Pershing Square's Bill Ackman bought again about 1.75 million shares of VRX. IT should be good news for the stock and it is one of the reasons the stock was holding today very nicely in the down market. I expect the stock should go to $115 before the earnings.
The Constitution does not explicitly grant Congress the power to coerce cooperation from individuals or to punish acts of disobedience or disrespect through contempt proceedings. However, the power was discussed at the Constitutional Convention and was implied in the Constitution. In 1795, Congress used the power of contempt for the first time when it arrested, tried, and punished a man accused of bribing members of the House of Representatives. Then Congress acted on its own authority—subsequently called the Self-Help power, which grants Congress the right to compel testimony and punish disobedience without the involvement of a court or other government body if the individual's actions obstruct the legislative process. By 1821, the Supreme Court recognized Congress's power to arrest and punish individuals for contempt. In 1857, Congress created a statute governing prosecution for contempt, which shifted the responsibility for determining contempt from Congress itself to the courts. Until 1945, Congress largely ignored this criminal statute and continued to compel testimony and deal with contemnors through its own power.
In the late twentieth century, the Supreme Court noted, "Congress has practically abandoned its original practice of utilizing the coercive (self-help) sanction of contempt proceedings at the bar of the House" (Watkins v. United States, 354 U.S. 178, 77 S. Ct. 1173, 1 L. Ed. 2d 1273). Under the criminal statute, Congress must petition the U.S. attorney to bring a case of possible contempt before a Grand Jury. The case is then tried in federal court.
Most contempt citations arise from Congress's investigatory powers. In its decisions since World War II, the Supreme Court has outlined requirements that Congress must meet before it can compel testimony. The investigation must have a valid legislative purpose. It must be conducted by a committee or subcommittee of the House of Representatives or Senate, or the authority of
All the News for the last 3 days are the same old stories except 10K which is much better than expected. Short sales increased to about 22 million shares which is very good for longs. I think it would go up on Monday even it opens down because of Short covering.