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Twenty-First Century Fox, Inc.
Trip.com Group Limited
Marathon Oil Corporation
Devon Energy Corporation
Horizon Pharma Public Limited Company
Cabot Oil & Gas Corporation
Murphy Oil Corporation
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KKR Real Estate Finance Trust Inc.
Wesco Aircraft Holdings, Inc.
Range Resources Corporation
Houghton Mifflin Harcourt Company
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RMG Acquisition Corp.
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Town Sports International Holdings, Inc.
TransAtlantic Petroleum Ltd.
Thunder Bridge Acquisition II, Ltd.
New Providence Acquisition Corp.
Murphy Oil (MUR) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
We can readily understand why investors are attracted to unprofitable companies. For example, although Amazon.com made...
(Bloomberg) -- After spending almost a year at war with some of the biggest names in the financial world, bankrupt utility PG&E Corp. has finally got them on its side. Now it needs to win over California’s governor.Late Wednesday, PG&E reached a settlement with noteholders led by bond giant Pacific Investment Management Co. and activist investor Elliott Management Corp., who sought to derail the company’s $46 billion restructuring plan. The deal turns some of PG&E’s most formidable adversaries into backers of its turnaround proposal, bringing the company closer to gaining approval by a state deadline of June 30 and emerging from the biggest utility bankruptcy in U.S. history.There’s one problem: Governor Gavin Newsom, whose backing is crucial to PG&E’s restructuring, is still trying to block its plan. He rejected the proposal last month, raising concerns about its financing and governance. And the company has “yet to make a single modification” to ease them since, the governor said in a court filing less than two hours before PG&E announced the deal with bondholders.Read More: PG&E, Newsom Clash Over a Clause That May Allow State TakeoverCalifornia’s largest utility declared bankruptcy almost a year ago after its equipment was blamed for a series of catastrophic wildfires that killed more than 100 people and saddled the company with $30 billion in liabilities. It has since struck deals with almost every major stakeholder group, including the victims of the blazes and their insurers.Shares, which have lost almost half their value since the start of 2019, rose 4.3% at 9:47 a.m. in New York on Thursday.Elected OfficialsPG&E’s deal with bondholders is “a clear positive,” Bank of America analysts led by Julien Dumoulin-Smith said in a research note. While Newsom’s demands remain a challenge, PG&E appears willing to compromise, the analysts wrote.PG&E Chief Executive Officer Bill Johnson said in a statement that the company remains “focused on working with key stakeholders, including elected officials and our state regulator, on how PG&E will look, act, and be held accountable as we emerge from Chapter 11.”Meanwhile, Newsom said in his filing Wednesday that the company’s plan, as it stands, still doesn’t comply with state law. He accused PG&E of taking advantage of the Chapter 11 process and to force state officials into approving a “sub-optimal” plan.What Bloomberg Intelligence Says“California Governor Gavin Newsom, the last roadblock to PG&E’s planned bankruptcy exit now that bondholders have settled, could get offers addressing his concerns before the utility’s scheduled Jan. 31 regulatory filing, we believe. PG&E’s bondholder deal saves about $1 billion, reducing costs to customers -- an important consideration for regulators.”\-- Kit Konolige, senior utilities analystClick here to read the report.Newsom said the company’s plan would pay $1 billion in financing fees and continues to depend on substantial debt and short-term bridge financing that would leave the utility without the resources it needs to invest billions of dollars in safety upgrades. He has also pressed for language that would allow the state to take it over should it fail to meet future safety standards. The provision emerged as a major point of contention between the governor’s office and PG&E in negotiations.PG&E said it was aware of Newsom’s concerns and that additional changes to its plan were forthcoming. The company said in a state filing last week that it may make “material” changes to the non-financial terms of its bankruptcy exit plan, including governance, as a result of talks with the governor’s office.“We expect that the governor will also eventually reach an agreement with the company on its plan to restructure, as the alternative option of a publicly-controlled utility is not an attractive one,” Height Securities LLC analyst Clayton Allen wrote in a research note.$1 Billion SavedAs part of its deal with bondholders, PG&E said it would save about $1 billion by refinancing higher-interest debt. Bonds paying lower interest rates would be reinstated and paid as normal. The new mix of debt will “reduce the weighted average coupon of PG&E’s debt, the company said, consistent with the guidance given to the California Public Utilities Commission.”The agreement also gives the noteholders the chance to participate in any subsequent backstop equity commitments of up to $2 billion under certain circumstances.The bankruptcy case is PG&E Corp. 19-bk-30088, U.S. Bankruptcy Court, Northern District of California (San Francisco)(Updates share price in fifth paragraph, adds analysts comments in ninth and 12th.)\--With assistance from Lynn Doan, Rick Green, Scott Deveau and Joshua Fineman.To contact the reporters on this story: Mark Chediak in San Francisco 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 Green at email@example.com, Joe Ryan, Joe RichterFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Does the January share price for Magnolia Oil & Gas Corporation (NYSE:MGY) reflect what it's really worth? Today, we...
Investment in mid-cap stocks is often recognized as a good portfolio diversification strategy. These stocks combine attractive attributes of both small and large-cap stocks.
(Bloomberg Opinion) -- Hong Kong is missing an opportunity to displace the U.S. as an offshore listing venue for Chinese companies by keeping trading fees too high. Alibaba Group Holding Ltd.’s $11 billion offering in November showed the potential for the city’s stock exchange to attract U.S.-listed mainland enterprises amid an unsettled trade relationship between the two largest economies. Relatively expensive costs threaten to undermine that appeal.Investors get more for their dollar when they trade on the New York Stock Exchange. In Hong Kong, bid-ask spreads are wider and minimum investment requirements are higher. That increases the chance of so-called slippage, when there is a difference between the expected price of a trade and the level at which it is actually executed. With zero stamp duty and lower minimum trade requirements, the NYSE has a more favorable environment for active investors.Alibaba’s Hong Kong trading volume has slumped since the internet giant made its debut on the local exchange. On Nov. 26, shares valued at the equivalent of about $1.79 billion changed hands. Since mid-December, that figure has dropped to a daily average of about $322 million. The Hong Kong listing has made no dent in Alibaba’s stock trading in New York, where volume has averaged $3.2 billion since late November.To be sure, trading costs are by no means the only factor — or even the main one — in deciding where to buy and sell. To begin with, the U.S. is a more deep and liquid market. It has other advantages, including a more active and developed options market that gives traders more ways to hedge or speculate on stocks. That said, Hong Kong could do a better job of rolling out the welcome mat.Since losing out to New York for Alibaba’s record $25 billion initial public offering in 2014, Hong Kong Exchanges & Clearing Ltd. has made a number of rule changes to enhance its viability as a platform for technology startups from China and elsewhere. In April 2018, the exchange amended its provisions to admit companies with dual-class shares. Smartphone maker Xiaomi Corp. and internet services company Meituan Dianping listed soon after, demonstrating that when HKEX makes smart decisions, the exchange benefits.More U.S.-traded Chinese companies are looking at Hong Kong for potential secondary listings. They include travel services provider Trip.com Group Ltd., formerly known as Ctrip; game and website operator Netease Inc.; web search provider Baidu Inc.; and e-commerce giant JD.com Inc. The way is open for Hong Kong to create a new offshore ecosystem for U.S.-listed Chinese companies seeking better positioning for the mainland while hedging their bets against a renewed deterioration in the U.S.-China relationship after the phase one agreement was signed this month.It makes little sense to squander this opportunity by maintaining trading costs that are a major barrier to entry. The Hong Kong government and the exchange must work together to make dual listing opportunities both beneficial and attractive to companies while encouraging investors to trade here. However, HKEX regulators seem to have their heads in the sand when it comes to reducing fees and the minimum buy-in to entice more companies. That may be a reflection of its monopoly status: Unlike the NYSE, which must compete with Nasdaq, HKEX has no local rival.Reducing fees would lower the barrier to entry for active investors and increase trading volume. As I wrote in September, cutting stamp duty would help improve liquidity and make Hong Kong stocks more attractive to retail and institutional investors. The ripple effect from this would further strengthen Hong Kong’s position as a global financial center. It’s time for the government and exchange to look beyond the immediate impact of reduced revenue and consider the long term. To contact the author of this story: Ronald W. Chan at firstname.lastname@example.orgTo contact the editor responsible for this story: Matthew Brooker at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Ronald W. Chan is the founder and CIO of Chartwell Capital in Hong Kong. He is the author of “The Value Investors” and “Behind the Berkshire Hathaway Curtain.”For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Hess (HES) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Berry Petroleum (BRY) has been upgraded to a Zacks Rank 1 (Strong Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
Horizon Therapeutics' (HZNP) Tepezza becomes the first FDA-approved therapy for treating thyroid eye disease, a rare, autoimmune disease. Stock up.
The Zacks Analyst Blog Highlights: Pioneer Natural Resources, Chevron, Talos Energy and Murphy Oil
(Bloomberg) -- Some of the most widely discussed ways to prevent the massive fires and blackouts that plague California may also be the most expensive, according to BloombergNEF.For instance, burying all 81,000 miles (130,000 kilometers) of PG&E Corp.’s electrical distribution lines so they won’t spark blazes during windstorms could cost more than $240 billion, a BNEF study found. That’s based on a PG&E estimate that moving existing lines underground costs $3 million per mile.A state takeover of the troubled utility would also likely have a hefty price. The book value of PG&E’s electricity assets -- the amount they’d cost if new -- is $62 billion, according to the BNEF study. The state would almost certainly negotiate a lower price to account for depreciation, but it would also have to assume PG&E’s liabilities. Plus, a takeover wouldn’t necessarily prevent fires.“If regulators are willing to allocate enough time and money, most proposals will reduce wildfire risk. None will eradicate risk,” BNEF analyst Helen Kou wrote in the report.The findings underscore the immense challenges California faces as it pushes to end deadly wildfires and the sweeping, deliberate blackouts intended to prevent them. PG&E, the state’s largest utility, filed for Chapter 11 last January facing $30 billion in liabilities from the blazes, which have erupted with increasing frequency as climate change fuels hot, dry weather.Read More: There’s No Easy Way to End California’s Bedeviling BlackoutsIn addition to burying lines and a state takeover, BNEF’s study examined four other possible responses under discussion in California: making sweeping upgrades to the electrical grid, installing backup diesel or gasoline generators, allowing cities to buy pieces of PG&E and building microgrids to limit the size of blackouts.Diesel or gasoline generators would be the cheapest response, costing between $91 and $740 per kilowatt. But that wouldn’t necessarily prevent fires, and burning fossil fuel would undercut the state’s efforts to fight global warming.Microgrids vary widely in price. One recent microgrid project in California cost $7,143 per customer, according to the study, while another is estimated at $5.5 million per customer.To contact the reporter on this story: David R. Baker in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Doan at email@example.com, Joe RyanFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Zacks.com featured highlights include: Janus Capital, PG&E, J. Alexander's, Hilltop Holdings and Fiat Chrysler Automobiles
Devon Energy (DVN) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.