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(Bloomberg) -- PG&E Corp. may cut power to as many as 124,000 customers in nine northern California counties as hot, dry and windy weather raises the risk of potential fires.The move follows a similar decision in June, when the utility giant shut off as many as 26,900 customers in the Sierra Foothills as high winds threatened to knock down power lines and spark wildfires. The measure comes as the utility tries to avoid a repeat of the catastrophic fires that have ravaged the state for the past two years and forced the company to seek bankruptcy protection.The utility will decide Monday morning whether to move forward with its “public safety power shutoff,” it said in a statement, adding that the cuts could begin from the late afternoon or evening. Counties that may be impacted include Napa and Sonoma, home to the most valuable vineyards in the state.Hot, dry and windy weather across a stretch of the state north and northwest of San Francisco will increase the risk of fire from 8 p.m. Monday to 9 a.m. Tuesday, and again from 7 p.m. Tuesday to 10 a.m. Wednesday, according to the utility.The following counties could be affected:To contact the reporter on this story: Dan Murtaugh in Singapore at email@example.comTo contact the editors responsible for this story: Ramsey Al-Rikabi at firstname.lastname@example.org, Jasmine NgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although...
Oppenheimer analyst Brian Nagel launched coverage of the company with an Outperform rating and a target of $95 for the stock price.
We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly...
(Bloomberg) -- PG&E Corp. shares dropped as much as 10% after bondholders and wildfire victims teamed up to offer a competing recovery plan for the bankrupt utility that would all but wipe out its stockholders.If a judge lets the coalition’s plan go forward, PG&E could lose control of the bankruptcy and its own reorganization plan, which envisions letting its stockholders keep a significant stake.PG&E fell 77 cents to $11.43 at 12:27 p.m. in New York and traded for as little as $10.96.The bondholders -- including Elliott Management Corp. and Pacific Investment Management Co. -- and the committee representing fire victims said their new proposal includes a $24 billion settlement to pay all claims from fires blamed on PG&E’s equipment. That’s billions of dollars more than PG&E has offered to those who lost loved ones and homes in some of the most destructive fires in California history.The proposal filed on Thursday adds new complexity to the biggest utility bankruptcy in U.S. history. The creditors and wildfire victims are seeking to end the San Francisco-based company’s exclusive right to come up with a plan so they can put forth their own.It’s unusual for a bankrupt company to lose that priority, and Judge Dennis Montali rejected an earlier effort to supplant PG&E. But this time the coalition “likely has a good shot at ending the utility’s control,” said Negisa Balluku, a litigation analyst at Bloomberg Intelligence. “The competing plan may more efficiently solve the case’s key objective of compensating wildfire victims,” she wrote in a new report.What Bloomberg Intelligence Says“The noteholders’ previous calls to end PG&E’s exclusivity failed in mid-August, but the court was clear afterward that it had left the door open to terminating exclusivity if PG&E’s plan isn’t credible.” -- Negisa Balluku, litigation analyst in research reportThe group’s proposal “represents a path forward that recognizes the victims’ losses and puts their interests ahead of shareholders,” Robert Julian, an attorney for the official committee representing fire victims, said in a statement.PG&E rejected the idea and affirmed support for its own proposal.“The bondholders’ plan is an attempt to pay themselves more than they are entitled to under the law,” Lynsey Paulo, a PG&E spokeswoman, said by email. “Our plan of reorganization sets forth a framework to meet PG&E’s legal obligations in full while prioritizing victims and customers.”Montali denied the previous request last month from Elliott and the other bondholders to make competing proposals, calling them “a feast for lawyers, accountants, investment bankers and others.” In that Aug. 16 decision, Montali worried rival proposals would spawn litigation fights that “have little or nothing to do with compensating victims.”October HearingUntil that August ruling, Montali hinted that he would end PG&E’s exclusive right to develop a plan to pay fire victims and the other creditors. On Friday, Montali set a hearing for Oct. 8 to decide whether to allow the new, competing proposal to go forward, rejecting a request by the official committee and bondholders for a much quicker than normal schedule.PG&E filed for bankruptcy protection in January in the face of an estimated $30 billion or more in liabilities from wildfires. Under PG&E’s reorganization plan, claims from individual wildfire victims would be capped at $8.4 billion, while insurers or insurance claim holders would get $11 billion under a settlement announced last week.The new bondholder proposal offers $28.4 billion in new money in exchange for 58.8% of the equity in the reorganized PG&E. Under an earlier proposal, creditors had offered financing in exchange for an 85% to 95% stake in the new company.A $24 billion wildfire trust fund would be set up and financed through $12 billion in cash and $12 billion in stock, according to the filing. The trust would have a 39.5% stake in PG&E. Overall, the creditor group and the trust would end up with a combined 98.3% of the equity in PG&E.The case is PG&E Corp., 19-bk-30088, U.S. Bankruptcy Court Northern District of California (San Francisco)\--With assistance from Joel Rosenblatt.To contact the reporters on this story: Mark Chediak in San Francisco at email@example.com;Scott Deveau in New York at firstname.lastname@example.org;Steven Church in Wilmington, Delaware at email@example.comTo contact the editors responsible for this story: Lynn Doan at firstname.lastname@example.org, Rick GreenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Activision Blizzard's (ATVI) upcoming Call of Duty: Mobile is expected to provide it a competitive edge in the crowded mobile games space.
From Mimecast Limited to Forescout Technologies, Inc., the selloff in cybersecurity stocks has been brutal in recent weeks. But a key technical indicator suggests the group may have hit a bottom, according to All Start Charts. "Within that same theme we're looking at the Cybersecurity subsector finding support at its all-time low relative to the […]
This top performing mutual fund seeks growth stocks that fuel what a fund manager calls one of the most innovative times in history.
The following are the top stories in the Wall Street Journal. - The committee for wildfire victims in the bankruptcy of PG&E Corp said in a court filing on Thursday it was prepared to present a $24 billion reorganization plan for the power provider. - U.S. payments startup Stripe Inc said on Thursday it is raising $250 million in its latest funding round, which values the company at $35 billion.
The committee for wildfire victims in the bankruptcy of PG&E Corp said in a court filing on Thursday it was prepared to present a $24 billion reorganization plan for the power provider. The committee, joined by a group of unsecured noteholders, said in the filing in U.S. Bankruptcy Court in San Francisco that the plan would provide for a "comprehensive settlement" of all claims against PG&E stemming from massive California wildfires in recent years that have been blamed on the company's equipment and that pushed it to seek Chapter 11 bankruptcy protection in January. San Francisco-based PG&E earlier this month filed an outline of a reorganization plan that would pay $17.9 billion for claims stemming from wildfires, including up to $8.4 billion for individual wildfire victims.
This article is written for those who want to get better at using price to earnings ratios (P/E ratios). We'll apply a...
(Bloomberg) -- Cisco Systems Inc. approached software company Datadog Inc. in recent weeks with a takeover offer significantly higher than the $7 billion valuation it aimed for in its initial public offering, according to people familiar with the matter.Datadog rebuffed the advance to pursue a stock listing because it felt it could be worth more as a public company over time, according the people, who requested anonymity because the talks were private. Talks between Cisco and Datadog are no longer active and Datadog is committed to going public, they said.A representative for Cisco declined to comment. Datadog couldn’t immediately be reached for comment.Cisco rose less than 1% to $49.72 at 10:12 a.m. in New York trading, for a market value of about $211 billion. Several rivals to Datadog also gained, including New Relic Inc., up 5.8%, Splunk Inc., which rose 3.9% and Elastic NV, which rose 3.1%.Datadog raised $648 million in its U.S. IPO Wednesday, selling 24 million shares for $27 each after marketing them at $24 to $26. The listing values Datadog at $7.83 billion.Software companies that power business processes have delivered some of this year’s best IPO debuts thanks to high margins and solid revenue. Zoom Video Communications Inc. and Crowdstrike Holdings Inc. have doubled in value since they began trading and are among the ten best performing offerings this year, according to data compiled by Bloomberg.In 2017, Cisco succeeded in buying a company on the eve of its IPO. It acquired AppDynamics Inc. for $3.7 billion right before the data analytics company was set to price its listing.(Updates share prices in fourth paragraph, details about IPO in fifth.)\--With assistance from Crystal Tse.To contact the reporters on this story: Liana Baker in New York at email@example.com;Gillian Tan in New York at firstname.lastname@example.org;Ian King in San Francisco at email@example.comTo contact the editors responsible for this story: Alan Goldstein at firstname.lastname@example.org, Liana Baker, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The stocks of online-auto sellers like Carvana and Cars.com just had a terrible day. Investors seem nervous about their high valuations along with some weak data about auto sales.
Enterprise software has been one of the most notable bright spots in the tech world. Just look at some of the recent IPOs which have soared in value from companies like Zoom Video Communications (NASDAQ:ZM) and Elastic (NYSE:ESTC) But even mature firms, like Microsoft (NASDAQ:MSFT) and Adobe (NASDAQ:ADBE), have rejuvenated their businesses.Source: JHVEPhoto / Shutterstock.com And then there is IBM (NYSE:IBM). The company whiffed on the cloud. It also whiffed on mobile. And even in AI (artificial intelligence) - in which IBM has invested for a long time - the results have been mixed.The irony is that IBM should have been a huge beneficiary of these trends. It has a trusted brand, a global footprint (it has 60 datacenters across the world) and a massive customer base. But unfortunately, the company did not adapt quickly enough.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 7 CBD Stocks to Buy That Are Still Worth Your Investment Dollars The Good News for IBM StockDespite all its problems, IBM is still healthy from a financial standpoint, as it continues to generate substantial cash flows. The company also has incredibly talented employees.More importantly for IBM stock, the company has made critical moves to restructure its operations. Specifically, it has eliminated jobs and unloaded non-core assets, while also retooling its software to keep up with the competition.But I think the most consequential point is that the company has been willing to make big bets, as shown by its $34 billion mega-acquisition of Red Hat.True, there is a good deal of irony in this deal. When Linux and other open-source software platforms emerged in the 1990s, IBM's reaction was to fight back - and hard.But it was a losing battle. Open-source software has become a critical part of companies' arsenals. So with the Red Hat deal, IBM has become the leader of the space.There are clear benefits to open-source software. Specifically, adoption of it can be rapid because the technology is free and it's continuously being updated by developers.Red Hat has been able to leverage its technology to create an extensive platform that enables a hybrid cloud environment. Because of security, privacy and regulatory concerns, larger companies need to combine different, i.e. hybrid, options when it comes to the cloud. For example, they can utilize a mix of private and public clouds. Among the companies that provide public cloud infrastructure are Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL, NASDAQ:GOOG) and MSFT. As a result of this need for flexibility, the flexibility of the open-source model, for the most part, has proven to be spot-on.As part of IBM, Red Hat will benefit from the tech giant's tremendous distribution capabilities. What's more, the cloud opportunity is still massive. IBM believes that the typical enterprise has only transitioned 20% of its data to the cloud.Here's what the Senior Vice President and Chief Analyst of research firm IDC , Frank Gens, said about the acquisition of Red Hat: "As organizations seek to increase their pace of innovation to stay competitive, they are looking to open source and a distributed cloud environment to enable a new wave of digital innovation that wasn't possible before. Over the next five years, IDC expects enterprises to invest heavily in their journeys to the cloud, and innovation on it. A large and increasing portion of this investment will be on open hybrid and multicloud environments that enable them to move apps, data and workloads across different environments."In other words, the deal has the potential to generate growth for IBM and should help make Big Blue a major player in cloud computing. That should definitely be positive for IBM stock. The Bottom Line On International Business Machines StockI can understand why there is lots of skepticism regarding the bull case on IBM stock. Consider that, over the past five years, IBM stock price has fallen 2%.But I think the Red Hat deal will be a game changer that will get IBM stock back on track. In fact, investors are already more upbeat on the shares, as IBM stock price has jumped 25% this year.There will likely be bumps in the road for IBM stock, as acquisitions are never easy. But with the dividend yield at 4.56% - one of the highest in the tech world - and the forward price-earnings ratio standing at only 10.5, IBM does look interesting.Tom Taulli is the author of the book, Artificial Intelligence Basics: A Non-Technical Introduction. Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 CBD Stocks to Buy That Are Still Worth Your Investment Dollars * 5 Stocks to Buy With Great Charts * 5 Goldman Sachs Stocks to Buy with Over 20% Upside Potential The post IBM Stock: It's All About Red Hat appeared first on InvestorPlace.
Today we will run through one way of estimating the intrinsic value of Verra Mobility Corporation (NASDAQ:VRRM) by...