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 Ralph Lauren's department-store conundrum to Brexit wounds, here are four charts that tell you what you need to know in business today.

Valeant has a checkered recent past of setting then slashing its earnings guidance -- which may be why the company is engaging in gymnastics to avoid cutting it again.
Source: Bloomberg
*Dec. 15 guidance was withdrawn
Sign of the Times
Valuations of obvious private-equity targets are sky high -- so two out of every three buyouts is now a bolt-on acquisition for a portfolio company.
Source: Pitchbook
*As at June 30, 2017
Department Store Dependence
A significant percentage of Ralph Lauren's revenue comes from department stores; when they struggle, it struggles.
Source: Bloomberg
Xenophobia's Effects
U.K. employers are already feeling the impact of Brexit. Immigration has slackened -- tightening the labor market.
Source: U.K. Office for National Statistics
Note: EU A8 includes Eastern European countries like Poland and Lithuania; EU 14 includes Western European countries like Germany, Ireland, Italy, France and Spain; data are not seasonally adjusted.

And don't miss Liam Denning on Plains All American putting its foot in its mouth: "What Plains announced last night is actually the right thing to do. It is effectively saying that distributions from here on will be based on profits from the transportation and facilities businesses, while supply and logistics will be ignored (hence the cut). In drawing a clear line between the stable and volatile parts of its business, it is aligning expectations more closely with the requirements of MLP investors, which, by and large, crave steady distributions and a good night's sleep above all else.

The problem is those pesky word thingies."

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

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Max Nisen in New York at

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Mark Gongloff at