At this point, the efficient markets hypothesis (EMH) makes for an easy rhetorical target. Precious few economists and financial professionals are willing to stand up in public anymore and assert that financial markets produce the best estimate of fundamental asset values. A series of enormous bubbles, plus decades of outsized profits for hedge funds like Renaissance Technologies, has turned into ...

Boeing Co. is signaling it won’t take on extra baggage in its pursuit of a bigger services division, but it will still have to pay up to build one. The planemaker acquired KLX Inc. for $63 a share, or about $4.25 billion including debt. The catch is that Boeing is only buying KLX’s aerospace business, which distributes parts and provides ...

In just about two years, Allergan PLC has gone from a pharma darling on the verge of a massively lucrative Pfizer Inc. buyout to something of a pariah. Its stock has fallen 38 percent in the past nine months. Shareholders are reportedly recruiting activists. On its first-quarter earnings call on Monday, Allergan said it is in the midst of an ...