“China Unicom has chosen Nokia to support the buildout ofits 5G SA Core network in China, marking an expansion of Nokia’s existing 4G working relationship with the Chinese communication service provider,” Nokia said in a statement, adding the deal corresponded to a 10% share. At the end of April, Nokia’s Suri told Reuters in an interview that Nokia had won a 10% share of China Unicom’s 5G core network, alongside rivals Huawei and ZTE.

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Israel is in advanced talks to buy Moderna Inc.’s (MRNA) experimental coronavirus vaccine candidate, the country’s news portal Ynet reported.The talks come after Moderna last week announced that it is commencing with the late-stage testing of its COVID-19 vaccine candidate, mRNA-1273, according to the report, which cited unnamed officials at Israel’s Health Ministry. Additional details weren’t provided.The biotech company, which has already finalized the Phase 3 study protocol for the vaccine candidate is expected to start a trial of 30,000 participants enrolled in the U.S. in July. The trial’s primary endpoint will be the prevention of symptomatic COVID-19 disease, while key secondary endpoints include prevention of infection by SARS-CoV-2, the virus that causes the disease.Shares in Moderna more than tripled this year, as investors piled into the stock amid hopes for the potential of its virus vaccine. The stock rose 3% to $62 on Friday.It looks like the rally has not yet run out of steam. Five-star analyst Edward Tenthoff at Piper Sandler last week reiterated a Buy rating on the stock with a $100 price target (61% upside potential) after the company finalized the Phase III trial protocol for the vaccine candidate.Tenthoff added that Moderna has already completed mRNA-1273 manufacturing required to begin Phase III trial vaccinations in July with supply agreements supporting manufacturing of 500 million to 1 billion 100 microgram doses per year.The rest of the Street has a bullish stance on Moderna’s stock. It boasts 11 Buy ratings versus 2 Hold ratings which add up to a Strong Buy consensus. Despite the recent share bonanza, the $90.40 average price target still indicates another 46% upside potential from current levels. (See Moderna stock analysis on TipRanks).Related News: 5 Promising Covid-19 Vaccines Picked For Trump’s Operation Warp Speed AstraZeneca Inks Europe Deal For 400M Covid-19 Vaccine Doses Sorrento Edges Higher On Debt Repayment As Top Analyst Says Buy More recent articles from Smarter Analyst: * Extraction Oil & Gas Files For Bankruptcy; Announces $125M Funding Plan * First Majestic Seeks Help In Mexico Tax Dispute, As Analyst Applauds Springpole Deal * Amazon Now Also Under Investigation By Washington State – Report * Blackstone To Invest $337 Million In Medtronic’s Diabetes Programs

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Jun.15 — Retail outlets in England selling non-essential items are opening today for the first time since March, as the government eases restrictions put in place to curb the coronavirus. Kyle Monk of the British Retail Consortium assesses the outlook for the sector in an interview on “Bloomberg Markets: European Open.”

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AT&T (T) is considering selling its Warner Bros. Interactive Entertainment gaming unit for around $4 billion to reduce its heavy debt burden, people familiar with the matter have told CNBC.According to the sources, potential buyers include major gaming companies Take-Two Interactive Software (TTWO), Electronic Arts (EA) and Activision Blizzard (ATVI). However, they added that no deal is assured or imminent at this point.One option for a deal could include a commercial licensing agreement which would allow AT&T to continue to drive revenue from its intellectual property, CNBC reported.However VentureBeat reported a separate source suggesting a price closer to $2 billion because the gaming division does not own some of the key franchises at the core of its major games like “Harry Potter” and “Game of Thrones.”Warner Bros. Interactive Entertainment is made up of 10 game studios including TT Games, and owns the “Mortal Kombat” and the “Scribblenauts” series. It was snapped up by AT&T as part of the $109 billion Time Warner deal which closed in 2018 and left T struggling to manage a $150 billion debt.Ex WarnerMedia CEO John Stankey will replace Randall Stephenson as CEO at AT&T on July 1. He takes the helm of America’s second-largest wireless service provider at a notably challenging time.Shares in T are currently trading down 22% year-to-date, with AT&T recently reporting soft first quarter earnings alongside ~ $433M ($0.05 per share) of EBITDA headwinds due to COVID-19 disruptions.“AT&T will continue to slash expenses and is aiming for $6B over the next three years” commented Oppenheimer analyst Timothy Horan. He has a buy rating and $47 price target on the stock explaining “Importantly, the dividend seems safe and debt reduction can continue with what we and the company estimate to be a 60% payout ratio.”Overall, analysts have a Moderate Buy T consensus, with 8 recent buy ratings, 12 holds and 2 sells. Meanwhile the average analyst price target of $34 indicates 11% upside potential from current levels. (See T stock analysis on TipRanks).Related News: Activist Investor Jana Partners Builds 5.9% Stake in Perspecta; Stock Jumps 9% In Pre-Market Lululemon Drops 5% in Extended Trading After Quarterly Results Miss Bankrupt Hertz Pops 51% In Pre-Market On $1 Billion Share Sale Plan More recent articles from Smarter Analyst: * Extraction Oil & Gas Files For Bankruptcy; Announces $125M Funding Plan * Israel Is Said To Be In Talks To Buy Moderna’s Covid-19 Vaccine Candidate * First Majestic Seeks Help In Mexico Tax Dispute, As Analyst Applauds Springpole Deal * Amazon Now Also Under Investigation By Washington State – Report

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(Bloomberg) — BP Plc will make the biggest write down in a decade on the value of its business, as the British oil major predicts the coronavirus pandemic will hurt long-term demand and accelerate the shift to cleaner energy.The company sees oil and gas being about 20% to 30% cheaper than before on average, and also expects the cost of carbon emissions to be more than twice as high.In response, BP is undertaking a review of its projects that could result in some oil discoveries being left in the ground. This risk, of so-called stranded assets, is an issue of growing importance as the industry grapples with fundamental shifts in energy consumption trends.Under its new Chief Executive Officer Bernard Looney, BP has been quicker than many of its peers to acknowledge and plan for these changes. Yet moves toward a more sustainable future bring financial pain today. BP’s latest actions will lead to non-cash impairment charges and write-offs in the second quarter, estimated to be in a range of $13 billion to $17.5 billion post-tax. They also renewed questions about the sustainability of its dividend. Shares of the company fell 4.4% to 308.7 pence as of 9:14 a.m. in London.Enduring Impact“BP now sees the prospect of the pandemic having an enduring impact on the global economy, with the potential for weaker demand for energy for a sustained period,” the company said in a statement on Monday. “The aftermath of the pandemic will accelerate the pace of transition to a lower carbon economy.”In February, BP outlined its ambitions to become a “net-zero” company by 2050. The company acknowledged that production will decline in the long term, and said whatever is pumped in 2050 “will have to be de-carbonized.” Peers including Royal Dutch Shell Plc, Total SA and Equinor ASA have also set out agendas for what’s becoming an existential challenge for the oil industry.Two of those companies — Shell and Equinor — cut their dividends last quarter. A growing number of analysts expect BP to follow. ”It does now look increasingly likely that BP will reduce the dividend alongside the second quarter results,” Barclays said in a note. “With the shares trading on a 10% dividend yield, this already seems to be factored into the share price.”Cheaper OilBP’s revised investment appraisal long-term price assumptions from 2021 to 2050 now average $55 a barrel for Brent crude, down from $70 previously, and $2.90 per million British thermal units for Henry Hub gas, compared with $4 before.It expects the cost of emitting a ton of carbon dioxide to be $100 in 2030, up from a previous assumption of $40. These new prices are “broadly in line” with the Paris climate goals, BP said. “This huge dent in BP’s balance sheet suggests it has finally dawned on BP that the climate emergency is going to make oil worth less,” Charlie Kronick, senior climate adviser for Greenpeace U.K., said in a a statement. “BP must protect its workforce, and offer training to help people move into sustainable jobs in decommissioning and offshore wind.”The company is scheduled to publish its second-quarter results on Aug. 4. Looney will give a more detailed road map for BP’s transition to clean energy and net-zero emissions in September. (Updates with changes to price assumptions in second 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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Jun.15 — EasyJet Plc Chief Executive Officer Johan Lundgren discusses the low-cost airline’s return to service, health measures inside cabins and the outlook for load factors. He speaks on “Bloomberg Markets: European Open.”

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Extraction Oil & Gas (XOG) has announced that it has voluntarily filed for petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. Shares are now falling 30% in Monday's pre-market trading.“After months of liability management and careful analysis of our strategic options, we determined that a voluntary chapter 11 filing with key creditor support provides the best possible outcome for Extraction,” said Extraction CEO Matt Owens.At the same time, XOG revealed that it has obtained a committed $125 million debtor-in-possession financing facility, with $50 million in new money, up to $15 million of which will become immediately available upon the Bankruptcy Court’s order, and a “roll up” of $75 million of revolving loans under Extraction’s existing revolving credit agreement.The DIP Facility is underwritten by Wells Fargo Bank, National Association and the $50 million in new money is financed by certain existing lenders.According to Extraction Oil & Gas, this funding would provide sufficient liquidity during the chapter 11 cases to support its continuing business operations and minimize disruption.And to ensure a ‘swift exit from chapter 11’, XOG also announced a restructuring support agreement with certain of its unsecured noteholders.This includes a restructuring plan with significant deleveraging of the balance sheet through a debt-for-equity swap, which XOG says will leave the debtors’ unsecured noteholders with the majority of equity while still providing a meaningful recovery to junior stakeholders.“Though the company was unable to obtain consensus across its entire prepetition capital structure prior to filing, the company plans to use the chapter 11 process to build consensus for a comprehensive restructuring transaction” XOG stated.Shares in Extraction have plunged 70% year-to-date, and the stock shows a bearish Moderate Sell Street consensus. The average analyst price target of $0.6 indicated that shares had room to fall even further. (See XOG stock analysis on TipRanks).“While the company has some solid assets in the DJ Basin, we think it is not fundamentally designed for oil prices below $50/bbl” RBC Capital’s Brad Heffern wrote back in May after the company provided some cautionary language about its value as a going concern and revealed that it had hired strategic advisors to help pursue a restructuring.“We see XOG struggling to cover debt maturities in 2024+, and transportation commitments limit the company’s ability to substantially curtail uneconomic drilling” he added.Related News: First Majestic Seeks Help In Mexico Tax Dispute, As Analyst Applauds Springpole Deal 2 Dividend Stocks Yielding More Than 5%; RBC Says ‘Buy’ RWE, Thyssenkrupp Plan Hydrogen Production Partnership – Report More recent articles from Smarter Analyst: * Israel Is Said To Be In Talks To Buy Moderna’s Covid-19 Vaccine Candidate * First Majestic Seeks Help In Mexico Tax Dispute, As Analyst Applauds Springpole Deal * Amazon Now Also Under Investigation By Washington State – Report * Blackstone To Invest $337 Million In Medtronic’s Diabetes Programs

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American Express (AXP) has announced that its joint-venture in mainland China has received approval from the People’s Bank of China (PBOC) for a network clearing license.This makes American Express the first foreign payments network to be licensed to clear RMB transactions in mainland China. The company expects to begin processing transactions later this year.“We look forward to welcoming millions of new consumers, businesses and merchants in China to American Express, as well as continuing to enhance our support for our global customers when they travel to the region” AXP commented.Express (Hangzhou) Technology Services Company Ltd is American Express’ joint venture with Lianlian DigiTech Co., Ltd, a Chinese fintech services company. The new joint venture has already built a network to clear domestic transactions charged on American Express cards, and is also compatible with the key mobile wallet players in China.“We are pleased to be the first foreign company to receive this license. This approval represents an important step forward in our long-term growth strategy and is an historic moment, not only for American Express but for the continued growth and development of the payments industry in mainland China,” cheered Stephen J. Squeri, CEO of American Express.Shares in AXP have plunged 18% year-to-date, and analysts have a cautiously optimistic Moderate Buy consensus on AXP’s outlook. This is made up of 8 recent buy ratings, 8 hold ratings and 1 sell rating. Meanwhile the average analyst price target of $102 is in-line with the current share price. (See American Express stock analysis on TipRanks).RBC Capital analyst Jon Arfstrom has a hold rating on the stock but recently bumped up his price target from $85 to $105. “Overall billings activity remains depressed from softer global travel, though non-T&E (travel and expense) spending is gradually improving” he explained, adding that non-T&E activity should continue to accelerate through June.Related News: Activist Investor Jana Partners Builds 5.9% Stake in Perspecta; Stock Jumps 9% In Pre-Market Lululemon Drops 5% in Extended Trading After Quarterly Results Miss Bankrupt Hertz Pops 51% In Pre-Market On $1 Billion Share Sale Plan More recent articles from Smarter Analyst: * Extraction Oil & Gas Files For Bankruptcy; Announces $125M Funding Plan * Israel Is Said To Be In Talks To Buy Moderna’s Covid-19 Vaccine Candidate * First Majestic Seeks Help In Mexico Tax Dispute, As Analyst Applauds Springpole Deal * Amazon Now Also Under Investigation By Washington State – Report

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