• American Tower Corporation Prices Senior Notes Offering
    Business Wire

    American Tower Corporation Prices Senior Notes Offering

    American Tower Corporation (NYSE: AMT) today announced the pricing of its registered public offering of senior unsecured notes due 2025, 2030 and 2050, in aggregate principal amounts of $500.0 million, $750.0 million and $750.0 million, respectively. The 2025 notes will have an interest rate of 1.300% per annum and are being issued at a price equal to 99.719% of their face value. The 2030 notes will have an interest rate of 2.100% per annum and are being issued at a price equal to 99.425% of their face value. The 2050 notes will have an interest rate of 3.100% per annum and are being issued at a price equal to 99.014% of their face value. The net proceeds of the offering are expected to be approximately $1,968.2 million, after deducting underwriting discounts and estimated offering expenses. American Tower intends to use the net proceeds to repay existing indebtedness under its $2.35 billion senior unsecured revolving credit facility, as amended and restated in December 2019, and for general corporate purposes.

  • CTMX ALERT: The Klein Law Firm Announces a Lead Plaintiff Deadline of July 20, 2020 in the Class Action Filed on Behalf of CytomX Therapeutics, Inc. Limited Shareholders
    Newsfile

    CTMX ALERT: The Klein Law Firm Announces a Lead Plaintiff Deadline of July 20, 2020 in the Class Action Filed on Behalf of CytomX Therapeutics, Inc. Limited Shareholders

    New York, New York--(Newsfile Corp. - June 1, 2020) -  The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of CytomX Therapeutics, Inc. (NASDAQ: CTMX) alleging that the Company violated federal securities laws.Class Period: May 17, 2018 and May 13, 2020Lead Plaintiff Deadline: July 20, 2020Learn more about your recoverable losses in DNK:http://www.kleinstocklaw.com/pslra-1/cytomx-therapeutics-inc-loss-submission-form?id=7057&from=5The filed complaint alleges that CytomX Therapeutics, Inc. made materially false and/or misleading statements ...

  • Norfolk Southern announces leadership and organizational changes
    PR Newswire

    Norfolk Southern announces leadership and organizational changes

    Norfolk Southern Corporation (NYSE: NSC) today announced that John Scheib is stepping down as executive vice president and chief strategy officer, effective June 1.

  • GuruFocus.com

    US Indexes Start the Month of June Slightly Higher

    S&P; 500 gains 0.38% Continue reading...

  • IMF Sees Little Scope for Argentina to Boost Debt Offer
    Bloomberg

    IMF Sees Little Scope for Argentina to Boost Debt Offer

    (Bloomberg) -- Argentina’s most recent debt restructuring proposal would restore debt sustainability and there’s little room to further increase payments to private creditors, according to the International Monetary Fund.“There is only limited scope to increase payments to private creditors and still meet the debt and debt service thresholds,” the IMF said in a two-page statement published Monday. “Argentine authorities’ revised debt restructuring proposal would be consistent with restoring debt sustainability with high probability.”It’s the first comment from the IMF since it released an 18-page “technical note” on March 20, analyzing the government’s ability to repay creditors. After weeks of silence, insisting negotiations were an issue solely between creditors and Argentine authorities, the IMF is making another public push to support the government’s offer.To the Fund, a debt deal with a net present recovery value above 50 cents would make it very hard for Argentina to restore debt sustainability, according to a person with direct knowledge of the IMF’s thinking. That estimate assumes a 10% exit yield, said the person, who was not allowed to speak publicly because the talks are private.Debt ReliefIn March, the IMF said Argentina needed between $55 billion to $85 billion in debt relief in order to put debt on a sustainable track. Led by Economy Minister Martin Guzman, the government revised its offer to creditors on May 26. Creditors have sent a counteroffer that would provide $36 billion of cash flow relief.Neither the net present value of the government’s latest offer or the bondholder’s counteroffer were disclosed.The Exchange Bondholder Group said in a statement Monday afternoon that bringing the gap that remains between offers is up to Argentina because bondholders have shown flexibility. The funds among its members include Monarch Alternative Capital LP, HBK Capital Management and VR Capital Group Ltd.“The parties aren’t that far apart, perhaps 1.5% of GDP spread over 20 years, and the IMF acknowledges there is room for Argentina to improve its offer,” said Dennis Hranitzky, the group’s legal adviser, in the statement. “It will be unfortunate if Argentina instead hardens its position in response to the IMF’s statement.” IMF officials declared Argentina’s debt unsustainable earlier this year, calling on creditors to make a “meaningful contribution” to help restore Argentina’s debt sustainability. Argentina defaulted on May 22 but continues negotiating with creditors to restructure $65 billion in overseas debt.The IMF’s role is particularly important because in 2018 it granted Argentina a record $56 billion bailout when the country was beginning to enter a recession. The loan didn’t help turn around the economy and both sides have been waiting to see how negotiations with private creditors conclude before reworking Argentina’s repayments to the IMF.(Updates with comments from Exchange Bondholder Group in seventh paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters

    Chinese telecom firms urge FCC not to block U.S. operations

    Pacific Networks Corp and its wholly owned subsidiary ComNet (USA) LLC on Monday urged the Federal Communications Commission (FCC) not to shut down its U.S. operations. In April, the FCC issued show cause orders to three state-controlled Chinese telecommunications companies, including Pacific, citing national security risks. The FCC directed China Telecom Americas, China Unicom Americas and Pacific Networks to explain why it should not start revoking authorizations enabling their U.S. operations.

  • George Floyd is one of 44 people that Minneapolis police rendered unconscious with neck restraints in the last five years
    MarketWatch

    George Floyd is one of 44 people that Minneapolis police rendered unconscious with neck restraints in the last five years

    George Floyd was not the first person to lose consciousness after a Minneapolis police officer put him in a chokehold. In fact, Minneapolis cops have rendered 44 people unconscious with neck restraints since the beginning of 2015, according to an NBC News analysis of police records. The Minneapolis police define “neck restraints” as any time an officer uses an arm or a leg to press someone’s neck without directly pressuring the airway, more commonly referred to as a chokehold.

  • Max Q: SpaceX launches astronauts to orbit
    TechCrunch

    Max Q: SpaceX launches astronauts to orbit

    This was a HUGE week in space: SpaceX flew its first ever human spaceflight mission, with NASA astronauts Doug Hurley and Bob Behnken hopping a ride on a Crew Dragon to the International Space Station. CAPE CANAVERAL, FLORIDA - MAY 30: The SpaceX Falcon 9 rocket with the manned Crew Dragon spacecraft attached takes off from launch pad 39A at the Kennedy Space Center on May 30, 2020 in Cape Canaveral, Florida.

  • SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders of Groupon, Inc. of a Class Action Lawsuit and a Lead Plaintiff Deadline of June 29, 2020 - GRPN
    Newsfile

    SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders of Groupon, Inc. of a Class Action Lawsuit and a Lead Plaintiff Deadline of June 29, 2020 - GRPN

    New York, New York--(Newsfile Corp. - June 1, 2020) -  The following statement is being issued by Levi & Korsinsky, LLP:To: All persons or entities who purchased or otherwise acquired securities of Groupon, Inc. (NASDAQ: GRPN) ("Groupon") between November 4, 2019 and February 18, 2020. You are hereby notified that a securities class action lawsuit has been commenced in the the United States District Court for the Northern District of Illinois. To get more ...

  • EastGroup Properties Announces Business and Market Updates
    PR Newswire

    EastGroup Properties Announces Business and Market Updates

    EastGroup Properties, Inc. (NYSE: EGP) (the "Company", "EastGroup" or "we") announced today that in light of the current COVID-19 pandemic, the Company is providing an update on its portfolio occupancy, rent collections and rent relief requests. As previously reported in the Company's press release on April 30, 2020, COVID-19 did not have a material adverse impact on the Company's revenues during the first quarter of 2020. The updates contained herein provide information on the impacts to date during the second quarter of 2020.

  • Bloomberg

    OPEC+ to Discuss Extending Cuts as Early Meeting Seen

    (Bloomberg) -- OPEC+ will discuss a short extension of their production cuts at a meeting that looks set to be held sooner than planned.The virtual gathering will focus on a proposal, favored by Saudi Arabia and its Gulf allies, to maintain record output curbs for an extra one to three months, one delegate said.But two days after the idea of bringing forward the meeting by a few days to June 4 was first floated, delegates still hadn’t settled on the new date. Wrangling continued behind the scenes, delegates said.“The Saudis are clearly looking for support from other members to keep production levels lower for longer,” Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd., told clients in a note.Any changes to the existing deal -- struck in April as energy demand and prices collapsed because of the coronavirus pandemic -- will hinge on negotiations between Moscow and Riyadh. Russia has indicated it wants to start easing the cuts next month as planned, yet the two countries have also pledged to coordinate closely.When asked about the Kremlin’s stance, spokesman Dmitry Peskov told reporters on a conference call on Monday: “Let’s not get ahead of ourselves.” Later in the day, the Russian government said in a statement that President Vladimir Putin and Donald Trump discussed the OPEC+ deal and its role in stabilizing oil prices.Oil prices have rallied as the output curbs coincided with a stronger-than-expected rebound in demand. But with lockdowns easing across the globe, fears that the pandemic could have a second wave make predictions of a recovery perilous. With Brent crude trading under $39 a barrel on Monday, prices are below what most producers in the Organization of Petroleum Exporting Countries need to cover planned government spending.Because the situation in the oil market is changing fast, the preference is to take short-term measures and not disrupt the process of bringing supply and demand back into balance, one delegate said.To ensure OPEC+ responds quickly to developments, meetings of either the entire group or the ministerial committee that oversees its deal could occur as often as every month over the summer, said another delegate.Reaction TimeAn earlier meeting date would give the oil cartel more flexibility to change its current production limits. OPEC members usually decide their plans for shipping oil to customers for July in the first week of June, so an earlier meeting would give them more time to react.Algerian Energy Minister Mohamed Arkab, who holds the rotating presidency, circulated on Saturday the proposal for June 4 instead of June 9-10.The 23-nation coalition of OPEC and its allies committed to lowering output by 9.7 million barrels a day, or about 10% of global supply, in May and June. In addition, Saudi Arabia, Kuwait and the United Arab Emirates made further voluntary cuts of about 1.2 million barrels a day for June, bringing the total OPEC+ curbs to almost 11 million barrels a day.Those cuts are meant to be eased to about 7.7 million barrels a day in July, followed by an additional tapering at the start of 2021. Nigeria and the state oil company of Abu Dhabi, the United Arab Emirates’ capital, have already announced plans to increase exports next month.If the decision to move the meeting is confirmed, it would mean also shifting committee meetings that normally take place before a ministerial conference to later in the month. OPEC had a Joint Technical Committee to assess implementation of the current supply cuts scheduled for June 5, and a Joint Ministerial Monitoring Committee for June 8.(Updates with oil price in the 7th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Booking: Is This a Value Stock?
    GuruFocus.com

    Booking: Is This a Value Stock?

    This online travel service has been in the dumps lately, but has strong fundamentals Continue reading...

  • Fox Business

    YouTube mom Myka Stauffer's Fabletics partnership is terminated

    Why more companies are cutting ties with YouTube stars Myka and James Stauffer.

  • Global Laboratory Water Purifier Market 2019-2023 | Innovative Technologies and New Product Launches to Boost Growth | Technavio
    Business Wire

    Global Laboratory Water Purifier Market 2019-2023 | Innovative Technologies and New Product Launches to Boost Growth | Technavio

    The Global Laboratory Water Purifier Market will grow by $ 6.74 bn during 2019-2023

  • NYC to Impose Curfew Monday After Looting During Protests
    Bloomberg

    NYC to Impose Curfew Monday After Looting During Protests

    (Bloomberg) -- New York City will have a curfew from 11 p.m. Monday to 5 a.m. after weekend protests of the death of George Floyd led to looting and violence in the most populous U.S. city.The police department will have 8,000 officers out, doubling its presence in areas where there was violent property damage, according to a joint statement from New York Governor Andrew Cuomo and Mayor Bill de Blasio.The curfew will be for one night, Cuomo said on WAMC radio. “Tomorrow night, we’ll see.”Violence by protesters “obscures the righteousness of the message,” Cuomo said earlier Monday at a press briefing. “It plays into the hands of people and forces who don’t want to make changes.”In Washington, which has also been shaken by looting, arson and vandalism near the White House and beyond, Mayor Muriel Bowser announced a curfew from 7 p.m. until 6 a.m. The curfew is five hours earlier than one imposed Sunday night. Bowser told reporters Monday that “the vast majority of people” obeyed that restriction, allowing the police to focus on “those people who were intent on breaking the law.”On Sunday night, the New York Police Department arrested about 400 people as property damage and violence pervaded the city, said Commissioner Dermot Shea.“We can’t let violence undermine the message of this moment,” de Blasio said in the joint statement. “We agree on the need for swift action.”Cities across the U.S. were torn by weekend protests over years of incidents between white police officers and black residents. The case of Floyd, a Minneapolis black man who died after a white police officer knelt on his neck for several minutes, is one of dozens, Cuomo said. He cited the 2014 death in New York of Eric Garner, an unarmed black man who died after he was placed in a prohibited chokehold by a white police officer. The officer was fired, but not until 2019.“Use this moment to galvanize public support,” the governor said. “Use that outrage to actually make a change.”It’s unclear how a curfew will be enforced in a densely populated city of more than 8 million, many of whose residents chafed at its police department’s stop-and-frisk tactics for years.Chris Parra, a 22-year-old educational assistant who lives in the Bronx, said he is concerned about the destruction that’s happened in the past several nights but he thinks the curfew is heavy-handed.“Not everybody’s protesting by destroying things,” he said. “It’s overkill and overuse of power.”The protests are happening as New York City, ravaged by the coronavirus pandemic, prepares to reopen June 8 after weeks of lockdown. Public officials have expressed concern that the protests could spark fresh Covid-19 outbreaks, but Cuomo said the state won’t know for weeks.“We have to be smart tonight in this city,” the governor said.New York hasn’t imposed a citywide curfew in modern memory.In 1988, police tried to enforce a 1 a.m. deadline in 10-acre Tompkins Square Park in Manhattan’s East Village to prevent outbreaks of violence between gentrifiers, homeless squatters and bohemian artists and musicians. In 1969, another failed in Greenwich Village as crowds of counterculture types came out to protest it.A citywide curfew was proposed during a wave of juvenile gang activity in 1959, but outrage arose over officers’ use of night sticks on young offenders. Then-Mayor Robert F. Wagner decided against an age-related curfew and banned the use of the weapon, according to a compilation of mayoral news conferences published by WNYC radio in 2017.“We want to see these hoodlums off the streets of New York,” Wagner said at the time. “But we also have to be sure that we do not be accused of police brutality.”(Adds history of New York City curfews in last three paragraphs)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Would you buy meat from a vending machine? A butcher in NY is betting on it
    USA TODAY

    Would you buy meat from a vending machine? A butcher in NY is betting on it

    A large refrigerated vending machine will be stocked with things like freshly cut uncooked steaks, burgers, sausages, pork chops, chicken and bacon.

  • MedX Launches AGORACOM Online Marketing and Awareness Program
    Business Wire

    MedX Launches AGORACOM Online Marketing and Awareness Program

    MedX Health Corp. ("MedX") (TSX-V: MDX) is pleased to announce that it is implementing an online marketing and awareness program through AGORACOM.

  • Business Wire

    NACD North Texas Announces New Chapter Officers and Board Members for 2020-2021

    The NACD North Texas Chapter, the advocate for the profession of directorship, today announced the election of new officers and board members for 2020–2021.

  • Killer Mike Gives Voice to Righteous Rage, with Atlanta’s Mayor and in a Sneak-Leaked Run the Jewels Track
    Variety

    Killer Mike Gives Voice to Righteous Rage, with Atlanta’s Mayor and in a Sneak-Leaked Run the Jewels Track

    As protests, chaos and police clashes engulfed the country over the last few days in response to the Minneapolis police killing of George Floyd, Atlanta rapper Killer Mike offered some of the most stirring and heartfelt words to be found, urging demonstrators to resist violence and destruction, while also giving voice to the righteous rage […]

  • Some police and citizens take a knee amid George Floyd riots
    Yahoo Finance Video

    Some police and citizens take a knee amid George Floyd riots

    As the U.S. erupts in riots and protests centered on civil rights, people and some police take a knee to peacefully show their support.

  • Barrons.com

    The Dow Rose 92 Points Because Protests and U.S.-China Tension Can’t Stop Growth

    Stocks closed with modest gains Monday after a weekend of unrest and trade tension. U.S. manufacturing remains weak, but has shown signs of improvement.

  • Axalta Prices Notes Offering
    PR Newswire

    Axalta Prices Notes Offering

    Axalta Coating Systems Ltd. (NYSE: AXTA) (the "Company") today announced that two of its indirect wholly owned subsidiaries, Axalta Coating Systems, LLC and Axalta Coating Systems Dutch Holding B B.V. (collectively, the "Issuers"), priced their offering of $500.0 million in aggregate principal amount of 4.750% Senior Notes due 2027 (the "Notes"). The Notes were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States in compliance with Regulation S under the Securities Act.

  • Stocks rise on recovery hopes
    Reuters Videos

    Stocks rise on recovery hopes

    Neither the violent protests that intensified over the weekend nor rising trade tensions with China could hold investors back from buying stocks Monday. They focused instead on manufacturing and construction data that suggest the economy may be beginning to recover. Tech stocks led the advance, pushing the Nasdaq up two-thirds percent. Boeing gave the Dow ballast. The blue chip index and the S&P 500 gained over a third of a percent. But RegentAtlantic research director Andy Kapyrin is cautious about the outlook after the market's quick snapback: "It is hard to see that the market's next move is going to be up another 20%. But it is easy to paint a picture where news moves of a particular variety causes a 20% drop. And that is why I'm a cautious bear." The social unrest pushed major retailers like Walmart and Target to close some of their stores, pressuring their shares. Leading the decliners: healthcare stocks, including Pfizer and Gilead Sciences. Pfizer said its late stage trial of its breast cancer drug, Ibrance, was not likely to meet the main goal of a large-scale study while Gilead Sciences' antiviral drug remdesivir showed mixed results in a late stage study of people with moderate COVID-19.

  • Moody's

    Northampton Area School District, PA -- Moody's assigns Aa3 to Northampton Area School District, PA's GOs, Series AA of 2020; outlook is negative

    Moody's Investors Service has assigned a Aa3 general obligation limited tax (GOLT) rating to Northampton Area School District, PA's $10.0 million General Obligation Bonds, Series AA of 2020. Moody's maintains the Aa3 ratings on the district's outstanding general obligation unlimited tax (GOULT) and GOLT debt. The absence of a distinction between the GOULT and GOLT ratings reflects Pennsylvania school district's ability to apply for exceptions to the cap on property tax increases in order to cover debt service, the commonwealth's history of granting such exceptions, and the district's full faith and credit pledge supporting all general obligation debt.

  • Allianz Launches Two ETFs in Hotly Contested Market Niche
    Bloomberg

    Allianz Launches Two ETFs in Hotly Contested Market Niche

    (Bloomberg) -- Allianz Investment Management is stepping into a growing corner of the $4 trillion ETF market with two funds that protect against stock losses.The AllianzIM U.S. Large Cap Buffer10 Apr ETF, or AZAA, and the AllianzIM U.S. Large Cap Buffer20 Apr ETF, or AZBA, begin trading Monday. The exchange-traded funds will seek to track S&P 500 Price Return Index up to a stated cap on gains, while shielding investors against the first 10% and then 20% of losses should the gauge drop. So-called buffer funds -- a space dominated by niche issuer Innovator ETFs -- have attracted over $2 billion worth of inflows so far in 2020.While parent Allianz SE -- which owns Pacific Investment Management Co. -- is no stranger to the ETF universe, it’s the first venture into the space for its insurance-focused subsidiary. The company offers similarly structured variable annuities, which also have a set of defined outcomes. However, the ETF will reach a broader swath of risk-conscious individual investors than just through the annuity products alone, according to Allianz’s Corey Walther.“Investor appetite for risk seems to be decreasing across generations as baby boomers prepare for retirement and millennials report heightened sensitivity to loss,” said Walther, president of Allianz Life Financial Services.Both Allianz ETFs will have expense ratios of 74 basis points.Buffer ETFs have picked up popularity in 2020 as the coronavirus sent stocks plunging into the fastest bear market ever, before they rocketed out at a record clip. The defined-outcome ETF landscape was pioneered by Innovator, whose 46 buffer funds have attracted roughly $2.9 billion in assets since the first were launched in 2018. Innovator has filed patent applications for the processes and methodologies behind the products and trademark applications for the names “Buffer ETF” and “Defined Outcome.”But competition is building. In addition to Allianz, issuer First Trust has its own buffer ETFs. New York Life Investments’s IndexIQ unit has also filed plans for defined-outcome ETFs, after debuting several such unit investment trusts.“We are not surprised to see some of the largest providers of annuities noticing advisors’ preference for buffer strategies in the ETF vehicle rather than the annuity wrapper and deciding to copy the processes behind our patent-pending Defined Outcome ETFs,” said Bruce Bond, chief executive officer of Innovator. “This further validates Innovator’s Defined Outcome ETFs and illustrates the significant threat that they pose to the multi-trillion dollar insurance industry.”The uptick in issuance should help boost awareness of buffer ETFs and ultimately benefit Innovator, according to Old Mission Holdings.“Innovator came out with the first and really turned some heads,” said Harry Whitton, head of ETF sales and trading at the market-maker firm. “When you get these big marketing groups behind them, like Innovator is building, you’ll see more and more people talking about them.”For Allianz’s Walther, Monday’s launch is the first of several from the insurance company.“We started with an ETF that was simplistic, easy to understand, familiar with clients,” Walther said. “Our intent is to continue monitor that and test new areas that might be opportunities or additional gaps where we could continue to expand.”(Updates with additional IndexIQ context in 6th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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