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While Intelsat (I) shares tank on the news of probable public auctioning of C-Band spectrum, Vodafone (VOD) is gearing up to shift its data to Google Cloud.
Continuous development of new products and partnerships are likely to reflect on Box's (BOX) fiscal Q3 results. However, increasing investments in research and development might have been a concern.
Anaplan (PLAN) delivered earnings and revenue surprises of 38.46% and 3.51%, respectively, for the quarter ended October 2019. Do the numbers hold clues to what lies ahead for the stock?
(Bloomberg) -- California Governor Gavin Newsom wants PG&E Corp. to add state-appointed members to its board as part of the utility giant’s reorganization.Newsom’s administration pushed for this, along with several other conditions, to be included in PG&E’s restructuring plan during a meeting on Wednesday with the company and other parties in its bankruptcy case. Newsom also wants a governance structure that would give these board members greater management authority over the utility if it fails to meet certain safety performance standards, the governor’s office said Wednesday.The pressure on Newsom to force an overhaul at PG&E has escalated in recent weeks as the company plunged millions into darkness to keep its power lines from igniting wildfires. The company filed for Chapter 11 protection in January after its equipment was tied to a series of 2017 and 2018 blazes that left it with $30 billion in estimated liabilities.Read More: PG&E Starts Restoring Power After Latest Deliberate BlackoutEarlier this month, Newsom threatened to take over PG&E if the company fails to emerge from bankruptcy by a state-imposed deadline of June 30, 2020, and improves its operations before next year’s wildfire season.The company has struggled for months to come up with a restructuring plan that bondholders and wildfire victims are willing to sign off on. The judge overseeing its case ordered parties into mediation in an effort to speed up a settlement.In the meeting on Wednesday, Newsom’s administration said it wants to leave the door open for a government takeover if it’s deemed necessary. The governor’s office said it's also seeking assurances that the utility will make safety investments without placing an undue burden on customers.To contact the reporter on this story: Mark Chediak in San Francisco at firstname.lastname@example.orgTo contact the editor responsible for this story: Lynn Doan at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
It took grown-ups a while to catch on to the teen video craze TikTok. The Chinese startup ByteDance Technology did not seek approval from the Committee on Foreign Investment in the United States when it bought the social media company Music.ly for $1bn in 2017 and turned it into the looping video app TikTok. TikTok’s addictive short videos are popular all over the world.
(Bloomberg) -- An epic stock rally for China’s e-commerce upstart just faltered, clipping the fortune of its founder.Pinduoduo Inc. Chairman and Chief Executive Officer Colin Huang lost almost a quarter of his fortune as the company’s stock plummeted 23% on Wednesday, according to the Bloomberg Billionaires Index. His net worth tumbled to $16.3 billion, down $4.8 billion from a day earlier.PDD’s stock drop was the biggest since it held an initial public offering in July last year, reducing this year’s gain through Wednesday to a still-respectable 40%. The sell-off was triggered by the company’s worse-than-expected quarterly results. Sales more than doubled to 7.51 billion yuan ($1.1 billion) for the three months ended September, but fell short of the average analyst projection of 7.65 billion yuan. Net loss widened to 2.3 billion yuan from 1.1 billion yuan a year earlier.The disappointing results came after arch-rivals Alibaba Group Holding Ltd. and JD.com Inc. chipped away at the Chinese e-commerce upstart’s dominant position in smaller cities.Founded by Huang in 2015, PDD has carved a niche with social commerce that encourages making purchases with others. But the Shanghai-based startup is now working to shake off its reputation for hawking cheap products, just as Alibaba and JD delve deeper into PDD’s base of smaller cities. In September, JD rolled out a group-buying app which, like PDD, entices purchases with generous discounts.What Bloomberg Intelligence says:Despite heavy marketing expenses, the company’s marketplace model can sustain high gross margin and should lead to profit as revenue scales up.Vey-Sern Ling and Tiffany Tam, analystsClick here for the research.PDD said in a statement that many brands and small merchants must “choose one of two” platforms to be listed, without naming rivals. “Forced exclusivity has a material impact on Pinduoduo, we had to row upstream against the pressure,” it said.Sales and marketing expenses surged 114% to 6.9 billion yuan, helping China’s No. 3 shopping app to add 64 million new active users during the quarter. Its founder signaled that the company can afford to buy growth.“When there is opportunity, we should spend our money aggressively. We shouldn’t put our money into the piggy bank,” Huang told analysts on a conference call.To contact the reporters on this story: Venus Feng in Hong Kong at firstname.lastname@example.org;Zheping Huang in Hong Kong at email@example.comTo contact the editors responsible for this story: Pierre Paulden at firstname.lastname@example.org, Colum Murphy, David ScheerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- PG&E Corp. is restoring power to tens of thousands of Californians that went dark early Wednesday in an attempt by the company to keep power lines from starting fires.The bankrupt utility giant had begun returning service late Wednesday, the San Francisco-based company said at a press conference. It had earlier plunged as many as 150,000 people into darkness amid high winds that threatened to knock down live wires. As of 8 p.m. New York time, about 120,000 remained powerless.Improving weather conditions allowed the company to reduce the size of the blackout that, at one point, threatened to leave 800,000 people in the dark.PG&E’s recent blackouts have provoked widespread outrage in California, triggering a state investigation and intensifying calls for a government takeover of the power giant. The company has carried out nine shutoffs this year alone. It’s taking extreme measures to prevent blazes from breaking out after its equipment ignited deadly fires in Northern California in 2017 and 2018. In January, it filed for Chapter 11 to deal with an estimated $30 billion in wildfire liabilities.The National Weather Service said it’s still expecting gusts of up to 55 miles (90 kilometers) per hour in part of Northern California until 7 a.m. local time Thursday.Wednesday’s shutoffs paled in comparison to the mass blackouts PG&E carried out last month, which plunged millions of people into darkness for days.Read More: PG&E CEO Sees Government Takeover as a Tall Order for CaliforniaCalifornia has had little rain for months, and more than 81% of the state is abnormally dry, according to the U.S. Drought Monitor. The parched plants and soils, along with high winds, make fall one of the worst times for fires in the state.To contact the reporter on this story: Mark Chediak in San Francisco at email@example.comTo contact the editors responsible for this story: Tina Davis at firstname.lastname@example.org, Joe Ryan, Will WadeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Zayo's (ZAYO) public sector customers in the Ashburn facility and the National Capital Region are transforming their IT infrastructure and migrating to cloud for scalability and cost savings.
Investing.com - U.S. futures tumbled on Wednesday after President Donald Trump repeated threats to increase tariffs against China if the two sides do not reach a trade deal soon.
(Bloomberg) -- PG&E Corp. may cut the lights to roughly 150,000 customers starting early Wednesday in the latest major blackout designed to keep its power lines from igniting wildfires.The bankrupt utility is preparing to shut off service to homes and businesses in parts of 18 Northern Californian counties to keep live wires from getting knocked down and sparking fires amid high winds. The National Weather Service has posted “red flag” warnings for strong gusts across the region from 4 a.m. local time Wednesday to 7 a.m. Thursday.The outage is the latest in a series of deliberate blackouts by PG&E that have provoked widespread outrage in California, triggering a state investigation and intensifying calls for a government takeover of the power giant. The company is taking extreme measures to prevent blazes from breaking out after its equipment ignited deadly fires in Northern California in 2017 and 2018. In January, it declared bankruptcy to deal with an estimated $30 billion in wildfire liabilities.“We all know it’s not sustainable -- it’s not where we want to be,” Andy Vesey, chief executive officer of PG&E’s utility, said of the shutoffs during a press conference late Tuesday. “But at this point in time, it’s the situation that we are faced with.”While affecting several counties across Northern California, Wednesday’s shutoffs will pale in comparison to the mass blackouts PG&E carried out last month, which plunged millions of people into darkness for days. The storm isn’t “as intense as the events we saw in October,” Vesey said.Read More: PG&E CEO Sees Government Takeover as a Tall Order for CaliforniaCalifornia has had little rain for months, and more than 81% of the state is abnormally dry, according to the U.S. Drought Monitor. The parched plants and soils, along with high winds, make fall one of the worst times for fires in the state. “This lack of rain is keeping the threat of fire very real,” PG&E meteorologist Scott Strenfel said Tuesday.PG&E has yet to make a final decision on Wednesday’s blackout and planned to notify customers if a shutoff becomes imminent later on Tuesday. The company was able to reduce the scope of the potential outages twice because of improving weather forecasts for areas including San Francisco’s densely populated East Bay.“If conditions or forecasts change,” said Mark Quinlan, a senior director of emergency response at PG&E, “we will pivot.”To contact the reporter on this story: Mark Chediak in San Francisco at email@example.comTo contact the editors responsible for this story: Lynn Doan at firstname.lastname@example.org, ;Tina Davis at email@example.com, Aaron ClarkFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
China’s fastest-growing ecommerce site Pinduoduo posted 123 per cent sales growth in its latest quarter, narrowly missing market expectations as its losses more than doubled, sending its shares down 22 per cent in early trading. The Shanghai-based company has achieved huge growth in the world’s largest ecommerce market by gamifying the shopping experience, allowing customers to team up with others to secure discounts on everything from toilet paper rolls to slippers.
(Bloomberg Opinion) -- There’s been a lot of drama lately in the wireless world concerning 5G and something called C-band. To most people, all the news headlines have probably looked like a foreign language. But allow me to translate for you, because it’s a fascinating situation that has sparked a transnational fight over some $50 billion, while presenting advocates of President Donald Trump’s “America First” policy with a catch-22. The outcome may have far-reaching implications for the U.S. in the global race to 5G, and it certainly does for a pair of beaten-down European stocks. At the root of the drama is spectrum, the invisible airwaves sought after by U.S. wireless carriers — Verizon, AT&T, T-Mobile, Sprint — and others to construct ultra-fast 5G data networks, the kind that will enable a smartphone to download a movie in mere seconds and support driverless car technology. The Federal Communications Commission has been working to free up spectrum being used by other institutions so that it can be auctioned off to the 5G builders and repurposed for their networks, a high priority for the Trump administration.But there have been some hiccups along the way. Take one case, in which scientists from the National Oceanic and Atmospheric Administration (NOAA) and the National Aeronautics and Space Administration (NASA) raised concerns that a particular slice of spectrum auctioned by the FCC could interfere with weather sensors and limit their ability to forecast hurricanes. That’s quite a quandary.The recent spectrum controversy, a separate matter from the hurricane one, has involved a swath referred to as the C-band. In the 3.7 to 4.2 gigahertz frequency range, these midband airwaves are highly desirable for 5G because they can both carry large amounts of data and travel long distances (some spectrum can only do one or the other). Here’s where it gets complicated: Most of the C-band is controlled by two Luxembourg-based companies, Intelsat SA and SES SA, which use it to beam TV shows to U.S. households from their satellite fleets. Telesat of Ottawa also owns some of the C-band rights. These three foreign companies make up what’s called the C-Band Alliance (CBA).The good news it that the CBA members are willing sellers, and the auction could raise $50 billion or more, according to an estimate by New Street Research. It would be one of the biggest spectrum auctions ever. But who gets the money: the CBA, or the U.S. Treasury? These are U.S. assets, after all. The CBA had been pushing for a private auction run by, of course, the CBA, arguing that it would make the process much faster. For those who see America’s buildout of 5G as an important geopolitical race against China, time is of the essence. FCC Chair Ajit Pai — who is already a controversial figure for repealing net neutrality and for backing the potentially harmful merger of T-Mobile and Sprint — originally seemed to be leaning toward the CBA plan. His Republican colleague, Commissioner Michael O’Rielly, was in strong support of it: “In the grand scheme of things, if it is a contest between speed and the government trying to extract a significant piece of the transaction through a lengthy process, I’ll take the speedy resolution,” O’Rielly said at a conference in September. But in the CBA auction scenario, only a portion of the proceeds would go to the U.S., while the rest would be pocketed by the CBA. That sounded like nails on a chalkboard to at least one member of Congress: “They’re thinking about giving our spectrum to three foreign companies and letting them keep the $60 billion,” Republican Senator John Kennedy of Louisiana said during an impassioned speech on the Senate floor last month. “Talk about swampy,” he said, adding that the funds should go to the American taxpayer. But to put America first, is it better to hold a quicker auction or a more lucrative one? Kennedy has led the charge against the CBA’s plan (seemingly a charge of one because, hey, it’s hard getting folks excited about radio waves), pushing instead for a public auction run by the FCC. Though he may have a point, it was somewhat diluted by his supplemental remark that proceeds from the auction “would solve all of the president’s [border] wall problems.” Perhaps a coincidence, after Kennedy stumped at a Trump rally in his home state last week in support of Republican gubernatorial candidate Eddie Rispone, the FCC changed its tune. On Monday, Pai Tweeted that he supports a public auction, citing that it would “afford all parties a fair opportunity to compete for this 5G spectrum,” limiting the litigation risk that a private auction may have presented. This is bad news mostly for the CBA crew. The U.S. wireless carriers would obviously like to get their hands on this spectrum sooner rather than later and have a bigger say over the process (Verizon especially, given that it’s focused so far on finicky millimeter wave spectrum). But for the heavily indebted Intelsat, it’s a far bigger inconvenience. The company’s stock has plummeted more than 50% this week, while SES dropped 24%.There’s more to come on this matter, but so far the supposed race to 5G looks more like an exhausting obstacle course. To contact the author of this story: Tara Lachapelle at firstname.lastname@example.orgTo contact the editor responsible for this story: Beth Williams at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tara Lachapelle is a Bloomberg Opinion columnist covering the business of entertainment and telecommunications, as well as broader deals. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
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