• Benzinga

    Prologis Expands In China With Multi-Billion-Dollar Investments

    Logistics real estate giant Prologis Inc. (NYSE: PLD) said it will develop properties in China valued at $3.5 billion, buy an existing portfolio of Chinese logistics assets with a value of $1.7 billion in a multipronged expansion into the fast-growing Chinese logistics warehouse and distribution market. Under the program, Prologis and HIP China Logistics Investments Ltd., which already have partnerships in other ventures, will spend $882 million to develop the $3.5 billion property slate. Prologis has also formed a fund called PCCLF that will acquire the 22 million-square-foot portfolio with the $1.7 billion market value.

  • Tiger Global cuts Juul's valuation by half to $19 billion: WSJ
    Reuters

    Tiger Global cuts Juul's valuation by half to $19 billion: WSJ

    The writedown of Juul, in which Altria Group Inc <MO.N> has a 35% stake, came at the end of September, the Journal reported, citing people familiar with the matter. Altria took a $4.5 billion hit from its investment in Juul in October, with its valuation shrinking by more than a third to roughly $24 billion.

  • 3 “Strong Buy” Dividend Stocks Yielding 5% — Or More
    TipRanks

    3 “Strong Buy” Dividend Stocks Yielding 5% — Or More

    With the Fed’s key rate cut back to the 1.5 to 1.75 range, and bond yields out to 10 years holding below 2%, investors are naturally drawn to the stock markets. As much as Friday’s gangbusters jobs report, this basic fact of today’s economy underlies the market’s record highs.So, stocks are the place to go. But which stocks? While the market is clearly the place to go for strong returns, investors have different priorities when it comes to receiving those returns. You’ll go for different stocks if you're more interested in long-term appreciation than if you want steady income.Today, we’re looking at the steady income side of that equation, and that means dividend stocks. These are the stocks that pay back a steady return of the company’s income to shareholders. Use the money to reinvest, or if your portfolio’s large enough, to live on – the choice is yours. But the trick is finding the high-yielding dividend stocks in the first place.TipRanks’ Stock Screener tool makes it simple. Adjust the filters to show only the high-yield dividend stocks – say, the ones with a 5% or better return – and then further adjust them to show only those with a ‘Strong Buy’ analyst consensus, and we can narrow it down to a list of just 39 stocks. Now that we’ve narrowed the field, we’ll look at three of them and see what makes them so compelling.GAIN Capital Holdings (GCAP)We start with GAIN Capital, an online trading company based in New Jersey. GAIN offers its customers access to foreign exchange (forex) and contract-for-difference (CFD) trading on the public markets. GAIN has two electronic platforms available for customers to use, the popular MetaTrader 4 platform and the FOREXTrader PRO, GAIN’s proprietary platform. In addition to trading services, GAIN offers advisory services to customers, and access to futures markets.The boom in the stock markets has paradoxically hurt GCAP shares and made them more attractive. As investors move toward stocks, trading in other assets – bonds, or example, or forex – declines, and a forex trader like GAIN feels a pinch. The company’s shares have declined throughout 2019, and the stock is down 34% year-to-date.The paradox is, that even while GCAP shares have fallen to rock-bottom price, the company has maintained its dividend payout. The payment is only 6 cents per share each quarter – a annualized payment of 24 cents – but it has been consistent for the last three years, and consistency is the key to successful dividend investing. The annualized yield, at 5.97%, is almost triple the average yield of S&P listed companies.Recently, two of Wall Street’s analysts gave GCAP stock the thumbs up. Writing from JPMorgan, Ken Worthington said, “With Gain having invested in growing its business in recent quarters through increased marketing, we see the company well positioned to maximize the benefit of higher volatility with a larger number of active accounts.” Worthington acknowledges that the company faces a tough business climate, but does not see this harming investors. He writes of GAIN’s possible downsides, “[E]ither Gain will more regularly make a positive profit or it will be sold or liquidated –either way we see shareholders benefitting.” In line with his optimism, Worthington gives GCAP a Buy rating alongside $6 price target. (To watch Worthington’s track record, click here)Also bullish on GCAP is Rajiv Sharma from B. Riley FBR. In his review of the company, he concludes that, “Higher volatility and uncertainty from more “normal” conditions, we believe, will be beneficial for Gain. We believe Gain is ready to capitalize on higher volatility and volumes given that they are adding new trading accounts at a fast pace.” Sharma puts a $7 target on GCAP, implying a strong upside of 71%, to go along with his Buy rating. (To watch Sharma’s track record, click here)All in all, with three recent Buy ratings, GCAP has a unanimous analyst consensus of ‘Strong Buy.’ As noted, shares are selling for a bargain price, just $4. The average price target of $6.42 suggests an impressive upside potential of 58%. (See GAIN Capital stock analysis on TipRanks)Kontoor Brands (KTB)While not a household name, it’s almost certain you have heard of Kontoor’s products. In fact, there’s even a pretty good chance you have worn some of them. The company is the owner of Lee and Wrangler jeans, longstanding names in the apparel industry.So, Kontoor has been around the block a few times, holds a well-established niche in its business, and can boast well-known brands with both name recognition and reputation. It’s a solid foundation for any company, and Kontoor took it public earlier this year. Since KTB’s IPO in May, the stock has had a rocky ride, falling 34% in its first month of trading, only to regain that value slowly in 2H19.To the company’s credit, its Q3 earnings beat Wall Street expectations by 6 cents per share, showing EPS at 95 cents. This came despite a slight revenue miss. The quarterly top line was $638 million against a forecast of $646.5 million. The strong earnings supported a quarterly dividend payout of 56 cents. This annualizes to $2.24 – a nice per-share income. The yield of 5.9% is sure to bring a smile to income-minded investors.Sam Poser, 4-star analyst from Susquehanna, sees a clear path forward for KTB, and believes that the company will follow it toward increased performance and market share. He writes, “Buy KTB… [We are] confident that KTB is proactively making the necessary strategic decisions to enhance the Wrangler and Lee brand first and then drive positive inflections in each brand's business… We think the move from a global to a regional operating model will generate efficiencies driving top- and bottom-line results over the next few years.”In line with his upbeat outlook, Poser gives this stock a "positive" rating along with $44 price target, indicating room for 14% growth on the upside. (To watch Poser’s track record, click here)KTB is clearly a stock to watch. As an established brand, new to the market, it’s sure to attract plenty of investor attention, just as it has attracted the notice of Wall Street’s analysts. The stock has 5 recent reviews, including 4 "buy" and 1 "hold" ratings, giving it a consensus rating of ‘Strong Buy.’ Shares are moderately priced, at $37.90, and the average target of $40.50 gives an upside potential of 8%. (See Kontoor stock analysis on TipRanks)Viper Energy (VNOM)Operating in the Midland formation, part of West Texas’ Permian Basin, Viper Energy taps into some of the richest oil fields in North America. The company has oil and mineral interests in over 14,000 acres of the formation. Viper’s interests are exploited mainly by subsidiaries or third parties, with royalties paid to the parent company. Those interests are substantial, as independent engineers have estimated up to 10 billion barrels of recoverable oil equivalents in Viper’s land holdings.The company reported somewhat disappointing earnings in Q3 thanks to low oil prices. Revenues, at $71.8 million, missed the estimates by 6% and the 13-cent EPS fell short of the 14 cent forecast. Shares slipped 11% after the earnings report, but have since regained half of the losses. Investors were reassured remembering that EPS was up 160% year-over-year, and that production was up 9% sequentially and 16% year-over-year.Like many oil industry companies, Viper makes a commitment to sharing income with investors. This is as much self-interest as it is altruism. Dividends make the stock attractive, attractive stocks bring in new investment, and oil companies need a constant flow of investment to meet their high overhead. VNOM shares are currently paying out 46 cents quarterly, or $1.84 per year, for an annual yield of 7.34%. This is more than triple the average dividend on the S&P 500.Wall Street holds a favorable view of VNOM shares. SunTrust Robinson analyst Welles Fitzpatrick points out that oil prices, while low now, are consistent, and writes of the stock, “Additional upside comes from increased commodity prices and accretive acquisitions. We believe Viper offers a unique way to play Permian growth combined with solid oil prices.”Fitzpatrick’s of $32 suggests room for a 28% upside which supports his Buy rating. (To watch Fitzpatrick’s track record, click here)VNOM shares get a unanimous ‘Strong Buy’ consensus rating, based on 11 reviews in recent weeks. The stock is widely considered a sound investment on Wall Street, both for its profitable holdings in the oil fields and its reliable dividend payments. Shares are selling for $25, and the $34.60 average price target suggests room for robust 37% growth on the upside. (See Viper Energy stock analysis on TipRanks)

  • Atlanta fintech picks Pinterest exec for new C-Suite role
    American City Business Journals

    Atlanta fintech picks Pinterest exec for new C-Suite role

    Cardlytics continued the expansion of its leadership team by adding a Pinterest exec to its C-Suite.

  • Paul Volcker was the last Fed chairman who said no pain, no gain
    MarketWatch

    Paul Volcker was the last Fed chairman who said no pain, no gain

    Former Federal Reserve Chairman Paul A. Volcker, who died over the weekend at 92, was a towering figure both in stature (he was 6 foot, 7 inches tall) and in his role in American life: He broke the back of inflation for at least a generation, maybe two. A cottage industry of “Fed watchers” had to glean what the central bank was doing from what happened in money markets or, as I’ve liked to joke, by watching which way the ashes fell from Volcker’s signature cigars. When President Jimmy Carter appointed him in August 1979, the consumer-price index was rising at nearly a 12% annual clip.

  • MarketWatch

    Apple Inc., Boeing share losses contribute to Dow's nearly 75-point fall

    DOW UPDATE Shares of Apple Inc. and Boeing are trading lower Monday morning, sending the Dow Jones Industrial Average into negative territory. The Dow (DJIA) was most recently trading 74 points (0.3%) lower, as shares of Apple Inc.

  • These are the 20 best-performing stocks of the past decade, and some of them will surprise you
    MarketWatch

    These are the 20 best-performing stocks of the past decade, and some of them will surprise you

    DEEP DIVE As we approach the end of 2019, it’s time not only for year-end lists, but end-of-decade lists. U.S. stocks have had what can only be called an excellent decade. MarketWatch will feature a number of forward-looking articles building on the past decade’s action.

  • Sanofi to Buy Synthorx for $2.5 Billion
    Bloomberg

    Sanofi to Buy Synthorx for $2.5 Billion

    Dec.09 -- M&A Monday has begun with another big deal in the biotech space. Sanofi has agreed to buy U.S.-based Synthorx in a buyout worth approximately $2.5 billion. Bloomberg’s Sarah Syed reports on “Bloomberg Markets: European Open.”

  • Jobs of the future are clustering in a handful of U.S. cities, study finds
    Reuters

    Jobs of the future are clustering in a handful of U.S. cities, study finds

    A new analysis of where "innovation" jobs are being created in the United States paints a stark portrait of a divided economy where the industries seen as key to future growth cluster in a narrowing set of places. It is seen as a source of social stress, particularly since President Donald Trump tapped the resentment of left-behind areas in his 2016 presidential campaign. Research from the Brookings Institution released on Monday shows the problem cuts deeper than many thought.

  • U.S. Says Accused Apple Secrets Thief Had Patriot Missile File
    Bloomberg

    U.S. Says Accused Apple Secrets Thief Had Patriot Missile File

    (Bloomberg) -- When U.S. prosecutors charged an Apple Inc. engineer in January with stealing trade secrets for a Chinese startup, a search of his home turned up something else, they said: a classified file from the Patriot missile program that belonged to his ex-employer, Raytheon Co.The discovery has added a striking national security wrinkle to an otherwise routine corporate espionage case, and the government says it merits keeping Jizhong Chen under close scrutiny.The Patriot document was discovered among numerous electronic devices and paper files from Chen’s former employers including General Electric -- some of which were stamped “confidential,” according to prosecutors.Chen, a U.S. citizen who was arrested on his way to catch a flight to China, is awaiting trial on charges that he collected photos, schematics and manuals from his work on Apple’s tightly guarded self-driving car project as he prepared to take a job with an unidentified rival.He has pleaded not guilty and remains free on $500,000 bail. But prosecutors argue the stash of sensitive data found in Maryland justifies subjecting him to location monitoring with an electronic device so he doesn’t disappear before his trial.Lawyers representing Chen and a second former Apple engineer facing similar charges -- who is also fighting prosecutors over the need for location monitoring -- contend the government is exaggerating the risk they’ll try to flee.The 2011 document relating to one of Raytheon’s best-known weapons was so secret that it “was not (and is not) permitted to be maintained outside of Department of Defense secured locations,” prosecutors said in an Oct. 29 filing that hasn’t previously been reported on by the media. Chen “has, for over eight years, illegally possessed classified national security materials taken from a former employer.”How a classified document ended up at an engineer’s home raises provocative questions, but they’re unlikely be answered in open court at a hearing set for Monday. A prosecutor and an attorney for Chen both declined to comment ahead of the hearing. A Raytheon spokeswoman didn’t respond to a request for comment.Read More: Tesla to Apple: Help Us Nail Robocar-Secrets Thief at China FirmAfter prosecutors first raised concerns about the evidence they found in Maryland, a magistrate judge agreed in March to extend an electronic monitoring requirement to give the government time to investigate. She finally ordered an end to the monitoring in October -- and prosecutors are now asking a district judge to overrule her.Lawyers for Chen say prosecutors have had enough time to present further evidence of criminal conduct. They also note that the federal office that supervises defendants on probation has concluded monitoring is no longer necessary because Chen has complied with all the conditions of his release and found full-time employment.Daniel Olmos represents both Chen and Zhang Xiaolang, who also worked on Apple’s autonomous driving project before he was arrested in July 2018 and accused of trying to take the company’s trade secrets to China-based XMotors. The lawyer makes an argument that goes to the heart of the cases against both men: There’s no evidence that Apple’s intellectual property was shared with a third party. That’s significant because possession of the information alone isn’t necessarily a crime.Olmos also contends that each of the engineers has strong ties in the U.S. and the trips they were about to take to China when they were arrested were planned for the purpose of visiting relatives, not escaping prosecution.“The government’s argument that Mr. Zhang poses a flight risk because he is a Chinese citizen is insufficient to warrant GPS monitoring,” Olmos said in a filing. “Mr. Zhang has full-time employment, a new family, and no travel documents.”The cases are U.S. v. Chen, 19-cr-00056, and U.S. v. Zhang, 18-cr-00312, U.S. District Court, Northern District of California (San Jose).To contact the reporters on this story: Peter Blumberg in San Francisco at pblumberg1@bloomberg.net;Robert Burnson in San Francisco at rburnson@bloomberg.netTo contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, Anthony Lin, Peter BlumbergFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • All Eyes on These 3 Biotech Stocks Ahead of FDA Decisions
    TipRanks

    All Eyes on These 3 Biotech Stocks Ahead of FDA Decisions

    Searching for the stocks that can treat you to huge rewards overnight? Look no further than the biotech industry. Regardless of trade wars, economic data and market sentiment, a single positive catalyst like favorable data or an important regulatory decision can drive share prices through the roof. Just remember that these stocks carry substantial risk, too, as the opposite holds true.Having said that, the Street’s seasoned pros remind investors that positive data doesn’t necessarily mean that a drug will receive approval from the FDA. So, when biotechs near these important FDA verdicts, it’s a signal to investors to pay close attention as drug approvals can lead to vital revenues for companies.With this in mind, we used TipRanks’ set of investing tools to take a closer look at 3 biotech stocks ahead of their upcoming FDA approval decisions. Here’s what we uncovered.Intra-Cellular Therapies (ITCI)Schizophrenia is a mental illness that causes abnormal behavior, strange speech as well as a decreased ability to understand reality, with the treatment market for the disease estimated to be worth about $14.9 billion. Intra-Cellular Therapies wants to capitalize on this opportunity, and given the limited competition, several analysts argue the biotech is well-positioned to do so.Currently, the company is preparing for the December 27 PDUFA date for its lumateperone drug in schizophrenia. Some red flags were raised when the review, originally slated for September 27, was delayed and the July AdCom meeting was canceled. However, the company stated that the delay came as a result of its submission of additional non-clinical data, which demonstrated that issues with toxicology seen in animals weren’t present when the drug was used to treat humans.On top of this, the drug is currently being evaluated as a treatment for bipolar depression and major depressive disorder (MDD). In a Phase 3 study of its efficacy in bipolar depression patients, the drug produced a statistically significant improvement in the Montgomery-Asberg Depression Rating Scale (MADRS) total score.Even with the delay, Ladenburg analyst Matthew Kaplan is optimistic about the drug’s approval.“Despite this delay in the approval timeline, we continue to believe that lumateperone has demonstrated a clinically meaningful improvement and improved safety and metabolic profile over risperidone in the treatment for schizophrenia, which should ultimately support FDA approval of lumateperone,” Kaplan explained.With this in mind, the four-star analyst kept his Buy rating and $33 price target. This brings the potential twelve-month gain to a whopping 224%. (To watch Kaplan’s track record, click here)Similarly, the rest of the Street is optimistic about ITCI. Based on 100% Street support over the last three months, the consensus is a unanimous Strong Buy. Additionally, the $24 average price target puts the upside potential at 135%. (See Intra-Cellular stock analysis on TipRanks)Amarin (AMRN)For investors familiar with biotechs, it’s clear that Amarin was one of the most talked about names in the space this year. The company has only one product on the market, but that one is a true humdinger. The medication, Vascepa, is an omega-3 based treatment for hypertriglyceridemia, with a proven record of reducing triglycerides in adult patients. Vascepa has been commercially available since 2013, and is predicted to reach $2.2 billion in annual sales by 2024.Amarin shares were catapulted higher recently as an FDA panel unanimously voted in favor of Vascepa approval for a cardiovascular (CV) risk reduction indication, which reflected a major step forward. That being said, specifics regarding its use in primary prevention of MACE weren’t set in stone.As the expanded label would create a huge opportunity for the biotech, Leerink Partners’ Ami Fadia sees the December 28 PDUFA date as a major catalyst, adding that the AdCom outcome has made her “incrementally more positive.” Part of the optimism is due to her belief that the panel was open minded about expanding the labeling to include use in primary prevention.“By our count, 11 members were open to a primary prevention label of which a majority noted that they would prefer to keep the primary prevention strictly defined per the REDUCE-IT Cohort 2 studied population while a minority preferred a broad primary prevention definition. In contrast, 5 members were against including primary prevention in the label,” the four-star analyst wrote in a note to clients.Fadia also points out that the AdCom members think that risks related to the treatment’s use could be mitigated with labeling and that the impact of mineral oil didn’t appear to dissuade a positive vote. As a result, she left the Outperform rating unchanged while bumping up the price target from $26 to $29. This new target conveys her confidence in AMRN’s ability to surge 29% in the coming twelve months. (To watch Fadia’s track record, click here)What does the rest of the Street think? Looking at the consensus breakdown, opinions from other analysts are more spread out. 6 Buys, 2 Holds and 1 Sell add up to a Moderate Buy consensus. In addition, the $28 average price target indicates 25% upside potential. (See Amarin stock analysis on TipRanks)Avadel Pharmaceuticals (AVDL)Avadel Pharmaceuticals is best known for developing sleep medicines as well as sterile injectable products. Ahead of its December 15 PDUFA date for its fourth hospital product, AV001, one analyst thinks that AVDL could be bound for greatness.The PDUFA date was originally slated for September 15, with the product being granted priority review by the FDA. However, this was pushed back after the FDA requested additional analytical data.Ladenburg's Matthew Kaplan believes that the delay doesn’t change the fact that AV001 stands to fuel massive growth for AVDL.“Avadel believes that AV001 corrects the safety issues of the current products in the market (one unapproved and one recently approved in May) and will address a market potential of about $30 million. We look forward to the FDA decision from the PDUFA, and we believe after approval, AV001 will start generating revenues in 2020 in addition to the existing hospital franchise (Akovaz, Bloxiverz, and Vazculep),” Kaplan commented.Its FT218 drug also looks promising. The therapy is progressing through Phase 3 development for the treatment of excessive daytime sleepiness (EDS) and cataplexy in patients suffering from narcolepsy, with the FDA agreeing to a lower sample size needed to show statistical significance.To this end, the four-star analyst reiterated the bullish call and $8 price target, implying 27% upside potential from current levels. (To watch Kaplan’s track record, click here)It has been relatively quiet when it comes to other analyst activity. In the last three months, only 2 analysts have issued ratings. However, as they were both Buys, the word on the Street is that AVDL is a Moderate Buy. Based on the $7 average price target, shares could climb 11% higher in the next twelve months. (See Avadel stock analysis on TipRanks)

  • U.S.News & World Report

    The Pros and Cons of Standard vs. Itemized Tax Deductions

    It shields a portion of your earnings from income tax. While the standard deduction is the government's built-in subtraction that you can take while preparing your taxes, itemizing is composed of individual deductions that, together, can help lower the amount of taxable income you pay. Read on to discover the pros and cons of a standard deduction vs. itemized deduction to decide which approach is best for you.

  • Investors Bail on Stock Market Rally, Fleeing Funds at Record Pace
    The Wall Street Journal

    Investors Bail on Stock Market Rally, Fleeing Funds at Record Pace

    The S&P 500 is having its best run in six years, but individual investors are fleeing stock funds at the fastest pace in decades, according to data from Refinitiv Lipper.

  • Barrons.com

    Canopy Growth Has a New CEO. Here’s What He Needs to Do Now.

    A top task facing Canopy Growth’s newly-announced chief executive will be to control the cannabis company’s swelling expenses. Good thing that David Klein has been the financial chief at the pot producer’s big shareholder, (STZ) because his bud-counting skills will be tested by the costs of the new beverages, vapes and chocolates that Canopy starts selling in Canada next month. Investors seem happy that a financial guy is taking charge of (WEED) (ticker: CGC), whose founder Bruce Linton was forced out in July by Constellation (STZ) after the pot pioneer’s losses ballooned.

  • Cisco Stock: Shift To Sell Chips To Impact Broadcom, Arista, Juniper?
    Investor's Business Daily

    Cisco Stock: Shift To Sell Chips To Impact Broadcom, Arista, Juniper?

    Cisco may announce a shift in its business model to sell semiconductors at a "Future of the Internet" event on Wednesday, says one analyst. Cisco's move would challenge Broadcom and Arista.

  • PG&E Soars After Striking a $13.5 Billion Deal With Fire Victims
    Bloomberg

    PG&E Soars After Striking a $13.5 Billion Deal With Fire Victims

    (Bloomberg) -- PG&E Corp. surged to a two-month high after reaching a $13.5 billion settlement with the victims of wildfires ignited by its power lines -- a major step toward resolving the biggest utility bankruptcy in U.S. history.The agreement, announced late Friday, will cover claims stemming from some of the worst blazes to ever hit Northern California, including the 2017 wine country and the 2018 Camp fires. The 2015 Ghost Ship fire and the 2017 Tubbs fire are also covered, though the utility doesn’t admit fault for either blaze, PG&E said. Shares rose 14% to $11 at 9:51 a.m. in New York on Monday.The deal is a victory for PG&E, which has spent months trying to negotiate a viable restructuring plan to emerge from bankruptcy by the middle of next year. California Governor Newsom has threatened a state takeover if the utility fails to come up with a plan soon, and the judge overseeing the company’s reorganization had ordered parties into mediation.The agreement “offers the clearest path forward in PG&E’s ongoing bankruptcy fight,” Clayton Allen, an analyst at Height Capital Markets, said in a note Monday. The judge overseeing the bankruptcy case will probably support the company’s settlements with victims and their insurers “as they seem to offer the most expedient option,” he said.Half of the payout announced Friday will be financed through stock and the other half through cash -- with $5.4 billion paid upfront and the rest over time, according to a filing made Monday. The deal must still be approved by Newsom and the bankruptcy court.Compensating victims of wildfires had emerged as the largest challenge to restructuring PG&E, which declared bankruptcy in January after its equipment was blamed for starting catastrophic blazes in 2017 and 2018. The fires buried the utility giant in an estimated $30 billion worth of liabilities.PG&E initially offered victims $8.4 billion, a fraction of what they said they were owed. A group of creditors led by Pacific Investment Management Co. and Elliott Management Corp. stepped in to offer $13.5 billion to victims as part of a rival reorganization plan that would’ve handed them ownership of almost all of the power company.The agreement reached Friday could deal a fatal blow to that proposal. As part of the deal reached Friday, victims would agree to oppose the efforts of Pimco and Elliott. What Bloomberg Intelligence Says“PG&E’s $13.5 billion preliminary deal with wildfire claimants puts the utility firmly in control to exit bankruptcy. This accord is a big win for shareholders, outflanking a bondholders’ proposal that would have largely wiped out equity.”\--Kit Konolige, senior utilities analystClick here for the researchThe utility has already agreed to pay $11 billion to insurers and investors, although that pact has been contested by the governor’s office, saying it locks claim holders into a restructuring plan that may not win approval. The company also has a deal to pay $1 billion to local government agencies.PG&E amended its restructuring support agreement to include an added pretax charge for victim claims of $4.9 billion for the quarter ended Dec. 31, according to a filing. And it extended the deadline for obtaining bankruptcy court approval for the agreement with insurers to Dec. 11 from Dec. 6.Resolving Major ClaimsPG&E said Monday that it will update and file its reorganization plan that resolves all major wildfire claims by Dec. 12. The company said it is on track to gain the needed regulatory and court approvals to exit from bankruptcy by a state-imposed deadline of June 30, 2020.The utility said it had received more than $12 billion in equity backstop commitments to support the settlement and its plan of reorganization.The settlement with fire victims comes after PG&E drew outrage from state lawmakers and residents for carrying out deliberate mass blackouts to keep its power lines from igniting more wildfires during wind storms. In October, it plunged millions of Californians into darkness four times. The backlash increased pressure on Newsom to restructure PG&E.If approved, the settlement means PG&E will avert a trial scheduled to begin next month in San Francisco federal court to determine its liability from fire-related losses and estimate damages. Parties would also agree to put some trials involving the Tubbs fire on hold.\--With assistance from Brian Eckhouse.To contact the reporters on this story: Mark Chediak in San Francisco at mchediak@bloomberg.net;Scott Deveau in New York at sdeveau2@bloomberg.netTo contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, Joe RichterFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Here’s what a ‘Japanification’ of the U.S. would look like
    MarketWatch

    Here’s what a ‘Japanification’ of the U.S. would look like

    Nomura strategist Naka Matsuzawa outlined 10 characteristics of Japanification, including that a central bank seldom raises interest rates and a lack of interest in buying bonds in an economic downturn. The good news, for the U.S. at least, is that Matsuzawa expects the world’s largest economy to escape Japanification, noting the over 2 percentage points of Federal Reserve hiking.

  • Luckin Coffee, Weichai Power Favored: HeirCastle AM's Huang
    Bloomberg

    Luckin Coffee, Weichai Power Favored: HeirCastle AM's Huang

    Dec.08 -- Ziming Huang, managing partner and co-chief investment officer at HeirCastle Asset Management, talks about Chinese stocks. He speaks with Rishaad Salamat and Tom Mackenzie on "Bloomberg Markets: China Open."

  • Fox Business

    Steve Moore: A law that only a loan shark could love -- What is Congress thinking?

    Washington do-goodism almost always fails to help the people it is supposed to because politicians ignore the Law of Unintended Consequences.

  • U.S. Has More Runway on Trade Deal After Strong Data, Pimco's Wilding Says
    Bloomberg

    U.S. Has More Runway on Trade Deal After Strong Data, Pimco's Wilding Says

    Dec.07 -- Tiffany Wilding, Pacific Investment Management Co. (Pimco) executive vice president and U.S. economist, discusses the prospects for a trade deal between China and the U.S. She speaks with Bloomberg's Vonnie Quinn and Guy Johnson on "Bloomberg Markets."

  • Financial Times

    Taiwan loses 3,000 chip engineers to ‘Made in China 2025’

    China is ramping up recruitment of Taiwanese talent in semiconductors, attracting top executives and engineers alike to bolster an industry that the US trade war has shown to be a Chinese Achilles heel. The aggressive campaign has sparked concerns about a brain drain in Taiwan’s chip industry, which is struggling to compete with generous offers by cash-rich mainland companies. One man in his 50s left a longtime job at a leading Taiwanese semiconductor maker a year ago for a position on the mainland.

  • Financial Times

    Moscow is being forced to change its energy strategy

    Moscow’s energy policy made a sharp transition with two developments last week. pipeline taking gas from Russia to China was last Monday inaugurated by presidents Vladimir Putin and Xi Jinping, and marks a turn by Moscow to the east. Then, at the end of the week, Russian ministers attended the Opec meeting in Vienna and accepted that Russian production would be cut further as part of the cartel’s attempt to stabilise prices.

  • Benzinga

    Cramer Gives His Take On Bank Of America, BlackBerry And More

    On CNBC's "Mad Money Lightning Round," Jim Cramer said S&P Global Inc (NYSE: SPGI ) is a buy. He thinks the management team is terrific. Bank of America Corp (NYSE: BAC ) is going higher, said ...

  • Barrons.com

    Xerox Claims Its $22 A Share Bid For HP Is Really Worth $31 A Share

    Xerox Holdings has begun meeting with investors to persuade them to support the company’s recent $22-a-share takeover bid for HP—asserting among other things that the offer is actually worth $31 a share.

  • Barrons.com

    The Dow Is Falling 72 Points Because China Tariffs Could Happen

    The three major U.S. stock market indexes fell as investors fear that there won’t be enough progress made in trade talks between the U.S. and China to prevent tariffs that are scheduled for Dec. 15 from taking effect.