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Tradeweb Markets Inc.
Mellanox Technologies, Ltd.
Tempur Sealy International, Inc.
Pivotal Software, Inc.
Laureate Education, Inc.
ANGI Homeservices Inc.
Hilton Grand Vacations Inc.
Element Solutions Inc
Biohaven Pharmaceutical Holding Company Ltd.
Verra Mobility Corporation
LexinFintech Holdings Ltd.
GCP Applied Technologies Inc.
360 Finance, Inc.
UP Fintech Holding Limited
The Zacks Analyst Blog Highlights: Activision Blizzard, Electronic Arts, Take-Two Interactive and Zynga
Today we are going to look at GCP Applied Technologies Inc. (NYSE:GCP) to see whether it might be an attractive...
(Bloomberg) -- PG&E Corp. and a group of insurers urged a judge to reject a competing reorganization plan for the bankrupt utility because the proposal would pay fire victims who lost their homes ahead of insurance companies and “unjustly enrich” bondholders including Elliott Management Corp.Under bankruptcy law, insurance companies and the victims of wildfires blamed on PG&E should be treated equally, which means they would be paid at the same time and in the same percentage, according to a statement by PG&E and a court filing by the insurers.The company and the insurers are fighting to protect their $11 billion reorganization deal that would bring PG&E out of bankruptcy while preserving value for current shareholders. The competing proposal by bondholders and a committee of fire victims suing PG&E would split ownership of the company between them and wipe out current shareholders.The structure of the bondholder/fire victims plan violates bankruptcy rules and should be rejected, PG&E and the insurance companies said.“The law requires that all claims of the same priority be treated equally,” PG&E said in the statement Monday. “The Elliott Proposal would improperly pay one creditor group (individual fire claimants) ahead of another (the insurers who paid individuals billions of dollars following the 2017 and 2018 wildfires to help them recover and rebuild).”PG&E also argued that the bondholder proposal would violate a California law that requires satisfaction in full of all wildfire claims.Bondholders and fire victims have launched similar attacks on PG&E’s plans. Next month, U.S. Bankruptcy Judge Dennis Montali is scheduled to decide whether to cancel the utility’s exclusive right to reorganize itself and allow the bondholders and fire victims to put forward their proposal.PG&E filed bankruptcy in January saying it needed to restructure in order to pay fire claims that may coast as much as $30 billion. The company has insisted it can pay the fire claims without wiping out shareholders. Under the so-called absolute priority rule of the bankruptcy code, which both sides of the debate have cited, fire victims and other unsecured creditors must be paid in full before shareholders can recover anything.Lawyers for the bondholders and fire victims did not immediately respond to a request for comment.NOTE: PG&E Formalizes $11B Insurance Pact, Opposes Rival Elliott PlanNOTE: PG&E Slumps on Creditor Plan to Mostly Wipe Out ShareholdersThe case is PG&E Corp., 19-bk-30088, U.S. Bankruptcy Court Northern District of California (San Francisco)\--With assistance from Jeremy Hill and Nick Lichtenberg.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, Nikolaj GammeltoftFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- PG&E Corp. may cut power to as many as 124,000 customers in nine northern California counties as hot, dry and windy weather raises the risk of potential fires.The move follows a similar decision in June, when the utility giant shut off as many as 26,900 customers in the Sierra Foothills as high winds threatened to knock down power lines and spark wildfires. The measure comes as the utility tries to avoid a repeat of the catastrophic fires that have ravaged the state for the past two years and forced the company to seek bankruptcy protection.The utility will decide Monday morning whether to move forward with its “public safety power shutoff,” it said in a statement, adding that the cuts could begin from the late afternoon or evening. Counties that may be impacted include Napa and Sonoma, home to the most valuable vineyards in the state.Hot, dry and windy weather across a stretch of the state north and northwest of San Francisco will increase the risk of fire from 8 p.m. Monday to 9 a.m. Tuesday, and again from 7 p.m. Tuesday to 10 a.m. Wednesday, according to the utility.The following counties could be affected:To contact the reporter on this story: Dan Murtaugh in Singapore at email@example.comTo contact the editors responsible for this story: Ramsey Al-Rikabi at firstname.lastname@example.org, Jasmine NgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although...
We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly...
(Bloomberg) -- PG&E Corp. shares dropped as much as 10% after bondholders and wildfire victims teamed up to offer a competing recovery plan for the bankrupt utility that would all but wipe out its stockholders.If a judge lets the coalition’s plan go forward, PG&E could lose control of the bankruptcy and its own reorganization plan, which envisions letting its stockholders keep a significant stake.PG&E fell 77 cents to $11.43 at 12:27 p.m. in New York and traded for as little as $10.96.The bondholders -- including Elliott Management Corp. and Pacific Investment Management Co. -- and the committee representing fire victims said their new proposal includes a $24 billion settlement to pay all claims from fires blamed on PG&E’s equipment. That’s billions of dollars more than PG&E has offered to those who lost loved ones and homes in some of the most destructive fires in California history.The proposal filed on Thursday adds new complexity to the biggest utility bankruptcy in U.S. history. The creditors and wildfire victims are seeking to end the San Francisco-based company’s exclusive right to come up with a plan so they can put forth their own.It’s unusual for a bankrupt company to lose that priority, and Judge Dennis Montali rejected an earlier effort to supplant PG&E. But this time the coalition “likely has a good shot at ending the utility’s control,” said Negisa Balluku, a litigation analyst at Bloomberg Intelligence. “The competing plan may more efficiently solve the case’s key objective of compensating wildfire victims,” she wrote in a new report.What Bloomberg Intelligence Says“The noteholders’ previous calls to end PG&E’s exclusivity failed in mid-August, but the court was clear afterward that it had left the door open to terminating exclusivity if PG&E’s plan isn’t credible.” -- Negisa Balluku, litigation analyst in research reportThe group’s proposal “represents a path forward that recognizes the victims’ losses and puts their interests ahead of shareholders,” Robert Julian, an attorney for the official committee representing fire victims, said in a statement.PG&E rejected the idea and affirmed support for its own proposal.“The bondholders’ plan is an attempt to pay themselves more than they are entitled to under the law,” Lynsey Paulo, a PG&E spokeswoman, said by email. “Our plan of reorganization sets forth a framework to meet PG&E’s legal obligations in full while prioritizing victims and customers.”Montali denied the previous request last month from Elliott and the other bondholders to make competing proposals, calling them “a feast for lawyers, accountants, investment bankers and others.” In that Aug. 16 decision, Montali worried rival proposals would spawn litigation fights that “have little or nothing to do with compensating victims.”October HearingUntil that August ruling, Montali hinted that he would end PG&E’s exclusive right to develop a plan to pay fire victims and the other creditors. On Friday, Montali set a hearing for Oct. 8 to decide whether to allow the new, competing proposal to go forward, rejecting a request by the official committee and bondholders for a much quicker than normal schedule.PG&E filed for bankruptcy protection in January in the face of an estimated $30 billion or more in liabilities from wildfires. Under PG&E’s reorganization plan, claims from individual wildfire victims would be capped at $8.4 billion, while insurers or insurance claim holders would get $11 billion under a settlement announced last week.The new bondholder proposal offers $28.4 billion in new money in exchange for 58.8% of the equity in the reorganized PG&E. Under an earlier proposal, creditors had offered financing in exchange for an 85% to 95% stake in the new company.A $24 billion wildfire trust fund would be set up and financed through $12 billion in cash and $12 billion in stock, according to the filing. The trust would have a 39.5% stake in PG&E. Overall, the creditor group and the trust would end up with a combined 98.3% of the equity in PG&E.The case is PG&E Corp., 19-bk-30088, U.S. Bankruptcy Court Northern District of California (San Francisco)\--With assistance from Joel Rosenblatt.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.org;Steven Church in Wilmington, Delaware at email@example.comTo contact the editors responsible for this story: Lynn Doan at firstname.lastname@example.org, Rick GreenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Activision Blizzard's (ATVI) upcoming Call of Duty: Mobile is expected to provide it a competitive edge in the crowded mobile games space.
From Mimecast Limited to Forescout Technologies, Inc., the selloff in cybersecurity stocks has been brutal in recent weeks. But a key technical indicator suggests the group may have hit a bottom, according to All Start Charts. "Within that same theme we're looking at the Cybersecurity subsector finding support at its all-time low relative to the […]
This article is written for those who want to get better at using price to earnings ratios (P/E ratios). We'll apply a...
(Bloomberg) -- Cisco Systems Inc. approached software company Datadog Inc. in recent weeks with a takeover offer significantly higher than the $7 billion valuation it aimed for in its initial public offering, according to people familiar with the matter.Datadog rebuffed the advance to pursue a stock listing because it felt it could be worth more as a public company over time, according the people, who requested anonymity because the talks were private. Talks between Cisco and Datadog are no longer active and Datadog is committed to going public, they said.A representative for Cisco declined to comment. Datadog couldn’t immediately be reached for comment.Cisco rose less than 1% to $49.72 at 10:12 a.m. in New York trading, for a market value of about $211 billion. Several rivals to Datadog also gained, including New Relic Inc., up 5.8%, Splunk Inc., which rose 3.9% and Elastic NV, which rose 3.1%.Datadog raised $648 million in its U.S. IPO Wednesday, selling 24 million shares for $27 each after marketing them at $24 to $26. The listing values Datadog at $7.83 billion.Software companies that power business processes have delivered some of this year’s best IPO debuts thanks to high margins and solid revenue. Zoom Video Communications Inc. and Crowdstrike Holdings Inc. have doubled in value since they began trading and are among the ten best performing offerings this year, according to data compiled by Bloomberg.In 2017, Cisco succeeded in buying a company on the eve of its IPO. It acquired AppDynamics Inc. for $3.7 billion right before the data analytics company was set to price its listing.(Updates share prices in fourth paragraph, details about IPO in fifth.)\--With assistance from Crystal Tse.To contact the reporters on this story: Liana Baker in New York at email@example.com;Gillian Tan in New York at firstname.lastname@example.org;Ian King in San Francisco at email@example.comTo contact the editors responsible for this story: Alan Goldstein at firstname.lastname@example.org, Liana Baker, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Today we will run through one way of estimating the intrinsic value of Verra Mobility Corporation (NASDAQ:VRRM) by...
(Bloomberg) -- Activist investor Elliott Management Corp. has built a position in Hilton Grand Vacations Inc. and has been advocating for a sale prior to the company putting itself on the block, according to people familiar with the matter.The New York-based hedge fund run by billionaire Paul Singer bought a stake of less than 5% in the time-share operator in July, said the people, who asked to not be identified because the matter isn’t public.Hilton Grand Vacations rose as much as 3.2% on the news before settling up less than 1% to $33.82 at 12:13 p.m. in New York trading Wednesday, for a market value of about $2.9 billion. The shares are up about 21% since the New York Post reported Aug. 19 that it had received takeover interest from Apollo Global Management Inc.Representatives for Elliott and Hilton Grand Vacations declined to comment.Hilton Grand Vacations, with 55 resorts and more than 315,000 members, fell the most ever on Aug. 1 after lowering its guidance for earnings and sales, citing a lack of inventory in locations like Cabo San Lucas, Mexico and the Big Island of Hawaii.(Updates details about company exploring sale in first paragraph and updates shares in third.)To contact the reporters on this story: Scott Deveau in New York at email@example.com;Gillian Tan in New York at firstname.lastname@example.org;Kiel Porter in Chicago at email@example.comTo contact the editors responsible for this story: Liana Baker at firstname.lastname@example.org, Matthew Monks, Michael HythaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.