Activist investor Bill Ackman on Wednesday lashed back against a suggestion that his goals for share-price improvement at Automatic Data Processing Inc (ADP) . ADP can only be achieved quickly by eliminating up to 20,000 jobs. "This is a scare tactic," Ackman said in an interview with TheStreet. At issue are comments made by ADP CEO Carlos Rodriguez, who suggested recently that Ackman's goals at ADP can only be achieved fast by eliminating 15,000 to 20,000 of its 58,000 employees. The comments come as Ackman is waging an intense boardroom battle, seeking to install three dissident directors onto the board of the payroll processor at the company's 2018 annual meeting scheduled for Tuesday.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Breaking down an approach to the long side of this biotech stock.
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