ATLANTA and WESTFORD, Mass., Aug.

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(Bloomberg) — The Dakota Access oil pipeline again staved off what would have been an unprecedented shutdown, with a court ruling that the Trump administration has to decide whether the conduit can operate while a more robust review is done.Judges said Wednesday that they expect the U.S. Army Corps of Engineers to clarify in front of a federal district court whether the agency thinks the pipeline must shut after a key permit was vacated in July. The decision from the U.S. Court of Appeals for the District of Columbia Circuit buys pipeline operator Energy Transfer LP some time after the July 6 shutdown order rocked the industry.“Despite the mixed decision from the circuit court, the impact is wholly positive for the pipeline,” said Bloomberg Intelligence analyst Brandon Barnes. Energy Transfer shares rose as much as 6.2% before paring gains to trade up 3.7% at 3:50 p.m. in New York. The company reports second-quarter earnings after the market closes.The oil industry has been watching the Dakota Access case with bated breath. Pipeline operators and developers are increasingly losing legal battles over key permits, but the Dakota Access order marked the first time a federal court told a major crude pipeline to shut due to violations of the National Environmental Policy Act.Dakota Access has been in service for three years after drawing months of on-the-ground protests during its construction near the Standing Rock Indian Reservation. The district court’s July decision said the Army Corps of Engineers violated NEPA when it approved a key permit for the pipeline, ordering the project to shut down while the agency conducts a more robust review.Energy Transfer, led by billionaire Kelcy Warren, said the judge didn’t have the authority to shut the pipeline and that the company would continue to accept capacity reservations beyond when the conduit was supposed to be drained. A week later, the D.C. Circuit issued a temporary stay of that order, allowing the line to keep operating.(Updates with analyst comment in third 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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The “dog days” of summer are here, but it’s just as busy as ever on the Street. As earnings results continue to roll in, investors will be watching for any update on the next economic stimulus package along with the non-farm payroll report slated for release this Friday. Against this backdrop, plenty of questions remain, weighing on the minds of both institutional and private investors.In a recent note to clients, Oppenheimer’s Chief Investment Strategist John Stoltzfus addresses these concerns. When it comes to stocks’ disconnected state, he writes that the market tends to focus on the future, with it betting on a successful outcome based on the stimulus policy already put in place. But will this highly accommodative monetary policy eventually cause inflation?“We do not expect high levels of inflation to result from the extraordinary stimulus and monetary policy taken to deal with the Covid-19 pandemic. Federal Reserve vigilance against inflation (as well as vigilance by central banks around the world) is likely to be able to suitably address any flare up of inflation,” Stoltzfus commented.Bearing this in mind, we took a closer look at three stocks backed by the analysts at Oppenheimer, the third best-performing research firm, according to TipRanks. Running the tickers through TipRanks’ database, we learned Oppenheimer sees at least 120% upside potential in store for each, and all three have earned a “Strong Buy” consensus rating from the rest of the Street.Durect Corporation (DRRX)Developing innovative therapies based on its endogenous epigenetic regulator program, Durect believes it could potentially transform the treatment of acute organ injury and chronic liver diseases. As one of its candidates has delivered encouraging results, Oppenheimer sees an opportunity to get in on the action.Firm analyst Francois Brisebois recently told clients, “After several years of promising results, we believe DRRX's endogenous small molecule epigenetic regulator DUR-928 has finally found its home in the treatment of Alcoholic Hepatitis (AH). Given a high level of mortality (26% 1-month rate) and no viable treatment options, we believe DUR-928's fairly early robust Phase 2a efficacy and safety data could have it attacking this ~ $3 billion market opportunity with peak penetration as early as 2025.”Digging a bit deeper into this Phase 2a data, along with a robust safety profile, the trial showed that the therapy was able to rapidly reduce bilirubin, a marker of AH. In addition, there was a 100% response to treatment from the Lille score (mortality predictor tool) in 30mg and 90mg dosages and reduction in MELD (AH severity). Going forward, AH Phase 2b is set to begin in 2H20. “Given the potential to receive Breakthrough Therapy Designation (BTD) for treating a life-threatening condition with a substantial improvement over available therapies (mainly corticosteroids), launch could happen ahead of anticipation. Additionally, market exclusivity and pricing could be greater if Orphan Drug Designation (ODD) is awarded based on ~117,000 annual hospitalizations,” Brisebois added.Plenty of other catalysts are still ahead, in Brisebois’ opinion. DUR-928 is being evaluated in hospitalized COVID-19 patients with acute liver or kidney injury in a Phase 2 study and Phase 1b NASH data could be released during an upcoming conference. It should also be noted that it’s a “waiting game” for Posimir’s PDUFA, with the analyst considering “any related weakness as a buying opportunity.”All of the above makes Brisebois optimistic about DRRX’s long-term growth prospects. As a result, the analyst continues to assign an Outperform rating and $7 price target to the stock. Should his thesis play out, a potential twelve-month gain of 202% could be in the cards. (To watch Brisebois’ track record, click here) Brisebois’ colleagues are also pounding the table on DRRX. Only Buy ratings, 4, in fact, have been issued in the last three months, so the consensus rating is a Strong Buy. At $6, the average price target implies shares could climb 156% higher in the next year. (See DRRX stock analysis on TipRanks)Avadel Pharmaceuticals (AVDL)Hoping to address overlooked and unmet medical needs, Avadel Pharmaceuticals wants to provide solutions through its patient-focused and cutting-edge products. With Oppenheimer stating its asset has “disruptive potential in a proven blockbuster market,” the firm believes it might be time to snap up shares.  According to analyst Francois Brisebois, who also covers DRRX, AVDL is primarily focused on FT218, a once-nightly sodium oxybate designed for the treatment of narcolepsy patients suffering from excessive daytime sleepiness (EDS) and cataplexy. He goes so far as to call the candidate the company’s “first, second and third priorities,” noting that it recently sold its Hospital Drug Portfolio “to avoid distractions.”Looking at the pivotal Phase 3 REST-ON top-line data, Brisebois believes it “speaks for itself.” At the 9g dose, FT218 was able to produce a change from baseline in Maintenance of Wakefulness (MWT) of 10.82 minutes vs. 4.469 in placebo, in Clinical Global Impression-Improvement (CGI-I) of 72% vs. 31.6% and in Mean Weekly Cataplexy Attacks of -11.51 vs. -4.86, all three of the co-primary endpoints. “We were particularly impressed that the 6g and 7.5g doses also showed p<0.001 across all co-primary endpoints,” the analyst added.The implication? “Following strong efficacy and safety data, we believe FT218 could significantly disrupt Jazz Pharmaceuticals' Xyrem (twice-nightly sodium oxybate), which reported FY19 sales of $1.6 billion,” Brisebois said.While some investors have expressed concern regarding the company’s freedom to operate, Brisebois isn’t too worried. “We are comfortable with AVDL's freedom to operate path forward as we don't believe it will infringe on Xyrem's IP (REMS or DDI). Although FT218 does use the same drug substance, it consists of a substantially different drug product. The label should add more clarity,” he explained.Additionally, management has made a significant effort to drive a turnaround. Brisebois points out that since CEO Greg Divis was appointed in June 2019, he has offered clear guidance on enrollment, which has led to huge gains in the share price. He also mentioned, “Dr. Jordan Dubow's appointment as CMO was key because of his important role in adjusting the original study design (data a year ahead of expectations). New CFO Thomas McHugh's commercial experience is crucial.”Given everything that AVDL has going for it, it’s clear why Brisebois joined the bulls. In addition to initiating coverage with an Outperform rating, the analyst put a $19 price target on the stock. What does this mean for investors? Upside potential of 134% is at play.Overall, the bulls take the lead on this one. Out of 5 total reviews published in the last three months, all 5 analysts rated the stock a Buy. Therefore, the message is clear: AVDL is a Strong Buy. The $18.40 average price target implies shares could skyrocket 126% in the next twelve months. (See Avadel stock analysis on TipRanks)CymaBay Therapeutics (CBAY)Last but not least we have CymaBay Therapeutics, which develops therapies designed to improve the lives of patients with liver and other chronic diseases. Given its impressive technology, Oppenheimer has high hopes.Covering the stock for the firm, analyst Jay Olson points out that its seladelpar asset produced strong results in the ENHANCE Phase 3 study in PBC. As it was terminated early and there were only a small number of patients that reached 12 months, the primary endpoint was changed to 3 months. The revised primary composite and key secondary ALP normalization endpoints were both statistically significant at 10mg. “We believe these impressive efficacy results could set a new paradigm for physicians and patients as they strive to achieve ALP normalization,” the analyst commented.Going into more detail, 30% of patients in the study had moderate-to-severe pruritus, and the pruritus levels were balanced and representative of high-risk PBC patients, in Olson’s opinion. Unlike Ocaliva, which has a warning for severe pruritus with management strategies that include temporary dosing interruption, seladelpar was able to generate a substantial improvement in pruritus.Based on this promising data, CBAY could kick off a Phase 3 PBC study. “We expect CBAY to initiate this simplified Phase 3 PBC trial in 1Q21 with 12-month primary endpoint for pivotal data in 2023. The safety profile of seladelpar is similar to placebo and compares favorably to Ocaliva's which has a boxed warning for dosing in certain patients,” Olson stated.When it comes to the NASH indication, Phase 2b 52-week biopsy data, which showed a solid reduction in fibrosis and NASH resolution, could support seladelpar’s progression to Phase 3. It should be noted that CBAY might seek a partner here.With the company boasting a path forward in 2L PBC that could establish seladelpar as the standard of care, the deal is sealed for Olson. To this end, the analyst rates CBAY an Outperform (i.e. Buy) along with a $12 price target. This figure suggests 127.5% upside potential from current levels. (To watch Olson’s track record, click here)  Looking at the consensus breakdown, other analysts echo Olson’s sentiment. With 8 Buys compared to no Holds or Sells, the word on the Street is that CBAY is a Strong Buy. In addition, the $12 average price target is identical to the Oppenheimer analyst’s. (See CBAY stock analysis on TipRanks)To find good ideas for healthcare stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis and to consider your own personal circumstances before making any investment.

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Lakewood Capital Management recently released its Q2 2020 Investor Letter, a copy of which you can download here. In the letter, among other things, the fund reported a net profit of 10.7% for Q2 2020. You should check out Lakewood Capital’s top 5 stock picks for investors to buy right now, which could be the […]

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Investors who take an interest in Navient Corporation (NASDAQ:NAVI) should definitely note that the President, John…

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(Bloomberg Opinion) — Not all deals are worth the risk. And yet, many management teams can’t resist the temptation to try building larger empires through big, pricey acquisitions — even ones that might lead them off track. This appears to be the case with the latest proposed merger between two leading digital-health providers.Early Wednesday, Teladoc Health Inc. said it was acquiring Livongo Health Inc. for about $18.5 billion. Livongo shareholders will get 0.592 share of Teladoc stock for each share they own plus $11.33 in cash, resulting in 42% ownership of the combined company. The transaction is expected to be completed by year-end and is subject to regulatory and shareholder approvals.The deal would combine two of the stock market’s best performers in the area of digital health care. Shares of  Teladoc — which makes money by charging employers and insurers to access its platform and physicians for virtual visits — have surged as telemedicine is having its moment amid the Covid-19 pandemic. For obvious reasons, patients have embraced its offerings to get health answers without having to venture to an office and risk exposure to the virus. Further, the Trump administration is making telehealth something of a priority, recently moving to make temporary boosts to Medicare reimbursement permanent and working to remove other barriers to its adoption. Livongo's stock has also soared on rising optimism over its tools and devices that help patients manage diabetes and other chronic conditions.But does the transaction make sense? First, the valuation is extremely steep. The deal’s terms would value Livongo at roughly 50 times this year’s sales for a company that barely makes any money. Second, there isn’t much in terms of expense synergies to make the price more palatable. The companies say they expect cost savings of just $60 million by the end of the second year, following the merger’s close. On top of that, the revenue synergy expectations may be overly optimistic. Teladoc says a merger would drive increased sales of $100 million in a couple years from cross-selling a broader range of personalized health-care services to the company’s current U.S. customer base of 70 million. But the two companies’ offerings are so different, the forecast may not pan out.More importantly, the deal may signal the companies’ current growth rates aren’t sustainable going into next year when the health-care industry will likely return to a more normal footing as the pandemic subsides. Hospital capacity for in-person visits and elective surgeries will probably become more available, lowering the need for virtual doctor visits.The companies are already signaling current trends aren’t likely to last. Teladoc management told investors on a call Wednesday that they expect the combined company to generate 30% to 40% growth for the next three years. While those rates are strong, they would be materially slower than the levels either company has notched lately. Teladoc reported sales growth of 85% for its second quarter, while Livongo posted 125% revenue growth for the same time period.It’s true that the secular trend for virtual health care is large. But there doesn’t seem to be much strategic rationale for this combination. The question for Teladoc is, if the telemedicine market is so attractive, why not focus on the company’s core offering and avoid the integration and management distraction risks of such a massive deal? It looks like investors are wondering about this and other questions as well, with the stock prices of both companies down significantly after the announcement. This merger has a lot to prove.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tae Kim is a Bloomberg Opinion columnist covering technology. He previously covered technology for Barron's, following an earlier career as an equity analyst.Max Nisen is a Bloomberg Opinion columnist covering biotech, pharma and health care. He previously wrote about management and corporate strategy for Quartz and Business Insider.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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American real estate equity holds $6.3 trillion worth of value. Unfortunately, banks are disallowing many of the 45 million homeowners to share this equity to access it. The banks claim they are protecting themselves because of the inevitable credit crunch that is coming in the next few months. Are they really? How are they protecting their investments when their clients are losing jobsWhat financial institution would actually have the guts to tell you that you can't access the value in your own home?As it turns out, most of them. No one has held the traditional financial industry responsible or accountable for anything for a long time. They take Fed money meant for us and give themselves bonuses, vacations and stock buybacks.But wait! Congress said that they can't buy back stocks or fire people.Then how do you explain this? * HSBC: 79 branches closed in 2020 * U.S. Bank: 69 branches closed in 2020 * Wells Fargo: 63 branches closed in 2020 * Chase Bank: 58 branches closed in 2020 * PNC Bank: 56 branches closed in 2020 * Citizens Financial Bank: 36 branches closed in 2020As for the stock buybacks, just wait a few years. It's coming.Goldman Sachs Chief Executive Lloyd BlankfeinTraditional Bureaucracy Unless you are a real estate investor, dealing with the financial aspects of your home in any capacity is difficult. Here's a little secret — banks make it difficult on purpose. If the process of accessing your equity or refinancing was made easy, people might realize that the banks are just a middleman taking fees off the top. They are only necessary because they are the only institutions with the scale to insure property values at a widespread scale.If you cannot access your equity, then you don't really own your home. In the traditional world of finance, your "ownership" depends on so much outside of the actual possession of your property. Here are the traditional requirements that traditional finance wants you to have just to borrow money from yourself:A credit score in the mid 600s: Even though you are responsible enough to have equity in your home, banks still see a sub 600 credit score as a reason to believe you will not pay yourself back.A debt to income ratio below 43%: In order to borrow from yourself, you need to show that you have little debt compared to your income. To be so financially astute, bankers do not seem to realize the obvious — people usually need to borrow from home equity because they have tapped all other sources.Sufficient income: Sufficient income is a discretionary term that banks often use to deny loans based on sketchy circumstances. When they find little profit in lending, they tend to raise this requirement so that they can keep the money for themselves.Reliable payment history: This is another discretionary term that no one has control over outside of the bank. This policy is also skewed towards helping people who don't need it. In many cases, the reason that people need to borrow is that they are not able to keep up with their payments. Especially in a PANDEMIC.Bankers can tack on any number of discretionary metrics to shut the door on whomever they please. On top of that, you may also pay more for the privilege of borrowing money when you actually need it. Banks do not even factor in the impact of their queries on your credit score before determining your interest rate. These are queries they initiated, by the way. Why would you want to play in this world if you don't have to?Getting Around the Con Fortunately, we are in an era of new fintech that lets you get around the con of traditional finance. If you need to access your home equity quickly and easily, Haus has you covered.Haus doesn't try to scare you into paying higher fees by obfuscating the process. Once you create a Haus account, you get instant access to a calculator that will tell you how much you can cash out and the monthly payment to service the loan. Forget dealing with the bank salesman who is trained to find the most profitable arrangement for the lender. Haus is a co-investor, not a loan officer. Because we share the cost of ownership, you get access to your equity when you want it. After the pandemic passes, we help you grow your equity to come back stronger than ever.Skip the Bank Banks are characteristically slow in providing financial assistance to the populace during the COVID pandemic. This is par for the course.This does not mean you have to suffer, especially if you are literally sitting on a gold mine. Let Haus walk you through your next HELOC for a streamlined, simplified process that gives you more access at a lower cost.See more from Benzinga * The Best Financial Tool for Debt: Exposed * A Trading App Doesn't Make You A Smarter Trader * No One CARES or HEALS True American HEROES — Our Students. How to Save Yourself(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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If you want to know who really controls Annaly Capital Management, Inc. (NYSE:NLY), then you'll have to look at the…

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The speed at which gold has broken above $2,000 an ounce has left some in the market fearing a correction, but many analysts predict more gains as the coronavirus crisis spurs investors to buy into bullion’s relative safety. Taking out the totemic $2,000 barrier means investors must change their reference points, said Frederic Panizzutti at Swiss precious metals dealers MKS. A hoarding spree has fuelled the rally, with investors adding 922 tonnes of gold worth $60 billion at current prices to their stockpiles in exchange-traded funds this year, according to the World Gold Council.

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