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A negotiating team representing the South American country has held settlement talks with some of those creditors and holders of defaulted PDVSA bonds. The U.S. has shielded Houston-based Citgo from creditors since the company in 2019 severed ties with its ultimate parent, Venezuela's state oil firm Petroleos de Venezuela (PDVSA.UL), which is controlled by President Nicolas Maduro. Horacio Medina, chief of the board that supervises Citgo, did not immediately reply to a request for comment. A sales process for Citgo shares that could begin as soon as September is under consideration by a U.S. judge in Delaware. Venezuela this month lost a separate appeal trying to block new creditors from attaching to the Delaware case.
Persons: Nicolas Maduro, Horacio Medina, Citgo, PDVSA's, PDVSA, Katherine Polk Failla, Marianna Parraga, Gary McWilliams, Matthew Lewis Organizations: U.S . Treasury Department, Treasury, Crystallex International, ConocoPhillips, Siemens Energy, Tree Investments, U.S, Huntington Ingalls Industries, ACL1 Investments, Rusoro, Koch Industries, New, Thomson Locations: Venezuela, Petroleum, U.S, Houston, Petroleos, Delaware, New York, Manhattan
Investors can expect a strong showing for Netflix during earnings season, UBS said. Netflix shares rose 0.6% in the premarket. NFLX 1D mountain Netflix shares 1-day "We are raising estimates following positive data on paid sharing. Checks on engagement, downloads & search interest were all constructive for the newly launched paid sharing markets," Hodulik wrote Tuesday. Netflix shares are already outperforming this year, up nearly 50%.
Persons: John Hodulik, Hodulik, — CNBC's Michael Bloom Organizations: Netflix, UBS Locations: Tuesday's, Canada
Morgan Stanley upgrades Shockwave Medical to overweight from equal weight Morgan Stanley said shares of the cardiovascular medical device company are well positioned. Jefferies reiterates Tesla as hold Jefferies raised its price target on Tesla to $265 per shar from $185 but said it's standing by its hold rating. UBS reiterates Disney as buy UBS said it's cautious heading into Disney earnings in early August, but it's sticking with its buy rating. Morgan Stanley reiterates Netflix as equal weight Morgan Stanley raised its price target on the stock to $450 per share from $350 and said the risk/reward for Netflix is balanced. Morgan Stanley reiterates Rivian as overweight Morgan Stanley said it's standing by its buy rating on the electric vehicle company. "
Persons: Estee Lauder, Wells, Fox, Morgan Stanley, Goldman Sachs, Goldman, Charles Schwab, JMP, Schwab, KBW, it's, Jefferies, Tesla, JPMorgan, Rivian, Stifel, Oppenheimer Organizations: Citi, Estee Lauder Citi, Fox News, Nvidia, company's Data, Bank of America, UBS, Disney, Netflix, Cava, JPMorgan, Apple, Weyerhaeuser, of America, Brands, Bell, KFC Locations: BlackRock, Amazon's, GMV, CAVA
July 7 (Reuters) - A U.S. court of appeals on Friday rejected Venezuela's bid to prevent six companies from joining a proposed court auction of shares in a Citgo Petroleum parent to enforce judgments for past expropriation of assets. The decision allows the six to move ahead with their about $3 billion in combined claims against Venezuela state oil firm PDVSA in a Delaware federal court. That court is in the initial steps of preparing an auction as soon as September. It also declined to consider PDVSA's request to bar the attachments from the district court case. Reporting by Gary McWilliams; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.
Persons: Venezuela's, Crystallex, Gary McWilliams, Daniel Wallis Organizations: Petroleum, Huntington Ingalls Industries, ACL1 Investments, Koch Minerals, Rusoro Mining, PDV, Thomson Locations: Venezuela, Delaware
Goldman Sachs upgrades Petrobras to buy from neutral Goldman Sachs said the Brazilian petroleum company has an attractive valuation. "As such, we believe the potential for sustained upside to Street OI estimates ahead will be a key catalyst for shares." Citi initiates Everest as buy Citi initiated coverage of the insurance company and said it's "capitalizing on the most favorable reinsurance underwriting environment in decades." Goldman Sachs reiterates Nike as buy Goldman Sachs said it's standing by its buy rating heading into Nike earnings next week. Goldman Sachs reiterates Micron as buy Goldman said it's standing by its buy rating on the stock heading into earnings next week.
Persons: Barclays downgrades Tesla, Goldman Sachs, Wolfe, it's bullish, TD Cowen, Ralph Lauren, it's, Cowen, Jefferies, OneSpaWorld, Oppenheimer, Uber, Bud, JPMorgan, Tyler, Goldman, Bernstein, Oracle, Needham, Christine McCarthy, Snowflake, Shopify, Morgan Stanley, Dell, Yvonne McGill, Apple Organizations: Street, Barclays, LT, Petrobras, Spotify, BMO, Adobe, Citi, Bank of America, FedEx, Nike, IAC, Amazon, Molson Coors Citi, TAP, Tyler Technologies, Micron, Oracle, — Oracle, Windows, Disney, DIS, Carnival, TAM, Deutsche Bank, Dell, IR, Apple Locations: OW, 2H23, Nike's
Amazon 's regional fulfillment center transition could drive more than 30% upside for shares, according to Wells Fargo. AMZN YTD mountain Amazon shares in 2023 The comments show the "regional FC model is already having a meaningful impact to fulfillment and shipping efficiency," Gawrelski wrote. As inflation eases and Amazon transitions to a smaller fulfillment center footprint, Gawrelski expects margins to return to 2018 levels by 2025. "We see North America retail margins improving more quickly than consensus with 2018 margins returning by 2025, implying significant OI upside," he said. Wells Fargo dropped coverage of Amazon when an analyst left earlier this year.
Persons: Ken Gawrelski, Andy Jassy, Gawrelski, Wells, — CNBC's Michael Bloom Organizations: FC, Amazon Locations: Wells Fargo, North America
HOUSTON, May 8 (Reuters) - A U.S. court of appeals has granted Venezuela a temporary stay preventing six companies from joining a proposed court auction of shares in a Citgo Petroleum parent to enforce judgments for past expropriation of assets. The companies had won conditional attachments to a federal case in which the judge has approved a process to auction the shares to pay a $970 million judgment won by miner Crystallex. The six hold arbitration awards or judgments that total about $2.6 billion and wanted those awards to be included in the auction. The proposed auction, which could break up the seventh largest U.S. refiner to pay creditors, took a giant step forward last month with a greenlight from the U.S. Treasury. Washington has since recognized the opposition-led congress as the entity controlling the refining subsidiary, extending protection to prevent its breakup at the hands of Venezuela creditors.
Brazil's Oi postpones release of 2022 financial statements
  + stars: | 2023-04-22 | by ( ) www.reuters.com   time to read: +1 min
SAO PAULO, April 22 (Reuters) - Brazilian telecom firm Oi SA (OIBR4.SA) said late Friday it decided to postpone the release of its 2022 financial statements to May 22, after an expected presentation of its judicial reorganization plan. Oi, however, release preliminary figures showing that it had consolidated net revenue of 2.62 billion reais ($518.96 million) in the fourth-quarter of last year. Its routine earnings before interest, taxes, depreciation and amortization (EBITDA) for Brazilian operations in the period came in at 320 million reais. The firm's cash position at the end of 2022 was 3.22 billion reais, Oi added. ($1 = 5.0486 reais)Reporting by Peter Frontini Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.
U.S. extends Citgo's protection from creditors for three months
  + stars: | 2023-04-19 | by ( ) www.reuters.com   time to read: +2 min
WASHINGTON, April 19 (Reuters) - The U.S. on Wednesday extended for three months a license that protects Venezuela-owned oil refiner Citgo Petroleum (PDVSAC.UL) from creditors trying to seize its assets to recoup pending debts. The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) extended the general license until July 20, according to the department's website. Washington has since 2019 recognized the opposition-led congress as the entity controlling the refining subsidiary, extending protection to prevent its breakup at the hands of Venezuela creditors. O-I Glass Inc (OI.N), Huntington Ingalls Industries (HII.N), ACL1 Investments, Rusoro Mining Ltd (RML.V) and Gold Reserve (GRZ.V) separately have won attachments contingent on obtaining U.S. Treasury approval to seize assets, or an end to the Treasury protection. ConocoPhillips (COP.N) separately has a claim against Venezuela valued at $1.29 billion over the nationalization of its oil assets in the country.
HOUSTON, March 31 (Reuters) - A board that supervises Venezuela's overseas assets said it plans to file an appeal to a U.S. court's decision granting four firms the right to seize shares in one of the parent companies of Venezuela-owned U.S. refiner Citgo Petroleum. Other companies have sought to attach their own judgments to the case, leading to a feud this week among attorneys over priority. The decision by a U.S. judge in Delaware to approve the attachments is contingent on green light by the U.S. Treasury Department. An ad-hoc board created by Venezuela's National Assembly in 2019 to supervise PDVSA's foreign subsidiaries, especially Houston-based Citgo Petroleum, will oppose any conditioned auction, board's president Horacio Medina told Reuters. Reporting by Marianna Parraga and Gary McWilliams Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.
It's time to jump back into the Spotify bandwagon, according to Wells Fargo. Analyst Steven Cahall upgraded the audio streaming stock to to overweight from equal weight, saying the company is now "off margin probation." An expected price hike could also further improve gross margins for Spotify's Music division, according to Cahall. Additionally, Spotify received an upgrade to overweight by Atlantic Equities, which is optimistic about the company's gross margin expansion and advertising outlook. The stock has jumped 53.4% in 2023, as part of the tech stock rally .
Wells Fargo upgrades Spotify to overweight from equal weight Wells said the stock is coming off of "margin probation." Bernstein upgrades Diageo to outperform from market perform Bernstein said shares of the spirits company are compelling at current levels. " Wells Fargo reiterates Tesla as equal weight Wells said the industry dynamic surrounding EV pricing remains "challenged." Raymond James downgrades PayPal to market perform from outperform Raymond James said in its downgrade of PayPal that market share losses are growing. Cowen initiates Dick's as outperform Cowen said its survey checks show that Dick's continues to gain market share.
But even with these near-term headwinds, analysts remain confident in the long-term thesis for the e-commerce giant and its growth trajectory. The results from Amazon come on the heels of a difficult 2022 that saw the e-commerce bellwether shed roughly half its value and post its slowest year of growth . At the same time, revenue for its Amazon Web Services division fell short of Wall Street's estimates and showed slowing sales growth as business spending dwindles. Moderating growth within the company's cloud unit marked one of the biggest concerns for analysts, but nowhere near a shock. Revenue growth came in at 20% for the quarter, and below the already slow 27.5% growth rate the company experienced in third quarter.
Americanas said its current cash position stands at 800 million reais ($154.25 million). "The bankruptcy protection is unavoidable and might be one of the largest ever in Brazil, as complex as Oi's one." Oi SA (OIBR4.SA), a telecom firm, filed in June 2016 for Brazil's then-biggest ever bankruptcy protection and only exited it in December 2022. Last week, chief executive Sergio Rial resigned less than two weeks after taking the job citing the discovery of "accounting inconsistencies" totaling 20 billion reais. "Filing for bankruptcy protection is imminent and necessary," said Fernando Ferrer, an analyst at Empiricus Research, noting there could be a "cascade effect" of banks requesting to withhold money from the firm.
SAO PAULO, Jan 19 (Reuters) - Brazilian retailer Americanas SA (AMER3.SA) on Thursday filed for bankruptcy protection, days after uncovering nearly $4 billion in accounting inconsistencies and amid a legal feud with creditors. In the filing, Americanas asks to exclude fintech Ame from the bankruptcy protection, as it is regulated by the central bank, and for authorization to increase its capital. Chief Executive Sergio Rial resigned last week, less than two weeks after taking the job, citing the discovery of "accounting inconsistencies" totaling 20 billion reais. Andre Luzbel, head of variable income at SVN Investimentos, said the bankruptcy protection was unavoidable, noting it would be one of the largest ever in Brazil, "as complex as Oi's one." Oi SA (OIBR4.SA), a telecom firm, filed in June 2016 for Brazil's then-biggest ever bankruptcy protection and only exited it in December 2022.
SAO PAULO, Dec 15 (Reuters) - Shares in Brazilian telecom firm Oi SA (OIBR4.SA) soared on Thursday after it revealed it was exiting bankruptcy protection, marking the closure of a restructuring process that lasted more than six years. Oi filed in June 2016 for Brazil's then-biggest ever bankruptcy protection after running out of time to reorganize operations and restructure a multibillion-dollar debt amid a harsh recession in Latin America's largest economy. After the announcement, common shares in Oi jumped as much as 53% to 0.26 real in morning trading. Analysts at Genial Investimentos said the move was positive for the firm, even though they still thought Oi was financially weakened. Guide Investimentos echoed the concern and noted that despite being postponed several times, the end of the bankruptcy protection was already expected.
While a slew of analysts lowered their price targets and future expectations for Disney earnings, many remained bullish on the company, insisting that it's poised to be a winner in the future of streaming. " The firm kept its buy rating on shares but lowered its price target to $122 from $135. Shares of Disney have shed about 35% year to date. Until the division reaches profitability, there could be more pain for investors up to the turning point for the company. Barclays, which has a neutral rating on shares of Disney, sees shares falling further.
Bank of America downgrades Whirlpool to underperform from neutral Bank of America said there has been a severe drop in appliance demand. Bank of America reiterates Uber as buy Bank of America said it's staying "constructive" on Uber heading into earnings on Nov. 1. Morgan Stanley upgrades Discover to overweight from equal weight Morgan Stanley upgraded the stock on a potential buyback resumption. " Morgan Stanley reiterates Disney as overweight Morgan Stanley said Disney shares already have baked in macro risks. Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's seeing signs that Tesla is "taking steps to become a bigger player in its own battery supply chain."
Even amid worry that the U.S. is facing n a recession that will hit retailers, Amazon remains JPMorgan's best idea ahead of its third quarter earnings results, due Thursday. Still, the firm is bullish on Amazon — it has an overweight rating and a $175 price target on the company. The company should also benefit from lower freight and fuel costs relative to the first half of the year, as well as further rationalization of heavy pandemic spending. The company has a goal of returning retail margin levels to what they saw before the coronavirus pandemic. Elsewhere, Anmuth is encouraged by the cloud service AWS's $100 billion backlog and sees solid growth for the sector going forward.
Brazil's Telefonica third-quarter profit up more than 9%
  + stars: | 2022-10-25 | by ( ) www.reuters.com   time to read: +1 min
SAO PAULO, Oct 25 (Reuters) - Telefonica Brasil (VIVT3.SA) posted a wider third-quarter net profit on Friday, up 9.3% compared to the same quarter last year, with gains in part due to strong revenue growth in its mobile unit. The company's net income totaled 1.436 billion reais ($270.15 million) during the July through September period, according to a filing with the Brazilian stock exchange. The firm is a unit of Spain's Telefonica (TEF.MC) and operates in Brazil under the Vivo brand. Recurring earnings before interest, taxes, depreciation and amortization came in at 4.957 billion reais. ($1 = 5.3156 reais)Reporting by Peter Frontini and Carolina Pulice; Editing by David Alire Garcia and David GregorioOur Standards: The Thomson Reuters Trust Principles.
CNBC Pro combed through top Wall Street research to find analysts' top "high conviction" ideas. With a Street high price target of $278, the stock is one of DA Davidson's top "high conviction" small cap ideas. DaVita The kidney and dialysis care provider was recently upgraded to a buy rating from neutral by investment firm UBS. UBS has a Street high price target of $117 per share, which implies a nearly 38% gain from the stock's current level. While a period of consolidation is possible, we have high conviction that CRWD is a unique investment vehicle as the modern security cloud, with exceptional long-term value creation potential."
TIM, Vivo, Claro seek $606 mln Brazil Oi deal haircut
  + stars: | 2022-09-19 | by ( David French | ) www.reuters.com   time to read: +1 min
A logo of the mobile phone network company Claro is seen in Bogota, Colombia December 12, 2019. REUTERS/Luisa GonzalezSAO PAULO, Sept 19 (Reuters) - TIM SA (TIMS3.SA), Telefonica Brasil (VIVT3.SA) and Claro have asked that the price of their deal to buy rival telecom Oi SA's (OIBR4.SA) mobile operations in Brazil be lowered by 3.2 billion reais ($605.05 million), securities filings showed on Monday. Telecom Italia's TIM (TLIT.MI), America Movil's Claro (AMXL.MX) and Telefonica's Vivo had agreed to acquire Oi's mobile operations in an auction in late 2020 with a joint bid of about 16 billion reais. However, post-deal analysis showed the need for an adjusted closing price, TIM said in a securities filing, citing divergences in working capital, capital expenditure and net adds data that were seen in documents available only after closing. ($1 = 5.2888 reais)Register now for FREE unlimited access to Reuters.com RegisterReporting by Gabriel Araujo; Editing by Christian PlumbOur Standards: The Thomson Reuters Trust Principles.
Fermierul Bevan Scott Tait a pledat vinovat, deși avocatul său a spus că el suferea de depresie și că nu primise suficient sprijin, scrie Digi24. Ferma lui Tait a intrat în atenția autorităților pentru prima dată în aprilie 2019, când inspectorii au găsit acolo câteva oi moarte. Avocatul lui Tait a susținut că, înainte de incident, fermierul suferea de depresie și că, deși avea nevoie de ajutor, nu îl primi se de la nimeni. Judecătorul a susținut însă că infracțiunea este gravă, mai ales că fermierul avea experiență și ar fi trebuit să vadă că animalele sufereau. Creșterea animalelor este o industrie importantă în Noua Zeelandă, țara având în ferme aproximativ 26 de milioane de oi.
Persons: Fermierul Bevan Scott Tait, Tait, Judecătorul Locations: Noua Zeelandă
Sursa foto: Facebook/Cristian BăietrăuA lăsat studiile pentru oierit; Povestea tânărului din Orhei, care la 22 de ani gestionează propria stână cu peste 100 de oiO afacere de nota zece construită cu multă pasiune şi determinare. Este povestea lui Cristian Băietrău, din satul Breanova, raionul Orhei care după ce a învățat doi ani la Chișinău, a lăsat facultatea și s-a dus la baștină, să-și facă propria stână de oi. După ce absolvit liceul, Cristian a mers la Facultatea de Jurnalism și Științe ale Comunicării, însă după doar doi a ani de studii s-a răzgândit. Tânărul și-a făcut bagajele și a mers în localitatea de baștină - Breanova. Pandemia l-a învățat să prețuiască orice client și să muncească și mai mult pentru a-și mări stâna și mica afacere.
Persons: Cristian Băietrău, Cristian, Tânărul, Cristian ., Pandemia Organizations: Universitatea Agrară de Locations: Orhei, Chișinău, Comunicării
Vasile CostiucVasile Costiuc a indicat în mai multe acte oficiale că are viza de reședință în Durlești, pe strada Caucaz. Prima ședință a fost programată pe 16 iunie, dar a fost amânată. În 2019, a fost al 40-lea în lista națională a partidului condus anterior de Vlad Plahotniuc la alegerile parlamentare. Anterior, Viorel Jardan a fost director al echipei de fotbal Milsami Orhei, club patronat de controversatul politician Ilan Șor. Familia sa deține două mașini, un Opel și o Toyota, cumpărate în 2011 și în 2019.
Persons: Serafim Urechean, Costiuc, Eugeniu Nichiforciuc, Vladimir Plahotniuc, Vasile Costiuc, Vasile, Felicia, Ea, Nicolae Crudu, Crudu, Constantin Botnaru, Eu, Serghei, Ana Țurcan Ana Țurcan, Ana Țurcan, Botnaru, Lucia, Lucia Botnaru, Viorel, Viorel Jardan, PPDA, Vlad Plahotniuc, Ilan Șor, Petru, Elena, Jardan, Constantin, Petru Jardan, ., Minodora, Petru ., Petru . Eu, Valentina Meșină Valentina Meșină, Vladimir, Valentina Ceban, Vladimir Ceban, Ceban, Vadim Curmei, Sergiu Stefanco, Sergiu, Stefanenco, Stefanco, Valeriu Streleț Organizations: Partidului, Partidului Liberal, Alianței Moldova Noastră, CEC, PDM, Partidului Nostru, V.V, PL, PNL, Teritorial, Guvernului, UE, Opel, Toyota, Democrația Locations: Chișinău, Rezina, transnistreană, Tbilisi, nașului, Federația Rusă, Caucaz, România, Jardan, Strășeni, Lozova, Orhei, Moldova, Italia, Ialoveni, Soroca, Teritorial Soroca, Căușeni
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