Google parent Alphabet Inc. is poised to enter the municipal-bond market’s prepaid energy space by participating in a $1 billion transaction out of California, a major development in the evolution of a booming segment. Alphabet was identified as the funding recipient on a $1 billion transaction slated to be issued by the California Community Choice Financing Authority , according to preliminary bo...
Google parent Alphabet Inc. is poised to enter the municipal-bond market’s prepaid energy space by participating in a $1 billion transaction out of California, a major development in the evolution of a booming segment. Alphabet was identified as the funding recipient on a $1 billion transaction slated to be issued by the California Community Choice Financing Authority , according to preliminary bond documents posted late Tuesday. Goldman Sachs Group Inc., one of the leading underwriters of prepaid deals, is underwriting the California offering. Prepaid deals provide a mechanism for so-called funding recipients to borrow at tax-exempt rates and invest the proceeds at taxable rates, according to a report from American Century Investments. Utilities can benefit because they lock in cheaper prices for gas and electricity as part of the deals. Large banks typically serve as funding recipients, though the space has started to see insurance companies and other players access the market. The bonds will finance the acquisition of a long-term supply of electricity at a discounted price for Pioneer Community Energy, an electricity provider based in Rocklin, California. Read More: Large Prepaid Energy Deals Poised to Hit Booming Muni Sector Investors in the sector count on getting higher interest rates on prepaid energy bonds compared to similarly-rated muni bonds. Alphabet this week announced it’s raising $80 billion through a package of equity offerings, including an investment deal with Berkshire Hathaway Inc., to help fund its ambitious and growing artificial intelligence spending plans. June 3 | 9:15 a.m. - 12:50 p.m. ET Bloomberg News and Bloomberg Television are gathering some of finance’s most influential voices to explore where debt markets head next amid war, tariffs and higher-for-longer interest rates. See the full agenda here . Watch live on June 3, starting at 9:15 a.m. by clicking here . You can also follow our live blog here .
Space-based internet is coming, and traditional broadband providers could get swept up in its wake. Regulatory and technological tailwinds are blowing in the direction of satellite internet and against older systems like fixed wireless and fiber, investment bank Oppenheimer said in a Wednesday note. Analyst Timothy Horan downgraded telecom giant AT & T to perform from buy on Wednesday, citing loom...
Space-based internet is coming, and traditional broadband providers could get swept up in its wake. Regulatory and technological tailwinds are blowing in the direction of satellite internet and against older systems like fixed wireless and fiber, investment bank Oppenheimer said in a Wednesday note. Analyst Timothy Horan downgraded telecom giant AT & T to perform from buy on Wednesday, citing looming pressure from launch company SpaceX, which is scheduled to debut on the Nasdaq as early as next week. "We think longer-term broadband subscriber growth and eventually mobile is at risk from rising threat of satellite [low-earth orbit] constellations," the analyst told clients. Horan sees "strong regulatory support behind satellite, increasing the feasibility for SpaceX to directly enter mobile." AT & T shares are off by 12% in the last three months and flat on the year, trailing the broader market. T YTD mountain AT & T, YTD In April, the Federal Communications Commission voted to update its satellite spectrum-sharing rules, which could boost space-based broadband access "seven-fold," the agency said. Space-based internet providers like SpaceX's Starlink "deliver high-speed, low latency broadband [and] enable direct-to-device communications services," FCC Commissioner Olivia Trusty said in an April 30 statement . "Operators are expanding connectivity." Older forms of broadband are still poised to do well in the short term given the relatively higher prices of services like SpaceX's Starlink, Oppenheimer said. However, the firm thinks that "cable is in trouble" and that AT & T is "most at risk" out of the telcos since competitors Verizon and T-Mobil US have less exposure to broadband. "In three years, new fiber builds will halt, hitting the entire foodchain," the note said. SpaceX is planning to fix its IPO price at $135 per share, Reuters reported Tuesday, citing a source familiar with the plan. The company is aiming for a $1.75 trillion valuation. The headline-grabbing...
themotioncloud/iStock via Getty Images Legend Biotech overview My upside case here remains intact, and I’m still buy-rated on Legend Biotech Corporation ( LEGN ), since the story is increasingly showing us a pretty clear earlier-is-better shift for Carvykti. In my previous coverage , I went into details of Carvykti from a sales perspective, but this week, we got some new data, which I feel consist...
themotioncloud/iStock via Getty Images Legend Biotech overview My upside case here remains intact, and I’m still buy-rated on Legend Biotech Corporation ( LEGN ), since the story is increasingly showing us a pretty clear earlier-is-better shift for Carvykti. In my previous coverage , I went into details of Carvykti from a sales perspective, but this week, we got some new data, which I feel consistently shows that moving CAR-T into the 2nd-line setting can materially improve outcomes versus later use. Progression-free and overall survival were meaningfully extended in CARTITUDE-4 relative to CARTITUDE-1, albeit in different patient populations, and alongside this, we saw a step-function improvement in safety, such as Parkinsonism rates falling from mid-single digits in late-line settings to less than 1% earlier. Operationally speaking, here, this earlier use also drives a 99% manufacturing success rate, which goes to show fitter T-cells and lower disease burden in these settings. This is a plus for both efficacy and reliability. Legend Biotech Corporation On the clinical side, we’re seeing this is already translating into behaviour change, with management stating on the call that physicians are increasingly treating all eligible patients at first relapse. So that effectively expands the addressable population for Legend and also pulls demand forward in an upside case scenario. The way I see it, this means it’s not just incremental growth, but rather a structural shift toward Carvykti becoming a standard early-line therapy with better durability and safety. We could see that this supports a longer growth runway than what is currently priced in. LB2102 As you probably know, Legend closed about 42% higher yesterday. This week, we actually got a number of data updates from the company at the ASCO Annual Meeting, with the main data topic focusing on extending CAR-T therapy beyond its traditional success in blood cancers into solid tumours. Now, this has historically been ...
Iridium Communications ' shares are poised to trade higher over the next year, with SpaceX's initial public offering acting as a likely catalyst for the stock, according to Oppenheimer. The investment firm has an outperform rating on the satellite name. It raised its price target on shares to $60 from $48, implying 21% upside from Tuesday's close. "The space food chain will expand from scale econo...
Iridium Communications ' shares are poised to trade higher over the next year, with SpaceX's initial public offering acting as a likely catalyst for the stock, according to Oppenheimer. The investment firm has an outperform rating on the satellite name. It raised its price target on shares to $60 from $48, implying 21% upside from Tuesday's close. "The space food chain will expand from scale economics with … IRDM … benefiting," analyst Timothy Horan said Wednesday in a note to clients. SpaceX is slated to list its shares on the Nasdaq on June 12. Its debut is expected to be the biggest public listing yet. Iridium operates a commercial Low Earth Orbit satellite network, providing voice, data, and sensor-equipped objects with connectivity in various parts of the world. It uses SpaceX to launch its satellites into space. The satellite company could see more demand, boosting its stock, as SpaceX makes further inroads into the broadband market and other areas of the $1.6 trillion communications industry, per Oppenheimer. "With a target of 10K Starship launches per year and aggressive capacity increases on communications/AI infrastructure, the company will dominate the fastest-growing industry over the next century," wrote Horan. "There will be opportunities for dozens of other businesses to thrive beside it." Oppenheimer's call falls in line with consensus on Wall Street. Of the 11 analysts covering Iridium, 6 have a buy or strong buy on the stock, LSEG data shows. Shares have jumped 185% in the year to date.
Suphanat Khumsap DigitalOcean ( DOCN ) was in focus on Wednesday as KeyBanc Capital Markets started coverage on the cloud computing company with an Overweight rating and a $200 price target. Shares fell 0.6% in premarket trading. “The moment came for DigitalOcean in 2024, when the world began realizing that hyperscalers were unable to keep up with AI workload demand,” analyst Jackson Ader wrote in...
Suphanat Khumsap DigitalOcean ( DOCN ) was in focus on Wednesday as KeyBanc Capital Markets started coverage on the cloud computing company with an Overweight rating and a $200 price target. Shares fell 0.6% in premarket trading. “The moment came for DigitalOcean in 2024, when the world began realizing that hyperscalers were unable to keep up with AI workload demand,” analyst Jackson Ader wrote in a note to clients. “Customers, both traditional and AI start-ups, turned to DigitalOcean for their AI inference needs and were met with easy deployments, access to storage, memory and CPU compute that was already DigitalOcean's specialty and, importantly for the stock, an increasing amount of GPU and CPU capacity. We believe DigitalOcean's playbook has more room to expand.” Ader continued: “DigitalOcean has just shy of 50 MWs of cloud capacity online entering the second quarter (~43 entering the first quarter and a 6 MW site that came on at the tail end of 1Q26) but another 25 MWs are planned to go live in the coming quarters followed by the most recent announcement of a 60 MW tranche in 2027 for a total of 135 MW in contracted capacity. Utilizing additional equipment financing and a freshly de-levered balance sheet, we believe there is room for additional MWs that could come online in 2028 and 2029. Assuming ~$15M in incremental ARR per MW for the full GPU and CPU cloud, this would produce upside to both our and consensus estimates in those years.” More on DigitalOcean DigitalOcean Holdings, Inc. (DOCN) Presents at J.P. Morgan 54th Annual Global Technology, Media and Communications Conference Transcript DigitalOcean: I Underestimated The Agentic AI Boom, Time To Re-Evaluate DigitalOcean Holdings, Inc. 2026 Q1 - Results - Earnings Call Presentation DigitalOcean, NVIDIA power Hippocratic AI to reach 10M patient calls with 99.9% safety Best-performing large-cap stocks YTD: Applied Optoelectronics, Bloom Energy, DigitalOcean
The rally in US stocks stalled before the bell on Wednesday as investors worried about the continued strain on a fragile ceasefire agreement between the US and Iran. Contracts on the S&P 500 Index declined 0.2% , putting the gauge on track to snap a winning streak that currently ties the longest since 1995. Meanwhile, futures for the technology-heavy Nasdaq 100 Index were 0.1% higher as a rally in...
The rally in US stocks stalled before the bell on Wednesday as investors worried about the continued strain on a fragile ceasefire agreement between the US and Iran. Contracts on the S&P 500 Index declined 0.2% , putting the gauge on track to snap a winning streak that currently ties the longest since 1995. Meanwhile, futures for the technology-heavy Nasdaq 100 Index were 0.1% higher as a rally in semiconductor stocks continued. Brent crude advanced 2.8% to $ 96 . “Markets continue to ebb and flow in step with Middle East developments,” said Russ Mould , investment director at AJ Bell. The US and Iran clashed again overnight in one of the most serious flareups since the ceasefire came into effect. Kuwait and Bahrain were caught in the crossfire, with the Islamic Republic targeting the US’s main naval base in the region, located in Bahrain, and the Ali Al-Salem airbase in Kuwait. At least one person was killed in a separate strike at Kuwait’s civilian airport. A key theme this week has been rising tensions between Washington and Tehran as the two sides talk about an interim peace deal. Israel’s escalating attacks in Lebanon has complicated matters, with President Donald Trump confirming that he swore at Israeli Prime Minister Benjamin Netanyahu on a call this week as he tried to de-escalate the hostilities. “It is unclear if talks to end the war and reopen the Strait are ongoing, but the latest developments suggest that investors may have been too quick to price in the impact from last week’s promised Memorandum of Understanding between Iran and the US,” said Kathleen Brooks , research director at XTB. Outside of the Middle East, investors are keeping an eye on the remaining slate of economic data due this week, particularly on labor. Initial jobless claims will be released on Thursday and the monthly employment report for May is due Friday. “Looking ahead, attention will increasingly turn toward incoming economic data, particularly US labour market figures, as inves...
(RTTNews) - A report released by payroll processor ADP on Wednesday showed private sector employment in the U.S. jumped by slightly more than expected in the month of May.
(RTTNews) - A report released by payroll processor ADP on Wednesday showed private sector employment in the U.S. jumped by slightly more than expected in the month of May.
格隆汇6月3日｜由于赎回压力加剧，Partners Group Holding AG正在对旗下一只常青型私募股权基金实施赎回限制。此前冲击私募信贷产品的投资者焦虑情绪，显示出蔓延至私募市场其他资产类别的迹象。这家瑞士公司是欧洲最大的上市另类资产管理公司之一。该公司表示，其规模86亿美元的Global Value SICAV基金将把赎回额度限制在每季度基金净资产值的5%。该基金在第二季度收到的赎回申...
格隆汇6月3日｜由于赎回压力加剧，Partners Group Holding AG正在对旗下一只常青型私募股权基金实施赎回限制。此前冲击私募信贷产品的投资者焦虑情绪，显示出蔓延至私募市场其他资产类别的迹象。这家瑞士公司是欧洲最大的上市另类资产管理公司之一。该公司表示，其规模86亿美元的Global Value SICAV基金将把赎回额度限制在每季度基金净资产值的5%。该基金在第二季度收到的赎回申请激增，预计达到9.8%。
Senator Thom Tillis (R-NC) questions Secretary of Treasury Scott Bessent during a Senate Committee on Banking, Housing, and Urban Affairs hearing in Washington, DC on February 5, 2026. Nathan Posner | Anadolu | Getty Images Republican Sen. Thom Tillis on Wednesday blasted President Donald Trump's pick to lead the U.S. intelligence community as an "incendiary attack dog" and said he has no path to ...
Senator Thom Tillis (R-NC) questions Secretary of Treasury Scott Bessent during a Senate Committee on Banking, Housing, and Urban Affairs hearing in Washington, DC on February 5, 2026. Nathan Posner | Anadolu | Getty Images Republican Sen. Thom Tillis on Wednesday blasted President Donald Trump's pick to lead the U.S. intelligence community as an "incendiary attack dog" and said he has no path to being confirmed by the Senate. The remarks on CNBC's "Squawk Box" from the retiring North Carolina senator added to the growing backlash against Bill Pulte, the current head of the Federal Housing Finance Agency, whom Trump appointed acting director of national intelligence on Tuesday. "I don't think he has a prayer" of making it through the Senate and becoming the permanent DNI, Tillis said. This is breaking news. Please refresh for updates. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Morgan Stanley upgraded Yum! Brands ( YUM ) on Wednesday on its view that the restaurant stock does not seem to get full credit for potentially improved growth going forward. The restaurant stock was boosted to an Overweight rating from Equal-weight. Analyst Brian Harbour pointed to key drivers for Yum! ( YUM ), such as the existing white space still left for the KFC and Taco Bell chains, the valu...
Morgan Stanley upgraded Yum! Brands ( YUM ) on Wednesday on its view that the restaurant stock does not seem to get full credit for potentially improved growth going forward. The restaurant stock was boosted to an Overweight rating from Equal-weight. Analyst Brian Harbour pointed to key drivers for Yum! ( YUM ), such as the existing white space still left for the KFC and Taco Bell chains, the value-seeking behavior of consumers, and the company's use of tech. In addition, Yum! Brands' ( YUM ) franchise model is expected to set it up better than many peers to withstand inflation, while a Pizza Hut sale could boost the trading multiple on the stock as investors view the company differently. Meanwhile, Morgan Stanley cut its rating on Chipotle ( CMG ) to Equal-weight from Overweight. Harbour and his team expect a lower baseline for comparable sales growth and warned that the chain is in a worse position than Taco Bell to absorb higher costs. "We don't think CMG has a true value problem, but for some customers, absolute price is important, and we think Taco Bell is best positioned to win," wrote Harbour. Morgan Stanley's price target for YUM is $185, based on 24.5X the 2027 EPS estimate. The new PT for CMG is $37, based on 28X the 2027 EPS estimate. The multiple gap narrowed between the two restaurant stocks. More on Chipotle and Yum! Brands Chipotle Mexican Grill, Inc. (CMG) Presents at Bernstein 42nd Annual Strategic Decisions Conference Transcript Yum! Brands: The Battle For A Slice Of Pizza Hut (Rating Upgrade) Yum! Brands: Fundamentally Tasty But Comes With Overcooked Valuation And Overbought Technicals SA analyst upgrades/downgrades: INTC, SE, MRVL, YUM Why a Pizza Hut sale could be a negative for Domino's and Papa John's