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Mint
6 hours ago
- Business
- Mint
Venture Global's Big IPO Flop Intact Even After Revenue Beat
(Bloomberg) -- Venture Global Inc.'s crown as worst US public markets debutant this year is undented after the liquefied natural gas exporter reported second quarter earnings. Shares climbed around 2.6% on Tuesday after the company beat on revenue and said one of a set of arbitration cases would be decided 'imminently.' The gain barely offset the stock's recent losses, Venture Global still trades at about half of its January initial public offering price of $25 a share. 'We saw the IPO price as priced for perfection in execution,' said Adam Baker, a Morningstar Investment Service analyst who rates the stock a hold. 'They have grand visions and some of those visions won't be realized into the 2030s.' For now the Arlington, Virginia-based company is being hit by a triple whammy of volatile LNG pricing, ongoing arbitration, and an enormous debt pile which has helped cement its place as this year's worst-performing US IPO raising over $50 million, according to data compiled by Bloomberg. Venture Global reported $3.1 billion in revenue for the quarter, beating the average analyst estimate of $2.9 billion while net income of $368 million missed by 39%. Lower liquefied natural gas prices at the Louisiana Calcasieu Project offset higher sales volumes at other projects. 'They're a company in heavy growth mode and they're building very expensive facilities and they're pursuing a minimum amount of those volumes being contracted,' Baker said. 'So their stock share price is going to be volatile and track movements in Dutch LNG indexes.' This marked the firm's second earnings print since it went public, in a $1.75 billion IPO that remains the biggest in the US this year. Venture Global shares fell 4% in its first day, even after the company had already scaled back its price range by more than 40%, having sought as much as $46 a share. Even expedited project approvals under the Trump administration have failed to reignite shares and the biggest bulls have price targets below the IPO price. Hedgeye Risk Management analyst Fernando Valle rates the stock a buy and sees $18 to $20 as a fair price for the shares. He expects the company to benefit over the next five to 15 years from the US cost advantage in natural gas. Meanwhile, Dutch TTF Natural Gas Futures are down over 30% this year as higher inventories in Europe and the US weigh on prices and the stock. Another focus for investors has been the company's arbitration. Venture Global faces nearly $6 billion in pending arbitration claims stemming from its Calcasieu LNG plant which began producing in 2022, but didn't deliver gas to its customers until 2025. Hedgeye's Valle says a negative impact from arbitration has already been priced in, but a positive result from the first decision could set the tone for future cases and change the outlook. Valle says investors are split on Venture Global, with some concerned about a lack of clarity around pricing structures. Wall Street is also split on the company; among the 16 tracked by Bloomberg, one half gives it a buy-equivalent rating and the rest assigns it a hold-equivalent grade. 'There are people who love it and people who certainly don't,' Valle said in an interview. 'The don'ts are really more concerned about management and the communication, and the ones that love it just see the value of the assets and the long-term contract and also the speed of execution.' --With assistance from Jaren Kerr. More stories like this are available on
Eater
31-07-2025
- Entertainment
- Eater
Chefs from Michelin-Star Kitchens Reshape Oceanside's Restaurant Scene
When chefs from top Michelin-star kitchens break away to start their own ventures, curious eyes often follow them. They bring talent to new towns or cities and deliver the potential to transform a scene with the fine dining skills they pick up. In the past few years, several chefs from celebrated restaurants have departed the places where they cut their teeth and opened restaurants in the north San Diego County city of Oceanside, California. When Michelin's California guide was first released in 2019, only upscale tasting menu restaurant Addison earned a star. Since then, three other restaurants, including Soichi, Jeune et Jolie, and new tasting menu specialist Lilo, have earned stars in San Diego; Addison acquired its third star, and dozens of more casual restaurants have earned Michelin Bib Gourmands. Animae chef Tara Monsod has been a finalist for the James Beard Award for Best Chef: California for two years in a row. Oceanside earned its first Michelin star in 2023 with modern Mexican restaurant Valle from chef Roberto Alcocer, placing the city on Southern California's dining map, but that was just the first step. The city is becoming an impressive culinary destination, thanks to its distinct terroir and laid-back surf culture, an ideal blend perfect for chefs who are tired of the big-city grind. Oceanside transplants include Nic Webber and Jacob Jordan, a duo who met at San Diego's Addison, and Brandon Rodgers, previously the chef de cuisine at three-Michelin-starred Benu and alum of the French Laundry. Alcocer, who first gained attention for his Valle de Guadalupe restaurant, Malva, says that Michelin's arrival in California in 2019 was like a door opening. 'It was the perfect moment to chase a dream I had carried for years — to build a restaurant in the U.S. that could one day earn a Michelin star,' says Alcocer. After the owners of the Mission Pacific Beach Resort dined at Malva, they offered Alcocer a consulting role for the property's restaurant. Alcocer countered with a different offer; he wanted to lead the new kitchen as executive chef. Cangrejo, a crab, mushroom, and radish topped tostada. Valle A piece of seared fish. Audrey Ma Chef Roberto Alcocer chats with diners at palm tree-lined Valle. Valle Related The Best Restaurants in Valle de Guadalupe South of Mission Avenue, Oceanside's main thoroughfare, at Michelin Bib Gourmand Dija Mara, chef Jason Ambacher serves stylish Balinese preparations like pork belly skewers and a short rib rendang. William Eick's Matsu, a modern Japanese tasting menu spot, offers a 10-course dinner with ingredients sourced from nearby farms and waters, reflecting Oceanside's hyper-seasonality. According to Canvas Rebel Magazine, Eick has cooked 'just about every' cuisine besides African and Indian. He started small with a pop-up, serving just one table per night, three nights a week, honing his craft. Matsu has since grown into a 48-seat restaurant with inventive dishes, like one that comprises every part of the sunflower paired with cuttlefish and chile oil, or oak-grilled sablefish that puffs out like an edible pine cone. The iconic sunflower and cuttlefish dish. Matsu An inventive sweet potato and lobster chowder that doesn't use cream or butter. Deanna Sandoval Beyond fancy places like Valle, Mission Pacific Beach Resort also serves nostalgia and nerdy surf culture. An 1887 Oceanside home featured in an iconic Top Gun scene has been relocated to the front of the hotel, where it serves hand pies stuffed with apples, cherries, or blueberries. Downtown Oceanside's other incredible dishes, all within a few square blocks of one another, include Craft Coast Beer & Tacos' fresh, flame-grilled carne asada, homemade tortillas, and hazy IPAs; Camp Coffee's strong brews; Allmine's pizzas and lasagna Bolognese; and Colima's oversized California burritos. Thursday evenings bring the Sunset Market, where hundreds of vendors cram into a few blocks, including 7 Siblings serving fried tamales with hot sauce, and Ula Loves Sweet Treats, which sells a showstopping fluffy banana creme. South Oceanside, just three miles from the pier, is also quickly becoming a food destination. When Rodgers opened Tanner's Prime Burgers in 2023, he wanted to bring three-star fastidiousness that he gained at Benu and the French Laundry to unfussy American food. Tanner's simple menu serves fries crisped in beef fat; smashed prime beef patties topped with American cheese and caramelized onions on a brioche bun; and milkshakes made with organic dairy. The menu also features hot dogs, sweet tea, lemonade, a few house-made sauces, and Fatty Patties, which blend vanilla ice cream and beef tallow between chocolate chip cookies. There's an underlying complexity to Tanner's menu that doesn't need to shout its quality. These ice cream sandwiches have a secret ingredient: beef tallow. Tanner's Prime Burgers The simple, chic diner decor reflects the menu. Tanner's Prime Burgers A thinly smashed beef patty covered in cheese, bacon, and caramelized onions. Tanner's Prime Burgers Just across the street from the burger joint is Heritage Brewery & Barbecue, where their smoked brisket, tri-tip, and pulled pork star in entrees like mac and cheese, sandwiches, and tacos (it's no longer affiliated with James Beard Award finalist chef Daniel Castillo's Heritage Barbecue in San Juan Capistrano). Also in South Oceanside, Davin Waite's Wrench & Rodent Seabasstropub focuses on minimizing waste and employing sustainable fishing practices. First opened in 2013, Wrench & Rodent plays with sushi traditions as much as it messes with language. The team dry-ages fish to deepen flavor, serving untraditional items like anchovy nigiri, and impressing guests with plant-based 'Rodent' rolls, a name Waite chose for its lightheartedness and irreverence. While South Oceanside is still close enough to downtown and sits along the Pacific, other chefs are stretching Oceanside's culinary focus inland. In a strip mall a few miles from the coast, a temporary banner hangs by four strings that reads '24 Suns.' The former dive bar was home to a pop-up from fall 2021 until the restaurant permanently opened in January 2025. The modern Chinese restaurant comes from Addison alums Webber and Jordan, a culinary journey guided by the 24 solar micro-seasons that dictate China's agricultural traditions and Oceanside's seasonal ingredients. Short seasons and kitchen inventiveness yield dishes like shrimp Robuchon, a spring-roll-wrapped head-on prawn dabbed with hot mustard, pickled goji berries, and Thai basil leaf. Other dishes include fall-apart wagyu cheek and a tender but toothsome 17-foot longevity noodle, orange sweetbreads, and many takes on duck. Sichuan-style Zhangcha duck is smoked over jasmine tea leaves and wood, aged for a few days, and then basted with cold-smoked butter. Their Fujian duck is slowly simmered with aged ginger, braised in ginger juice, fried until crisp, and finished with fermented ginger honey. Orange sweetbreads are a homage to the classic Chinese takeout dish. Deanna Sandoval 24 Suns is known for inventive duck courses. Deanna Sandoval Chef Nic Webber sends out dishes from the 24 Suns kitchen. Nashelle Brown A bird's nest filled with ribeye tartare and grated bottarga. Deanna Sandoval As summer warms Oceanside, its chefs seem even more alight with creative energy. 'We are excited about the gentler spring onions — creating a kind of kung pao tartare,' says Webber, dreaming up the stuffing for 'a slowly burnt leek.' In a few moons — supposedly by the end of the summer — expect 24 Suns to roll out a tasting menu serving things like shrimp and scallop dumplings paired with asparagus, snap and sugar peas, and grilled mackerel with a homemade XO-green-garlic sauce. The tasting menu dishes showcase refreshing, lactic, and intense preparations that have always been the spirit of Oceanside — buttoned-up yet not too serious. Eater San Diego All your essential food and restaurant intel delivered to you Email (required) Sign Up By submitting your email, you agree to our Terms and Privacy Notice . This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Miami Herald
17-06-2025
- Health
- Miami Herald
Miami-Dade healthcare manager found not guilty at Medicare fraud trial
Two years ago, Kenia Valle Boza's life was upended when prosecutors accused her of conspiring with others to assign falsified codes to medical diagnoses that caused the federal government to pay out millions of dollars for excessive billing. Valle, a certified professional coder for two Miami-Dade healthcare management companies, was the only defendant named in a conspiracy indictment alleging $12 million in Medicare fraud. Neither doctors who made the diagnoses nor executives who managed Valle went to trial with her. On Friday, Valle was vindicated when a 12-person federal jury in Miami found her not guilty of conspiracy to commit healthcare and wire fraud, along with three counts of major fraud against the United States. Particularly striking about the verdict was that the jury, after a two-week trial, deliberated for only four hours before acquitting her. U.S. District Judge Kathleen Williams also threw out two wire fraud counts before the jurors began deliberations. It was a rare trial victory for the defense because federal prosecutors almost always win such cases in South Florida, long recognized as the nation's capital of healthcare fraud. Valle's defense lawyers, Frank Monsour and Adam Fels, said they were grateful to the jurors for seeing through a criminal case that was based on 'cherry-picked' coding data packaged by prosecutors to make their client look guilty. 'This is not how you prosecute someone in the United States of America,' Monsour told jurors during closing arguments on Friday. 'This is not proof beyond a reasonable doubt. It's offensive. That's what this is. And it permeates this entire case.' Valle, 41, of West Kendall, worked as a coding manager at Pasteur Medical Center between 2015 and 2017. Pasteur operated several medical clinics in Miami-Dade and Broward counties. After that stint, Valle worked as director of Medicare risk adjustment analytics at HealthSun Health Plans, Inc. until early 2020. HealthSun operated several Medicare Advantage plans serving patients in both counties. A major part of Valle's job at Pasteur was to ensure that the right codes were assigned to medical diagnoses and procedures for billing to Medicare, the federal insurance program for senior citizens. The indictment accused Valle of falsely coding several diagnoses, including two particular diagnoses highlighted by prosecutors, to boost Medicare reimbursements by about $12 million. One coding was for 'Other Hemoglobinopathies,' an abnormality in the structure of protein in red blood cells that carry oxygen. The other coding was for 'Disorder of Carbohydrate Metabolism, Unspecified,' a disorder that affects the body's ability to break down carbohydrates. But at trial, Valle's defense lawyers poked a big hole in the prosecution's case, saying they uncovered data to show that the doctors made those two diagnoses at Pasteur when Valle supervised the coders for billing to Medicare. Moreover, the lawyers said they were able to prove that the codes for risk-adjustment diagnoses generally decreased when Valle managed the coders at Pasteur. When Valle worked as a Medicare risk-adjustment manager at HealthSun, she was not involved in supervising any healthcare coders, the lawyers said. They also argued that Valle did not personally benefit from upcoding the diagnoses — that she was paid a 'competitive' salary that ranged from $70,000 to $130,000 over the span of her five years with Pasteur and HealthSun. Fels told jurors at the outset of the trial that the 'government cannot show any extra money that Kenia received for this alleged fraudulent scheme, not even a dime. ... There are no fancy cars. There are no houses. There are no properties, no bags of cash. 'That's because the evidence is going to show that all Kenia got from working at Pasteur was her hard-earned salary.'
Yahoo
03-06-2025
- Business
- Yahoo
Official: Barcelona confirm €6 million sale of La Masia defender
FC Barcelona have confirmed their first sale of the summer transfer window with La Masia defender Alex Valle securing a permanent transfer to Como 1907. The Serie A outfit, managed by former Barcelona midfielder, have triggered Valle's €6 million release clause to make his signing permanent. Advertisement 'Como 1907 has activated the termination clause of player Álex Valle , who is thus no longer linked to FC Barcelona. The cost of the clause was 6 million euros,' the club statement read. 'The Club wishes him good luck and success in the future, both personally and professionally.' Valle spent the first half of the last season on loan at Celtic before moving to Como in the January transfer window. The young Spaniard made a big impression during the second half of the campaign in Italy, convincing Fabregas & co. to pull the trigger on his €6 million release clause. With the first summer departure confirmed, Barcelona will hope to finalise the exits of other out-of-favour players like Ansu Fati and Inaki Pena soon to further boost their finances.
Forbes
03-06-2025
- Business
- Forbes
FC Barcelona Announces First Transfer Of The Summer Window
FC Barcelona has officially announced the transfer of one of its players to Italian Serie A outfit ... More Como. FC Barcelona has officially announced the transfer of one of its players to Italian Serie A outfit Como via a short statement sent to members of the press on Tuesday afternoon in Spain. 'Como 1907 has made effective the termination clause of the player Alex Valle, who is [now] 'The cost of the clause was six million euros ($6.8 million). The Club wishes him the best of luck and success in the future, both personally and professionally,' it added. Picked up by La Masia in 2014, the Badalona native threatened to become one of 2024/2025's breakthrough stars from the academy to the first team in preseason last summer. He was one of a small group of youngsters taken on the friendly tour of the United States by then-new head coach Hansi Flick and impressed in matches against the likes of Real Madrid in New Jersey. While Marcs Casado and Bernal, plus Pau Victor, managed to stick around in what became a domestic treble-winning outfit on the German's orders, however, Valle was sent out on loan to Celtic. Gaining Champions League experience in Scotland, and playing in all eight of the Glaswegian giant's eight games in the competition's new look league phase, Valle was then taken to Italy by Cesc Fabregas' Como on another temporary assignment for the rest of the campaign. The terms of that agreement were explained by transfer market expert Fabrizio Romano, who tweeted that while there was no purchase option for the Italian club, any intersted party could land him permanently through paying €6 million at the end of the 2024/2025 season because of a clause inserted into the contract he renewed until mid-2026. Como has now secured the left back by doing just that, and the Valle transfer has become Barca's first bit of business across what should be a busy summer transfer window expected to see goalkeeper Joan Garcia switch from Espanyol. Valle leaving means that FC Barcelona coach Hansi Flick has less options at full back where Alejandro Balde and Gerard Martin are the left backs while Jules Kounde and Eric Garcia on the right.
