Brooke Sutherland is a Bloomberg Gadfly columnist covering deals. She previously wrote an M&A column for Bloomberg News.

Good morning! This is Fly Charts, the daily charts-only newsletter from Gadfly; sign up here. From small victories in bond investing to the bad news overshadowed by Herbalife's buyback announcement, here are four charts that tell you what you need to know in business today.

Stratospheric
Sempra Energy outbid Warren Buffett for utility company Oncor, marking the second deal he's lost this year. It may be time to think about spending his cash hoard on a dividend.
Source: Bloomberg
Who Asked You Anyway?
With returns like these, Bill Ackman may find ADP shareholders less receptive to his push for change. His valid margin criticisms are getting lost in his bungled approach.
Source: ADP
NOTE: ADP measures its own shareholder returns based on CEO Rodriguez's November 2011 start date and intraday market data on July 27 before news of Ackman's investment. The company assumes shareholders have held shares of its CDK Global business since it was spun off. ADP measure the S&P 500 return based on a July 26 close. Pershing Square returns are from Jan. 1, 2012 to Dec. 31, 2016.
Achilles Heel
Herbalife investors should question why the company's mystery acquirer backed out. China's campaign against pyramid schemes could put one fifth of Herbalife's revenue at risk.
Source: Bloomberg
Shining Bonds
Bond investors are getting creative and targeting company-specific victories. So-called fallen angels -- investment-grade firms downgraded to junk -- have outperformed.
Source: Bank of America Merrill Lynch index data

And don't miss Andrea Felsted on the weak spot in Unilever's post-Kraft makeover:  "The risk is that with so much focus on the margin, Unilever is unable to maintain sales growth at 3-5 percent annually. In the first half, all of the 3 percent underlying sales growth came from price increases. Volumes were flat. With headwinds in some key emerging markets, and pressures on the consumer in developed regions, lifting both sales and margin looks challenging."

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

To contact the author of this story:
Brooke Sutherland in New York at bsutherland7@bloomberg.net

To contact the editor responsible for this story:
Beth Williams at bewilliams@bloomberg.net