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Buying panic in bonds sinks banks

Behind today’s big move down in bond yields was a plunge in the German PMI to its weakest level since 2012. That sent the German 10-year Bund yield down into negative territory.

Novartis to spin off Alcon unit April 9

Novartis (NYSE:NVS) plans to spin off its Alcon eye care business to shareholders on April 9 via a stock dividend to NVS shareholders. Specifically, NVS stockholders will receive one Alcon share for every five Novartis shares or ADRs held at the close of business on April 8.

Levi Strauss IPO opens up 31%

Levi Strauss (NYSE:LEVI) opens at $22.22 in its return to public trading.The IPO priced at $17 with a $6.6B market value. Shares were projected to open between $21.75 and $22.25.