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Teck Resources Limited
ON Semiconductor Corporation
(Bloomberg) -- DTE Energy Co. vowed last month to eliminate all its emissions from generating electricity. Now it’s betting big on natural gas.The Detroit-based utility agreed to buy a gas-gathering system and pipeline in Louisiana for $2.25 billion in cash, according to a statement Friday. The acquisition, from Momentum Midstream and Indigo Natural Resources, will deepen DTE’s existing gas network and boost its capacity to supply the Gulf Coast.The fact that DTE is pushing to cut emissions on one side of its business while doubling down on fossil fuel with the other underscores how utilities continue to see gas as core to their business even as they pledge to fight climate change. While wind and solar have become cheap enough to compete with fossil fuels, utilities say they will need gas to heat homes and keep power grids stable for years to come.“The U.S. is undergoing a fundamental shift toward clean energy, and natural gas will play a large role in that,” DTE President and Chief Executive Officer Jerry Norcia said on a conference call. “Large investments in renewable resources and natural gas infrastructure enable the shift to a cleaner energy future.”DTE’s shares fell 1.8% at 10:44 a.m.DTE serves 2.2 million electric customers and 1.3 million gas customers in Michigan. It also owns 1,900 miles of pipelines across the Midwest to the Northeast though its DTE Midstream unit. The Louisiana deal comes eight months after a DTE joint venture agreed to buy Generation Pipeline, a natural gas conduit in Ohio. DTE plans to invest $4 billion to $5 billion in DTE Midstream through 2023.The acquisition announced Friday is expected to close this quarter. It includes an additional $400 million payment when a 150-mile (240-kilometer) gathering pipeline that’s under construction is finished in the second half of 2020.Momentum is closely held and backed by investors including Yorktown Energy Partners. Indigo, also closely held, is the primary supplier of gas to the assets being sold to DTE.Read More: All These Climate Promises Ignore a Big Source of Emissions Gas has played a significant role in cutting U.S. power-plant emissions, emitting about half as much carbon-dioxide as coal. As hydraulic fracturing, or fracking, has made gas cheap and plentiful, scores of coal plants have closed, and power-sector emissions have declined about 25% in a decade.Environmentalists, however, say stopping global warming means cutting fossil fuels almost entirely.Barclays Plc advised DTE on the deal. Momentum was advised by Jefferies Financial Group Inc. and Credit Suisse Group AG.\--With assistance from James Herron.To contact the reporters on this story: Gerson Freitas Jr. in São Paulo at email@example.com;Brian Eckhouse in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: James Herron at email@example.com, ;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.
Synnex (SNX) is at a 52-week high, but can investors hope for more gains in the future? We take a look at the company's fundamentals for clues.
CMS Energy (CMS) has been upgraded to a Zacks Rank 2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
The federal government's EIA report revealed that crude inventories rose by 9.3 million barrels, compared to the 4 million barrels increase that energy analysts had expected.
Intel stock has lagged far behind the broader semiconductor industry's 2019 climb. So let's take a look at what to expect from Intel's upcoming Q3 2019 earnings results to see if INTC stock might be set to pop...
(Bloomberg Opinion) -- Investors looking for signs that the worst is over for the chip sector would be pleased by what Taiwan Semiconductor Manufacturing Co. served up Thursday. All of its key earnings data point to a rebound in demand, and more importantly to pragmatic inventory management after a glut last year dragged down the entire industry. TSMC’s third-quarter net income beat estimates and its fourth-quarter revenue outlook came in at the top of analysts’ expectations. But the standout headline from the company’s investor conference was its decision to boost its capital expenditure this year by close to 40%. By the end of September it had already shelled out $9.4 billion of the “more than” $11 billion it had previously expected for the full year.That may seem like a brave wager, considering a deepening trade war on two fronts — between the U.S. and China, as well as Japan and South Korea — and President Donald Trump’s campaign against TSMC’s key client, Huawei Technologies Co. Just months ago, shoppers were eschewing futuristic gadgets and putting off smartphone upgrades. But TSMC has rarely made mistakes about how to spend its capex: This plan is not only bold but smart. The world’s biggest chipmaker plans to spend a record-breaking $14 billion to $15 billion this year on the leading-edge equipment it needs to manufacture chips for devices such as Apple Inc. iPhones and Huawei’s smartphones. The company turned more aggressive, CEO C.C. Wei explained, because it sees stronger-than-expected demand for next-generation manufacturing technologies. These chips will be used in smartphones, data centers, IoT devices (think Amazon Alexa) and even cars, he said. Wei said he’s confident that the higher spending will be justified by quicker revenue growth, especially with faster fifth-generation mobile networks and handsets ready to go mainstream in the coming year. Because of the technology involved, 5G networks require more base stations than an equivalent 4G rollout, which will further help semiconductor sales.What should really cheer investors, though, are the figures that often get overlooked, namely inventory. One of the biggest problems afflicting the sector a year ago was that companies — from Apple to PC-chipmaker Intel Corp. and iPhone assembler Foxconn Technology Group — all overshot the mark when it came to buying and building chips, only to be met with lackluster demand from consumers.TSMC’s inventory, measured in Taiwan dollars, fell by 8.2% in the September quarter, the biggest drop in more than two years. Days of inventory — another measure that tracks its stockpiles — dropped to 65 days, the lowest in 18 months. This shows that there’s a smaller risk that TSMC and its clients got ahead of themselves this time. Before celebrating a new dawn for the tech sector, there is a caveat. More sales for TSMC doesn’t necessarily mean more devices being sold to end consumers. That’s because smartphones are becoming even smarter, requiring more chips inside. High-end cameras, for example, require higher-resolution sensors, which in turn means more chips within a phone to manage the power, data and memory that such functionality requires. That said, investors looking for an excuse to jump back into tech shares got exactly what they needed from TSMC. If not signs of stronger demand, evidence of pragmatic inventory management makes it look like a safer sector to place a bet.To contact the author of this story: Tim Culpan at email@example.comTo contact the editor responsible for this story: Rachel Rosenthal at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tim Culpan is a Bloomberg Opinion columnist covering technology. He previously covered technology for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. On...
The Zacks Analyst Blog Highlights: Southern Company, Applied Materials, Vertex Pharmaceuticals, NVIDIA and Edwards Lifesciences
Texas Instruments' (TXN) Q3 performance could have been affected by weakness in demand and an uncertain macro environment. Yet, strength in analog & embedded markets is likely to have aided earnings.
Intel (INTC) 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.
Flex (FLEX) 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.
CMS Energy (CMS) 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.
Xcel (XEL) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
(Bloomberg) -- Alcoa Corp. shares headed for the biggest gain since early 2016 as investors welcomed the company’s plans to get leaner by selling assets to weather a market rout.The largest U.S. aluminum maker outlined its restructuring plans in an earnings statement Wednesday in which it predicted that world demand may contract by as much as 0.6% this year, reversing a July outlook for growth of at least 1.25%. The asset sales follow the company’s worst streak of quarterly losses in at least three years.The forecast came a day after the International Monetary Fund cut its 2019 global growth forecast, citing a broad deceleration across the largest economies. Metal producers have been caught in the crossfire as a trade war between the U.S. and China hurt global growth, curbing demand for industrial raw materials.“A leaner and lower-cost Alcoa should be well positioned for the eventual cyclical recovery in global demand for metals, and longer term investors may consider buying these shares at current levels,” Jeffries LLC analysts Christopher LaFemina and Patricia Hove said in a note.Alcoa shares climbed 12% to $21.49 at 9:55 a.m. in New York. A close at that level would mark the biggest since February 2016. The rally trimmed this year’s decline to 19%.The average price for alumina, a key aluminum ingredient and one sold by Alcoa, dropped 44% in the third quarter from the same period a year earlier, according to S&P Global Platts. Chief Executive Officer Roy Harvey expressed optimism that the downturn in the market won’t last.“When we think about 2020, we see demand springing back,” Harvey said in a telephone interview. “This isn’t a problem with the consumption of aluminum, this is a hiccup with what’s happening in the global economy.”Over the next 12 to 18 months, Alcoa intends to pursue non-core asset sales expected to generate an estimated $500 million to $1 billion in net proceeds.The company also plans to realign its operating portfolio, and has placed under review 1.5 million metric tons of smelting capacity and 4 million metric tons of alumina refining capacity over the next five years. The review will consider opportunities for significant improvement, potential curtailments, closures or divestitures.“It’s also simply a way that we can make sure we have the right cash to help weather through the different parts of the market cycle,” Harvey said Wednesday. “That is for us an important component of making sure we have the cash to be able to move through our restructuring process.”Alcoa said it’s implementing changes to make it leaner. The restructuring costs will be paid in cash in the fourth quarter 2019 with the remainder in the first quarter 2020, the company said. The new operating model is expected to generate annual savings of about $60 million in operating costs beginning in the second quarter of 2020.The company reported a third-quarter loss of 44 cents a share, worse than analysts expected. Industrial metals have fallen as the U.S.-China trade war weighs on global manufacturing and economic growth.Goldman Sachs Group Inc. lowered its price forecasts on aluminum earlier this month, citing strong supply growth outside of China and the negative impact of economic uncertainty on capital spending. Harvey said the downturn may not last.“When we think about 2020, we see demand springing back,” Harvey said. “This isn’t a problem with the consumption of aluminum, this is a hiccup with what’s happening in the global economy that we believe will come roaring back once this uncertainty is behind us.”(Updates with shares, analysts’ comments in fifth and seventh paragraphs.)To contact the reporter on this story: Joe Deaux in New York at email@example.comTo contact the editors responsible for this story: Luzi Ann Javier at firstname.lastname@example.org, Joe RichterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.