Top news and what to watch in the markets on Monday, June 8, 2020.

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Louisiana governor declared a state of emergency as Tropical Storm Cristobal came ashore Sunday. The storm is hampering some coronavirus efforts in the state while reducing oil production by about one-third in the Gulf of Mexico. Photo: Gerald Herbert/Associated Press

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We at Insider Monkey have gone over 821 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st, near the height of the coronavirus market crash. In this article, we look at what those funds think […]

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Before we spend countless hours researching a company, we like to analyze what insiders, hedge funds and billionaire investors think of the stock first. This is a necessary first step in our investment process because our research has shown that the elite investors' consensus returns have been exceptional. In the following paragraphs, we find out […]

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Facebook and Twitter have taken different stances on moderating President Trump on their platforms. It’s the latest controversy in an ongoing debate about the responsibility tech companies have in policing speech online. Photo illustration: Carter McCall/WSJ

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Ericsson expects to take a second-quarter writedown of about 1 billion crowns ($109 million) on product inventory in China, the Swedish telecoms gear maker said on Monday. The company, which has won 5G contracts from three major operators in China, said it expected negative gross margins in China in the quarter reflecting the high initial costs for new products. Ericsson had warned in its first-quarter report that an increasing share of strategic contracts would hurt profitability in the second quarter, primarily due to negative gross margins in China.

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“Gold is going to struggle to clear the $1,700 level again.” Market participants are now waiting for the U.S. Federal Reserve’s two-day policy meeting ending on Wednesday, though they have stopped pricing in the possibility of negative rates after the surprise recovery in employment. “Gold and silver continued to recover this morning as some physical/retail bargain hunters had some pent up demand at the lower levels,” MKS PAMP said in a note.

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Jun.08 — Vanda Insights Founder & CEO Vandana Hari believes crude had already priced in the outcome by OPEC+ and its allies to extend production cuts. She was speaking with Haslinda Amin and Rishaad Salamat on “Bloomberg Markets: Asia.”

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Shares in Emergent BioSolutions Inc. (EBS) dropped 14% in Friday’s after-hours trading following the disclosure of two of its directors divesting shares.According to a SEC filing, Emergent Director Ronald Richard sold 6,572 shares on Wednesday at an average price of $87.514, for a total of about $575,142. Following the share sale Richard owns 4,269 shares. The stock rose 2.5% to $86.91 on Friday before dropping to $75 in post-market trading.In addition, Director Sue Bailey divested 5,322 shares at an average price of $87.503, generating about $465,691 from the sale. Bailey now still has 37,260 shares in the company.Earlier this month, Emergent BioSolutions announced that it is joining the U.S. government’s warp speed program in a public-private partnership for COVID-19 vaccine development and production. The task order valued at about $628 million is for rapid domestic manufacturing of leading COVID-19 vaccine candidates through 2021. The global life sciences company will provide molecule-to-market contract development and manufacturing (CDMO) services and commit to manufacturing capacity, valued at about $542.7 million.Shares in Emergent have this year already soared 61%. Despite the rally, Guggenheim analyst Dana Flanders still sees room for more gains ahead.Following the task order, Flanders last week raised the stock’s price target to $101 (16% upside potential) from $81 and keept a Buy rating.This "landmark" partnership is "tangible evidence" of Emergent's contract development and manufacturing organization and capability, Flanders wrote in a note to investors, adding that he believes that the CDMO business opportunity is growing and durable.Overall, the stock boasts 4 Buy ratings versus 1 Hold rating adding up to a Strong Buy consensus. Meanwhile, the $88 average analyst price target sees little upside potential for the shares in the next 12 months. (See EBS stock analysis on TipRanks). Related News: Teva Wins Court Ruling Against Opiant, Emergent Bio On Narcan Nasal Spray 5 Promising Covid-19 Vaccines Picked For Trump’s Operation Warp Speed Think Novavax Has Surged Enough for Now? Think Again, Says 5-Star Analyst More recent articles from Smarter Analyst: * Syracuse Is Said To Be In Talks To Buy Bankrupt J.C. Penney; Shares Leap 55% * Idexx Unit Gets European Union Regulatory Nod For Covid-19 Test Kit * Airbus Gets No New Aircraft Orders In May Amid Aviation Crisis * AstraZeneca Approached Gilead For Potential Merger – Report

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U.S. utility PG&E Corp. (PCG) is said to be preparing a $11 billion debt-financing package as it embarks on a plan to exit from its bankruptcy, an investor involved with the company’s funding plan told Reuters on Friday. Shares jumped 5.5% to close at $12.52.According to George Schultze, founder of Schultze Asset Management, which invests in distressed securities, the debt financing plan, which will consist of high-yield bonds and term loans, is part of the company’s previously announced plan to raise as much as $27 billion in funding from future public offerings. It includes $4 billion of high-yield bonds and a $750 million term loan led by JPMorgan Chase & Co., Bloomberg said in a separate report.PG&E’s aims to come out of bankruptcy by June 30 so it will be eligible to receive a state-backed fund that would help utilities cope with the financial fallout suffered from wildfires.“While the company comes out of this slightly overleveraged, it has a strong business and will be able to pay down the debt,” Schultze said. “The debt market is so hot right now that I’m sure this offering will be oversubscribed.”PG&E seeks to raise most of the remaining $16 billion in proposed future public offerings from equity – possibly at a discount to where PG&E’s peer group is trading at the time of emergence from bankruptcy, Schultze said.In January last year, the utility filed for bankruptcy, citing potential liabilities exceeding $30 billion from major wildfires sparked by its equipment in 2017 and 2018.It looks like some investors are welcoming PG&E’s plan to emerge out of bankruptcy. Since hitting this year’s low in March, shares have surged more than 70%.Merrill Lynch analyst Julien Dumoulin Smith on Friday reiterated a Buy rating on the company with a $14 price target, saying that with approvals and a reorganization plan in place, the stock offers a “much cleaner story”.“Under conservative assumptions we calculate shares as offering compelling total return prospects with additional catalyst potential if the backstop agreement were amended to provide better terms,” Dumoulin Smith wrote in a note to investors.Overall, the Wall Street analyst community is cautiously optimistic on the stock. The Moderate Buy consensus consists of 5 Buy versus 3 Hold ratings. The $14.56 average price target implies shares may gain another 16% in the coming 12 months. (See PG&E stock analysis on TipRanks).Related News: Hertz Sinks 36% In After-Market On Bankruptcy Protection Filing Colombian Carrier Avianca Files for Bankruptcy Protection Due to Coronavirus Woes S&P Cuts American Airlines’ Credit Rating To ‘B-‘ from ‘B’ On Cash Flow Deficit Concern More recent articles from Smarter Analyst: * Syracuse Is Said To Be In Talks To Buy Bankrupt J.C. Penney; Shares Leap 55% * Idexx Unit Gets European Union Regulatory Nod For Covid-19 Test Kit * Airbus Gets No New Aircraft Orders In May Amid Aviation Crisis * AstraZeneca Approached Gilead For Potential Merger – Report

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