on their smart phones using the "Bloomberg Anywhere" service.

Former New York City Mayor and Billionaire Michael Bloomberg founded the parent company Bloomberg L.P. in 1981 after taking a $10 million severance payment from Salomon Brothers. The service began as a groundbreaking trade data provider for so-called buyside investors, when at the time,the "sell-side"—made up mostly of investment banks—held the information edge.

Summary: What is the computer system that hundreds of thousands investors rely on every day?


08/27/2015 AT 08:40 AM EDT

Internet sensation Hayes Grier is getting ready to bust a move on

The Vine and YouTube personality will compete on this season of the ABC reality series, he announced via Twitter on Thursday.

The reveal came early after Hayes, 15, teased his nearly 3 million followers that he's "not good at keeping secrets."

"Right now it's 4 in the morning in L.A., and I was going to announce my big announcement in seven days, but I just got word that I could announce it now, so why not?" a sleepy Hayes said in a video posted to the Challenged app. "It's going to be really cool and an amazing journey to be on season 21 of

, and I'm super excited, and I want you guys to be a big part of it and support and vote for us, and it's going to be a great time."

I'm not good at keeping secrets

Hey guys I made my big announcement a little early go watch the video on ! http://t.co/O97EmzT2pd Hope you will support me through this!

Ever the social media star, Hayes is encouraging fans to send him videos of themselves dancing.

and Victor Espinoza have already signed on to the show.

premieres Sept. 14 at 8 p.m. ET on ABC.

Summary: Nick Carter, Bindi Irwin and Victor Espinoza have already signed on to the reality competition


Japan continues its fight to boost prices in an economy that has long batted deflation - a cycle of falling prices and wages. Japan, the world's third largest economy, struggled with deflation in the 1990s, during which time the country saw a number of large insurers go bust.

Deflation is hard on insurers because it tends to depress long-term investment returns, particularly from government bonds. Low rates made it hard for insurers to earn decent returns from their bond portfolios to cover promised payouts to policy holders.

"We don't judge upon monetary policy at all. But if you ask me do they impact the ability of the insurance industry to act appropriately? The answer is yes, they do. Is monetary policy as such appropriate, that is upon the central bankers to judge. We have to cope with the markets as they are," Hufeld told CNBC.

Speaking on the future of BaFin and its size, he said that current complexities in regulation required the group to maintain its scale for now.

"The EU (European Union) in general is a very complex animal and it will stay that way, so if we want to do our job and we are one of the most relevant authorities in the game, there can't be a significant shrinkage. If you are talking medium to longer term 5-10 years from now, that may be a different ball game, which is very difficult to predict today," he added.

Follow us on Twitter: @CNBCWorld

Summary: The president of German financial regulator, BaFin, warned of the long-term bankruptcy risks insurers face as a result of an ultra-low interest rates


SAN FRANCISCO--(BUSINESS WIRE)-- Gap Inc. (NYSE: GPS) today reported that net sales for the four-week period ended August 29, 2015 decreased 3 percent to $1.20 billion compared with net sales of $1.23 billion for the four-week period ended August 30, 2014.

On a constant currency basis, August 2015 net sales were flat compared with last year. In calculating the net sales change on a constant currency basis, current year foreign exchange rates are applied to both current year and prior year net sales. This is done to enhance the visibility of underlying sales trends, excluding the impact of foreign currency exchange rate fluctuations.

“We’re pleased that Old Navy delivered another strong month of positive comps driven by a healthy back-to-school business, as we remain focused on improving product performance across our portfolio,” said Sabrina Simmons, chief financial officer, Gap Inc.

Gap Inc.’s comparable sales for August 2015 were down 2 percent versus a 2 percent decrease last year. Comparable sales by global brand for August 2015 were as follows:

The company noted that this year’s Labor Day holiday is one week later, as compared to last year, offsetting the benefit from the shift of tax-free holidays in a number of states from July last year to August this year.

Additional insight into Gap Inc.’s sales performance is available by calling 1-800-GAP-NEWS (1-800-427-6397). International callers may call 706-902-4949. The recording will be available at approximately 1:00 p.m. Pacific Time on September 3, 2015 and available for replay until 1:00 p.m. Pacific Time on September 11, 2015.

The company will report September sales on October 8, 2015.

Gap Inc. is a leading global retailer offering clothing, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Athleta, and Intermix brands. Fiscal year 2014 net sales were $16.4 billion. Gap Inc. products are available for purchase in more than 90 countries worldwide through about 3,300 company-operated stores, over 400 franchise stores, and e-commerce sites. For more information, please visit www.gapinc.com.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150903006421/en/

Gap Inc.Investor Relations Contact:Jack Calandra, 415-427-1726Investor_relations@gap.comorMedia Relations Contact:Kari Shellhorn, 415-427-1805Press@gap.com

Summary: SAN FRANCISCO---- Gap Inc. today reported that net sales for the four-week period ended August 29, 2015 decreased 3 percent to $1.20 billion compared with net sales of $1.23 billion for the four-week period ended August 30, 2014. On a constant currency basis, August 2015 net sales were flat compared with last year. “We’ re pleased that Old Navy delivered another...


Apparently even death isn't the same in the 21st century.

Standing next to a Lego coffin - studs included - New Zealand design company Dying Art's Ross Hall says individuality and personal expression have increasingly become major features of the way people talk about funerals.

"The girl was terminally ill and all she could do was make Lego - and that's what she wanted to go out in," he says.

His company sells made-to-order coffins with everything from flowers to spaceships printed on them, but it's changing attitudes, not technology, that has brought the change, he says.

"For years we've been able to do a custom casket ... but now it's so much more acceptable - because we look at death as a celebration of life."

Mr Hall's a giant man wearing an attention-grabbing, bright pink Hawaiian shirt with purple flowers, who seems the polar opposite of what funeral industry workers are imaged as.

"We're doing one that's the USS Enterprise," he says with a wide smile.

Dying Art hosts one of the many cheery exhibits among 31 of companies at New Zealand's first funeral trade show in Auckland.

It's an event intended to bring companies from across the industry to show their changing wares.

And change is the operative word.

The Aotea Centre has been filled by companies providing everything from urns to software and coffins ranging for the very traditional to the eco-friendly and quirky.

Coffin-maker TenderRest's Mark Pattinson says in his 36 years in the industry - he started when he was 15 and grew up in a funeral home - people have opened up about a subject once considered off-limits.

"I can remember going to funeral arrangements and the casket just wasn't a thing that was discussed. But nowadays, with social media, and everyone talking about it, I think that's the difference," he says.

The coffins behind him look like something out of sci-fi: capsule-shaped, biodegradable cardboard, light and sleek.

"The younger folk are definitely having more input now and they're a lot more environmentally aware," he says.

Katrina Shanks, the chief executive of the Funeral Directors Association, which has organised the show, says the fact it is even happening is a sign discussion about funerals is becoming more common.

"It's something as Kiwis that we really don't do. Even though it may be a difficult conversation for many New Zealanders to have, we are maturing as a nation," she says.

The organisers hope to bring the show back in a couple years as a regular event, something that's happened over the ditch in recent years.

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Summary: New Zealand's funeral industry says people are no longer afraid to talk about death and funerals are changing as a result.


In a world growing crowded with so-called robo-advisors, Hearsay Social is helping actual human advisors stay relevant. Clara Shih and Steve Garrity, former classmates at Stanford, started the social media management company in 2010 as a way for financial advisors and insurance agents to stay better connected with their clients. Hearsay Social's technology enables financial professionals to collect data from the public social media feeds, such as Facebook and Twitter, of their clients. If a client has a baby, for instance, the financial advisor would likely want to talk about a new life insurance policy.

In February the company rolled out a new product—Hearsay Social's Predictive Social Suite—which goes a step further. In addition to monitoring data from social media feeds, Hearsay Social's clients will also be notified when visitors view their companies' websites and which products or information they were looking for. This, the company claims, will help advisors know more about what a client is interested in.

Read MoreFULL LIST: 2015 DISRUPTOR 50

Of course, having more information on a client is a good thing, but it doesn't address the fact that human advisors are still more expensive than most online services. Still, Shih believes individuals will pay up for relevant, personalized advice. So far, the company has signed on New York Life, Farmers, AXA and Raymond James as clients. It's also raised $51 million in venture financing from Sequoia Capital and NEA, among others.

Summary: To top robo-advisors, Hearsay is collecting data from social media feeds so human advisors can offer relevant, personalized advice.


At the core is the concept of "countercyclical risk premium." Stated simply, that's the concept that the market and the business cycle, in nonextreme conditions like deep recession or runaway inflation, tend to move in different directions. Heightened electric use, then, would be considered a sign of bustling industrial production; the countercyclical would be modest stock market performance.

Read MoreBad sign? Retail investors all in: TD Ameritrade

Recent history has been a good example, at least in a broad sense, as the U.S. stock market has roared back to life in the years following the Great Recession despite the weakest economic recovery since the Great Depression.

"High industrial electricity usage today predicts low stock returns in the future, consistent with a countercyclical risk premium." the paper said. "Industrial electricity usage tracks the output of the most cyclical sectors."

The trend does not speak particularly well for the current state of the market.

Electricity usage in February, the most recent month for which data is available, showed a 3.3 percent gain over the same month a year ago, according to the Energy Information Administration.

"It would predict a lower than average market return from (March) this year to (February) next year," Da wrote in an email response to a CNBC.com question. "Basically, expansion today makes investors less risk (averse) and therefore they demand a lower return for investing in stocks."

Read MoreThe VIX is getting crushed in a 'volatility trap'

In fact, Da and the team tested the electricity usage indicator against 10 other oft-used predictors including dividend-price ratio, earnings to price, book to market and others and found that only the output gap, or the difference between actual and potential output, served as a better forward-looking gauge.

"This is actually a very good paper—very thorough, properly references all the right predecessors," said Nick Colas, chief market strategist at Covergex. "When the economy is doing extremely well, future returns tend to be lower. When everybody's yelling, you should be selling. When everybody's crying, you should be buying."

To be sure, following such indicators is not without danger.

Da recommends using the trend to decide when to allocate away from stocks and into bonds. He acknowledges the practice is part of "market timing," which many investment professionals advise against.

Correction: The authorship of the paper was mischaracterized in an earlier version. The research was a team effort by professors at multiple institutions.

Summary: Tracking simple electricity usage is a helpful predictor in discerning broader market movements, according to a research team at Notre Dame.


New Branded Content & Experiential Agency Unites Corporate Pioneer Sol Trujillo with LatinPointe’s David and Sarah Chavez

INGEÑUITY to Launch a Series of "People-Connecting" Platforms including a National Speakers Bureau and a Multi-City Tour with Soledad O'Brien

KANSAS CITY, Kan.--(BUSINESS WIRE)-- In a move reflective of the changing demographics where the power of diversity is the driving force of American capitalism, prominent international business executive Sol Trujillo has joined with veteran Latino content and event producers and founders of LatinPointe, David and Sarah Chavez, to form INGEÑUITY. INGEÑUITY is a content and experiential event firm that creates, designs and produces groundbreaking signature platforms connecting the world's most recognizable brands to people experiences, the three founders announced today. The Company's vision is to be a leader in designing exciting new, broad-based media, digital and live event property platforms in culture, music, sports, comedy, excellence and success.

"INGEÑUITY is a growth building agency for entities looking to connect with diverse audiences from influencers to millions of consumers," said Sol Trujillo, INGEÑUITY Investor. "We simply will be brand-building through innovation, delivering high-profile and meaningful 'connection' opportunities for clients.”

As part of its focus on the New American Mainstream, INGEÑUITY simultaneously is announcing its Success and Excellence Platforms.

The Success Platform will focus on sharing American stories of inspiration and motivation through the creation of SUCCESS STORIES LIVE! Speakers & Tours. The speakers bureau will launch in September with 40 of the most accomplished, creative, and motivational speakers across the country, including celebrities, journalists, business & corporate executives, athletes, and national community leaders. To launch the Tours Division, INGEÑUITY also announced that it has joined with broadcast journalist and philanthropist Soledad O'Brien, to co-produce a three-month, multi-city college tour this fall.

The company's Excellence Platform will develop and produce high-profile awards recognition programs spotlighting contributions of Latinos across the United States. INGEÑUITY will executive produce "The 28th Annual Hispanic Heritage Awards,” one of the most prestigious Washington D.C. Hispanic events and a PBS Network television special. The company has also co-created and will once again produce the "Los Angeles Times Latinos de Hoy Awards."

Corporate Brands working with INGEÑUITY created or produced content and events are Macy's, Southwest Airlines and the Los Angeles Times to name a few.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150827005208/en/

The Lippin Group for INGEÑUITYElina Adut, 323-965-1990Jennifer Price, 323-965-1990

Summary: New Branded Content& Experiential Agency Unites Corporate Pioneer Sol Trujillo with LatinPointe’ s David and Sarah Chavez. INGEÑUITY to Launch a Series of "People-Connecting" Platforms including a National Speakers Bureau and a Multi-City Tour with Soledad O'Brien. KANSAS CITY, Kan.---- In a move reflective of the changing demographics where the power of...


The Amtrak train that crashed in Philadelphia Tuesday night was traveling at more than 100 mph—double the posted limit—before it derailed, the National Transportation Safety Board said Wednesday.

The train was going 106 mph when its engineer applied emergency braking just seconds before the crash, said Robert Sumwalt, a board member of the NTSB. In a news conference Wednesday, he stressed that the agency could not conclude speed alone caused the accident.

The posted speed limit at the sharp left turn where the train derailed is 50 mph, lower than on either side of the curve. The area where the derailment occurred is known as Frankford Junction and lacks a speed control technology the NTSB has advocated, Sumwalt said.

This is developing news. Check back for updates.

The train was headed to New York City from Washington when it derailed and tipped over in Philadelphia, mangling the front of it, killing at least seven people and injuring several more. Some passengers climbed out of windows to escape.

Philadelphia-area hospitals treated more than 200 patients after the derailment, officials said Wednesday, though they still do not have an accurate count of how many people remain missing.

The search site remains "very active," Philadelphia Mayor Michael Nutter said in a separate briefing Wednesday.

Samantha Phillips, the city's director of emergency management, told a news conference earlier Wednesday that officials were still trying to account for all of the people on the train's manifest, and she urged anyone who had been on the train and gotten off safely to contact Amtrak and register themselves.

As of Wednesday morning, some passengers were still reported to be missing. Rachel Jacobs, chief executive of online learning start-up ApprenNet, had been among the missing, but authorities later confirmed she was one of the fatalities.

Abid Gilani—a senior vice president at Wells Fargo— also died in the crash, the company said.

Summary: The Amtrak train that crashed in Philadelphia was traveling at more than 100 mph before it derailed, killing seven people, officials said.


Sept 1 (Reuters) - Twenty-First Century Fox Inc's Fox News Channel scored the highest prime-time ratings among all basic cable television networks in August, according to Nielsen data, led by the Republican presidential candidates' debate and anchor Megyn Kelly's "The Kelly File."

Fox News Channel's total viewers rose 34 percent to average roughly 2.4 million from a year earlier, the data showed. Of the total, 524,000 were ages 25 to 54, the key group for advertisers on cable news.

Sean Hannity's show "Hannity" delivered its highest-rated month ever, both among 25-to-54-year-olds and in total viewers. It drew 1.8 million viewers overall.

The Republican debate on Aug. 6 pulled in 24 million viewers, the biggest audience in the history of the Fox News Channel. Other major news events during the month included the stock market plunge and a shooting in Virginia.

Total viewership for prime-time programs "On the Record with Greta Van Susteren," "The O'Reilly Factor," "The Kelly File" and "Hannity" rose in double-digits from a year earlier.

It was the second time that Fox News Channel held the top spot in basic cable monthly ratings this year.

(Reporting by Lehar Maan in Bengaluru and Lisa Richwine in Los Angeles; Editing by Leslie Adler)

Summary: Sept 1- Twenty-First Century Fox Inc's Fox News Channel scored the highest prime-time ratings among all basic cable television networks in August, according to Nielsen data, led by the Republican presidential candidates' debate and anchor Megyn Kelly's "The Kelly File." Fox News Channel's total viewers rose 34 percent to average roughly 2.4 million from a year...


"We have a huge order book so we believe that the trend of the market is still extremely positive," said Fabrice Bregier, CEO of Airbus.

Investors should have confidence Airbus and Boeing can keep their profit margins up as they expand production, according to Bregier.

Read MoreAirlines are losing altitude. Does it matter?

"We have better control of our supply chain," he said. "We know how to work together with them, to anticipate the issues. So, all and all, I am pretty confident that it will work."

Airbus will soon open its new assembly plant in Mobile, Alabama.

Starting next year, it will begin delivering A320 airplanes to customers around the world.

That plant, along with Boeing's plant in Charleston, South Carolina, and the Bombardier assembly line outside Montreal, are part of the push among airplane makers to expand production.

Summary: With their order books packed and some airlines scheduled to wait well over five years for their planes, Airbus and Boeing are talking profits.


Under Dick Costolo, Twitter was able to increase the number of users as well as grow its revenue, said Rascoff. Yet, he said, Twitter still had to figure out its business model, something that's usually done before going public,

"It certainly hasn't figured everything out yet," he said. "Typically most companies become public once they've figured out the business model in its entirety and Twitter is still finding it."

Read More Dorsey: 'I believe in' Twitter's strategy

Rascoff added that having Jack Dorsey as an interim CEO wouldn't be suitable in the long run since Dorsey is also the CEO of Square.

"I don't think that anyone can be CEO of Twitter and CEO of another company at the same time. Just 'cause Steve Jobs did it once upon a time doesn't mean it can happen again," said Rascoff.

"What Twitter needs is someone with full-time focus," said Rascoff.

Summary: Zillow CEO Spencer Rascoff is optimistic when it comes to Facebook and Twitter.


This is a question that many affluent families face, and they often enlist the help of their financial advisor and a family wealth consultant to help them figure it out. But even if you are not a multimillionaire and only considering leaving your kids a modest inheritance or a family home, the essence of the question is the same: How does leaving money and assets after your death impact the next generation? The answer is, It depends.

Read MoreSmall-biz owners not planning ahead, says poll

Based on my work as a wealth psychology expert and my experience helping couples talk more openly about money, I've discovered there are three things you should consider when deciding what makes the most sense for your family:

1. The value of hard work can't be denied. Teaching children the value of hard work and how they can contribute to society is an important lesson. For those families that have financial resources, it can become trickier to encourage the kids to work and contribute to the household.

It is worth noting that when I ask my graduate-level students at Bentley University what they learned from their first jobs, the answers always include the value of a dollar, the impact of taxes on income, and how many hours you really have to work to make enough money to pay your bills.

Summary: Millionaire musician Sting isn't going to leave his kids a dime, prompting many to wonder whether to bequeath money to their own offspring.


U.S. stocks closed higher on Wednesday as investors eyed better-than-expected data and remained optimistic on resolution between Greece and its creditors. ( Tweet This )

"Investors should have higher conviction we are back to trend (on economic growth)," said David Lefkowitz, Senior Equity Strategist at UBS. "I think it's mostly about Greece (and) a lot of volatility around what's happening in Europe."

Stocks advanced despite Prime Minister Alexis Tsipras' statements the country will go ahead with the referendum on Sunday and that it is not a determinant of whether or not Greece remains in the euro zone, Reuters reported.

The Dow Jones industrial average closed about 140 points higher, off a more than 170-point rise in the open. The Nasdaq Composite also briefly jumped 1 percent as Apple advanced and biotechs gained.

Dow futures leaped more than 160 points on morning news that Tsipras accepted lenders' conditions in a two-page letter originally sent to the heads of the European Commission that requested only minor revisions to their suggestions on pensions and tax reforms.

"The reason futures (were) strong this morning is the idea we might have a resolution on Greece that keeps it in the euro zone," said James Meyer, chief investment officer at Tower Bridge Advisors. "ADP confirms what we saw all along and I think tomorrow's jobs report is strong."

Financials led advancers in the S&P 500, gaining more than 1 percent as yields climbed.

It's "obviously enthusiasm that a deal will be struck (in Greece). I think probably more important (is) that we had some really good economic data today," said Peter Cardillo, chief market economist at Rockwell Global Capital. "Despite a rise in yields and the dollar is stronger, the first trading day of the second half is probably going to indicate the market is going to do well in the second half."

Read MoreWhat we need to move markets to new highs

Treasury yields held higher, with the 10-year yield near 2.42 percent. The 2-year note yield was 0.69 percent. German 10-year bund yields trimmed gains to 0.81 percent.

The U.S. dollar advanced nearly 1 percent against major world currencies, with the euro at $1.105. The yen was weaker against the dollar at 123 yen.

"In terms of the euro I think the euro is going to be pretty much sidelined. It doesn't look like anything significant is going to happen between now and the referendum," said Jason Leinwand, managing director of Riverside Risk Advisors. "I think we're going to go back at least until the fifth to a sort of fundamental focus (that) the U.S. economy is outperforming."

"I think the markets are going to discount everything that happened on Monday," he said. "The market understands it's going to be fairly significant turmoil if (Greece leaves the euro zone)."

Stocks closed mildly higher on Tuesday, with the S&P 500 eking out its narrowest gain on record for the first half of the year. The major indices plunged nearly 2 percent or more on Monday for their worst day of the year as news of a July 5 referendum in Greece negatively surprised investors.

Read MoreGreece live blog: Tsipras suggests Athens will blink

European equities closed mostly higher on renewed hopes of a Greece deal, with the DAX up more than 2 percent. The Athens stock exchange remained closed for the third day in a row.

Greece became the first advanced nation to default on the International Monetary Fund when it failed to make a 1.5 billion euro ($1.7 billion) loan that was due to the IMF Tuesday night.

The European Central Bank kept its emergency liquidity cap for Greek banks unchanged.

The Eurogroup of regional finance ministers concluded a conference call Wednesday on Greece's latest proposal. No other meeting is expected before Sunday's referendum.

"Good economic data is being taken as good news for markets," said Kate Warne, investment strategist a Edward Jones. "I think investors are still concerned the Greece vote could be a 'no.' That continues to weigh on markets."

Asian equities outside of mainland China gained amid news of Greek default, but the Shanghai Composite plunged more than 5 percent.

Investors also kept an eye on Puerto Rico, which has indicated difficulty repaying its debt of $72 billion. On Wednesday, the island's electric power authority, or PREPA, reached a deal with its creditors to make its $416 million payment.

Summary: U.S. stocks closed higher as investors eyed better-than-expected data and remained optimistic on a deal between Greece and its creditors.


Uber is setting its sights on international expansion.

The car-booking behemoth raised $1.6 billion in convertible debt from Goldman Sachs Group's wealth management clients, the investment bank confirmed with CNBC Wednesday.

Read More Uber and out? Trying times for the tarnished app

The San Francisco-based company is also aiming at raising $600 million from hedge funds and international strategic investors in order to add to its December financing of $1.2 billion, according to a report from Bloomberg. The convertible bond carries a coupon that increases over time if Uber hasn't gone public within 4 years.

Read MoreLyft Seeking New Mega-Funding to Battle Uber

Summary: Uber is setting its sights on further economic expansion after raising $1.6 billion in convertible debt.


12/01/2015 AT 03:00 PM EST

hasn't even hit theaters yet and

is already plotting his return to another huge franchise:

The actor said he'd be more than happy to reprise his role as the whip-carrying archaeologist for another film during an appearance on

"I would love to do another

and work with Steven [Spielberg] again," Ford said. "If we get a script, I'd love to do it."

The 73-year-old first portrayed Dr. Henry "Indiana" Jones in 1981, between the release of the second and third

films. The initial trilogy got a fourth installment with 2008's

Harrison Ford and Sean Connery in Indiana Jones and the Last Crusade

began to fly in January, just two years after Disney bought the rights to the film franchise from Paramount. At the time it was speculated that

might take over for Ford, but neither the actor nor the studio confirmed reports.

he'd like to make director Spielberg's wish come true – for another

before Ford turns 80 – and it was a sentiment he echoed on

"I'm delighted," he said of the prospect of a new movie. "If we get a good script – that's always been the hard part. The willingness to do it is always there. They're great movies."

In the meantime, Ford said fans can expect "wonderful" things from

"The genius of these films – the luck of these films – is that they've been passed on from generation to generation," Ford said on

. "In the 35 years since the first one, many generations have been introduced to these films by their parents. It's a family experience and it's really kept them alive."

Summary: Harrison Ford says he wants to reprise his role as the archaeologist, pending a good script


Photo: Gregory Shamus, Getty Images

CLEVELAND, OH - DECEMBER 6: Austin Davis #7 of the Cleveland Browns throws a first quarter pass while playing the Cincinnati Bengalsat FirstEnergy Stadium on December 6, 2015 in Cleveland, Ohio. (Photo by Gregory Shamus/Getty Images)

CLEVELAND, OH - DECEMBER 6: Austin Davis #7 of the Cleveland Browns throws a first quarter pass while playing the Cincinnati Bengalsat FirstEnergy Stadium on December 6, 2015 in Cleveland, Ohio. (Photo by

Shaun Draughn scored on a 1-yard run in the second.

Shaun Draughn scored on a 1-yard run in the second.

Facts and figures from 49ers’ win over the Bears

Sunday’s win featured a large number of firsts: It was the 49ers’ first road victory of the year; Jimmie Ward’s 29-yard pick six was the first TD of his career; Phil Dawson’s blocked extra point after Ward’s TD (which, it turned out, would have kept the game from going into OT) was his first missed PAT of the season; and Shaun Draughn’s second-quarter TD was his first as a 49er.

Having won on the road for the first time this season, the 49ers probably will be favored to make it two in a row when they play the Browns in Cleveland on Sunday. Austin Davis, left, got the start for the Browns over Johnny Manziel in Sunday’s 37-3 loss to the Bengals, which dropped Cleveland to 2-10.

Noteworthy stats from Sunday’s game:

Rushing yards for Blaine Gabbert, whose best season total before Sunday was 98, in 2011. He now has 140.

Tackles by linebacker NaVorro Bowman — the fifth time in the past eight games that he’s had at least 10.

TD catches of 70-plus yards for Torrey Smith this year, the first S.F. wide receiver to do it since John Taylor (1989).

Summary: Facts and figures from 49ers’ win over the Bears  Sunday’s win featured a large number of firsts:  Having won on the road for the first time this season, the 49ers probably will be favored to make it two in a row when they play the Browns in Cleveland on Sunday.  Austin Davis, left, got the start for the Browns over Johnny Manziel in Sunday’s 37-3 loss to the Bengals, which dropped Cleveland to 2-10.  Noteworthy stats from Sunday’s game:  Tackles by linebacker NaVorro Bowman — the fifth time in the past eight games that he’s had at least 10.  TD catches of 70-plus yards for Torrey Smith this year, the first S.F.  wide receiver to do it since John Taylor (1989).


12/19/2015 AT 01:20 PM EST

Earlier this week, Netflix released the first teaser trailer for

, the highly anticipated spin-off of the classic, family-friendly sitcom

But the folks over at

re-cut the trailer as a horror movie, and it's not exactly what you'd expect from "your old familiar friends."

The visuals in the trailer remained the same, but the sweet Miranda Lambert tune was swapped with the spooky music from the 2014 thriller

With just a simple change of score, the transition from family-friendly to horror worked a bit too well on the trailer.

premiere most likely won't be so scary.

The new series will follow Kimmy (

) as they help DJ (

) to raise her three sons.

Most of the original cast members like John Stamos,

will have cameos in some episodes.

) will appear along with Jesse and Becky's twin sons, Nickey and Alex (Blake and Dylan Tuomy-Wilhoit).

, who shared the role of Michelle, will not appear in the spin-off.

Summary: This Fuller House horror movie trailer isn't exactly what you'd expect from "your old familiar friends"


01/12/2016 AT 03:00 PM EST

David Margulies, a veteran stage and screen actor who memorably played the Mayor of New York in the

movies, has died, his longtime agent, Mary Harden,

Aside from his role as Lenny Clotch – a take-off on real-life New York Mayor Ed Koch – Margulies starred in many films and theater productions.

Other recognizable parts included Tony Soprano's lawyer Neil Mink on

On Broadway, Margulies – a New York native – appeared in

, to name a few.

The actor is already being memorialized on social media.

creator Lin-Manuel Miranda shared kind words for Margulies on

"I got to see him as Roy Cohn in Angels in high school. Unreal," Miranda wrote, sharing a link to an article announcing his death. "A force onstage, a mensch offstage. I will miss him."

Margulies still has two projects set for release this year – a drama called

and a turn as Elie Weisel in the television movie

Summary: Margulies memorably played New York Mayor Lenny Clotch in Ghostbusters


The implication is that Bernanke gave a strong hint that the right trade was to buy Treasuries, not sell them. That was the trade going into 2014, and that he somehow told his "private" dinner guests something he has not told everyone else publicly.

Really? This is an indication of what has been called "the paranoid strain" in American politics: dark forces are at work manipulating events that we do not understand. So this has now become one other reason why bond yields moved down last week: Bernanke has been whispering to rich people to buy bonds.

Nonsense. What Bernanke seems to be doing is asserting—perhaps more forcibly than while he was at the Fed—that the economy still has a lot of slack, and might for a very long time. Hedge fund managers, most of whom have underperformed the market this year and have been caught just as flat-footed as everyone else by the rise in bond yields, were made to seem surprised by Bernanke's comments.

They shouldn't be. Bernanke is speaking today in Dallas. He'll be talking at a conference examining central bank's impact on prosperity. The heads of the Dallas and San Francisco Fed will be there as well.

Summary: Former Fed chair Ben Bernanke made it clear to wealthy investors that super-low rates were going to be the norm.