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The federal government's EIA report revealed that crude inventories rose by 1.4 million barrels, compared to the 1.6 million barrels increase that energy analysts had expected.
Berry Global (BERY) delivered earnings and revenue surprises of 21.62% and -3.49%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
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.
(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.
(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.
Myovant's (MYOV) phase III study evaluating lead pipeline candidate, relugolix, in patients with advanced prostate cancer meets primary endpoint.
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.
Kellogg (K) gains momentum on the back of organic growth and buyouts. Further, the company is on track with portfolio-restructuring efforts.
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) -- A deal by one the world’s largest makeup brands to back a venture by a member of reality television’s royal family was a coup for a little-known firm that advised Coty Inc.When Coty announced its $600 million investment for the majority stake in Kylie Jenner’s cosmetics company this week, it said it tapped Tiger Chark LLC, an adviser that had not been publicly connected to a deal before.Tiger Chark acted as a matchmaker connecting Coty to Kylie Jenner, a member of the Kardashian-Jenner clan, and also as a brand consultant, people familiar with the matter said, asking not to be named because the matter is private.Tiger Chark wasn’t involved in the deal negotiations and is not a financial adviser in the traditional sense, the people added.Lisa Manice, Tiger Chark’s founder, has worked with Coty and Peter Harf, the chairman of Coty’s majority owner JAB Holdings BV, for some time, one of the people said.“When Peter Harf told us about the executive team’s vision for Coty’s future, we began exploring opportunities and soon came to believe that Kylie would be the perfect fit,” Manice said in an e-mailed statement.A Coty representative declined to comment.Tiger Chark, based in Manhattan’s Upper East Side, was founded in 2016 by Manice, a graduate of the University of Pennsylvania’s Wharton School of Business.The firm is a “strategic brand consulting firm” that develops “broad visions for consumer products,” Manice said.She added that the firm provides “millennial insight with the sage advice of industry experts.”Manice was listed as a co-chairwoman of a May event hosted by a blood cancer charity started by Harf.The services on its pastel-shaded website include capital raising, mergers and acquisitions, joint ventures, licensing, brand growth and business development.Joanna Baker de Neufville, the firm’s second in command, was co-chief operating officer at footwear company Tamara Mellon, a namesake brand founded by a co-founder of Jimmy Choo. Baker de Neufville was an analyst at Goldman Sachs Group Inc. from 2001 to 2003, according to her LinkedIn profile.The firm has five employees listed on LinkedIn.\--With assistance from Polly Mosendz and Sonali Basak.To contact the reporters on this story: Crystal Tse in New York at firstname.lastname@example.org;Kim Bhasin in New York at email@example.comTo contact the editors responsible for this story: Liana Baker at firstname.lastname@example.org, Michael HythaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
High-dividend stocks can be misleading. Here's a smart way to find stable stocks with high dividends. Watch these 14 dividend payers on IBD's radar.
Danaher's (DHR) acquisitive nature has been driving its top line. High product demand and shareholder-friendly policies are added positives. However, high costs, forex woes and debts are concerning.
(Bloomberg Opinion) -- A few months ago, a group of Democratic senators, several of them presidential candidates and all members of the Senate’s antitrust subcommittee(1), wrote a letter to Joseph Simons, the Republican chairman of the Federal Trade Commission, to criticize two monster pharma deals under regulatory review: the $63 billion Allergan PLC-AbbVie Inc. merger, and Bristol-Myers Squibb Co.’s $74 billion purchase of Celgene Corp.Consolidation in the pharmaceutical industry, the senators wrote,is occurring against a backdrop of ever-rising prescription drug spending….It is more important than ever that the FTC take appropriate action to protect consumers. The Federal Trade Commission must carefully consider whether the proposed transactions may lessen competition, stifle innovation, or harm consumers.“The proposed AbbVie/Allergan and Bristol-Myers Squibb/Celgene transactions,” they added, “raise significant antitrust issues.”The FTC has not yet ruled on the Allergan-AbbVie deal, which was only announced in June, and which the companies hope to complete in early 2020.But on Friday, Simons and the two other Republican commissioners on the five-member FTC brushed aside the concerns of the Democrats and approved the Bristol-Myers Squibb deal with Celgene. Its only condition was that Celgene sell Otezla, its blockbuster psoriasis drug, apparently because Bristol-Myers Squibb has a promising psoriasis drug of its own in a phase 3 trial. The FTC has historically frowned on merged drug companies keeping overlapping drugs, fearing excessive market control.The FTC’s two Democratic commissioners, Rohit Chopra and Rebecca Kelly Slaughter, dissented, something Chopra in particular has made a habit of doing since he joined the FTC in 2018. During the Obama administration, Chopra was the student loan ombudsman at the Consumer Financial Protection Bureau, where he attempted to spur competition in student lending. At the FTC, he quickly gained a reputation for being in the vanguard of what’s sometimes called “hipster antitrust” — the effort to infuse new thinking into the antitrust arena.Much of this new thinking has been spurred by the rise of the big three tech giants, Facebook Inc., Alphabet Inc.’s Google, and Amazon.com Inc. Chopra has criticized the fines the FTC has levied against Facebook and YouTube (which is owned by Google), saying that “when a company can pay a fine from its ill-gotten gains, that’s not a penalty — that’s an incentive.” He seeks remedies that will diminish their market power and permanently alter their behavior.But Chopra isn’t just focused on Big Tech. He believes that in industry after industry, concentration has gone too far. The result, he concludes, has been less innovation, higher barriers to entry for new market entrants and higher prices for consumers. And because the FTC must approve mergers in a variety of sectors — chemical companies, agricultural concerns and, yes, pharmaceuticals — he is in a position to do something about it. Or rather, he may be soon, depending on the result of the 2020 election.Which is also why his dissents are worth noting. They offer an insight into how a Democratic administration might tackle market power and industry consolidation at a time when the status quo no longer seems acceptable.At the FTC, there has long been a bipartisan consensus that so long as two drug companies didn’t have overlapping products — or if they were willing to divest them — the merger would be approved. This long-standing practice, Chopra wrote in his dissent, is no longer good enough: “Some evidence shows that these mergers have choked off innovation, creating harms that are immeasurable for those waiting for a cure.” He then lays out all the elements of Bristol-Myers Squibb merger with Celgene that he believes the FTC should have considered:This massive $74 billion merger between Bristol-Myers Squibb (NYSE: BMY) and Celgene (NASDAQ: CELG) may have significant implications for patients and inventors, so we must be especially vigilant. In my view, this transaction appears to be heavily motivated by financial engineering and tax considerations (as opposed to a genuine drive for greater discovery of lifesaving medications), without clear benefits to patients or the public….In addition, there are also concerns about a history of anticompetitive conduct.(2)Expansive investigation for mergers like these is time well spent.He then goes on to list the questions he believes the FTC should have tried to answer—questions that go well beyond overlapping drugs:Will the merger facilitate a capital structure that magnifies incentives to engage in anticompetitive conduct or abuse of intellectual property? Will the merger deter formation of biotechnology firms that fuel much of the industry’s innovation? How can we know the effects on competition if we do not rigorously study or investigate these and other critical questions? Given our approach, I am not confident that the Commission has sufficient information to determine the full scope of potential harms to competition of this massive merger.Here is something else Chopra believes: The FTC has plenty of statutory authority to bring antitrust actions — or block mergers on antitrust grounds. It’s just that it has rarely used that authority, preferring instead to take the same laissez faire approach as the Justice Department and the courts. “What we’re advocating is not radical,” Chopra told me recently. “It’s a restoration. We have to see this as a core part of the economic policy tool kit.”So far in this early phase of the presidential race, corporate executives have tended to focus on, say, Elizabeth Warren’s wealth tax. That’s understandable, but a wealth tax will require Congress to pass a bill. So will Medicare For All, and any number of policies the various Democratic candidates hope to implement.But changing the government’s approach to antitrust — getting tougher on mergers and maybe even calling for some companies to be broken up — doesn’t require legislation. When a group of senators (some of whom also happen to be presidential candidates) writes to the FTC calling for greater scrutiny of a big pharma merger — and a leading light of the new antitrust movement is in the vanguard — it’s a pretty good bet that this is one thing that will change if there’s a new administration.Brace yourselves, Corporate America. The merger party may be coming to an end.(1) Its official name is the Senate Judiciary Subcommittee on Antitrust, Competition Policy and Consumer Rights.(2) Chopra’s dissent links to this 2018 NPR article, about the steps Celgene took to keep its multiple myeloma drug, Revlimid, away from generic competition.To contact the author of this story: Joe Nocera at email@example.comTo contact the editor responsible for this story: Timothy L. O'Brien at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Joe Nocera is a Bloomberg Opinion columnist covering business. He has written business columns for Esquire, GQ and the New York Times, and is the former editorial director of Fortune. His latest project is the Bloomberg-Wondery podcast "The Shrink Next Door."For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Does AXA Equitable Holdings, Inc. (EQH) have what it takes to be a top stock pick for momentum investors? Let's find out.