BMY and CELG Acquization

1. Changes or shocks in macroeconomic (e.g., interest rates), industry (e.g., oil price, consumer preferences) or global factors (e.g., tariffs and trade agreements) often leads to opportunities to create value through mergers and acquisitions. Articulate and analyze each of the main specific changes/shocks in factors that you believe are leading to the merger between BMY and CELG.

2. How will the merger help the acquirer address the impact of the above changes/shocks in factors you listed?

4. In the key change operation of 20.15.7 Key Changes, suppose the manager simply transmitted delta2 = oldkey XOR newkey to the agent.

1. Suppose an eavesdropper discovers delta2 and also knows a few bits of oldkey. What can the eavesdropper learn about newkey? Would the same vulnerability apply to the mechanism of 20.15.7 Key Changes?
2. Suppose an eavesdropper later discovers newkey. Explain how to recover oldkey, and why this does not work when the mechanism of 20.15.7 Key Changes is used.

1- What is the difference between energy and intensity as far as light waves are concerned? How would you change the energy? How would you change the intensity? Are these changes independent of one another? Why or why not?

a- Discuss what changes you might expect to see if the energy of the light wave was changed for the double slit experiment. Why?

b- Discuss what changes you might expect to see if the intensity of the light wave was changed for the double slit experiment. Why?

Suppose the amount of time needed to change the oil in a car is uniformly distributed between 14 minutes and 30 minutes, with a mean of 22 minutes and a standard deviation of 4.6 minutes.

Let X represent the amount of time, in minutes, needed to complete a randomly selected oil change. What is the probability that a randomly selected oil change takes at most 20 minutes to complete?

Assuming a randomly selected oil change has already taken 18 minutes and it is still not complete, what is the probability that the oil change takes no more than 5 additional minutes to complete?

Find the value that best completes the following statement: The slowest 20% of oil changes take at least __________ minutes to complete. Suppose 3 oil changes are selected at random.

Let Y be defined as the number of oil changes that take more than 20 minutes to complete in a random sample of 3. What is the probability that exactly 2 of the 3 randomly selected oil changes take more than 20 minutes to complete?

Suppose 500 oil changes are selected at random. What model would you use to approximate the probability that at least 190 of the randomly selected oil changes take at most 20 minutes to complete? Provide the approximate model with corresponding parameters.

A ski company in Vail owns two ski shops, one on the west side and one on the east side of Vail. Ski hat sales data (in dollars) for a random sample of 5 Saturdays during the 2004 season showed the following results. Is there a significant difference in sales dollars of hats between the west side and east side stores at the 10 percent level of significance? Saturday Sales Data ($) for Ski Hats Saturday East Side Shop West Side Shop 1 548 523 2 493 721 3 609 695 4 567 510 5 432 532 (b) State the decision rule for 10 percent level of significance. (Round your answers to 3 decimal places.) (c-1) Find the test statistic tcalc. (Round your answer to 2 decimal places. A negative value should be indicated by a minus sign.)

What is crack spread and how is it calculated?

Hint: Difference between the price of jet fuel and other products produced from crude oil and the price of crude oil. Barrel of crude oil produces how much jet fuel

Suppose we consider buying oil and selling gasoline and heating oil in August. On June 2, 2004, the July futures price for oil was $39.96/barrel or $0.9513/gallon (42 gallons in a barrel). The August futures price for unleaded gasoline and heating oil were $1.2427/gallon and $1.0171/gallon. The 3-2-1 crack spread means that we can produce from 3 gallons of crude oil 2 gallons of gasoline and 1 gallon of heating oil.

Therefore the “Crack Spread” is

2 x ($1.2427) + $1.0171 – (3 x $0.9514) = $0.6482 * (42)/3 = $9.0748/barrel

Sachs Brands’ defined benefit pension plan specifies annual retirement benefits equal to: 1.6% × service years × final year’s salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2004 and is expected to retire at the end of 2038 after 35 years’ service. Her retirement is expected to span 18 years. Davenport’s salary is $90,000 at the end of 2018 and the company’s actuary projects her salary to be $240,000 at retirement. The actuary’s discount rate is 7%.

a)  Estimate by the accumulated benefits approach the amount of Davenport’s annual retirement payments earned as of the end of 2018.

b)What is the company's accumulated benefit obligation at the end of 2018 with respect to Davenport?

c)If no estimates are changed in the meantime, what will be the accumulated benefit obligation at the end of 2021 (three years later) when Davenport’s salary is $100,000?

nswer the following five questions (12-16) using the information below:

Rudolph Industries, Inc. (RII), developed standard costs for direct material and direct labor. In 2004, RII estimated the following standard costs for one of their major products, the 10-gallon plastic container.

During June, RII produced and sold 5,000 containers using 490 pounds of direct materials at an average cost per pound of $32 and 250 direct manufacturing labor-hours at an average wage of $15.25 per hour.

June's direct material flexible-budget variance is:

Discuss any tax aspects or problems with this statement. The TV show TMZ spoke with Larry Edema from Michigan, who was selected to be in the audience for Oprah’s big giveaway: a free trip to Australia. Supposedly, Winfrey had a certified public accountant on hand to address the tax issue right after the taping. Edema said that the CPA assured the group that all taxes associated with the trip would be “handled by the Oprah show”; so the trip would truly be 100% free. The CPA also explained that Oprah would cover all sightseeing costs and travel-related expenses, including passport costs for people who could not afford them. It was a big change from Oprah’s 2004 controversy when she famously gave away brand-new cars but saddled audience members with as much as $7,000 in income taxes.

Until the mid-eighteenth century when spinning became mechanized, cotton was an expensive and relatively unimportant textile (Virginia Postrel, “What Separates Rich Nations from Poor Nations?” New York Times, January 1, 2004). Where it used to take an Indian hand-spinner 50,000 hours to hand-spin 100 pounds of cotton, an operator of a 1760s-era hand-operated cotton mule-spinning machine could produce 100 pounds of stronger thread in 300 hours. When the self-acting mule spinner automated the process after 1825, the time dropped to 135 hours, and cotton became an inexpensive, common cloth.

Provide two examples in a recent human experience that parallel's what you have read about cotton clothing.

Explain how the two examples of recent experience are similar to what you have read.