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Trump lawyers return to Supreme Court to fight financial records subpoena

Trump lawyers return to Supreme Court to fight financial records subpoena

The legal wrangling is a follow-up to this summer’s decision by the court that the president is not immune from a criminal investigation while he holds office. But the justices said Trump could challenge the specific subpoena, as every citizen may, for being overbroad.

Vance is seeking eight years of the president’s tax returns and related documents as part of his investigation into alleged hush-money payments made ahead of the 2016 election to two women who said they had affairs with Trump years before. Trump denies the claims.

Investigators want to determine whether efforts were made to conceal the payments on tax documents by labeling them as legal expenses.

In the latest round of litigation, Trump’s lawyers argued to a district judge and the U.S. Court of Appeals for the 2nd Circuit that the subpoena to Trump’s accounting firm Mazars is an overbroad “fishing expedition” and that it was issued in bad faith to harass him.

Those claims were rejected by the lower courts.

“We have considered all of the president’s remaining contentions on appeal and have found in them no basis for reversal,” said the unanimous 2nd Circuit panel, affirming a 108-page opinion by a district judge.

Trump’s lawyers told the Supreme Court both of those decision were faulty and that the subpoena was not narrowly tailored but was instead based on one issued by Congress.

This subpoena, which makes sweeping demands and is copied from Congress, crosses the line — even if it was “aimed at ‘some other citizen’ instead of the president,” wrote Trump’s lawyers William S. Consovoy and Jay Alan Sekulow.

“The court of appeals not only ignored how the district court stacked the deck against the President,” the petition continues. “But it also broke every rule and precedent applicable” to the legal procedure at issue,

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ADAMIS PHARMACEUTICL (ADMP) – Looking Into Adamis Pharmaceuticals’s Return On Capital Employed

ADAMIS PHARMACEUTICL (ADMP) – Looking Into Adamis Pharmaceuticals’s Return On Capital Employed

In Q2, Adamis Pharmaceuticals (NASDAQ: ADMP) posted sales of $3.93 million. Earnings were up 9.63%, but Adamis Pharmaceuticals still reported an overall loss of $11.25 million. Adamis Pharmaceuticals collected $4.66 million in revenue during Q1, but reported earnings showed a $10.26 million loss.

What Is ROCE?

Return on Capital Employed is a measure of yearly pre-tax profit relative to capital employed by a business. Changes in earnings and sales indicate shifts in a company’s ROCE. A higher ROCE is generally representative of successful growth of a company and is a sign of higher earnings per share in the future. A low or negative ROCE suggests the opposite. In Q2, Adamis Pharmaceuticals posted an ROCE of -0.49%.

Keep in mind, while ROCE is a good measure of a company’s recent performance, it is not a highly reliable predictor of a company’s earnings or sales in the near future.

ROCE is an important metric for the comparison of similar companies. A relatively high ROCE shows Adamis Pharmaceuticals is potentially operating at a higher level of efficiency than other companies in its industry. If the company is generating high profits with its current level of capital, some of that money can be reinvested in more capital which will generally lead to higher returns and earnings per share growth.

For Adamis Pharmaceuticals, the return on capital employed ratio shows the current amount of assets may not actually be helping the company achieve higher returns, a note many investors will take into account when making long-term financial decisions.

Q2 Earnings Insight

Adamis Pharmaceuticals reported Q2 earnings per share at $-0.15/share, which did not meet analyst predictions of $-0.08/share.

© 2020 Benzinga does not provide investment advice. All rights reserved.

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Summer’s ‘Signs of Froth’ Return to Stock Market

Summer’s ‘Signs of Froth’ Return to Stock Market

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The New York Stock Exchange, as reflected in a puddle.

Michael Nagle/Bloomberg

Some warning signs are now re-emerging in the stock market similar to what happened in late August and early September, when the S&P 500 peaked and then experienced a roughly 10% correction.

The VIX and VXN fear gauges for the S&P 500 and Nasdaq Composite indexes, respectively, moved higher on Monday along with the two indexes, and the ratio of put option volume to call option volume fell.

An important ratio of put/call volume is down to 0.55, against an average of close to 0.8 in the past year, indicating a bullish stance among investors.

The S&P 500 closed up 1.6%, to 3,534, putting it within about 1% of its closing high of 3,580 set on Sept. 2. The Nasdaq ended up 2.6%, to 11,876. The S&P is up 9.5% year to date, and the Nasdaq is up 32.5%.

“U.S. equities are surging on light volume (again), and we are seeing some of the same ‘signs of froth’ emerging that we saw in early August,” Chris Murphy, co-head of derivative strategies at Susquehanna Financial Group, wrote in a note Monday. “This does not mean imminent downside, because as August showed the markets can remain frothy (low put/call ratio, stocks and volatility up, etc.) for a while, but this is something to watch.”

Murphy notes that it is unusual for the VIX and VXN to be higher in a session when major indexes are up sharply. The VIX was earlier on Monday up almost 2%, while the VXN was up more than 5%. Normally those fear gauges move lower when stocks rise. The last time a similar event happened was in late August and early September.


Proshares Ultra VIX Short-Term Futures

exchange-traded fund (ticker: UVXY), however,

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HCA Says Return of $6 Billion Pandemic Aid to Restore Financial Flexibility

HCA Says Return of $6 Billion Pandemic Aid to Restore Financial Flexibility

HCA Healthcare Inc.’s

decision to pay back $6 billion in federal pandemic aid and loans offers the company financial flexibility it lost when it took the infusion of cash, executives said.

HCA, one of the nation’s largest hospital chains, on Thursday said it would return the roughly $1.6 billion it received in direct relief from the government and repay its relief loans totaling $4.4 billion ahead of schedule. Chief Executive Sam Hazen called the move “appropriate and the socially responsible thing to do.”

On Friday, the company’s finance chief told analysts on a conference call the repayment would allow HCA to reconsider moves it made in the spring to conserve cash.

“We’ve historically had a very balanced allocation of capital between our internal capital spending, acquisition capital, dividends and share repurchase,” Chief Financial Officer William Rutherford said. “With the return of our Cares Act, we do see some flexibility to evaluate when is the right time to return to some of those historical allocation policies.”

Under relief packages this spring, including the Coronavirus Aid, Relief, and Economic Security Act, Congress approved $175 billion in direct aid for health-care providers and offered pandemic relief loans, which hospitals must eventually repay. Hospital revenue plunged with pandemic preparations that halted some surgeries to prepare for Covid-19 patients.

But HCA and other hospital chains rebounded more quickly than expected from spring losses, moving to restart elective procedures in late April and early May. Hospitals continued surgery through new outbreaks of the virus, though with some interruption where cases surged.

Hospital analysts said few in the sector have announced plans to return pandemic relief.

Encompass Health Corp.

, which operates rehabilitation hospitals, home care and hospice services, previously returned funds it received.

Mr. Hazen, HCA’s CEO, said in an interview the experience of managing surgery

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