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While Intelsat (I) shares tank on the news of probable public auctioning of C-Band spectrum, Vodafone (VOD) is gearing up to shift its data to Google Cloud.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Anaplan (PLAN) delivered earnings and revenue surprises of 38.46% and 3.51%, respectively, for the quarter ended October 2019. Do the numbers hold clues to what lies ahead for the stock?
(Bloomberg) -- California Governor Gavin Newsom wants PG&E Corp. to add state-appointed members to its board as part of the utility giant’s reorganization.Newsom’s administration pushed for this, along with several other conditions, to be included in PG&E’s restructuring plan during a meeting on Wednesday with the company and other parties in its bankruptcy case. Newsom also wants a governance structure that would give these board members greater management authority over the utility if it fails to meet certain safety performance standards, the governor’s office said Wednesday.The pressure on Newsom to force an overhaul at PG&E has escalated in recent weeks as the company plunged millions into darkness to keep its power lines from igniting wildfires. The company filed for Chapter 11 protection in January after its equipment was tied to a series of 2017 and 2018 blazes that left it with $30 billion in estimated liabilities.Read More: PG&E Starts Restoring Power After Latest Deliberate BlackoutEarlier this month, Newsom threatened to take over PG&E if the company fails to emerge from bankruptcy by a state-imposed deadline of June 30, 2020, and improves its operations before next year’s wildfire season.The company has struggled for months to come up with a restructuring plan that bondholders and wildfire victims are willing to sign off on. The judge overseeing its case ordered parties into mediation in an effort to speed up a settlement.In the meeting on Wednesday, Newsom’s administration said it wants to leave the door open for a government takeover if it’s deemed necessary. The governor’s office said it's also seeking assurances that the utility will make safety investments without placing an undue burden on customers.To contact the reporter on this story: Mark Chediak in San Francisco at email@example.comTo contact the editor responsible for this story: Lynn Doan at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- PG&E Corp. is restoring power to tens of thousands of Californians that went dark early Wednesday in an attempt by the company to keep power lines from starting fires.The bankrupt utility giant had begun returning service late Wednesday, the San Francisco-based company said at a press conference. It had earlier plunged as many as 150,000 people into darkness amid high winds that threatened to knock down live wires. As of 8 p.m. New York time, about 120,000 remained powerless.Improving weather conditions allowed the company to reduce the size of the blackout that, at one point, threatened to leave 800,000 people in the dark.PG&E’s recent blackouts have provoked widespread outrage in California, triggering a state investigation and intensifying calls for a government takeover of the power giant. The company has carried out nine shutoffs this year alone. It’s taking extreme measures to prevent blazes from breaking out after its equipment ignited deadly fires in Northern California in 2017 and 2018. In January, it filed for Chapter 11 to deal with an estimated $30 billion in wildfire liabilities.The National Weather Service said it’s still expecting gusts of up to 55 miles (90 kilometers) per hour in part of Northern California until 7 a.m. local time Thursday.Wednesday’s shutoffs paled in comparison to the mass blackouts PG&E carried out last month, which plunged millions of people into darkness for days.Read More: PG&E CEO Sees Government Takeover as a Tall Order for CaliforniaCalifornia has had little rain for months, and more than 81% of the state is abnormally dry, according to the U.S. Drought Monitor. The parched plants and soils, along with high winds, make fall one of the worst times for fires in the state.To contact the reporter on this story: Mark Chediak in San Francisco at email@example.comTo contact the editors responsible for this story: Tina Davis at firstname.lastname@example.org, Joe Ryan, Will WadeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The Zacks Analyst Blog Highlights: M.D.C., D.R. Horton, Meritage Homes, NVR, KB Home, M/I Homes and TopBuild
Both housing starts and building permits increased modestly in October. Here are five top picks from the housing sector that are poised to gain.
Zayo's (ZAYO) public sector customers in the Ashburn facility and the National Capital Region are transforming their IT infrastructure and migrating to cloud for scalability and cost savings.
Intelsat (I) shares tank 56.6% in the past two days as investors resort to panic selling with the telecom regulatory authority dismissing its plans for private auctioning of C-Band spectrum.
Investing.com - U.S. futures tumbled on Wednesday after President Donald Trump repeated threats to increase tariffs against China if the two sides do not reach a trade deal soon.
(Bloomberg) -- PG&E Corp. may cut the lights to roughly 150,000 customers starting early Wednesday in the latest major blackout designed to keep its power lines from igniting wildfires.The bankrupt utility is preparing to shut off service to homes and businesses in parts of 18 Northern Californian counties to keep live wires from getting knocked down and sparking fires amid high winds. The National Weather Service has posted “red flag” warnings for strong gusts across the region from 4 a.m. local time Wednesday to 7 a.m. Thursday.The outage is the latest in a series of deliberate blackouts by PG&E that have provoked widespread outrage in California, triggering a state investigation and intensifying calls for a government takeover of the power giant. The company is taking extreme measures to prevent blazes from breaking out after its equipment ignited deadly fires in Northern California in 2017 and 2018. In January, it declared bankruptcy to deal with an estimated $30 billion in wildfire liabilities.“We all know it’s not sustainable -- it’s not where we want to be,” Andy Vesey, chief executive officer of PG&E’s utility, said of the shutoffs during a press conference late Tuesday. “But at this point in time, it’s the situation that we are faced with.”While affecting several counties across Northern California, Wednesday’s shutoffs will pale in comparison to the mass blackouts PG&E carried out last month, which plunged millions of people into darkness for days. The storm isn’t “as intense as the events we saw in October,” Vesey said.Read More: PG&E CEO Sees Government Takeover as a Tall Order for CaliforniaCalifornia has had little rain for months, and more than 81% of the state is abnormally dry, according to the U.S. Drought Monitor. The parched plants and soils, along with high winds, make fall one of the worst times for fires in the state. “This lack of rain is keeping the threat of fire very real,” PG&E meteorologist Scott Strenfel said Tuesday.PG&E has yet to make a final decision on Wednesday’s blackout and planned to notify customers if a shutoff becomes imminent later on Tuesday. The company was able to reduce the scope of the potential outages twice because of improving weather forecasts for areas including San Francisco’s densely populated East Bay.“If conditions or forecasts change,” said Mark Quinlan, a senior director of emergency response at PG&E, “we will pivot.”To contact the reporter on this story: Mark Chediak in San Francisco at email@example.comTo contact the editors responsible for this story: Lynn Doan at firstname.lastname@example.org, ;Tina Davis at email@example.com, Aaron ClarkFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Woody Marshall, General Partner at TCV By John Jannarone Investing in a growth company requires a view that a business can be fundamentally profitable over an extended time horizon. But in some cases, public-market investors simply don’t have the patience to see a business blossom. That’s according to Woody Marshall, General Partner at Menlo Park-Based […]
(Bloomberg Opinion) -- There’s been a lot of drama lately in the wireless world concerning 5G and something called C-band. To most people, all the news headlines have probably looked like a foreign language. But allow me to translate for you, because it’s a fascinating situation that has sparked a transnational fight over some $50 billion, while presenting advocates of President Donald Trump’s “America First” policy with a catch-22. The outcome may have far-reaching implications for the U.S. in the global race to 5G, and it certainly does for a pair of beaten-down European stocks. At the root of the drama is spectrum, the invisible airwaves sought after by U.S. wireless carriers — Verizon, AT&T, T-Mobile, Sprint — and others to construct ultra-fast 5G data networks, the kind that will enable a smartphone to download a movie in mere seconds and support driverless car technology. The Federal Communications Commission has been working to free up spectrum being used by other institutions so that it can be auctioned off to the 5G builders and repurposed for their networks, a high priority for the Trump administration.But there have been some hiccups along the way. Take one case, in which scientists from the National Oceanic and Atmospheric Administration (NOAA) and the National Aeronautics and Space Administration (NASA) raised concerns that a particular slice of spectrum auctioned by the FCC could interfere with weather sensors and limit their ability to forecast hurricanes. That’s quite a quandary.The recent spectrum controversy, a separate matter from the hurricane one, has involved a swath referred to as the C-band. In the 3.7 to 4.2 gigahertz frequency range, these midband airwaves are highly desirable for 5G because they can both carry large amounts of data and travel long distances (some spectrum can only do one or the other). Here’s where it gets complicated: Most of the C-band is controlled by two Luxembourg-based companies, Intelsat SA and SES SA, which use it to beam TV shows to U.S. households from their satellite fleets. Telesat of Ottawa also owns some of the C-band rights. These three foreign companies make up what’s called the C-Band Alliance (CBA).The good news it that the CBA members are willing sellers, and the auction could raise $50 billion or more, according to an estimate by New Street Research. It would be one of the biggest spectrum auctions ever. But who gets the money: the CBA, or the U.S. Treasury? These are U.S. assets, after all. The CBA had been pushing for a private auction run by, of course, the CBA, arguing that it would make the process much faster. For those who see America’s buildout of 5G as an important geopolitical race against China, time is of the essence. FCC Chair Ajit Pai — who is already a controversial figure for repealing net neutrality and for backing the potentially harmful merger of T-Mobile and Sprint — originally seemed to be leaning toward the CBA plan. His Republican colleague, Commissioner Michael O’Rielly, was in strong support of it: “In the grand scheme of things, if it is a contest between speed and the government trying to extract a significant piece of the transaction through a lengthy process, I’ll take the speedy resolution,” O’Rielly said at a conference in September. But in the CBA auction scenario, only a portion of the proceeds would go to the U.S., while the rest would be pocketed by the CBA. That sounded like nails on a chalkboard to at least one member of Congress: “They’re thinking about giving our spectrum to three foreign companies and letting them keep the $60 billion,” Republican Senator John Kennedy of Louisiana said during an impassioned speech on the Senate floor last month. “Talk about swampy,” he said, adding that the funds should go to the American taxpayer. But to put America first, is it better to hold a quicker auction or a more lucrative one? Kennedy has led the charge against the CBA’s plan (seemingly a charge of one because, hey, it’s hard getting folks excited about radio waves), pushing instead for a public auction run by the FCC. Though he may have a point, it was somewhat diluted by his supplemental remark that proceeds from the auction “would solve all of the president’s [border] wall problems.” Perhaps a coincidence, after Kennedy stumped at a Trump rally in his home state last week in support of Republican gubernatorial candidate Eddie Rispone, the FCC changed its tune. On Monday, Pai Tweeted that he supports a public auction, citing that it would “afford all parties a fair opportunity to compete for this 5G spectrum,” limiting the litigation risk that a private auction may have presented. This is bad news mostly for the CBA crew. The U.S. wireless carriers would obviously like to get their hands on this spectrum sooner rather than later and have a bigger say over the process (Verizon especially, given that it’s focused so far on finicky millimeter wave spectrum). But for the heavily indebted Intelsat, it’s a far bigger inconvenience. The company’s stock has plummeted more than 50% this week, while SES dropped 24%.There’s more to come on this matter, but so far the supposed race to 5G looks more like an exhausting obstacle course. To contact the author of this story: Tara Lachapelle at firstname.lastname@example.orgTo contact the editor responsible for this story: Beth Williams at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tara Lachapelle is a Bloomberg Opinion columnist covering the business of entertainment and telecommunications, as well as broader deals. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
The latest retail earnings results from the likes of Home Depot. A look at what investors should expect from high-flying Target. And why Tempur Sealy (TPX) is a Zacks Rank 1 (Strong Buy) stock right now...
(Bloomberg) -- Short sellers are betting that Intelsat shares have further to fall even after a record slump this month erased more than 75% of the satellite company’s market value.About 15.4 million shares were on loan to bears on Tuesday, up from 15.1 million at the end of October, according to data from S3 Partners. Short sellers are sitting on more than $250 million in paper gains but don’t appear to be cashing in yet, according to Ihor Dusaniwsky, S3’s managing director of predictive analytics.“As a good short seller, you ride out your profits and that’s what it looks like they’re doing,” Dusaniwsky said. “They’re holding on and looking for the stock to go down even further.”That strategy has paid off so far for bears. Intelsat has fallen 7 out of the last 8 trading sessions. The stock sank as much as 31% on Tuesday after Wall Street analysts slashed their price targets after FCC Chairman Ajit Pai rejected a plan to raise billions of dollars by selling spectrum in a private sale. Intelsat needs money to pay down its debt of more than $14 billion. A public auction could reduce its share of the proceeds.Intelsat investors have been on a wild ride over the past year and a half, with shares rising from less than $5 in March 2018 to more than $37 by October. Much of those gains held this year as the FCC considered the proposed airwaves sale.Even now, not everyone is bearish. Cowen analyst Lance Vitanza defended Intelsat on Tuesday, calling the sell-off an “over-reaction.”“The critical question in our view isn’t ‘public vs. private’ but rather do we or don’t we have the cooperation we need to streamline a path toward an auction in 2020,” Vitanza wrote in a note to clients. “While initial reactions may have suggested otherwise, we base our investment thesis on our expectation that ultimately, cooler heads will prevail.”\--With assistance from Joshua Fineman.To contact the reporter on this story: Jeran Wittenstein in San Francisco at firstname.lastname@example.orgTo contact the editor responsible for this story: Catherine Larkin at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Intelsat SA had its worst two-day rout and SES SA plunged as investors assessed the satellite providers’ prospects after a key regulator rejected their plan to raise billions of dollars by selling airwaves in a private auction.Federal Communications Commission Chairman Ajit Pai instead called for a public auction, something that could reduce the companies’ share of the proceeds.The satellite providers want to sell some of the airwaves they now use to deliver video to TV stations to raise cash. The companies have concluded they no longer need all the spectrum they have acquired over the years.Meanwhile, the frequencies are coveted by fast-growing mobile providers eager to build the next generation of wireless, 5G networks.Intelsat and SES called Pai’s plan “a significant departure” that “does not address the critical involvement of the incumbent satellite operators.” They said they would work with the FCC to seek an alternative.Heavily indebted Intelsat fell more than 50% over two days to trade for a time below $6 on Tuesday; it had traded above $37 last year as the FCC considered the companies’ proposed airwaves sale.Intelsat needs money to pay down its debt of more than $14 billion. Intelsat shares fell as much as 31% Tuesday on Tuesday and were off 18% at $6.62 at 11:51 a.m. in New York trading. They dropped 40% on Monday.SES also needs to cut debt ahead of a jump in capital spending expected in 2021, according to Bloomberg Intelligence. SES stock fell 23% in Paris, while its EU500m 2027 notes fell the most since pricing in late October. SES 5-year senior credit default swaps widened 19 basis points to 90 basis points, the most since 2009.Pai said the sale should free airwaves for 5G wireless use, do so quickly and generate revenue for the U.S. government. He didn’t say if any proceeds would be earmarked for the companies. The FCC could vote to adopt the plan early next year.“I’ve concluded that the best way to advance these principles is through a public auction,” Pai said in a tweet.Pai’s announcement sent a ripple through the telecommunications industry. Pai’s move could be seen as “bad news” for Verizon Communications Inc., which urgently needs spectrum and might have benefited from a faster, private sale the satellite companies had proposed, Bloomberg Intelligence analyst John Butler said in a note Tuesday.Verizon Executive Vice President Craig Silliman said in a statement that it’s “critical that the FCC move quickly.”The satellite providers’ plan provoked opposition among lawmakers who expressed concern about European companies profiting from the sale of U.S. airwaves, including Senator John Kennedy, a Louisiana Republican who said he called President Donald Trump to raise an alarm. Trump called Pai on Oct. 30 and while the issue was discussed, the president didn’t direct the agency on what to do, said an FCC official who spoke on condition of anonymity.Kennedy told reporters that Pai was “putting both the American taxpayer and our 5G effort first” with Monday’s announcement.Also Monday, leading Republicans introduced legislation requiring a C-band sale to begin by the end of next year, with taxpayers getting at least 50% of the airwaves’ market value.FCC officials declined to discuss what portion of sales the satellite companies might get under a public auction. They said the agency intends to begin the sale in 2020.JPMorgan said in a note that it appears “the private auction process is officially dead, but there is still no consensus of how to get to a public auction.”An array of Intelsat notes sank on the news, with some 2025 maturities hitting their lowest level in more than a year and a 2024 bond setting an all-time low.Intelsat bonds plunged to new lows across its maturities as uncertainty continued to weigh on the debt. Its 7.75% bonds due June 2021 fell 11.5 cents on the dollar to 73.5 cents and its 8.125% notes due June 2023 dropped 9 cents on the dollar to 52.75%. Both sets of bonds yield more than 30%.On Nov. 15, the C-Band Alliance group made up of Intelsat, SES and Ottawa-based Telesat offered to voluntarily pay the U.S. Treasury 30% to 75% of the take from a private sale.The airwaves in question are in the 3.7 gigahertz-to-4.2 gigahertz area of spectrum, known as the C-band. Intelsat and SES dominate that patch of airwaves, which are considered well-suited for 5G networks.Proponents say the frequencies are needed to help the U.S. beat China in a so-called race to 5G. The alliance that includes Intelsat and SES said its proposal would be quicker than an FCC-run auction.\--With assistance from Susan Decker.To contact the reporters on this story: Todd Shields in Washington at firstname.lastname@example.org;Allison McNeely in New York at email@example.comTo contact the editors responsible for this story: Jon Morgan at firstname.lastname@example.org, Elizabeth WassermanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Although a monthly sentiment indicator falls in November from a recent high, home builders are optimistic about the housing market given the lower mortgage rates.