LAVAL, Quebec, Sept. 16, 2020 /CNW/ — Bausch Health Companies Inc. (NYSE/TSX: BHC) (“Bausch Health” or the “Company”) today announced it has published a presentation that Joseph C. Papa, chairman and CEO, and Paul S. Herendeen, executive vice president and chief financial officer, are scheduled to present at the virtual 18th Annual Morgan Stanley Global Healthcare Conference today, Sept. 16, 2020, at 1:15 p.m. ET.
The presentation provides an update on Bausch Health’s current business recovery in the wake of the COVID-19 pandemic, as well as an update and progress report regarding the Company’s previously disclosed intention to spin off its eye health business.
The presentation is available on the Investor Relations page of the Bausch Health Companies Inc. web site at: http://ir.bauschhealth.com/events-and-presentations/2020. A live webcast and audio archive of the event will be also be available for 90 days.
About Bausch Health
Bausch Health Companies Inc. (NYSE/TSX: BHC) is a global company whose mission is to improve people’s lives with our health care products. We develop, manufacture and market a range of pharmaceutical, medical device and over-the-counter products, primarily in the therapeutic areas of eye health, gastroenterology and dermatology. We are delivering on our commitments as we build an innovative company dedicated to advancing global health. More information can be found at www.bauschhealth.com.
This news release may contain forward-looking statements, which may generally be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “believes,” “estimates,” “potential,” “target,” or “continue” and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties discussed in the Bausch Health’s most recent annual report on Form 10-K and detailed from time to time in Bausch Health’s other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference. They also include, but are not limited to, risks and uncertainties caused by or relating to the evolving COVID-19 pandemic, and the fear of that pandemic and its potential effects, the severity, duration and future impact of which are highly uncertain and cannot be predicted, and which may have a material adverse impact on Bausch Health, including but not limited to its project development timelines, and costs (which may increase), risks and uncertainties relating to the Company’s proposed plan to spin off its eye health business, including the expected benefits and costs of the spinoff transaction, the expected timing of completion of the spinoff transaction and its terms. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Bausch Health undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.
Dying winds give crews hope in Northern California fires
SAN FRANCISCO (AP) — Firefighters say they hoped dying winds would enable them to bear down on a wildfire that exploded in the Northern California wine country, prompting tens of thousands of evacuations while a second blaze killed at least three people.
The Glass Fire raged through Napa and Sonoma counties on Monday, tripling in size to around 56.6 square miles (146.59 square kilometers) without any containment.
Some two dozen homes had burned, the San Jose Mercury News reported.
The fire north of San Francisco was driving through brush that hadn’t burned for a century, even though surrounding areas were incinerated in a series of blazes in recent years.
But dry winds that gave the flames a ferocious push appeared to have eased by Monday evening and firefighters were feeling “much more confident,” said Ben Nicholls, a division chief with the California Department of Forestry and Fire Protection, known as Cal Fire.
“We don’t have those critical burning conditions that we were experiencing those last two nights,” he said.
The Glass Fire is one of nearly 30 wildfires burning around California and the National Weather Service warned that hot, dry conditions with strong Santa Ana winds could remain a fire danger in Southern California into Tuesday.
In a forested far northern part of the state, more than 1,200 people were evacuated in Shasta County for the Zogg Fire.
Three people have died in the fire, Shasta County Sheriff Eric Magrini said Monday. He gave no details but urged people who receive evacuation orders: “Do not wait.”
Residences are widely scattered in the area, which was torched just two years ago by the deadly Carr Fire — infamously remembered for producing a huge tornado-like fire whirl.
Pacific Gas & Electric had cut power to more than 100,000 customers in advance of gusty winds and in areas with active fire zones. The utility’s equipment has caused previous disasters, including the 2018 Camp Fire that killed 85 people and devastated the town of Paradise in the Sierra Nevada foothills.
By Monday night, the utility said it had restored electricity to essentially all of those customers. However, PG&E said about 24,000 people remained without power in areas affected by two fires in Napa, Sonoma, Shasta and Tehama counties.
So far in this year’s historic fire season, more than 8,100 California wildfires have killed 29 people, scorched 5,780 square miles (14,970 square kilometers), and destroyed more than 7,000 buildings.
The Glass Fire began Sunday as three fires that merged and drove vineyards and mountain areas into eastern Santa Rosa. Some 70,000 people are under evacuation orders, including the entire 5,000-plus population of Calistoga in Napa County.
Some people were injured and Sonoma County sheriff’s deputies had to rescue people who ignored evacuation orders, officials said.
Sonoma County Supervisor Susan Gorin, who lives in the Oakmont area of Santa Rosa, heeded the order to flee late Monday night. It took her nearly two hours of crawling along a jammed road to reach safety.
Gorin’s home was damaged in another fire three years ago and she was rebuilding it. She saw three neighboring houses in flames as she fled.
“We’re experienced with that,” she said of the fires. “Once you lose a house and represent thousands of folks who’ve lost homes, you become pretty fatalistic that this is a new way of life and, depressingly, a normal way of life, the megafires that are spreading throughout the West.”
Gorin said it appeared the fire in her area was sparked by embers from the Glass Fire.
Ed Yarbrough, a wildfire evacuee from St. Helena in Napa County, watched firefighters douse flames across from his house Monday.
“I can see in the distance that it looks like it’s intact,” he said but said spot fires were still being doused.
“So I know we’re not really out of the woods yet, and the woods can burn,” he said.
The fires came as the region approaches the anniversary of the 2017 fires, including one that killed 22 people. Just a month ago, many of those same residents were evacuated from the path of a lightning-sparked fire that became the fourth-largest in state history.
“Our firefighters have not had much of a break, and these residents have not had much of a break,” said Daniel Berlant, an assistant deputy director with Cal Fire.
Officials did not have an estimate of the number of homes destroyed or burned, but the blaze engulfed the Chateau Boswell Winery in St. Helena and at least one five-star resort.
Numerous studies in recent years have linked bigger wildfires in America to climate change from the burning of coal, oil and gas. Scientists say climate change has made California much drier, meaning trees and other plants are more flammable.
Associated Press reporters Christopher Weber and John Antczak in Los Angeles, Juliet Williams in San Francisco and Haven Daley in Santa Rosa, California, contributed to this report.
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3 Stocks Flashing Signs of Strong Insider Buying
If you really want to know which stocks the experts – and those in the know – are buying, pay attention to what they’re doing. Stock reports, company reviews, and press statements are helpful, but you’ll get significant information from watching what the insiders are up to.The insiders – the corporate officers and board members – have to disclose when they snap up shares to prevent any unfair advantages. Tracking their stock purchases can be a useful strategy because if an insider spends their own money on a stock, it could signal that they believe big gains are in store.So, investors looking for stocks that may be flying ‘under the radar,’ but with potential to climb fast, watching for insider purchases identify some sweet market plays. To make that search easier, the TipRanks Insiders’ Hot Stocks tool gets the footwork started – identifying stocks that have seen informative moves by insiders, highlighting several common strategies used by the insiders, and collecting the data all in one place.Fresh from that database, here are the details on three stocks showing ‘informative buys’ in recent days.TravelCenters of America (TA)We’ll start with a company that you probably don’t think about often, but that does provide an essential service. TravelCenters of America is the largest publicly traded owner, operator, and franchisor of full-service highway rest stops in the US. TA started out operating truck stops for rest, repair, and maintenance, and has since expanded to full-service fueling stations offering both gasoline and diesel, fast-food restaurants, convenience stores, and other rest stop amenities. Their network of rest stops is part of the infrastructure that makes long-distance motor transport, both private and commercial, possible in the USA.As can be imagined, the social lockdowns and travel restrictions during the coronavirus pandemic were not good for TA. The good news is, the worst of the pandemic hit during Q1, and the first quarter is normally TA’s slowest of the year. This year, the first quarter showed a net loss of $1.81 per share. In the second quarter, when warmer weather normally leads to increased driving, the pandemic restrictions were also – at least partially – lifted, and TA reported a sudden turnaround, with a 59 cent EPS profit. Even so, that missed the forecast by almost a dime. The outlook for Q3, normally TA’s strongest of the year, is for EPS of 73 cents.Turning to the insider trades, Adam Portnoy of the Board of Directors has the most recent informative buys. Earlier this month, he purchased over 323,000 shares, laying out more than $5.32 million for the stock. Analyst James Sullivan, of BTIG makes two observations about TravelCenters. First, he points out, “The long-haul trucking industry has an approximate 71% share of total primary tonnage in the U.S. freight industry, making it the primary mode of freight transportation.” Sullivan then adds that this opens up opportunity for TA going forward: “The increasing demands of the nation’s large trucking fleets for consolidated service providers that can provide fuel and truck service on a national basis appear likely to drive additional consolidation in the industry.”Sullivan rates TA shares a Buy, and his $34 price target suggests the stock has an impressive 82% upside potential for the coming year. (To watch Sullivan’s track record, click here)Overall, shares in TA are rated a Strong Buy from the analyst consensus, based on 5 recent reviews including 4 Buys and 1 Hold. The shares are selling for $19.24, and the $22.70 average price target implies room for 18% upside growth. (See TA stock analysis on TipRanks)Highwoods Properties (HIW)The next stock is a real estate investment trust. Highwood operates mostly in the Southeast US, but also in Pittsburgh, where it acquires, develops, leases, and manages a portfolio of suburban office and light industrial properties.Where most companies reported heavy losses during the corona crisis, HIW saw revenues in 1H20 remain stable. EPS has grown sequentially into Q1 and remained flat in Q2 at 93 cents. Both quarter beat EPS expectations.Despite the solid financial results, HIW shares have still not recovered from the market collapse of midwinter. The stock is down 27% year-to-date.Through all of this, Highwoods has maintained its dividend, as is common among REITs. The company has a 17-year history of dividend growth and reliability, and the current payment of 48 cents per common share has been stable for the past 7 quarters. At this level, it annualizes to $1.92 and gives a yield of 5.8%.Highwoods’ insider trading has come from Board member Carlos Evans, who purchased 10,000 shares for $337,000 dollars last week. His move was the first informative buy on HIW in the last 6 months.Truist analyst Michael Lewis is impressed by the quality of HIW’s portfolio. He writes, “We continue to believe that HIW’s portfolio is one of the best-positioned among traditional office REITs in light of the COVID-19 pandemic. Rent collections have been excellent and there are no large near-term lease expirations. More broadly, the portfolio should benefit from being focused in drivable, close-in Sunbelt suburbs.”In line with these comments, Lewis rates the stock a Buy. His price target, $45, indicates a 31% potential upside from current levels. (To watch Lewis’ track record, click here)Overall, HIW has a cautiously optimistic Moderate Buy consensus rating from the Street. This breaks down into 2 Buy ratings and 1 Hold. We can also see from TipRanks that the average analyst price target is $43, which implies a ~25% upside from the current share price. (See HIW stock analysis on TipRanks)VEREIT (VER)The last stock on our insider trading list is another REIT. VEREIT is major owner and manager of retail, restaurant, and commercial real estate, with a portfolio that includes over 3,800 properties worth a collective $14.7 billion. The company’s assets are 45% retail and 20% restaurants; the rest is mainly office and light industrial sites. The total leasable square footage is 88.9 million square feet.So VEREIT is a giant in the REIT sector – but size didn’t protect it from the general downturn this year. Share performance has been lackluster, and revenues have been falling off gradually since Q4 of last year. The second quarter results showed $279 million on the top line, the lowest in a year – but the quarter also saw earnings turn back upwards, reaching 17 cents per share.VER cut back on its dividend earlier this year, reducing the payment to 8 cents per share to keep it in line with earnings. That dividend has been maintained, and the next payment is set for mid-October. The current dividend yield is 4.5%, well over double the average found among S&P stocks.The big insider trade on VER comes from Board member and CEO Glenn Rufrano. He spent over $252K on a block of 40,000 shares, pushing the insider sentiment on this stock into positive territory.Covering the stock for JPMorgan, 5-star analyst Anthony Paolone sees an important strength in VER, noting that the company has been successful in collecting rents during the crisis period. “[Its] collections showed good improvement going into July, with 85% collections in 2Q and 91% in July; when considering all the abatements and deferrals, it appears that at this point about 94% of pre-COVID contractual rental revenue has been addressed, and it seems to us that a normalized run rate for this vast majority of the portfolio should take hold in early 2021; the company is making progress in working through the remaining 5-6% of non-collections,” Paolone noted.Paolone gives VER an Overweight (i.e. Buy) rating, and his $8 price target implies a 22% upside for the next 12 months. (To watch Paolone’s track record, click here)All in all, VER has drawn optimism mixed with caution when it comes to consensus opinion among sell-side analysts. Out of 5 analysts polled in the last 3 months, 3 are bullish on the stock, while 2 remain sidelined. With an 11% upside potential, the stock’s consensus target price stands at $7.25. (See VEREIT’s stock analysis at TipRanks)To find good ideas for 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 analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
Federal judge says Trump administration’s actions against TikTok ‘likely exceed’ the president’s authority
A federal judge granted TikTok an injunction Sunday, temporarily blocking the US government’s attempt to block new downloads and software updates of the app in the US.
According to the injunction, unsealed Monday, the judge said the restrictions imposed on TikTok “likely exceed” the authority of IEEPA, the law giving the president broad authority over economic transactions Donald Trump used to issue the app ban.
TikTok also proved it would “suffer irreparable harm” if a ban occured, according to the judge. In court documents, TikTok said 80% to 90% of its US userbase would disappear if the ban lasted six months.
Another hearing on Trump’s attempted ban is expected before November 12, when the rest of the ban’s “phased approach” is scheduled to go into effect.
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The US government’s attempts to ban TikTok “likely exceed” the legal bounds of Donald Trump’s executive authority, a federal judge said in his decision to grant an injunction this weekend, temporarily blocking the ban.
The judge’s Sunday night ruling for the injunction came hours before the US government was set to enforce the first part of its two-pronged strategy to ban TikTok nationwide. Sunday’s action, as recently laid out by the Commerce Department, would ban new app downloads and software updates for existing TikTok users.
TikTok first filed an injunction request Wednesday as part of the company’s lawsuit against the US government challenging the legality of Trump’s proposed ban.
The judge in the injunction, unsealed Monday, said the ban likely goes beyond the “lawful bounds” of the authority Donald Trump cited in his August executive orders to ban TikTok. Trump cited authority granted under the International Emergency Economic Powers Act, which allows the president to execute “broad authority” in regulating foreign economic transactions. However, IEEPA specifically excludes the ability to regulate “information or informational materials,” as the judge pointed out in his injunction ruling.
The federal judge also said TikTok demonstrated it would “suffer irreparable harm” if a ban were to go into effect. In documents submitted to the court, TikTok interim head Vanessa Pappas said that the app would lose 80% to 90% of its users if a ban lasted for more than six months. Pappas also says TikTok’s battle with the US government has caused more than 50 candidates to turn down roles at TikTok — a company whose US employee base stands at more than 1,500 and is still rapidly growing.
The second part of the administration’s order — which issues a complete ban on TikTok by targeting internet hosting services and content delivery networks — is set to take effect November 12. Separate proceedings will be held prior to that deadline to decide on the implementation of this second part of the ban, the judge said Sunday.
It remains unclear what will happen to the US government’s planned TikTok ban if a deal to settle the company’s ownership in the US is finalized. The current proposal would break off TikTok’s global business into a new US-based company, in which Oracle, Walmart and US investors would have substantial stakes. However, there’s still disagreement over whether the deal would give majority ownership to US investors, or whether TikTok’s China-based parent company ByteDance would maintain its majority ownership.
Last weekend, Trump said he had given his “blessing” to the Oracle-led deal. However, it is still awaiting approval from US and Chinese governments.
Read the original article on Business Insider
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