Max Nisen is a Bloomberg Gadfly columnist covering biotech, pharma and health care. He previously wrote about management and corporate strategy for Quartz and Business Insider.

Good morning! This is Fly Charts, the daily charts-only newsletter from Gadfly; sign up here. From subprime denialism to Caterpillar's bouncy guidance, here are four charts that tell you what you need to know in business today.

Cash Back
Citigroup has a plan to reach $100 a share. But it won't be easy, and investors need to examine the company’s assumptions.
Source: Company presentation
Food for Thought
Barnes & Noble is hurting badly and is available at a huge discount. Though it may seem like wishful thinking, a P/E buyout can’t be ruled out.
Source: Bloomberg
Eager Beaver
Analysts expected Caterpillar to boost its full-year guidance, but it exceeded even their ever-rising expectations.
Source: Bloomberg
Lead Footed
The market for securities backed by subprime auto loans continues to grow; investors seem entirely unconcerned by the fact that those loans are of increasingly shoddy quality.
Source: Securities Industry and Financial Markets Association

And don't miss Gillian Tan on activist investors going rogue: "We're all familiar with the classic textbook play by activist shareholders, the one involving taking a stake in a company, prompting management to explore strategic alternatives and -- if all goes to plan -- ending up with a fat premium from a sale. Less common, but not unheard of, is the case where these shareholders oppose a deal and call for it to be scrapped altogether rather than altered or improved."

This column does not necessarily reflect the opinion of Bloomberg LP and its owners.

To contact the author of this story:
Max Nisen in New York at

To contact the editor responsible for this story:
Mark Gongloff at