(Bloomberg) — Hertz Global Holdings Inc. warned prospective new stock investors they’re all but certain to be wiped out as the car renter proceeds with an improbable share sale in the midst of bankruptcy proceedings.Equity holders will not see a recovery from any bankruptcy plan unless those with more senior claims, including bondholders, are paid in full, Hertz said in a prospectus Monday. That would require “a significant and rapid and currently unanticipated improvement in business conditions,” the company said.Hertz shares traded down as much as 29% before the start of regular trading, though the stock is still well above where it first traded after the company filed for Chapter 11. A bankruptcy court judge signed off on the equity sale last week after the company pledged to alert buyers about the potential they could be wiped out.Jefferies LLC, which is leading the share offering, will get as much as 3% of gross proceeds and as much as $200,000 for its lawyers, according to the filing. A lawyer for Hertz acknowledged during last week’s court hearing that the move to sell stock while in bankruptcy probably is unprecedented.Hertz previously said in a court filing that a share sale could raise as much as $1 billion in cash. But that was based on the almost tenfold increase in its stock from 56 cents on May 26 to $5.53 on June 8. The shares changed hands for as little as $2 in early trading Monday.In its filing, Hertz said it does not anticipate making lease payments on its rental cars for May or June, but will be required to start paying in full beginning in July unless the court decides otherwise. The company’s inability to work out a deal with the owners of its vehicles for a reduced payment in April pushed it into bankruptcy.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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AT&T Inc. (NYSE: T) is in discussions with multiple companies to sell its subsidiary Warner Bros. Interactive Entertainment, according to a CNBC report Friday.What Happened Multiple companies, including Electronic Arts Inc. (NASDAQ: EA), Activision Blizzard, Inc. (NASDAQ: ATVI), and Take-Two Interactive Software Inc. (NASDAQ: TTWO), have expressed interest in purchasing the video game unit, CNBC reported.A deal, if finalized, could fetch AT&T as much as $4 billion, according to CNBC. The Dallas conglomerate had acquired Times Warner, of which the gaming division is a part, for about $109 billion in 2018.CNBC learned that AT&T is likely to strike a deal where it continues to receive compensation for intellectual property from the games even after the unit is sold. Some of the major Warner video games are based on AT&T-owned franchises like Harry Potter, Game of Thrones, and The Lego Movie.Why It Matters It isn't immediately clear why AT&T is looking to sell the gaming unit. Activist investment firm Elliott Management Corp. revealed a .2 billion stake in the telecommunication giant in September last year and has since pushed for divestment in non-core holdings, including DirecTV.AT&T last month raised $12.5 billion in a debt offering, as reported by Bloomberg.AT&T Price Action AT&T shares closed nearly 1.1% higher at $30.5 on Friday and inched slightly higher in the after-hours session.See more from Benzinga * US Debt Market Raised .5B This Week, The Highest Since 2007: FT(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Dr Reddy's Laboratories Ltd. (RDY) announced that it has entered into a non-exclusive licensing agreement to manufacture and sell Gilead Sciences Inc.’s (GILD) coronavirus drug candidate remdesivir.The agreement grants Dr. Reddy’s the right to register, manufacture and sell Gilead’s investigational drug remdesivir, a potential treatment for COVID-19, in 127 countries including India. Financial terms of the agreement weren’t disclosed.As part of the pact, Gilead will provide technology transfer for the manufacturing of the potential drug. However, Dr. Reddy’s will be in charge of ramping up manufacturing and obtaining regulatory approval for the marketing of remdesivir in respective countries.Gilead’s investigational antiviral therapy has received Emergency Use Authorization (EUA) by the U.S. Food and Drug Administration (FDA) to treat Covid-19.Shares in Gilead have dropped about 5% over the past week and were trading at $73.20 as of Friday’s close.Five-star analyst Hartaj Singh at Oppenheimer last week reiterated his Buy rating on the stock with a $90 price target (23% upside potential), saying that investors are ascribing little value to Gilead's quality emerging pipeline, and that any sustained weakness into 2Q20 should be viewed as a buying opportunity.Singh noted that although the stock has this year outperformed the broader market and its peer-group indices, the trend has reversed over the past month. He attributes three reasons for this: a rotation from biotech into other sectors, concerns around monetizing remdesivir's potential in COVID-19 and a tricky 2Q20 earnings report coming up in late July.The analyst added that Gilead’s $1 billion investment in remdesivir manufacturing, R&D and sales and marketing efforts are potentially not reflected in 2Q/3Q20 consensus earnings estimates, which could potentially lead to earnings misses.So what does the Street consensus say? TipRanks data shows that the majority of 14 analysts have a Hold rating on the stock, while the rest is divided between 10 Buys and 4 Sells, adding up to a Hold consensus. The $79.95 average price target  is less optimistic than Singh’s as it indicates 9% upside potential in the shares in the coming 12 months. (See Gilead stock analysis on TipRanks).Related News: Israel Is Said To Be In Talks To Buy Moderna’s Covid-19 Vaccine Candidate 5 Promising Covid-19 Vaccines Picked For Trump’s Operation Warp Speed AstraZeneca Inks Europe Deal For 400M Covid-19 Vaccine Doses More recent articles from Smarter Analyst: * Tesla’s China Car Registrations Jump In May; Stock Down In Pre-Market On Analysts’ Rating Cuts * Accenture To Snap Up Sentelis In Latest AI-Boosting Move * Unilever To Invest €1 Billion In 10-Year Climate And Nature Fund * RBC Slashes Cineplex Outlook As Major C$2.8B Deal Terminated

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In this article you are going to find out whether hedge funds think ONEOK, Inc. (NYSE:OKE) is a good investment right now. We like to check what the smart money thinks first before doing extensive research on a given stock. Although there have been several high profile failed hedge fund picks, the consensus picks among […]

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Insider Monkey has processed numerous 13F filings of hedge funds and successful value investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds' and successful investors' positions as of the end of the first quarter. You can find articles about an individual hedge fund's trades on numerous financial […]

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Insider Monkey has processed numerous 13F filings of hedge funds and successful value investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds' and successful investors' positions as of the end of the first quarter. You can find articles about an individual hedge fund's trades on numerous financial […]

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Social unrest will likely weigh on the stock market this summer, pros say.

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Violent confrontations between police and protestors during the 1999 World Trade Organization conference changed the way police respond to protests in the U.S. Here’s how we got to the militarized police tactics we see today. Eric Draper/Associated Press

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Authorities shut down parts of Beijing after a surge in new cases; White House economic adviser Larry Kudlow says a return-to-work bonus should replace a weekly $600 unemployment boost; Tulsa’s health department director wishes President Trump would postpone his rally. WSJ’s Jason Bellini has the latest on the pandemic. Photo: Greg Baker/Getty Images

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