Mallinkrodt (MNK) Faces Class Action Lawsuit for Cancer Deaths

Markets were down on slightly lower than average volume today. The Dow dropped by 48.50 points to close the day at 17,168.61. The NASDAQ again led today in real losses, dropping 0.84% to close the day down 40.85 points to 4,840.12. The S&P 500 dipped by 11.83 points and closed out the trading day at 2,018.94.

In international trading, Hong Kong markets fell while the rest of the world rose. The Hang Seng was down 86 points in trading today, while Japan’s Nikkei rose by 354 points. Across Europe, markets were up. Germany’s DAX closed up 91 points. London’s FTSE added just 3.29 points.
In France, the CAC was up by 21 points. Across the ocean in Australia, the ASX index rose by 15 points.

General Motors (GM) Beats Earnings

Shares of General Motors (GM) were up today as it was made public that the company would beat profit forecasts. Year over year performance was up, and sales rose higher than expected this quarter. General Motors has been on the ropes lately, and the company is struggling to reach its IPO valuation per share, but this news bodes well for investors who are concerned about the long-term outlook of GM.

In trading today, shares of General Motors rose by nearly 6% as investors clamored to buy in before share prices rose any higher. The company gained 1.94 points and closed out the day with share prices reaching $35.42.

Valeant Pharma (VRX) Plunges After Fraud Allegations

Allegations of fraud were recently made against Valeant Pharma (VRX), as some people claim Enron-style mismanagement. Share prices were down big on the news, falling nearly 20% today. Shares of Valeant lost 28.13 points in trading today, and closed at $118.61.

Mallinkrodt (MNK) Faces Class Action Lawsuit

Mallinkrodt (MNK), a chemical processing firm, is facing a class action lawsuit after people near one of their plants outside of St. Louis started getting cancer. Mallinkrodt was tasked with processing and storing uranium for the US government, and it’s possible that there has been a leak in their containment procedures. Cases of a rare cancer are popping up around one such storage facility in Missouri.

Although the lawsuit is still in the earliest stages, Mallinkrodt has taken a beating in the marketplace. In trading today, shares fell by 5.60% to $60.48. That represents a fall of 3.59 points per share.
Published on Oct 21, 2015
By Aaron Phillips
Aaron Phillips is a financial researcher and journalist based out of Michigan. He regularly writes the IG Daily and IG Weekly columns.

Copyrighted 2016. Content published with author's permission.

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