The World's Largest Gold Miner May Not Be a Gold Mine for Investors -- Barrons.com
Today 11:15 AM ET (Dow Jones)Print

The World's Largest Gold Miner May Not Be a Gold Mine for Investors -- Barrons.com

By Teresa Rivas

Barrick Gold's (ABX) acquisition of Randgold Resources (GOLD) will create the world's largest gold miner, but investors may be getting too excited, warns
Macquarie.

Where we were: Barrick's stock has benefited from the news, although it's still down nearly 10% since the start of the year.
Where we're headed: Potentially lower, warns Macquarie, as the deal isn't written in stone yet, and investors may be expecting more good news than it can
deliver.

In late September, Barrick announced that it would buy Rangold in an all-stock deal that investors cheered, and has since been endorsed by proxy advisory
firmInstitutional Shareholder Services. The stock reacted well to the news, and insiders have also been buying the shares.

However, not everyone is convinced. Macquarie's Michael Siperco downgraded Barrick to Neutral from Outperform on Monday, writing that after the stock's
post-deal rally, the expected "New Barrick" company is "trading at a significant premium to global peers on near-term multiples, " a fact that's "difficult to
justify."

Siperco argues that even with the deal, Barrick lacks near-term catalysts to support the stock: The company's guidance for 2019 through 2022 calls for
production to fall from 2018 levels, and newer projects that can add production are still years away from full capacity.

A major perceived benefit from the deal is the fact that Barrick will get Randgold's much respected CEO, Mark Bristow, and while new management could
bring improvements to Barrick's operations, Siperco argues that even in this scenario, it's difficult to "identify changes that would materially impact our
near-term forecasts," and Barrick's stock is already trading as if better performance is a done deal.

Speaking of done deals, the merger isn't one. Siperco writes that if shareholders reject the plan, Barrick's stock could slide some 20%, while the shares' jump
means that an official endorsement would bring little further upside. And while Barrick's shareholders just have to vote for the deal in a simple majority,
Randgold has a higher hurdle, with 75% voting in favor, representing more than half of shareholders.

Barrick is trading down 0.5% to $13.12 in recent trading.

(END) Dow Jones Newswires
October 22, 2018 11:15 ET (15:15 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Moody's rates Netflix's new junk bonds at Ba3
Today 1:35 PM ET (MarketWatch)
Share
Print

Moody's Investors Service assigned a Ba3 rating to Netflix Inc.'s proposed offering of $2 billion of senior notes. The deal will bring Netflix's gross leverage to
5.2 times for the 12 months ended Sept. 30, the agency said in a note.

"However, despite the continuing issuances of debt to fund the company's negative cash flows, we expect leverage to drop gradually over time as the
transition from licensed content to produced original content levels off and newer international markets begin to contribute to profits and overall margins
improve," said Moody's.

Gross leverage is expected to fall back to around 6.0 times by end 2018 and to be below 5 times by end 2020 as EBITDA growth outpaces growth in content
spend and debt. Netflix's most active bonds, the 5.875% notes that mature in November of 2028, were barely changed on Monday, according to

MarketAxess. The stock was down 0.5%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires
October 22, 2018 13:35 ET (17:35 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
YouTube Investing in Educational Fare -CNBC
Today 12:32 PM ET (Dow Jones)Print


--YouTube plans to invest $20 million to get more educational videos on its platform, CNBC reports Monday.
--The company is hoping to provide content which will allow companies to place advertisements without fear of controversial content, the report said.
--The $20 million will go to support creators of educational videos, and YouTube plans to create a new channel for the videos, the report said.

Full story: https://www.cnbc.com/2018/10/22/youtube-invests-20-million-in-educational-tutorial-and-diy-videos.html

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires
October 22, 2018 12:32 ET (16:32 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Vista 1628 DVi Inc. Ltd. CAN - EU - USA
CHIP
GEO
MARVIN ROBINSON WAGENBERG FOUNDATION BEN - CAN - FRA - DEU -  EU - UK - USA - PRT
CHIP
GEO
International
1636
TEAM
iNTERWEB OF NATURE
MT. CHARLESTON
RAINTREE Part 1
Trust Company of Vermont
Vermont’s first independent trust company
Bright Angel, Half Dome & Mt. Whitney Trails
Video Mountaineer Club  (AUTVMC)
GeoChip Vista 1636 Inc. Ltd. TY
GeoChip Vista 1628 Inc. Ltd. NL
HikeAlong Video Production
Spring Valley P.O. Box 81702
Las Vegas, NV 89180 USA
i
N
D
I
C
E
S
Angels Landing (NL)
Bryce Canyon (TY)
(ATSC 3.0)
(ATSC 3.0)
ATSC 3.1 (XT)
Mt. Charleston
"Hike/walk/jog on the treadmill and watch WHERE you are ON THE TRAIL"
-  hikealongpete
with Mileage - Timing - Elevation Survey Markers
by HikeAlongPete
Video Mountaineer
-- dictum meum pactum --
GEO
CHIP5G
1628
TEAM
International
GEO
CHIP
DATA Video Mountaineering
21CRT Exploring & Land Surveying
GEO
5G Has Arrived. It's Been A Long Wait for Ericsson, Nokia.
Today 9:36 AM ET (Dow Jones)


By Stu Woo

The push to build new 5G networks is finally paying off for the world's telecom-equipment makers.

Ericsson AB, the Swedish industry giant, reported its first profit in nine quarters, beating investor expectations and sending its shares sharply higher
Thursday. The company cited strong demand from North American carriers for cellular-tower electronics and related equipment. The gear is needed to
roll out 5G, a new version of mobile-network technology that promises superfast connections.

Nokia Corp., which reports its third-quarter results next week, has also said that it expects 5G rollouts to help boost the telecom-equipment market in
the second half of 2018.

The payoff comes after more than two years of stagnant sales, profit warnings, layoffs and management change at the world's two big Western
telecom-equipment makers. After carriers around the world finished rolling out all the gear needed to build today's 4G networks, they sharply curtailed
purchases. Meanwhile, two rising Chinese competitors, Huawei Technologies Co. and ZTE Corp., offered cheaper products in many of the world's
fastest-growing markets.

Ericsson and Nokia have been waiting a while for the long-expected 5G sales boost, and it is unclear how sustained it might be. Telecom-equipment
makers and wireless carriers haven't yet finalized the details of how the technology will work, and different regions may have different standards. Some
executives are skeptical about the network's real potential.

AT&T Inc. and Verizon Communications Inc. are racing to introduce 5G in certain cities before the year's end. Last month, T-Mobile US Inc. agreed on a
$3.5 billion deal to buy 5G equipment and services from Ericsson. Cheering the 5G race from the sidelines is the Trump administration. Some officials
have said the country must deploy widespread 5G, before China does, to maintain an economic and technological edge.

"5G is becoming a commercial reality," Ericsson Chief Executive Borje Ekholm told reporters and analysts Thursday. The company's stock was trading
almost 6% higher in the early afternoon in Europe. "It's not about what, if and when -- it's actually today."

5G is expected to be 100 times faster than current wireless networks. It promises to be speedy enough to enable near-instantaneous movie downloads
and new technologies such as self-driving cars. It can also handle many more connected devices and could enable the Internet of

Things -- the idea that everyday objects like sneakers and heart monitors are web-connected.

That has triggered an arms race of sorts between the U.S. and China over deploying the technology.

The competition is now playing out in sales for companies like Ericsson.

"We see North America pushing ahead very fast, leading the way today, followed by northeast Asia, where we also see a quite heavy push into 5G, "
Mr. Ekholm said Thursday.

Ericsson said it earned 2.7 billion Swedish krona ($301 million) in the third quarter, compared with a loss of 3.5 billion krona in the same quarter a year
earlier. Sales grew 9% to 53.8 billion krona, up from 49.4 billion krona a year earlier.

The strong sales softened the blow from another surprise: Ericsson said it would likely incur a "material" fine, in addition to possible other penalties, in a
long-running probe by U.S. investigators.

Ericsson said in 2013 that the Securities and Exchange Commission was investigating the company. In 2016, it said it was cooperating with U.S.
authorities in an investigation related to the Foreign Corrupt Practices Act, aimed at punishing bribery.

Ericsson said the probes go back to practices beginning in 2007. Mr. Ekholm said Ericsson had shared with authorities the results of an internal
investigation, which found business-ethics breaches and has resulted in the departure of 50 employees. He declined to comment on which countries
were involved and said it was too early to say how the company might settle with the U.S. government.

That lingering probe, and the sales drought over the past few years, have pressured Ericsson. It has laid off about 20,000 employees over the past two
years as it dealt with massive losses.

Since Mr. Ekholm became chief executive in January 2017, Ericsson focused on its core business of making telecom equipment. He said Thursday the
company was continuing to cut costs and was on track to complete a turnaround by a 2020 target.

Write to Stu Woo at Stu.Woo@wsj.com

(END) Dow Jones Newswires
October 18, 2018 09:36 ET (13:36 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
JJ Kinahan
@TDAJJKinahan
Chief Market Strategist,
TD Ameritrade

Greener Pastures: Pendulum Might Swing Into Positive Territory —For Now
9:20am ET 10/19/2018  (part)


(Friday Market Open) The pendulum continues to swing. Yesterday it headed deep into the red. Today, it looks like it’s moving back into the green,
thanks in part to China taking some measures to support its stock market. That said, continued volatility as this turbulent week marches toward a
conclusion wouldn’t seem all that surprising.

The sagging Chinese stock market rebounded more than 2.5% Friday after Beijing announced measures designed to support liquidity and share
buybacks and to encourage merger & acquisition (M&A) activity. There are other things as well, but from a big picture sense, it looks like China is
starting to intervene to help prop its market, and that might ease some of the pressure on Wall Street.

Another antidote to the pressure cooker came from earnings, where a bunch of firms reporting after yesterday’s close and before today’s open shared
mostly positive tidings. Honeywell (HON) beat Wall Street analysts’ earnings per share estimate and matched on revenue, but lowered guidance. Procter
& Gamble (PG) beat estimates on both top-and-bottom lines. Shares of both jumped pretty solidly in pre-market trading.

PayPal (PYPL) also muscled its way to an earnings beat, and offered guidance a little above analysts’ forecasts. Mobile payment volume in Q3 grew
45%. The company’s shares jumped more than 7% ahead of the opening bell. American Express (AXP) also beat expectations amid higher card
member spending and increased loans. Shares rose about 1% early Friday.

So far, 88% of reporting companies have beaten on earnings, and 64% on revenue growth. Those are strong showings, but some of the misses have
been troubling (see more below). In general, though, earnings season is off to a good start.
FSLR   HP  ACRFF  AMD  AXP  BASFY  BB  CAJ  CSCO  CZR  E  CMCSA  FB  FTR  GPRO  IGT  INTC  LVS  MGM  MSFT  PCRFY  PJT  RWE  SIEGY  UNLNF  SNE  ERIC
CLDR  RUN   GE   GM  TGT  DIS  TRI  TWTR  WMT  WYNN  SWX  YAHOY  NFLX  ENB  IFNNY   AAPL  AIR.PA  BA  CRTO  LMT  NOC  ZION  ROYAL  BNS.TO  BsteelBBC  RTL
Hike Along Video Production
P.O. Box 81702
Las Vegas, NV 89180 USA
JOIN to become a Founding Member
$ C 20.-- to 200.--*
*
includes up to $180.-- of DVDs
=.