If a real-life “Beetle Bailey” — the Mort Walker comic strip soldier who’s a perpetual grumbler and questioner of authority in the US military — were to mutter a cynical assessment of what’s happened in the days since the killing of Iranian Maj. Gen. Qassem Soleimani, he might be tempted to call it “Operation Backfire.” The big shots, led by ...

In a world caught between bulls and bears, convertible bonds can please both camps. As coupon-paying securities, they provide income like a bond. But they turn into equity if an issuer’s stock rises by a set amount, so investors can taste some of the upside, too. In China, convertible bonds are by no means a compromise; they can offer mouth-watering ...

Alexion Pharmaceuticals Inc.’s Soliris may be the most successful rare-disease medicine in history. Its approval in multiple conditions and an annual price tag that can exceed $500,000 propelled the drug to more than $3 billion in sales last year. Now, for the first time, it looks like Alexion’s blockbuster will face serious competition. Last week, Kentucky-based Apellis Pharmaceuticals Inc. published ...