|Bid||50.55 x 800|
|Ask||50.72 x 1300|
|Day's Range||50.06 - 52.38|
|52 Week Range||27.12 - 80.75|
|Beta (5Y Monthly)||0.74|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jul 22, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||62.29|
(Bloomberg) -- The largest gasoline pipeline in the U.S. is returning to service, recovering from a cyberattack late Friday that sent pump prices surging and triggered shortages across the Eastern U.S.Colonial Pipeline Co. -- a critical source of gasoline and diesel for the New York area and the rest of the East Coast -- began to resume fuel shipments around 5 p.m. Eastern time Wednesday, the Alpharetta, Georgia-based operating company said in a statement.It’s unclear how long it will take for supplies to come back to normal, though. U.S. Energy Secretary Jennifer Granholm said Tuesday it would take days to fully restore supplies after the restart, while Colonial indicated it will get its physical operations up and running ahead of its business systems.“Resumption of flows is the start, but the race to logistically replenish retail gas stations is the next step,” said Michael Tran, an analyst at RBC Capital Markets. “The restarting of the Colonial pipeline is the beginning of the end of the crisis, not the end.”The news came as gasoline stations were running dry from Florida to Virginia after Colonial was forced to take systems offline on May 7. In parts of the U.S. South, three in every four gas stations had no fuel as of Wednesday, while in Washington, D.C., cars were lining up for blocks as they waited to fill up.Optimism that the situation will start returning to normal sent benchmark gasoline futures down as much as 1.3% in Asia trading hours, after pump prices soared above $3 a gallon for the first time in six years.Despite the improved outlook, the disruption underscores just how vulnerable America’s fuel supply system has become in the wake of increased attacks on energy infrastructure by hackers over the past few years. Colonial is only the latest example of critical infrastructure being targeted by ransomware. Hackers are increasingly attempting to infiltrate essential services such as electric grids and hospitals.The attack on Colonial also came just as the nation’s energy industry is preparing for summer travel and as fuel demand rebounds from pandemic-related lockdowns. It was reminiscent of a 2018 cyberattack that brought down a third-party communications system used by several natural gas pipelines operators across the U.S.Colonial, which each day normally ships about 2.5 million barrels (105 million gallons) -- an amount that exceeds the entire oil consumption of Germany -- warned the line may go down again from time to time while it’s in the process of restarting.In a separate bulletin to its shippers, it said the company was physically starting operations even before its business systems — which process nominations for space on the pipeline and schedule them — are back up and running. As a result, it’ll be using schedules that were set five days ago until its systems are back in service, the notice shows.Feeling ReliefAs the pipeline resumes operations, the states suffering from the most acute shortages may start to feel relief this weekend.In North Carolina, some fuel supply should appear right away, said Gary Harris, executive director of the North Carolina Petroleum & Convenience Marketers, a trade association. “People will have to be running trucks a lot to just catch up because so much is out at this time,” he said.Major branded stations will get fuel first as they are under contract with suppliers, said Harris. Fuel may still be scarce for independent stations that are not under contract.Royal Dutch Shell Plc said it was pursuing alternative supply points, where possible, and working in close coordination with wholesalers to address supply and logistical challenges.In Virginia, consumers should be able to see a difference by Monday, said Michael O’Connor, president of the Virginia Petroleum & Convenience Marketers Association.Shortly before the Colonial announcement, President Joe Biden said he was expecting good news on the situation and touted the steps he had taken to relieve supply disruptions.“I’ve lifted some of the restrictions on the transportation of fuel as well as access to the United States military providing fuel, and with vehicles to get it there, places where it’s badly needed,” Biden told reporters at the White House.The White House this week announced several measures to blunt the growing crisis, including waiving some gasoline requirements and empowering 10 states to allow heavier-than-normal truck loads of fuels.This isn’t the first time Colonial has been forced to shut down. In 2016, an explosion kept the system offline for days, raising gasoline prices and forcing the New York Harbor market to become more dependent on imports of fuel from overseas.The Federal Bureau of Investigation attributed the attack on Colonial to ransomware created by a group called DarkSide. Some evidence emerged linking DarkSide to Russia or elsewhere in Eastern Europe. Biden said Russia has “some responsibility” to address the attack but stopped short of blaming the Kremlin, saying “there’s evidence” the hackers or the software they used are “in Russia.”(Updates with futures trading in the sixth paragraph and bulletin from Colonial in 10th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Tesla Inc.’s Chief Executive Officer Elon Musk said the electric-vehicle manufacturer is suspending purchases with Bitcoin, triggering a slide in the digital currency.In a post on Twitter Wednesday, Musk cited concerns about “rapidly increasing use of fossil fuels for Bitcoin mining and transactions,” while signaling that Tesla might accept other cryptocurrencies if they are much less energy intensive. He also said the company won’t be selling any of the Bitcoin it holds.The largest cryptocurrency dropped as much as 15% in Asian trading, sliding below $50,000, before paring some of the drop. It was down about 8% to $50,190 as of 10:53 a.m. in Tokyo. The were reports of outages at digital-token exchanges as people rushed to sell.Musk’s move comes after Tesla disclosed in February that it had purchased $1.5 billion in Bitcoin and planned to accept it as a payment. That announcement added legitimacy to the cryptocurrency as an increasingly acceptable form of payment and an investment, especially coming from a large member of the S&P 500 with a high-profile CEO who commands a big following among retail investors and the general public.Tesla’s website, which had a support page dedicated to Bitcoin, noted that Bitcoin was the only cryptocurrency that Tesla accepts in the continental U.S. Musk has also tweeted frequently about Dogecoin, a cryptocurrency started as a joke in 2013 -- and he quipped about being the “Dogefather” before and during his stint hosting the “Saturday Night Live” show on May 8. He tweeted on Tuesday, “Do you want Tesla to accept Doge?”Tesla’s addition of Bitcoin to its balance sheet was the most visible catalyst during this year’s rally in the digital currency. Bitcoin jumped 16% that day, the biggest one-day gain since the Covid-19 inspired financial markets volatility in March 2020.Optimism grew after Mastercard Inc., Bank of New York Mellon Corp. and other firms moved to make it easier for customers to use cryptocurrencies, fueling the mainstream resurgence that took Bitcoin from about $29,000 at the end of last year to as high as almost $65,000 in April.Bitcoin mining is consuming 66 times more electricity than it did back in late 2015, and the carbon emissions associated with it will likely face increasing scrutiny, according to a recent Citigroup Inc. report.Musk is no stranger to considering the issue of crypto’s environmental impact.Cathie Wood’s Ark Investment Management LLC published a report last month saying cryptocurrency mining can drive investment in solar power and make more renewable energy available to the grid. Twitter Inc.’s Jack Dorsey retweeted a post on the white paper with the comment that Bitcoin “incentivizes renewable energy.” Musk replied to Dorsey’s tweet, saying simply, “True.”Musk’s tweet on Wednesday took many in the cryptocurrency community by surprise, including Nic Carter, a partner at Castle Investment Management, and a leading voice among defenders of Bitcoin’s energy use.“Surely he would have done his diligence prior to accepting Bitcoin?’ Carter said. “Very odd and confusing to see this quick reversal.”It’s unclear what prompted the decision and Musk and Zachary Kirkhorn, Tesla’s chief financial officer, did not immediately respond to an email inquiry for comment.(Updates markets in the third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Apple Inc. said Antonio Garcia Martinez, a former Facebook Inc. product manager who recently joined the iPhone maker, is no longer at Apple after his hiring caused an internal backlash because of past comments that drew fire for being racist or sexist.Garcia Martinez, who was hired last month to work in product engineering on Apple’s advertising platform team, has left after just a couple of weeks on the job, the Cupertino, California-based company said Wednesday in a statement.“At Apple, we have always strived to create an inclusive, welcoming workplace where everyone is respected and accepted,” an Apple spokesman told Bloomberg News. “Behavior that demeans or discriminates against people for who they are has no place here.”Earlier Wednesday, several Apple employees complained about the Garcia Martinez hire both internally and on social media, citing comments he previously made and excerpts from his 2016 book, Chaos Monkeys. In the book, Garcia Martinez called women in Silicon Valley “soft and weak” and made a series of other assertions deemed misogynist and racist by Apple employees.In an internal memo to Eddy Cue, Apple’s senior vice president who oversees services such as advertising, and executives in the inclusion and diversity department, Apple employees questioned how a company that prides itself on diversity could make such a hire.“We demand an investigation into how his published views on women and people of color were missed or ignored, along with a clear plan of action to prevent this from happening again,” the workers wrote.The internal firestorm at Apple was a rarity for a company that has mostly sidestepped related controversies that have plagued Alphabet Inc.’s Google and other technology companies.“We are profoundly distraught by what this hire means for Apple’s commitment to its inclusion goals, as well as its real and immediate impact on those working near Mr. Garcia Martinez,” a group of Apple employees wrote in the memo. “It calls into question parts of our system of inclusion at Apple, including hiring panels, background checks, and our process to ensure our existing culture of inclusion is strong enough to withstand individuals who don’t share our inclusive values.”Earlier in his career, Garcia Martinez worked on ad targeting at Facebook. When he was hired at Apple, industry observers questioned the move as his advertising approach at Facebook strongly differed from the privacy-centric approach Apple says it takes with its advertising efforts.In an interview with Vox in 2018, Garcia Martinez said, “most people don’t care about privacy. Media elites care about it, underemployed Eurocrats care about it. And the entire privacy-industrial complex -- there’s an entire set of very loud voices who are constantly beating the drum and building media careers around this.”Apple has ad slots in the App Store, Apple News and Stocks apps, but has clamped down on the ability for third-party app developers like Facebook to target users with personalized ads.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.