T Jan 2020 45.000 put

OPR - OPR Delayed Price. Currency in USD
6.15
0.00 (0.00%)
As of 12:05PM EST. Market open.
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Previous Close6.15
Open6.15
Bid6.60
Ask6.70
Strike45.00
Expire Date2020-01-17
Day's Range6.15 - 6.15
Contract RangeN/A
Volume1
Open Interest734
  • Barrons.com

    Intelsat Stock Slides Another 15% on Doubts Over 5G Spectrum Auction

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  • AT&T – and key rivals – hit with downgrade amid concerns of gloomier 2020
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  • Barrons.com

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  • India Imperils Foreign Investment With Telecom Cash Grab
    Bloomberg

    India Imperils Foreign Investment With Telecom Cash Grab

    (Bloomberg Opinion) -- For Kumar Mangalam Birla’s textile-to-telecom empire, adversity is a 100-year-old companion. In 1919, when the Indian businessman’s great-grandfather wanted to start a jute mill, the dominant British firm, Andrew Yule & Co., bought all the surrounding Calcutta land. The Imperial Bank, the forerunner of today’s State Bank of India, initially refused Birla a loan.(1)The government of post-independence India stymied the Birla conglomerate with kindness. Soviet-style planning and state socialism protected the family’s legacy licensed firms by keeping competition out. But they inhibited growth. Birla’s father, Aditya Vikram, went to Thailand, Indonesia and the Philippines because he wasn’t allowed to expand at home. “I for one fail to see where the concentration of economic power is: with the big business houses or with the government?” he wondered in 1979. Fast forward 40 years, and the 52-year-old current chairman of the group would be justified to reprise his late father’s frustration. The liberalizing spirit of the 1990s Indian economy has lost much of its force. After dismantling the license raj, a system of strict government-controlled production, and encouraging capitalism, New Delhi is gripped once more by a feverish statism that’s making Birla’s shareholders nervous. The slide began before Prime Minister Narendra Modi came to power in 2014, and was one of the reasons why businesses backed his call for “minimum government, maximum governance.” But five years later, relations between private enterprise and the government have turned even testier.Take telecommunications, the main source of investors’ anxiety. Ever since India opened up the state-run sector in the 1990s, the Aditya Birla Group has been an anchor investor. Partners and rivals like AT&T Inc., India’s Tata Group, and Li Ka-shing’s CK Hutchison Holdings Ltd. came and went, but Birla remained. Currently, the group owns 26% of the country’s largest mobile operator by subscribers, Vodafone Idea Ltd., with the British partner controlling 45%. An Indian court last month directed this bruised survivor of a nasty price war to pay 280 billion rupees ($4 billion) in past government fees, interest and penalties. Overall, India wants to gouge its shriveled telecom industry of $13 billion. The fund-starved government expects operators to cough up more at 5G auctions next year. How long can the Birla boss hang in? With Vodafone Idea saddled with losses and $14 billion in net debt, should he even bother?It’s doubtful whether partner Vodafone Group Plc will linger. This isn’t the first time it has been clobbered by unreasonable government demands. In 2012, India retrospectively changed its tax law to pursue a $2.2 billion withholding tax notice against the U.K. firm. Seven years later, that dispute is far from resolved, and the unit has now been slapped with a new bill.In its half-yearly earnings reported Tuesday in London, Vodafone fully wrote down the book value of its India operations, and warned that the unit could be headed for liquidation. Vodafone’s 42% stake in a separate cellular tower company in the country, once sold, will get used largely to pay off the loan it took to pump capital into the main telecom venture. After that, the U.K. firm will have a little over $1 billion left to support Vodafone Idea, according to India Ratings & Research, a unit of Fitch Ratings. However, the India business would be required to find $5.5 billion just for interest- and spectrum-related payments until March 2022.Will Birla step into the breach?Out of the Indian group’s 26% in Vodafone Idea, about 11.6% is held by Grasim Industries Ltd., and another 2.6% is owned by Hindalco Industries Ltd. Hindalco, among the world’s largest aluminum makers, is battling weak metals demand and a complicated takeover of the U.S.-based Aleris Corp. The bulk of the burden of a telecom rescue — should there be one — would fall on Grasim. It acts as a holding company for Birla’s cement and financial services businesses, apart from directly owning factories that churn out wood-based fiber and chemicals like caustic soda used in soap and detergent.Mumbai-based Emkay Global Financial Services says that in the worst-case scenario, where the government doesn’t back down and Birla refuses to fold his telecom cards, a rescue mounted by by Grasim could cost it 187 rupees per share. If Birla refrains from throwing good money after bad, the value of everything else Grasim owns net of debt is 1,126 rupees a share, or 47% more than the current stock market price. Clearly, the overhang of the Vodafone uncertainty is playing on investor psyche. Once the U.S.-China trade war stops making global textile markets jittery, fiber prices will firm. Grasim, in investors’ view, is better off spending $2 billion on new capacities in fiber, chemicals and cement than wasting any more money trying to salvage the telecom venture.The Indian government should see the folly of effectively turning the telecom industry into a two-horse race between Reliance Jio Infocomm Ltd., controlled by Mukesh Ambani, the richest Indian, and Bharti Airtel Ltd., which, too, is staggering under a mountain of debt. As IIFL Securities put it, bankruptcy of Vodafone Idea would hurt all stakeholders. Vodafone and Birla would lose control, the government would forgo $1.7 billion in annual spectrum revenue and banks would take losses on their $4 billion-plus exposure.Such an outcome would cast a serious doubt on the ability of private entrepreneurs to flourish, especially if they — like Birla or Amazon.com Inc. boss Jeff Bezos — happen to find themselves in competition with Ambani in a tightly regulated industry. Future investors will think twice. The rift between the government and business wasn’t Modi’s creation, but to allow the mistrust to turn into a chasm would be one of his administration’s gravest mistakes.(1) See, “Aditya Vikram Birla: A Biography” by Minhaz Merchant, Penguin India, 1997To contact the author of this story: Andy Mukherjee at amukherjee@bloomberg.netTo contact the editor responsible for this story: Patrick McDowell at pmcdowell10@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Reuters

    'Friends' reunion special could be headed for HBO Max - Hollywood media

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    PR Newswire

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  • GlobeNewswire

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  • 4 Reasons Why AT&T Stock Can Stay In Rally Mode
    InvestorPlace

    4 Reasons Why AT&T Stock Can Stay In Rally Mode

    Earlier this year, I gave four big reasons why investors should buy AT&T (NYSE:T) stock for 2019 and 2020. Those four reasons were very simple. The wireless competition headwind was moderating, the 5G boom was coming, HBO Max would spark a rebound in the video business and the valuation on AT&T stock was simply too cheap to ignore.Source: Lester Balajadia / Shutterstock.com Fast forward to present day. We are now less than two months from the end of 2019, and AT&T stock is up an impressive 40% year-to-date. Even if shares went sideways over the next two months, 2019 would mark the best annual performance for the stock since 2006.The big question now -- can AT&T stock stay in rally mode?InvestorPlace - Stock Market News, Stock Advice & Trading TipsI think so.Going back to the four reasons to be bullish on T stock for 2019 and 2020, all four of those reasons remain relevant today. To be sure, one of them (a cheap valuation) is becoming increasingly less relevant. At some point, the valuation on T stock will fully reflect the reality that the fundamentals here are improving.But, that point hasn't come yet. Instead, it appears that there's still another ~10% upside left before the valuation on the stock maxes out.Given this, AT&T stock should stay in rally mode for now. Wireless Pricing Headwinds Are ModeratingOne of AT&T's biggest headwinds over the past several years -- severe wireless pricing headwinds thanks to promotional activity from competitors -- is showing signs of significant moderation. * 7 Great High-Yield Stocks With Payouts Over 5% Specifically, the industry is getting smaller, as T-Mobile (NASDAQ:TMUS) and Sprint (NYSE:S) are officially merging into one company. These two low-priced mobile carriers were at the forefront of the promotional activity in this industry. Thus, now that they are one company, the industry has eliminated 50% of the companies that were leading the price cutting. Going forward, then, promotional activity across the whole industry should be less severe, and pricing trends should broadly improve.At the same time, as opposed to playing defense, AT&T is now playing offense on the price-cutting front. They recently announced a wave of price cuts to their unlimited data offerings. In so doing, AT&T is recognizing that price cutting isn't over, so they are doing the price cutting on their own terms. Doing so on your own terms should help mitigate the margin impact of the cuts.Big picture, across most fronts, it appears AT&T's big pricing headwinds which have plagued the wireless business over the past several years, are moderating in an important way. The 5G Boom Is Still ComingCalendar 2019 was the year of niche 5G testing, and 2020 will be the year when 5G goes from niche to mainstream. This transition will ultimately provide a big lift to AT&T's wireless business, and AT&T stock.The logic is pretty simple. By itself, 5G is going to be huge. Not only will it make every internet-connected device faster, but it will also enable a whole new generation of internet-connected devices (think smart appliances, smart apparel, etc.). As such, 5G will provide a lift to the whole internet service provider (ISP) industry.But, it will provide an especially big tailwind for large ISPs. Why? Because large ISPs, like AT&T and Verizon (NYSE:VZ), have the most resources to allocate toward 5G deployment, and so they reasonably project as the leaders of the 5G revolution. Thus, when 5G goes mainstream next year, AT&T and Verizon will likely have very good 5G offerings, while everyone else will have sub-par offerings.This "de-commoditization" of the wireless coverage industry will force customers out of cheaper plans at T-Mobile, Sprint and others, and into more expensive (but better) plans at Verizon and AT&T. This will lead to healthy customer growth for AT&T, at favorable price points and will re-ignite margin-additive growth in the wireless business. HBO Max Will Provide A Much-Needed Video BoostOn the video side of things, the fundamentals of that part of AT&T's business will improve significantly over the next few years, too, thanks to the deployment of AT&T's very own content-packed streaming service, HBO Max.AT&T's video business has been killed by cord-cutting headwinds. Long story short, consumers are cutting the cord and turning to non-AT&T streaming services, so AT&T is just losing video subs. AT&T's proposed solution? Let them cut the cord. But, turn them toward signing up for AT&T streaming services, so the company doesn't let any subs slip out of the ecosystem.The problem, though, is that AT&T has lacked the content firepower to launch a competitive streaming service. Until now. With the acquisition of WarnerMedia, AT&T can now package content from HBO, Warner Bros, TBS, TNT, Adult Swim and the DC Universe into one streaming service. That's exactly what they are doing with the launch of HBO Max in 2020.This new service will help AT&T offset cord-cutting losses in the video business, and in so doing, will provide a lift to AT&T's revenues and profits. This lift should support further gains in AT&T stock. Valuation on AT&T Stock Remains ReasonableLast, but not least, the valuation on AT&T stock remains supportive of further gains in this rally.To be sure, the stock isn't as cheap as it used to be. When I first wrote on T stock earlier this year, the forward-earnings multiple on the stock was nearly equal to the dividend yield, with both hovering around 6. Now, though, AT&T's forward-earnings multiple is up around 11, while the dividend yield has sunk to 5.2%. * 7 Biotech Stocks to Buy With Plenty of Power in the Pipeline On the negative side, the forward-earnings multiple is as high as it has been in a few years, and the dividend yield is below the stock's five-year-average yield. But, one could reasonably argue that this relative premium is warranted given the improving fundamental picture.On the positive side, the forward earnings multiple is in-line with the sector-average multiple and the stock's five-year-average multiple. The dividend yield is also above where the stock has historically topped out at (4.8%).Thus, I think the valuation on T stock remains reasonable. I'd only get concerned when the multiple soars substantially above 11, or when the yield drops toward 4.8%. At current dividend rates, that won't happen until the AT&T stock price reaches around $42. Thus, this rally appears to have 5-10% upside left before maxing out on the valuation front. Bottom Line on T StockAT&T stock is having its best year since 2006. While the best of this rally has already played out, the party isn't over just yet. The fundamental picture continues to improve and the valuation remains reasonable. So long as those two things remain true, the stock will stay on its best uptrend in over a decade.As of this writing, Luke Lango was long T. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Great High-Yield Stocks With Payouts Over 5% * 10 Blue-Chip Stocks to Buy for the End of the Year * 5 Retail Stocks Getting Nothing but Coal This Holiday Season The post 4 Reasons Why AT&T Stock Can Stay In Rally Mode appeared first on InvestorPlace.

  • Apple TV+ in talks to hire former HBO CEO Richard Plepler: RPT
    Yahoo Finance Video

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