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(Bloomberg) -- Biohaven Pharmaceutical Holding Co. is readying for what Chief Executive Officer Vlad Coric calls a “David versus Goliath” showdown with large-cap competitor Allergan Plc in a race to sell a new class of migraine medicines.A potential first-quarter approval of Biohaven’s rimegepant, a medicine that has shown clinical success in treating migraines, would place it behind competitor Allergan’s expected approval next month. However, publications in the New England Journal of Medicine and the Lancet medical journals paired with plans to use direct-to-consumer advertising may give Biohaven a leg up, Coric said.“Telemedicine, e-commerce, social media; we’re going to incorporate a modern day launch with a traditional launch as well,” Coric said in an interview at Bloomberg’s New York headquarters on Tuesday. “If you’re prepared to run your business -- that will also open up a lot of optionality,” Coric added, when asked about plans for potential partnerships or deals to better compete with larger peers.Coric said a potential partnership or deal would have to be more than an “incremental” step as the company looks to “build value year-over-year,” he said.Biohaven -- long the subject of deal speculation, including a Bloomberg report in April that the company was exploring a sale -- has continued to build out a commercial team for the migraine drug. The New Haven, Connecticut-based company elected to raise roughly $300 million in a June public share offering to help bolster its cash reserves as it makes the jump from development to commercialization.Upcoming results from a migraine prevention study of rimegepant could also position the company better to compete with Allergan as the maker of Botox gets closer to completing its sale to AbbVie Inc., according to Coric. If the results are positive in the coming months, “that would give patients one dose of one drug” to help both treat and prevent migraine attacks, he said.Coric wants investors who may be focused solely on the regulatory decision for the company’s migraine drug to know that Biohaven will have data from other later-stage assets in the coming months. If successful, results from troriluzole in Alzheimer’s disease and generalized anxiety disorder may offer the drugmaker an opportunity to “transform,” he said.To contact the reporter on this story: Bailey Lipschultz in New York at email@example.comTo contact the editors responsible for this story: Catherine Larkin at firstname.lastname@example.org, Cristin Flanagan, Jeremy R. CookeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
in January, a once-prominent Wall Street hedge fund was feeling the pain. BlueMountain Capital, founded in 2003 by two former Harvard Law School students during the halcyon days for the hedge fund industry, reckoned the market was too gloomy on the company that provided gas and electricity to 16m Californians. After first buying PG&E shares in August 2018, BlueMountain increased its bet last November even as California was again ravaged by deadly wildfires that the utility would eventually shoulder the blame for.
of the trade war with China, saying US tariffs on Chinese goods would be “raised very substantially” if no truce was reached with officials in Beijing. The comments by the president, in a speech at the Economic Club of New York, highlight the trouble the US administration is having in its efforts to strike an interim deal with China that would bring a halt to the commercial conflict afflicting the world’s two largest economies. Mr Trump said a “significant phase one deal with China” remained “close” and “could happen soon”, as Beijing was “dying to make a deal”.
The latest spike in long-term bond yields may be negative for housing ETFs, but gradual adoption of technology in the space could prove to be a shot in the arm.
(Bloomberg) -- Bankrupt utility giant PG&E Corp. is trying to offer $13.5 billion in compensation to the victims of wildfires sparked by its power lines as part of a restructuring plan, according to people with knowledge of the situation.The company’s shares surged as much as 19%.The offer by the San Francisco-based power company would match the amount that a group of its creditors -- led by Pacific Investment Management Co. and Elliott Management Corp. -- has agreed to pay victims in a rival reorganization proposal, said the people, who asked not to be identified because the negotiations are private. The two sides are at odds, however, over how to structure the payout and how much should come in the form of cash and stock, the peoplesaid.PG&E has spent months trying to come up with a restructuring plan that would get it out of the biggest utility bankruptcy in U.S. history by the middle of next year. The utility went bankrupt in January after its equipment was found to have started a series of catastrophic wildfires in 2017 and 2018, burying it in an estimated $30 billion worth of liabilities.California Governor Gavin Newsom has threatened a government takeover if the company can’t come up with a viable reorganization plan soon. The judge overseeing the case has ordered PG&E and victims to meet and to try to hammer out an agreement. The parties were in mediation on Monday, people familiar with the talks said.PG&E said in a statement that it “remains committed to working with the individual claimants to fairly and reasonably resolve their claims and will continue to work to do so.” The company noted that an initial restructuring plan it had filed in its bankruptcy case would have the utility “satisfying all wildfire claims in full.”A committee representing wildfire victims in PG&E’s bankruptcy case declined to comment.A group of creditors led by Elliott and Pimco have been pitching a rival restructuring plan for PG&E that would all but wipe out the shares of current stakeholders and hand them control of the company. Under that proposal, PG&E would use some cash and $12.75 billion in new stock to establish a wildfire victim trust that would administer payments.Insurers’ DealAn $11 billion deal that PG&E had already struck with wildfire insurers has come under attack as negotiations between the company and actual fire victims drag on. A group of victims has filed a lawsuit against the utility, saying they should get paid before insurers do.Read More: PG&E Insurance Deal Slammed by Governor, Wildfire Victims Over the weekend, Newsom urged the judge overseeing PG&E’s bankruptcy to delay a ruling on the insurance deal, describing it as nothing more than “legal maneuvering by parties apparently more focused on securing procedural advantages for their own pecuniary interests than on reaching a fair and expeditious resolution of this bankruptcy.”\--With assistance from Steven Church.To contact the reporters on this story: Mark Chediak in San Francisco at email@example.com;Scott Deveau in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Doan at email@example.com, Joe Ryan, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
GTT Communications (GTT) delivered earnings and revenue surprises of -55.00% and -1.63%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
(Bloomberg) -- PG&E Corp.’s plan to pay $11 billion to fire insurers is under attack from both California Governor Gavin Newsom and wildfire victims.Newsom said California may pursue its own proposal to reorganize the company in a court filing on Saturday, Nov. 9. Newsom threatened last week to take over PG&E’s restructuring if two warring groups can’t come to terms on how to reorganize the bankrupt utility.A group of fire victims lodged a lawsuit against the San Francisco-based company insisting they get paid before insurers, according to the filing. Under California law, wildfire victims must be “made-whole” before insurers can collect on that settlement.The filings come at a pivotal moment for PG&E. The utility is battling to keep its reorganization plan -- based in part on the insurance settlement -- alive in court while also participating in mandatory, confidential mediation with fire victims and noteholders. Since declaring bankruptcy in January, PG&E and its shareholders have battled fire victims and noteholders for control of the company.PG&E shares are down 5.25% today at $6.14 as of 12:45 p.m. in New York.In his court filing, Newsom said PG&E’s deal with insurers is nothing more than “legal maneuvering by parties apparently more focused on securing procedural advantages for their own pecuniary interests than on reaching a fair and expeditious resolution of this bankruptcy.”The lawsuit filed by fire victims may upend PG&E’s deal with a coalition of insurers that includes Seth Klarman’s Baupost Group LLC. In a filing Monday, the group said opposition to the deal “is nothing more than a ‘smoke screen’ and is not a basis to deny the motion or delay its consideration.”If U.S. Bankruptcy Judge Dennis Montali gives Newsom permission to propose his own plan, it would mean three different groups are pushing their own proposals to bring PG&E out from under court supervision.PG&E’s plan is backed by shareholders and built on two settlement proposals: the $11 billion deal to pay insurers and a $1 billion payment to local, California governments.That plan is opposed by wildfire victims and noteholders, including Pacific Investment Management Co. and Elliott Management Corp. Pimco and Elliott proposed a plan, backed by a committee of fire victims, that strips shareholders of almost all of their holdings and gives ownership to creditors. It is built on a proposal to pay fire victims and insurers $25.5 billion, more than PG&E has offered.Both plans assume PG&E is solvent and therefore able to pay all debts in full before shareholders get to collect anything. Should PG&E actually turn out to be insolvent, shareholders would likely get nothing and the fire insurers $11 billion payout may shrink if the fire victims win their subordination lawsuit.These disputes and other key legal fights are likely to be the focus of the court-ordered mediation process.PG&E will be in court Nov. 13 to discuss a schedule for Montali to consider approving the insurance deal and other parts of the company’s reorganization plan.The bankruptcy case is PG&E Corp. 19-bk-30088, U.S. Bankruptcy Court Northern District of California (San Francisco)(Updates with comment from insurance group in the seventh paragraph.)\--With assistance from Tina Davis, Mark Chediak, Adam Cataldo and Christopher DeReza.To contact the reporter on this story: Steven Church in Wilmington, Delaware at firstname.lastname@example.orgTo contact the editors responsible for this story: Rick Green at email@example.com, Dawn McCartyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- California Governor Gavin Newsom has asked a federal judge to delay signing off on PG&E Corp.’s $11 billion insurance claim settlement, saying the deal is premature.In a filing Saturday, the governor raised issues with a proposed settlement of so-called subrogation claims that would see PG&E pay billions to holders of insurance claims tied to wildfires.“Given the uncertainty related to the plan that will resolve these chapter 11 cases, and the possibility that the state will need to pursue its own plan, the Allowed Subrogation Claim Amount may be an impediment to confirmation of a plan of reorganization,” according to the filing. “It is simply too early to tell.”PG&E agreed in September to pay the $11 billion to settle insurers’ claims from fires blamed on its equipment. The settlement with insurance carriers and investors puts to rest a dispute with a group holding about 85% of insurance claims PG&E faces from deadly blazes in 2017 and 2018. The coalition, which includes Seth Klarman’s Baupost Group LLC, has said it is settling its claim for less than the amount the members are owed.Shares fell 1.5% to $6.38 at 9:58 a.m. in New York. The company won permission last month to extend a deadline to Nov. 20 for getting approval on the restructuring support agreement. A hearing is scheduled for Nov. 13.The governor’s filing asks the court to “further adjourn” a hearing on the settlement so it can be reviewed in the context of a broader resolution of the company’s bankruptcy filing. “Adjournment will force the financial institutions holding Subrogation Claims to continue to negotiate and facilitate a global resolution of PG&E’s chapter 11 cases,” the filing states.\--With assistance from Mark Chediak.To contact the reporter on this story: Tina Davis in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Doan at email@example.com, ;Rick Green at firstname.lastname@example.org, Reg Gale, Jeremy HillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Advance Auto Parts (AAP) Q3 performance is expected to have benefited from higher revenues, resulting from store-expansion initiatives despite high capex.
The Federal Reserve Bank of San Francisco held the central bank's first ever conference focused on climate change on Friday.
(Bloomberg) -- As if California doesn’t have enough problems with its electric service, now regulators warn the state may be short on power supplies by 2021 if utilities don’t start lining up new resources now.In the hopes of heading off a shortfall, the California Public Utilities Commission has ordered the state’s electricity providers to secure 3.3 additional gigawatts of reserve supplies. That’s enough to power roughly 2.5 million homes. Half of it must be in place by 2021 and the rest by August 2023.The move comes as California is already struggling to accommodate increasingly large amounts of solar power that regularly send electricity prices plunging below zero and force other generators offline so the region’s grid doesn’t overload. The state is also still reeling from a series of deliberate mass blackouts that utilities imposed last month to keep their power lines from sparking wildfires amid strong winds. And its largest power company, PG&E Corp., went bankrupt in January.Now as natural gas-fired power plants retire, officials are warning the state could run short on electricity on hot evenings, when solar production fades and commuters get home and crank up their air conditioners. “We have fewer resources that can be quickly turned on that can meet those peaks,” utilities commission member Liane Randolph said Thursday before the panel approved the order to beef up reserves.The 3.3 gigawatts that utilities must line up is in addition to a state rule requiring them to sign contracts for 15% more electricity than they expect to need. Some critics question the need for added supplies, particularly after the state went on a plant-building boom in the 2000s.But California’s grid managers say the risk of a shortfall is real and could be as high as 4.7 gigawatts. Mark Rothleder, with the California Independent System Operator, said the 15% cushion is a holdover from the days before big solar and wind farms made the grid more volatile. Now it may need to be increased, he said.“We’re not in that world anymore,” said Rothleder, the operator’s vice president of state regulatory affairs. “The complexity of the system and the resources we have now are much different.”The state’s three major utilities, PG&E, Edison International and Sempra Energy, will be largely responsible for securing new supplies. The commission banned fossil fuels from being used at any new power generators built to meet the requirement -- though it left the door open for expansions at existing ones.PG&E said in an emailed statement that it was pleased the commission didn’t adopt an earlier proposal to require 4 gigawatts of additional resources. Edison similarly said it was “supportive.” Sempra didn’t immediately respond with comment.Extending DeadlinesThe pending plant closures are being hastened by a 2020 deadline requiring California’s coastal generators to stop using aging seawater-cooling systems. Some gas-fired power plants have said they’ll simply close instead of installing costly new cooling systems. So the commission on Thursday also asked California water regulators to extend the deadline for five plants.The Sierra Club, meanwhile, called on regulators to turn away from fossil fuels altogether, saying their decision Thursday “sets California back on its progress toward a clean energy future.”The move to push back the deadline also faces opposition from neighboring towns. Redondo Beach Mayor Bill Brand, whose city is home to one of the plants in line for an extension, told the commission it wasn’t necessary, since California utilities already have plenty of electricity reserves.“It’s just piling on to that reserve margin,” Brand said.(Adds California grid operator’s comment beginning in the sixth paragraph)To contact the reporter on this story: David R. Baker in San Francisco at email@example.comTo contact the editors responsible for this story: Lynn Doan at firstname.lastname@example.org, Joe Ryan, Reg GaleFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Zillow Group Inc. surged the most in six months after the company posted quarterly revenue that beat estimates, buoyed by its online marketing and home-flipping businesses.Zillow is juggling big changes to its business model, using advertising sales to fund a push into buying and selling homes. It sold 1,211 homes in the third quarter, generating $385 million, up from just $11 million in the same period last year.The company posted third-quarter revenue of $745 million, exceeding the average analyst estimate of $718 million. The rapid growth of Zillow Offers, the algorithm-driven spin on home-flipping, has come with mounting losses. The company reported a net loss of $65 million, with the results weighed down by the new business. Still, investors appeared willing to focus on revenue growth in the quarter.“The great thing about Zillow is that we have this core business that is extremely profitable,” Chief Executive Officer Rich Barton said in an interview. “That money has been fueling our really rapid growth into Zillow Offers.”The shares jumped as much 15% to $38.74 on Friday, the biggest intraday gain since May 10. The stock had gained 7% this year through Thursday’s close, trailing the 23% gain for the S&P 500.Zillow Gains as Results Are Heartening Despite ‘Long Road Ahead’Premier Agent, the company’s online marketing business, generated $241 million in revenue for the quarter and has stabilized after unpopular changes led to an agent revolt last year.To contact the reporter on this story: Patrick Clark in New York at email@example.comTo contact the editor responsible for this story: Craig Giammona at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
TripAdvisor (TRIP) reports unimpressive third-quarter results due to weaker-than-expected revenues from the Hotels, Media & Platform segment.
(Bloomberg) -- PG&E Corp., the California utility that went bankrupt in January after its equipment sparked deadly wildfires, said it’s facing as much as $6.3 billion in after-tax costs in this year alone from the blazes, its Chapter 11 case and the recent blackouts.The troubled power giant reported a $1.6 billion loss for the third quarter. It was driven by $2.5 billion pre-tax charge for claims related to the 2017 Northern California wildfires and the 2018 Camp fire, the company said in a statement Thursday. PG&E is not providing 2019 earnings guidance.The shares were down 13% at $6.01 at 2:45 p.m. They’ve fallen 75% this year.“Obviously it’s a big write down,” Bloomberg Intelligence analyst Kit Konolige said in an interview. “The key remains how the bankruptcy will get resolved.”The earnings are the first PG&E has reported since its mass blackouts last month intended to keep power lines from sparking wildfires during windstorms, which drew outrage from state lawmakers and raised the specter of a government takeover. Despite the shutoffs, blazes continued to erupt. PG&E’s equipment has been identified as a possible cause of at least three.The biggest of those blazes, the Kincade fire in Sonoma County, began Oct. 23 shortly after PG&E equipment malfunctioned in the area. It took two weeks to fully contain. While the cause has yet to be determined, it’s “reasonably possible” the company will incur a loss related to the blaze, PG&E said in a filing Thursday. “The utility could be subject to significant liability in excess of insurance coverage,” the PG&E said.The prospect of more wildfire liabilities is critical for PG&E. Since filing for Chapter 11 in January, the judge overseeing its case has warned another big blaze blamed on its equipment would upend the bankruptcy and potentially wipe out shareholders.During October, PG&E enacted four massive blackouts to keep power lines from toppling in high winds and igniting more fires. The after-tax costs the company is estimating this year include $65 million for customer credits related to shutoffs on Oct. 9. PG&E said it doesn’t plan to issue rebates for future blackouts.Face to FaceThe company’s earnings come days after California Governor Gavin Newsom met face to face with PG&E Chief Executive Officer Bill Johnson and pressed him to quickly strike a deal with investors. Newsom has said the state won’t hesitate to take over the company if it doesn’t act soon. Meanwhile, PG&E warned in its filing Thursday that it may not meet a state-imposed deadline of June 30, 2020, to exit from bankruptcy, saying that its reorganization could instead “take a number of years to resolve.”PG&E’s reorganization has drawn some of biggest names on Wall Street, including a group of bondholders led by billionaire Paul Singer’s Elliott Management Corp. and Pacific Investment Management Co. The bondholders have aligned themselves with wildfire victims to pitch a restructuring plan that would all but wipe out existing PG&E shareholders, including Seth Klarman’s Baupost Group LLC. U.S. Bankruptcy Judge Dennis Montali have ordered the parties into mediation to speed along a resolution.PG&E stock has plunged 40% since the start of October, when the company lost its exclusive right to pitch a reorganization plan and became the subject of attacks over its blackouts and wildfires.(Updates with timing of costs in first paragraph.)To contact the reporters on this story: Mark Chediak in San Francisco at email@example.com;Will Wade in New York at firstname.lastname@example.org;Christopher Martin in New York at email@example.comTo contact the editor responsible for this story: Lynn Doan at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- PG&E Corp. creditors say the utility could wind up paying bankers and certain stock owners $1 billion in fees for arranging a bankruptcy exit plan that wildfire victims say favors Wall Street over burned-out neighborhoods.The estimates came in court filings from Alan Stone, an attorney for the official committee of unsecured creditors, who said in a Nov. 4 letter that the bill could total $900 million and asked for justification. Another estimate from David Richardson, a lawyer for the official fire victims committee, said the fees could top $1 billion, with the bulk going to equity holders who help with the financing.The fees are part of the utility’s proposed financing package that seeks to raise $14 billion by selling new stock and another $34.4 billion to refinance old debt. In some scenarios, PG&E would still have to pay fees even if its plan is never implemented, court documents showed.What’s more, the refinancing proposal would use so-called bridge loans, which must be replaced in just one year, requiring yet another round of fees, according to a PG&E court filing. The fees would come on top of bills for advice from lawyers, bankers and restructuring experts working with PG&E and its creditors, which Bloomberg previously reported could surpass $400 million.None of this is illegal or underhanded; fees for raising money are customary parts of unraveling a big U.S. business failure. But the sums ultimately could leave less money available to pay fire victims and cleanup costs.“The PG&E case is uncommon though, not just for its size and the number of people affected, but because it has so many large moving parts, some of which will collide at times,” said Bruce Grohsgal, a bankruptcy professor at Widener University’s law school in Delaware. Unusual elements include the impact on millions of people, and the involvement of the state’s governor, Grohsgal said.U.S. Bankruptcy Judge Dennis Montali has delayed a hearing about the package, including the proposed fees, until at least Nov. 19 after the creditors complained that they need more information to prepare their opposition. The San Francisco-based utility has to get Montali’s approval to move ahead with its reorganization plan, which faces a competing proposal from bondholders.The company “must provide evidence of good and sound business reasons for the proposed transaction,” Stone wrote to Montali. The committee Stone represents has not yet taken a position on the financing plan.Fee TotalPG&E mentioned the fees in an Oct. 23 court filing laying out the financing package, without saying what the maximum would be. But if the one-year, $34.4 billion debt package was fully drawn, the banks alone would earn $210 million, plus other unnamed fees, PG&E said.The cost of all the various fees “is comparable to, or less than, those charged in other large, complex bridge financing transactions over the last five years,” the company said in court papers.The equity investors, meanwhile, would get fees in return for committing to provide the $14 billion PG&E is trying to raise through an offering of new shares.Company officials declined to elaborate. A spokesman for California Governor Gavin Newsom didn’t respond to a request for comment. Newsom has said that if PG&E and its creditors cannot come to terms on a reorganization plan, California will step in and restructure the company itself.The banks involved are units of JPMorgan Chase & Co., Bank of America Corp., Barclays Plc, Citigroup Inc. and Goldman Sachs Group Inc. Representatives for JPMorgan, Citigroup, Goldman and Barclays declined to comment; Bank of America didn’t immediately respond to emails requesting comment.Under the proposal, the banks backing the financing plan can keep some of the fees, even if they never actually loan PG&E any money. Those so-called commitment fees were necessary to persuade the banks to do the work of lining up $34.4 billion in new financing, PG&E said in court papers.PG&E would likely pay some of the fees even before the utility learns whether Montali will approve its reorganization plan, or a competing proposal. Noteholders, including Pacific Investment Management Co. and Elliott Management Corp., are pushing a rival reorganization that would leave little or nothing for shareholders.The bank fees were laid out in letters filed under seal. Such letters are heavily redacted or otherwise kept out of the public view in most corporate bankruptcies. Banks consider certain of their costs proprietary and fight to keep them confidential in bankruptcy cases.In the PG&E court filing, the publicly disclosed fees are listed as percentages of the money raised in the financing package. For example, investors who have agreed to help provide the $14 billion in new equity will receive so-called commitment premiums that start at less than 1% and then rise to 2.5% over time.Ticking Fees For arranging one-year loans of $34.4 billion, the banks will collect various fees including “ticking fees” of 0.3% of any undrawn loans and “duration fees” ranging from 0.5% to 1% of the outstanding principal. Those numbers are included in PG&E’s exit financing proposal.“The fees for this unnecessary financing could exceed $1 billion, and would be paid primarily to the debtors’ equity holders,” wrote Richardson, the lawyer for the official tort claimants committee, which represents wildfire victims, in a Nov. 4 letter. He said the committee plans to oppose the financing package.The company filed bankruptcy in January, saying it needed time to restructure its finances to handle about $30 billion in wildfire claims tied to its power lines and other equipment. It must reorganize by June in order to take advantage of a state fund that helps utilities cover the cost of future wildfires.But in a regulatory filing Thursday, the company said it may not meet that deadline and that the case could “take a number of years to resolve.”The case is PG&E Corp. 19-bk-30088, U.S. Bankruptcy Court Northern District of California (San Francisco)(Updates with potential reorganization delay in the penultimate paragraph.)\--With assistance from Nic Querolo and Mark Chediak.To contact the reporter on this story: Steven Church in Wilmington, Delaware at email@example.comTo contact the editors responsible for this story: Rick Green at firstname.lastname@example.org, Nicole BullockFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.