47.26 +0.31 (0.66%)
After hours: 6:44PM EDT
|Bid||47.20 x 21500|
|Ask||47.25 x 800|
|Day's Range||46.23 - 47.14|
|52 Week Range||28.39 - 55.40|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||5.43|
|Earnings Date||Sep 18, 2019 - Sep 23, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||44.54|
A possible deal between Intel Corp. and Apple Inc. over smartphone modems pressures shares of Qualcomm Inc. and weighs on shares of Micron Technology Inc. as analysts debate whether Intel may sell off memory assets next.
U.S. equities were largely in a holding pattern on Monday as investors await the outcome of the Federal Reserve's latest policy meeting. Officials are in the midst of their "blackout period" but the market is comfortable in its expectation of at least a quarter-point cut in light of uneven global economic data.Amid the waiting, the tried-and-true strategy of piling into technology stocks is in effect. Names like Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) led the way higher Monday on the combination of seemingly unstoppable high-margin growth and the safety of following the herd into these mega-cap names. * 10 Stocks to Buy From This Superstar Fund But another area of the market -- semiconductor stocks -- is perking up nicely as investors look through to what an interest rate cut would mean for global growth and industrial output. With pretty much every manufactured good including some level of computational smarts these days, this will likely be a boon to chipmakers. Here are four semiconductor stocks worth a look:InvestorPlace - Stock Market News, Stock Advice & Trading Tips Semiconductor Stocks to Buy: Intel (INTC)Intel (NASDAQ:INTC) shares are breaking up and away from a two-month holding period near its 200-day moving average. Watch for the late April gap decline to be filled on the way to a challenge of the prior high near the $60-a-share threshold -- with such a move worth a gain of roughly 20% from here. Analysts at Atlantic Equities recently started coverage with a belief the CPU market had reached an inflection point.The company will next report results on July 25 after the close. Analysts are looking for earnings of 90 cents per share on revenues of $15.7 billion. When the company last reported on April 25, earnings of 89 cents beat estimates by two cents on $16 billion in revenues. Applied Materials (AMAT)Applied Materials (NASDAQ:AMAT) is enjoying a price surge to new highs, marking a 20%-plus rally off of the lows set back in May with a double-touch of the 200-day moving average. Shares were recently upgraded from neutral to buy by analysts at Goldman Sachs. DA Davidson analysts downgraded the stock on July 8, which was horrible timing, obviously. * 7 Defense Stocks to Buy to Fortify Your Portfolio The company will next report results on Aug. 15 after the close. Analysts are looking for earnings of 70 cents per share on revenues of $3.5 billion. When the company last reported on May 16, earnings of 70 cents per share beat estimates by four cents despite a 22.7% decline in revenues. Lam Research (LRCX)Shares of Lam Research (NASDAQ:LRCX) are challenging the prior highs set in late April, laying the groundwork for a push that could put an end to a long sideways channel going back to late 2017. Merely a run to the prior record high near $230 would be worth a gain of more than 11% from here.The company will next report results on July 31 after the close. Analysts are looking for earnings of $3.43 per share on revenues of $2.4 billion. When the company last reported on April 24, earnings of $3.70 per share beat estimates by 31 cents on a 15.7% decline in revenues. Micron Technology (MU)Shares of Micron Technology (NASDAQ:MU) are breaking up and above year-to-date resistance near the $44-a-share level, returning to levels not seen since the summer of 2018. Watch for a return to the prior high near $65, which would be worth a gain of nearly 40% from here. Shares were recently upgraded from neutral to buy by Goldman Sachs analysts. * 10 Tech Stocks That Are Still Worth Your Time (And Money) The company will next report results on Sept. 19 after the close. Analysts are looking for earnings of 46 cents per share on revenues of $4.5 billion. When the company last reported on June 25, earnings of $1.05 beat estimates by 26 cents on a 38.6% decline in revenues.As of this writing, William Roth did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Stocks to Buy From This Superstar Fund * 7 Stocks to Buy This Summer Earnings Season * 7 Marijuana Penny Stocks to Consider for Those Who Can Handle Risk The post 4 Semiconductor Stocks Climbing Higher appeared first on InvestorPlace.
After a recent slew of upgrades, it’s clear that Goldman Sachs is bullish on semiconductor stocks. On July 21, Toshiya Hari upgraded Applied Materials (AMAT) and Lam Research (LRCX) to a Buy rating. The next day, Mark Delaney upgraded the leading DRAM and NAND semiconductor manufacturer, Micron Technology Inc. (MU), to a Buy. He raised his price target from $40 to $56, suggesting 20% upside potential. Following the news, Micron's share price rose by almost 4%. The combination of the upgrade and positive memory chip industry trends have some of the top analysts convinced that MU is a compelling investment. Should investors also take a bullish stance on MU? Falling Chip Inventory Levels Help MUOver the last few months, share prices took a hit as a result of DRAM and NAND oversupply, which drove the chip demand and prices down. Delaney points to the June power outage at Toshiba Memory Corporation, which caused a drop in production, to support his belief that the chip supply will continue to decline. Goldman Sachs' original estimates didn’t have supply and demand for chips improving until at least 2020. “We now believe that inventory at the memory companies ... is being depleted faster than we previously expected. The computer memory maker responded logically to the decline in demand by downshifting their production rates. As the rate of production of new memory decelerates, we forecast that production will ultimately fall below longer-term demand growth in 2020, transforming a market characterized by oversupply into one characterized by undersupply,” said Delaney. If this occurs, the analyst expects memory prices to spike as buyers face-off to get a hold of a limited supply. He notes that industry research suggests NAND pricing could start to improve from low levels in Q3 of 2019. This is essential for MU as 25% of its revenue is generated from trade NAND chips. Delaney does warn investors that while he believes a recovery is coming, the effects might not be felt for some time. He thinks MU’s full-year 2020 EPS will fall below Wall Street's expectations. However, the analyst expects full-year 2021 EPS to be 30% above consensus estimates. Japan-South Korea Trade War is Good for BusinessOn July 1, Japan put restrictions on South Korean chemical materials exports that are necessary to produce semiconductors. The official statement said that the decision was based on national security concerns as South Korean companies failed to manage the chemicals properly, with some ending up in North Korea. The claim was vehemently disputed by South Korean officials. Many investors are excited by this development, as a trade war would likely reduce the oversupply of chips, and thus benefit MU. Q3 2019 Results Exceeded Expectations Some investors were concerned that the company’s business relationship with Huawei and weaker price points for some of its chips would affect third quarter results. While its Q3 2019 quarterly revenue represents a 39% year-over-year decline, the company’s revenue and adjusted EPS beat the Street’s estimates. It reported revenue of $4.8 billion on June 25, surpassing the $4.7 billion forecasted by analysts. EPS was $1.05, exceeding the analysts’ expectations of $0.79 per share. CFO David Zinsner said, “Had the restrictions not been imposed, Micron would have come in at the high end of its revenue guidance.” Luckily for MU, the trade war hasn’t accelerated further. If it had, the effects on revenue and earnings would have most likely been much more profound. The company also increased the pricing of the DDR3 SDRAM 1600 MHZ from $68 to $80 and its Micron - 1100 2 TB 2.5 Solid State Drive from $240 to $540. Other Analyst OpinionsMerrill Lynch analyst, Simon Woo, maintained his Buy rating and raised his price target from $45 to $60, suggesting 27% upside potential. “DRAM spot market price has rebounded firmly in recent days, which he attributes to chip supply shortage concerns in conjunction with disruption at Samsung and Hynix,” he said on July 18. Another five-star analyst, Mitch Steves, reiterated his Buy rating on July 16. “While we admit that it is unclear whether the Korea/Japan dispute will be resolved, if SK Hynix and Samsung are forced to procure high-purity hydrogen fluoride from a new source, Micron may gain market share. In a mission-critical environment such as the data center, we think customers may choose to shift their spending to Micron,” the RBC Capital analyst said. Steves has an impressive 80% success rate and gets an average return of 23% per rating. The Final Verdict The Street is cautiously optimistic that MU is on the road to recovery. It has a ‘Moderate Buy’ analyst consensus and a $45 average price target, indicating downside potential of 4%. Click Here to view the full list of MU Analyst Ratings
(Bloomberg) -- The U.S. and China are moving closer to their first face-to-face trade negotiations in months, with a meeting between tech chief executives and President Donald Trump on Monday marking another step toward easing a ban on sales to China’s Huawei Technologies Co.The White House invited many of the U.S.’s biggest technology companies to discuss economic issues including a possible resumption of sales to Huawei. Trump and senior administration officials met with CEOs from Alphabet Inc.’s Google, Broadcom Inc., Cisco Systems Inc., Intel Corp., Micron Technology Inc., Western Digital Corp. and Qualcomm Inc., according to White House spokesman Judd Deere.Deere said the CEOs had requested "timely" decisions on license applications to sell to Huawei and Trump agreed. National Economic Council director Larry Kudlow told reporters Tuesday that the meeting was positive and cited it as one reason he’s optimistic that in-person talks with China are likely to resume soon.The meeting between government officials and U.S. technology leaders may assuage Chinese concern that one of its largest technology companies is under existential threat from a blacklisting. But lawmakers and others in the administration who oppose any relief for Huawei could stymie any tentative progress in resolving a trade dispute between the world’s two largest economies.Negotiating MissionChinese state media on Monday hailed signs of progress on Huawei as part of what it called efforts to display “sincerity and goodwill’’ by both sides. Any easing of restrictions on Huawei is expected to be met with a resumption of Chinese purchases of U.S. soybeans and other agricultural commodities.“We expect, we hope strongly that China will very soon start buying agriculture products, number one as part of an overall deal and part two as a goodwill gesture," Kudlow said. “So I’m going to strike a note of hopefulness, and I think we will see the ag purchases come on soon.”The moves, which followed a meeting between Trump and China’s Xi Jinping in Japan late last month, are meant to clear the way for a trip to China by U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin as soon as next week.Such a trip would mark the first high-level negotiating mission to China since talks broke down in May.Business PerspectiveKudlow and Mnuchin led the meeting Monday, which also included Commerce Secretary Wilbur Ross. Lighthizer attended as well, according to people familiar with the gathering. It was called to inject a business perspective into a debate that has often been driven by an intelligence and national security community eager to see an outright ban on Huawei, one of the people said.Xiaomeng Lu, international policy manager and head of the China practice at Access Partnership, said the meeting is an opportunity for U.S. companies to demonstrate how resuming sales to Huawei’s consumer business can help American corporations innovate better and outperform the Chinese telecoms giant in the long run.Trump will very likely face backlash from Congress if he chooses to allow shipments to the Chinese telecoms giant, especially after the Washington Post Monday reported that the company helped build North Korea’s 3G network in a potential violation of U.S. export control laws.Legislative Push BackMany U.S. lawmakers, including hawks in Trump’s own party, are opposed to the president’s approach on the issue and have made the case for a complete decoupling of supply chains that would cut off Huawei from American components.“At every turn, we learn more and more about what a malign actor Huawei is,” Senators Tom Cotton and Chris Van Hollen said in a statement following the Washington Post report. The revelation underscores Huawei’s serial violations of U.S. law, they added, saying it’s crucial Congress pass legislation they’ve sponsored.A spokesman for the Commerce Department, which oversaw the blacklisting of Huawei in May, declined to comment.Semiconductor TechnologyMost of those invited are suppliers of technology to Huawei, one of the biggest makers of smartphones and computer-network equipment. The chipmakers in particular have said that a blanket ban on doing business with the Chinese company may do more harm than good to U.S. national security.Many of the components they supply to Huawei can be easily obtained from companies elsewhere and jeopardizing their access to their biggest market risks cutting them off from revenue that’s vital to investing in their ability to maintain the U.S.’s lead in semiconductors, they’ve argued.Intel said in an emailed statement after the meeting that the company appreciated the opportunity to share its “perspective on economic issues, including how the current trade situation with China impacts the critical US semiconductor industry."Micron CEO Sanjay Mehrotra said the company appreciated the opportunity to meet and stressed that "open and fair trade are essential to ongoing U.S. technology leadership."Chinese companies, meanwhile, have begun asking U.S. exporters about buying agricultural products and also applied for exemptions from China’s retaliatory tariffs on the goods, state-run Xinhua News Agency reported Sunday.The Chinese government met Friday with domestic soybean buyers about a plan to purchase more U.S. supplies, according to people familiar with the situation. That could include waiving China’s retaliatory tariffs, but details have not been decided yet, the people said.Face-to-FaceWith China’s top leadership likely to be out of Beijing from early August for their annual seaside conclave, people close to the talks say there is a narrow window for face-to-face meeting in the coming two weeks. Mnuchin, Lighthizer and their Chinese counterparts talked by phone last week for the second time since the two nations’ presidents met.Separate to the possible agricultural purchases, China announced Saturday new measures to further open up the nation’s financial sector to foreign investors. Foreign companies will be able to take a stake in or control entities including wealth management units of commercial lenders, pension fund managers and currency brokers.The changes weren’t announced as directly related to the trade talks with the U.S., but American criticism of China’s protection of various domestic markets is a core issue in the ongoing trade tensions.(Updates with Kudlow comment in third paragraph.)\--With assistance from Miao Han, Justin Sink, Laura Litvan and Mark Milian.To contact the reporters on this story: Shawn Donnan in Washington at firstname.lastname@example.org;Jenny Leonard in Washington at email@example.com;Ian King in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Margaret Collins at email@example.com, Alister BullFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
President Trump has previously said selling technology to Chinese technology conglomerate Huawei is a threat to U.S. national security.
U.S. telecommunications companies are pushing the Trump administration to move quickly on applications seeking exemptions to Huawei's blacklisting, White House economic adviser Larry Kudlow said in a Fox News interview on Tuesday. "Their only real ask was that as we've opened up the non-national security aspects of selling equipment to Huawei, that we can speed it up a little bit, that the Commerce Department will process applications so they can speed things up," Kudlow told Fox. Kudlow made the comments one day after executives from a number of top tech companies attended a meeting at the White House to discuss the issue.
Memory companies appear to be depleting their NAND inventories more quickly than anticipated, and that’s good news for Micron Technology Inc., according to Goldman Sachs.
Huawei wrote in an emailed statement that the lay-offs, effective as of Monday, were “due to the curtailment of business operations” caused by Washington putting Huawei on the US “Entity List”. The ban means that Futurewei, which is based in California and incorporated in Texas, can no longer transfer US-originated technologies back to Huawei, thus scuppering the original aims of the research arm. Futurewei was founded in 2001 and its operating costs last year were $510m, Huawei said.
Investors have been holding their breath for a Fed rate cut for a while now. But are they prepared in the event that that doesn't happen?
President Trump has previously suggested that banning American companies from making sales to Huawei could become a bargaining chip in his trade war with China, despite calling the company “very dangerous” for national security.
IBD Stock Of The Day: VanEck Vectors Semiconductor ETF is in buy range, offering a way to play the chip stocks rally while limiting company-specific risk on names like Intel, AMD and Micron.
After a bruising close on Friday, U.S. stocks bounced back a bit on Monday. That's as investors gear up for some big-time earnings reports later this week. By individual stock standards, the mellow trading days this week are over once we hit Tuesday. Let's look at some top stock trades going forward. Top Stock Trades for Tomorrow 1: Aurora Cannabis Click to EnlargeEarlier this month we pointed out the bearish setup developing in Aurora Cannabis (NYSE:ACB), which was a bearish descending triangle. We saw a robust rebound in the ensuing days, but it was merely a check-back trade to resistance.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 7 Stocks to Buy This Summer Earnings Season On Monday, shares broke below last week's lows and are looking increasingly unattractive. While this one may be too risky for investors to hold outright short, I wouldn't be long until ACB either gets significantly cheaper or it can clear overhead resistance.Right now, that's between $7.25 and $7.75. Top Stock Trades for Tomorrow 2: Beyond Meat Click to EnlargeShares of Beyond Meat (NYSE:BYND) will report earnings on July 29th, but the stock is heating up on Monday, up over 11%.Beyond Meat stock burst through $175 resistance and is now hitting the backside of prior uptrend resistance (blue line). If I'm long BYND stock coming into Monday, I'm taking some or all profits on this move.I wouldn't be surprised to see the stock take out its $201.88 high ahead of earnings, but I would be de-risk ahead of the event if I'm trading (not owning) the name. Top Stock Trades for Tomorrow 3: Micron Click to EnlargeWe have been flagging Micron (NASDAQ:MU) for InvestorPlace readers all month. Earlier this month, we pointed out that Micron was running into resistance near $44 to $45. On Friday we said the stock is breaking out and on Monday we're seeing a big move higher on a Goldman Sachs upgrade.So what now?Let's see if the stock can continue higher and fill the gap back toward $49.50. Otherwise, I would love a pullback in the next day or two down to $45 or $46. Traders can buy that pullback, with a close below $44 as their stop.If the pullback finds support, a move toward $49.50+ could be in the cards. Top Stock Trades for Tomorrow 4: Luckin Coffee Click to EnlargeMaybe it's the insane run in Starbucks (NASDAQ:SBUX) helping fuel the nice breakout in Luckin Coffee (NASDAQ:LK). At the end of the day though, the "why" doesn't matter so much as the "what" -- and what's happening here is a nice move to the upside.Shares are surging more than 8% as momentum traders pick up on the scent. LK has been building a beautiful post-IPO wedge for a few months now and is now resolving higher.A move over $22 would be most attractive, but we also need to see if it will act as resistance. On the downside, see that prior downtrend resistance (blue line) acts as support. Top Stock Trades for Tomorrow 5: Blackstone Click to EnlargeBlackstone (NYSE:BX) reported earnings last week, but the stock was relatively muted after doing so. That's not the case on Monday, up almost 5% and hitting 52-week highs in the process. * 7 Defense Stocks to Buy to Fortify Your Portfolio I love this name, as it made a perfect check-back down to its 20-day moving average and consolidated a bit ahead of -- and after -- earnings. Now hitting new highs, let's see if BX can maintain above $47 to $47.50. If it can, $50 could be in the cards.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Defense Stocks to Buy to Fortify Your Portfolio * 10 High-Flying, Overvalued Stocks in Danger of Crashing * 8 Stocks to Buy That Are Growing Faster Than Amazon The post 5 Top Stock Trades for Tuesday: ACB, BYND, MU appeared first on InvestorPlace.
The US markets are up today as Wall Street braces for a busy earnings week. The S&P; 500 ETF is up 0.3%, and semiconductor stocks lead the market's gains.
Technology stocks shouldered much of the stock market's gains Monday, with the sector nearly alone in making gains.
The S&P 500 index pared early gains to tread water on Monday, as investors awaited key central bank meetings for direction on the path of interest rates and earnings from marquee names including Facebook and Amazon that are set to report this week. Shares of Boeing Co fell 1.3% after rating agency Fitch revised its outlook on the planemaker to "negative' from "stable", pressuring the blue-chip Dow index, while the tech-heavy Nasdaq was lifted by chipmakers. "Markets are struggling to hold early gains as investors start to fret about key upcoming central bank meetings.
The semiconductor stock group got a boost Monday when Goldman Sachs updated its coverage on some popular names. The Analysts Goldman analyst Mark Delaney upgraded Micron Technology, Inc. (NASDAQ: MU ) ...
Micron (MU) shares have surged over 37% during the past month, as investors are increasingly optimistic that the chip giant is finding its way out of trouble. For one, the US-China tensions seem to be cooling, which is especially important to Micron has it generates half of revenue from China. DRAM prices are also inching higher, spurred in part by another trade dispute between Japan and South Korea. As memory prices are expected to eventually rise, this will spur Micron revenue (and stock). So how much higher can Micron stock go? RBC Capital analyst Mitch Steves maintains his Outperform rating and $55 price target, which implies nearly 17% upside from current levels. (To watch Steves' track record, click here)Pricing remains a main concern for Micron and its investors. However, global market research firm DRAMeXchange has revealed that DRAM pricing has increased in the past two weeks. As a result, Steves believes Micron will raise prices,” which “are a solid indicator for Micron's future stock price as well.” Steves also looks at the DXI, DRAMeXchange’s index, which is calculated by multiplying the mainstream DRAM chips with their respective spot prices. The analyst says there is a strong correlation between Micron’s stock and the index, as Micron generates about 66% from DRAM sales. As the DXI has risen over the past few weeks, Steves sees the stock following suit. Aside from the index, Steves says the potential for a supply/demand constraint in 2020 is becoming more likely. The analyst points out that “this were to occur, after memory moves up we would look for a semi-cap equipment demand change as well “ but that it is “quite difficult to look out 18 months.” Though the analyst is bullish on Micron, he doesn’t think that things are all clear. Steves must see 1) clear signs of data center spend, and 2) clear signs of normal smartphone demand before we see the stock re-rating higher.” So far, “only TSMC (Taiwan Semiconductor Manufacturing Company) has confirmed this view.”All in all, after a weak Q2, Wall Street thinks things are turning around for Micron. As the US-China tensions ease and pricing is expected to increase, the signs are pointing in the right direction. TipRanks analysis of 22 analyst ratings shows a Moderate Buy rating, with 12 analysts recommending Buy, six saying Hold and four suggesting Sell. As Micron’s stock has risen over 10% in July, some analysts have not yet updated their price targets, as reflected by a lower-than-market average price target of $43.95. (See MU's price targets and analyst ratings on TipRanks)
Goldman analyst Mark Delaney raised his rating for Micron stock to Buy from Neutral, predicting improvement in flash memory pricing.
U.S. stocks rose on Monday, lifted by technology companies, as investors eyed fresh U.S.-China trade developments during a busy week of corporate earnings with results from marquee names including Facebook and Amazon on tap. The South China Morning Post reported U.S. trade negotiators will likely visit China next week for their first face-to-face talk with Chinese officials since the G20 meeting, when Trump held off on fresh tariffs on Chinese goods. Facebook Inc, Amazon.com Inc and Google-parent Alphabet Inc, up between 0.1% and 1%, are reporting between Wednesday and Thursday.
The Nasdaq led stocks higher Monday as three chip stock upgrades sweetened early trade. Disney topped the Dow Jones industrial index.
(Bloomberg) -- Semiconductor companies could see an improvement in inventory levels faster than previously anticipated, according to Goldman Sachs, which upgraded a number of companies “on early signs of memory stabilization.”Micron Technology Inc. was lifted to buy from neutral, as were Lam Research Corp. and Applied Materials Inc., the latter of which was added to Goldman’s Conviction List. KLA Corp. was upgraded to neutral from sell.“We are now more positive on global memory stocks as we believe that the excess inventory memory companies are carrying will be depleted faster than our previous expectations,” wrote analyst Mark Delaney, who pointed to a June outage at Toshiba Memory Corp. that had reduced production. This power failure was also seen as providing support to pricing and inventory levels at Western Digital Corp.While Goldman had previously expected supply and demand for NAND memory chips to improve in 2020, “our most recent industry discussions suggest that NAND pricing could start to improve from low levels” in the third quarter of 2019. According to data compiled by Bloomberg, Micron derived more than 25% of its 2018 revenue from trade NAND chips.Micron “is the best stock to express our view” on improving memory trends, the firm wrote, raising its price target to $56 from $40. Shares gained 3.6% to trade at their highest level since September. The stock is up more than 40% from a low in late June, and is poised for its fourth straight positive session.Applied Materials gained 3.8%, while KLA rose 1.3%. Lam jumped 3.2% and was on track for its ninth positive session of the past 10 trading days.“While visibility is limited in the near term and, we see downside to 2H19/2020 Street estimates, we believe disciplined supply-side actions from the memory manufacturers” will support both improvements in supply and demand, as well as higher levels of Wafer Fab Equipment spending in 2020, Goldman wrote.The firm also lifted its price target on Western Digital to $54 from $46, but kept its neutral rating, citing “better valuation support for Micron,” as well as a recently rally in Western’s stock, which Goldman wrote had priced in improving fundamentals.(Updates to market open in fifth and sixth graphs)To contact the reporter on this story: Ryan Vlastelica in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Catherine Larkin at email@example.com, Steven FrommFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.