Saturday, July 31, 2021

RIG stock: Insider transactions | July 31, 2021

Here is the article.  

Those following along with Transocean Ltd. (NYSE:RIG) will no doubt be intrigued by the recent purchase of shares by Frederik Mohn, Independent Director of the company, who spent a stonking US$21m on stock at an average price of US$4.18. Aside from being a solid chunk in its own right, the deft move also saw their holding increase by some 15%.

Transocean Insider Transactions Over The Last Year

In fact, the recent purchase by Frederik Mohn was the biggest purchase of Transocean shares made by an insider individual in the last twelve months, according to our records. That implies that an insider found the current price of US$4.20 per share to be enticing. While their view may have changed since the purchase was made, this does at least suggest they have had confidence in the company's future. If someone buys shares at well below current prices, it's a good sign on balance, but keep in mind they may no longer see value. The good news for Transocean share holders is that an insider was buying at near the current price. Frederik Mohn was the only individual insider to buy during the last year.

Frederik Mohn bought 7.90m shares over the last 12 months at an average price of US$4.10. The chart below shows insider transactions (by companies and individuals) over the last year. If you want to know exactly who sold, for how much, and when, simply click on the graph below!

There are plenty of other companies that have insiders buying up shares. You probably do not want to miss this free list of growing companies that insiders are buying.

Does Transocean Boast High Insider Ownership?

Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own. I reckon it's a good sign if insiders own a significant number of shares in the company. Transocean insiders own 6.7% of the company, currently worth about US$174m based on the recent share price. Most shareholders would be happy to see this sort of insider ownership, since it suggests that management incentives are well aligned with other shareholders.

What Might The Insider Transactions At Transocean Tell Us?

It is good to see the recent insider purchase. We also take confidence from the longer term picture of insider transactions. But we don't feel the same about the fact the company is making losses. Once you factor in the high insider ownership, it certainly seems like insiders are positive about Transocean. Looks promising! So while it's helpful to know what insiders are doing in terms of buying or selling, it's also helpful to know the risks that a particular company is facing. For instance, we've identified 3 warning signs for Transocean (1 is concerning) you should be aware of.

RIG stock: My reading | What to learn from oil drilling industry? | High debt vs competitors

July 31, 2021

Offshore Drilling: 3 Key Terms Every Investor Needs to Know

Offshore Drilling stocks are getting killed, and investors are scared. If you understand these three terms and how they relate to the companies you invest in, you'll be a more successful investor.

Jason Hall
(TMFVelvetHammer)

Oct 1, 2014 at 10:48AM

If you've invested in or have followed offshore drilling stocks over the past year, you know what it's been really, really ugly, and shares of almost every company in the industry are down 25% or more. The market is moving like this for a reason, so it's important that investors understand what's happening with the industry -- and how that relates to the companies you invest in -- before jumping in or getting out.

Let's take a look at three important industry terms for offshore drillers. These terms aren't the "end-all, be-all," but they will help you better understand the industry and the companies you're following. In short, they should help you invest better. Let's dig in. 

If you've invested in or have followed offshore drilling stocks over the past year, you know what it's been really, really ugly, and shares of almost every company in the industry are down 25% or more. The market is moving like this for a reason, so it's important that investors understand what's happening with the industry -- and how that relates to the companies you invest in -- before jumping in or getting out.

Let's take a look at three important industry terms for offshore drillers. These terms aren't the "end-all, be-all," but they will help you better understand the industry and the companies you're following. In short, they should help you invest better. Let's dig in. 

Day Rates 

This may be the most important metric for offshore producers.

What is it? 

The day rate is how much revenue an offshore driller gets each day it operates at a drilling site. Day rates vary by a lot, depending on the type of vessel. Jack-ups, tenders and platforms get the lowest rates -- the majority of this group gets $120,000 per day or less on average. Jackups that can operate in water depths greater than 300 feet see $178,000 on average right now, but this accounts for less than half of all jack-ups. 

Semisubmersibles and drillships command much higher day rates, because they operate in deeper water and harsher conditions than jackups, which must rest on the seabed. These types of ships are more expensive to operate, and the added risk of the environments they perform in also adds to the cost that offshore drillers command. Just like their jack-up brethren, these kinds of vessels also vary in capability, with rates for the least capable semisubs -- operating only in water less than 1,500 feet deep -- contracted for an average $284,000 per day, while the most capable drillships -- capable of drilling in water more than 4,000 feet deep -- commanding more than $500,000 per day. 

Why it matters

The offshore drilling industry is undergoing major bifurcation right now, with the majority of new oil and gas discoveries further offshore and in places like the Arctic Ocean and the north Atlantic, where conditions can be incredibly harsh and downright dangerous. Ships which can operate in these conditions more effectively and safely will command higher rates. 

The reality is, most of the new reserves out there will require these newer, more capable vessels, while demand for low-spec jack-ups and floaters has begun to decline. 

The majority of the global rig supply consists of less capable vessels, and falling demand is leading to an oversupply of low-spec vessels competing for less work. This is already putting downward pressure on day rates in the segment of vessels at the bottom end of the market. Operators with the most capable vessels are the ones that will be best protected against declining day rates. 

Utilization

This is the percentage of work days available that a subsection of vessels are operating under a contract. It can be used to look at the entire industry, a specific class of vessel, or within a specific company to measure its historical and current ability to get and keep its ships working and earning money. 

Why it matters

My grandfather is the first person who told me that a boat is a hole in the water you pour money into, and this is very much the case with drilling vessels. These ships cost a significant amount of money to maintain even when they aren't under contract, so it's literally stepping backwards to have ships available but not working. Add in that most offshore drillers carry a large amount of debt -- often tied to those assets -- and it's doubly important that they be kept working. 

Like just about every metric out there, using the proper context is critical. For example, Rigzone includes ships under construction but not yet deployed, which can skew the numbers, especially if the ship is more than one year from entering service. However, it's common practice for offshore drillers to issue regular fleet status reports that are publicly available. Here is how some of the industry leaders, including Seadrill Ltd (NYSE:SDRL)Transocean (NYSE:RIG)Ensco Plc (OTC:VAL), and Diamond Offshore Drilling (OTC:DO) stack up:


DATA SOURCE: COMPANY FLEET STATUS REPORTS

As you can see, there are several ways to look at utilization. The data above is from the most recent publicly available data released by these companies. The difference between "total" and in-water" utilization is that vessels under construction are factored into the "total," while they are excluded from "in-water." 

Both metrics are important, because as you can see, Seadrill, which has by far the most aggressive newbuild program, also has the highest "in-water" utilization rate. This is directly attributed to the fact that its fleet is the most modern and capable, and it's these kinds of vessels that will have the most demand and command the highest day rates. On the other end of the equation is Diamond Offshore, which has the lowest number of newbuilds, and the second most available vessels not under contract.

There are ways the companies can reduce some of the cost of maintaining idle assets, such as stacking vessels, or taking them out of operation. While this can reduce expense, it also means a delay -- and some additional cost -- bringing that vessel back in service if it's needed. 

Backlog

When a driller signs a contract, it typically covers a period of years or months at a set rate. The backlog is the unfulfilled value remaining on current contracts, and future contracts that have yet to begin.

Why it matters

Ideally, offshore drillers want to keep every available vessel under contract for as far into the future as possible, and the larger the backlog, the more predictable the company's business will be in the coming years. While backlog deals aren't ironclad, they tend to be very predictable sources of future revenues. Here are the backlogs of the four companies above:

  • Seadrill: $20 billion
  • Diamond Offshore: $6.2 billion
  • Transocean: $25 billion
  • Ensco: $11 billion

Backlog totals shouldn't be compared against other drillers, because they're dependent on the driller's fleet. For example, Diamond Offshore's backlog is much smaller than the others, but its fleet is also much smaller. A better way to use backlog data is to compare it to historical levels and measure how much future utilization is under contract. 

Of the four, only Seadrill's backlog has grown from the beginning of 2014. Transocean's is down about 8%, while Diamond Offshore has seen its backlog fall almost 25% this year. Ensco's has stayed the same, but is down from early 2013's peak of $12 billion. Even Seadrill's growth this year is less impressive if you look back one year, when the backlog was the same as it is today. 

The industry as a whole is experiencing some tightness with backlog growth, as the oil and gas industry has tightened the reins on exploration investment. The questions investors are asking now are how long will this last, how much will it affect day rates, and which drillers will come through it in the best shape?

Drilling down on drillers 

The data you get based on these three metrics won't predict the future. However, it will help you identify which drillers are best positioned for future success. More importantly, it will help you measure how the businesses are doing when the market's going crazy. That knowledge will help you make better decisions, no matter what the market is doing. 


Wall Street Week - Full Show (07/23/2021)

July 31, 2021

Here is the link. 

Jul.23 -- One of the most iconic brands in financial television returns for today's issues and today's world. This edition of Wall Street Week features David Westin's interviews with Ariel Investments CIO of International & Global Equities Rupal Bhansali, Harvard University Professor Ken Rogoff, Former E*Trade CEO Karl Roessner, Elevation Partners Co-Founder Roger McNamee, and Bloomberg Intelligence Chief Equity Strategist Gina Martin Adams. The conversations highlight economic recovery concerns amid the delta variant, the gamification of markets through apps like Robinhood, and the future of cryptocurrencies.


RIG stock: 10 reasons to invest RIG stock in this market - July 31, 2021

July 31, 2021

I like to learn more about RIG as a company. I did purchase 4000 shares of RIG before 2nd quarter earning date August 2, 2021. 

My research | 10 reasons

I like to follow up more reading about RIG stock, and at least I found one so far. The analyst recently upgraded the target price from $3.5 to $4.0. 


My past research 












Wall Street Week - Full Show (07/30/2021)

July 31, 2021

Here is the link. 

Jul.30 -- One of the most iconic brands in financial television returns for today's issues and today's world. This edition of Wall Street Week features Romaine Bostick's interviews with WallStreetBets Founder Jaime Rogozinski, Former SEC Counsel Thomas Gorman, Advisors Capital Management Portfolio Manager JoAnne Feeney, Jefferies Chief U.S. Financial Economist Aneta Markowska, Mediatech Capital Managing Partner Porter Bibb, and Cornell University Professor Eswar Prasad. The conversations highlight the political risk of investing in China, the sustainability of big tech's momentum, and Robinhood's rocky public debut.

BA stock: Boeing Stock: Why I Own It and How It Fits into my Trading Strategy (BA stock)

July 31, 2021

Here is the link. 

Boeing Stock (BA)…today, I share details of my stock buying strategy and how Boeing stock fits in it, as well as how I went buying in. I also share some valuation and revenue analysis as Boeing earnings are set to be reported.

Friday, July 30, 2021

What makes a software programmer success? | Patience | Continuous learning | Humble spirit

July 30, 2021

Introduction

It is hard for me to learn how to be a good and successful person in my life. I recently came cross the challenge to help a friend in Canada to cope with her depression, and after one month learning from her symptoms, I did understand that it is impossible to stop her anxiety. I plan to work on at least 20 hours research how to avoid depression and stay healthy. 

BigTable paper | More reading | Patience

I spent one hour to read one article related to BigTable on medium.com today. I understood that the article helped me to think careful and got big surprised to learn how NoSQL is applied to construct a table and other interesting stuff. 

I want to learn more things about GFS, BigTable, MapReduce, and also I like to read a few books. 

Also I did calculated the hours I missed at work over 10 hours in biweekly check, missing income around $300 dollars. I think that I am not smart to act like that. I need to learn how to discipline myself better. 

 

Cloud Spanner and Cloud Bigtable: Modern, Distributed Databases that Scale (Cloud Next ‘19 UK)

July 30, 2021

Here is the link.. 

Bigtable in action (Google Cloud Next '17)

July 30, 2021

Here is the link. 

Credit service industry: How Discover Won Over The U.S. Middle Class

July 30, 2021

Here is the link. 


Thursday, July 29, 2021

RIG stock: Two contracts | $40,000 per day | Invest more

 

Transocean Ltd. Announces Two Contract Awards in the U.S. Gulf of Mexico

July 28, 2021

STEINHAUSEN, SwitzerlandJuly 28, 2021 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE: RIG) announced today it was awarded two contracts which, in aggregate, contribute approximately $55.5 million in backlog.

The Deepwater Conqueror was awarded a one-well contract with a major operator in the U.S. Gulf of Mexico. The value of this contract adds approximately 85 days and $28.5 million in backlog.

Additionally, the Deepwater Asgard was awarded a one-well contract with another operator in the U.S. Gulf of Mexico. The value of this contract adds approximately 90 days and $27 million in backlog and includes $40,000 per day for managed pressure drilling services.

Both contracts are expected to commence in the first quarter of 2022.

TEVA stock: Barron | Litigations | Opioid Settlement

July 29, 2021

Here is the link. 

Biotech and pharma

Teva Stock Climbs as CEO Says Opioid Settlement Could Come Within a Year

 Shares of the Israeli generic drugmaker Teva Pharmaceutical Industries were climbing Wednesday despite somewhat disappointing earnings, after the company’s CEO, Kåre Schultz, told investors on an earnings call that he hoped to settle the opioid lawsuits facing the company in the next 12 months.

Teva (ticker: TEVA) is one of a handful of companies that have been sued by state and local governments over their alleged role in the opioid crisis. Last week, a group of state attorneys general announced a $26 billion settlement with four of the deepest-pocketed defendants, including the Big Pharma firm Johnson & Johnson (JNJ).

Schultz has said before that he hoped a settlement of the lawsuits against Teva would come soon. In late 2019, the company announced a tentative deal with a handful of attorneys general to pay $250 million and donate billions of dollars worth of generic Suboxone, a drug used to treat opioid addiction. That deal has yet to be completed or to be accepted by the thousands of local governments that have brought lawsuits against Teva.

In November 2019, Schultz told Barron’s that he thought that the litigation could be resolved by the end of that year. That didn’t happen, and the start of the Covid-19 pandemic months later effectively stalled progress on the litigation. In May 2020, Schultz said that the postponement of a key trial in New York had caused a delay and that he didn’t expect a settlement until a new trial date neared. That trial is currently under way, but Teva hasn’t yet settled.

Schultz’s more recent comments have been noncommittal. In February, he told investors we was “not so optimistic about the timing,” and on an investor call in April didn’t respond directly to an analyst question about the opioid litigation.

Things may be changing. On an investor call early Wednesday, the CEO said Teva is “cautiously optimistic that we are moving ahead towards a settlement on a sort of nationwide basis for us,” and said they believe they will reach a settlement “during the coming year.”

On the investor call and in an interview with Barron’s later in the morning, Schultz said that Teva had less to offer than other defendants in terms of a cash payment, which made reaching a settlement with the company less of a priority for the plaintiffs’ attorneys representing the local governments.

“Our money component is of course a lot less,” Schultz told Barron’s. He said that he was “optimistic we can do it within the next 12 months.”

Teva’s American depositary receipts were up 13%, at $10.08, in recent trading. Shares are up 4.4% this year and down 15% over the past 12 months.

The company early Wednesday reported second-quarter revenues of $3.9 billion, just short of the FactSet consensus estimate of $4 billion. It reported non-GAAP diluted earnings of 59 cents per share, hitting the FactSet consensus estimate on the nose.

The company also cut its financial guidance for the full fiscal year, saying it now expects revenue of $16 billion to $16.4 billion, down from its previous range of $16.4 to $16.8 billion, attributing the cut to the “ongoing impact of Covid-19.”

In a note out Wednesday, Piper Sandler analyst David Amsellem called the guidance revision “not particularly surprising, or alarming.”

“The revisions regarding the top-line were a nod to pandemic-related headwinds in the U.S. and Europe, though expense control certainly can cushion the impact,” wrote Amsellem, who rates the stock Neutral with an $11 target price.

Schultz told Barron’s that the company had previously expected that vaccination campaigns would lead to a lifting of pandemic restrictions in Europe and the U.S. early in the second quarter of the year.

“That didn’t happen,” he said. Instead, lockdowns persisted in Europe, with restrictions remaining in some parts of the continent. Doctor visits remained low in the U.S. in the beginning of the second quarter, and prescriptions only began to rebound in June, Schultz said.

Write to Josh Nathan-Kazis at josh.nathan-kazis@barrons.com

Ship stock: 2nd quarter earning | 600 shares

Yahoo -> Finance -> Conversation 

Highlights of the Second Quarter of 2021:

Gross revenues: $28.9 million in Q2 2021 compared to $9.3 million in Q2 2020, up 209%

Net income: $2.0 million in Q2 2021, as compared to a net loss of $11.3 million in Q2 2020

EBITDA1: $10.8 million in Q2 2021, as compared to negative $2.1 million in Q2 2020

Adjusted EBITDA1: $11.3 million in Q2 2021, as compared to negative $1.8 million in Q2 2020

For the six-month period ended June 30, 2021, gross revenues were $50.0 million, increased by 116% when compared to $23.1 million in same period of 2020.

Yahoo -> Finance -> Conversation

1 hour ago
Seanergy Maritime Holdings Corp. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2021

Highlights of the Second Quarter of 2021:

Gross revenues: $28.9 million in Q2 2021 compared to $9.3 million in Q2 2020, up 209%
Net income: $2.0 million in Q2 2021, as compared to a net loss of $11.3 million in Q2 2020
EBITDA: $10.8 million in Q2 2021, as compared to negative $2.1 million in Q2 2020
Adjusted EBITDA: $11.3 million in Q2 2021, as compared to negative $1.8 million in Q2 2020
Highlights of First Six Months of 2021:

Gross revenues: $50.0 million in 6M 2021 compared to $23.1 million in 6M 2020, up 116%
Net income: $0.6 million in 6M 2021, as compared to a net loss of $19.6 million in 6M 2020
EBITDA: $17.3 million in 6M 2021 as compared to negative $1.1 million in 6M 2020
Adjusted EBITDA: $19.2 6M 2021, as compared to negative $0.5 million in 6M 2020
Second Quarter of 2021 and Recent Developments:

Fleet increase by 45% with the delivery of 5 modern Japanese Capesizes
Fleet modernization through substitution of the fleet’s oldest Capesize with an eight year younger vessel
New time charter agreements with prominent charterers
Financing and refinancing transactions of $117.3 million including a $30.9 million sale and leaseback & new loan commitment

Yahoo -> finance -> conversation

6/24/2021 Perestroika Director Buy 1,000,000 $4.51 $4,510,000.00
6/22/2021 Saint Victor Diane De Director Buy 10,000 $4.18 $41,800.00
6/15/2021 Perestroika Director Buy 3,000,000 $4.17 $12,510,000.00


Wednesday, July 28, 2021

The Google File System | Sanjay Ghemawat, Howard Gobioff, and Shun-Tak Leung | First time to read | 30 minutes

July 28, 2021

Abstract

We have designed and implemented the Google File System, a scalable distributed file system for large distributed data-intensive applications. It provides fault tolerance while running on inexpensive commodity hardware, and it delivers high aggregate performance to a large number of clients.

While sharing many of the same goals as previous distributed file systems, our design has been driven by observations of our application workloads and technological environment, both current and anticipated, that reflect a marked departure from some earlier file system assumptions. This has led us to reexamine traditional choices and explore radically different design points.

The file system has successfully met our storage needs. It is widely deployed within Google as the storage platform for the generation and processing of data used by our service as well as research and development efforts that require large data sets. The largest cluster to date provides hundreds of terabytes of storage across thousands of disks on over a thousand machines, and it is concurrently accessed by hundreds of clients.

In this paper, we present file system interface extensions designed to support distributed applications, discuss many aspects of our design, and report measurements from both micro-benchmarks and real world use. 

Introduction

We have designed and implemented the Google File System (GFS) to meet the rapidly growing demands of Google’s data processing needs. GFS shares many of the same goals as previous distributed file systems such as performance, scalability, reliability, and availability. However, its design has been driven by key observations of our application workloads and technological environment, both current and anticipated, that reflect a marked departure from some earlier file system design assumptions. We have reexamined traditional choices and explored radically different points in the design space.

First, component failures are the norm rather than the exception. The file system consists of hundreds or even thousands of storage machines built from inexpensive commodity parts and is accessed by a comparable number of client machines. The quantity and quality of the components virtually guarantee that some are not functional at any given time and some will not recover from their current failures. We have seen problems caused by application bugs, operating system bugs, human errors, and the failures of disks, memory, connectors, networking, and power supplies. Therefore, constant monitoring, error detection, fault tolerance, and automatic recovery must be integral to the system.

Second, files are huge by traditional standards. Multi-GB files are common. Each file typically contains many application objects such as web documents. When we are regularly working with fast growing data sets of many TBs comprising billions of objects, it is unwieldy to manage billions of approximately KB-sized files even when the file system could support it. As a result, design assumptions and parameters such as I/O operation and block sizes have to be revisited.

Third, most files are mutated by appending new data rather than overwriting existing data. Random writes within a file are practically non-existent. Once written, the files are only read, and often only sequentially. A variety of data share these characteristics. Some may constitute large repositories that data analysis programs scan through. Some may be data streams continuously generated by running applications. Some may be archival data. Some may be intermediate results produced on one machine and processed on another, whether simultaneously or later in time. Given this access pattern on huge files, appending becomes the focus of performance optimization and atomicity guarantees, while caching data blocks in the client loses its appeal.

Fourth, co-designing the applications and the file system API benefits the overall system by increasing our flexibility. 

For example, we have relaxed GFS’s consistency model to vastly simplify the file system without imposing an onerous burden on the applications. We have also introduced an atomic append operation so that multiple clients can append concurrently to a file without extra synchronization between them. These will be discussed in more details later in the paper.

Multiple GFS clusters are currently deployed for different purposes. The largest ones have over 1000 storage nodes, over 300 TB of disk storage, and are heavily accessed by hundreds of clients on distinct machines on a continuous basis.

2. DESIGN OVERVIEW

2.1 Assumptions

In designing a file system for our needs, we have been guided by assumptions that offer both challenges and opportunities. We alluded to some key observations earlier and now lay out our assumptions in more details.

• The system is built from many inexpensive commodity components that often fail. It must constantly monitor itself and detect, tolerate, and recover promptly from component failures on a routine basis.

• The system stores a modest number of large files. We expect a few million files, each typically 100 MB or larger in size. Multi-GB files are the common case and should be managed efficiently. Small files must be supported, but we need not optimize for them.

• The workloads primarily consist of two kinds of reads: large streaming reads and small random reads. In large streaming reads, individual operations typically read hundreds of KBs, more commonly 1 MB or more. Successive operations from the same client often read through a contiguous region of a file. A small random read typically reads a few KBs at some arbitrary offset. Performance-conscious applications often batch and sort their small reads to advance steadily through the file rather than go back and forth.

• The workloads also have many large, sequential writes that append data to files. Typical operation sizes are similar to those for reads. Once written, files are seldom modified again. Small writes at arbitrary positions in a file are supported but do not have to be efficient.

• The system must efficiently implement well-defined semantics for multiple clients that concurrently append to the same file. Our files are often used as producer-consumer queues or for many-way  merging. Hundreds of producers, running one per machine, will concurrently append to a file. Atomicity with minimal synchronization overhead is essential. The file may be read later, or a consumer may be reading through the file simultaneously.

• High sustained bandwidth is more important than low latency. Most of our target applications place a premium on processing data in bulk at a high rate, while few have stringent response time requirements for an individual read or write.

2.2 Interface

GFS provides a familiar file system interface, though it does not implement a standard API such as POSIX. Files are organized hierarchically in directories and identified by pathnames. We support the usual operations to create, delete, open, close, read, and write files.

Moreover, GFS has snapshot and record append operations. Snapshot creates a copy of a file or a directory tree at low cost. Record append allows multiple clients to append data to the same file concurrently while guaranteeing the atomicity of each individual client’s append. It is useful for implementing multi-way merge results and producer-consumer queues that many clients can simultaneously append to without additional locking. We have found these types of files to be invaluable in building large distributed applications. Snapshot and record append are discussed further in Sections 3.4 and 3.3 respectively.

2.3 Architecture

A GFS cluster consists of a single master and multiple chunkservers and is accessed by multiple clients, as shown in Figure 1. Each of these is typically a commodity Linux machine running a user-level server process. It is easy to run both a chunkserver and a client on the same machine, as long as machine resources permit and the lower reliability caused by running possibly flaky application code is  acceptable.

Files are divided into fixed-size chunks. Each chunk is identified by an immutable and globally unique 64 bit chunk handle assigned by the master at the time of chunk creation. Chunkservers store chunks on local disks as Linux files and read or write chunk data specified by a chunk handle and byte range. For reliability, each chunk is replicated on multiple chunkservers. By default, we store three replicas, though users can designate different replication levels for different regions of the file namespace.

The master maintains all file system metadata. This includes the namespace, access control information, the mapping from files to chunks, and the current locations of chunks. It also controls system-wide activities such as chunk lease management, garbage collection of orphaned chunks, and chunk migration between chunkservers. The master periodically communicates with each chunkserver in HeartBeat messages to give it instructions and collect its state.

GFS client code linked into each application implements the file system API and communicates with the master and chunkservers to read or write data on behalf of the application. Clients interact with the master for metadata operations, but all data-bearing communication goes directly to the chunkservers. We do not provide the POSIX API and therefore need not hookin to the Linux vnode layer.

Neither the client nor the chunkserver caches file data. Client caches offer little benefit because most applications stream through huge files or have working sets too large to be cached. Not having them simplifies the client and the overall system by eliminating cache coherence issues. (Clients do cache metadata, however.) Chunkservers need not cache file data because chunks are stored as local files and so Linux’s buffer cache already keeps frequently accessed data in memory.

2.4 Single Master

Having a single master vastly simplifies our design and enables the master to make sophisticated chunk placement and replication decisions using global knowledge. However, we must minimize its involvement in reads and writes so that it does not become a bottleneck. Clients never read and write file data through the master. Instead, a client asks the master which chunkservers it should contact. It caches this information for a limited time and interacts with the chunkservers directly for many subsequent operations. 

Let us explain the interactions for a simple read with reference to Figure 1. First, using the fixed chunk size, the client translates the file name and byte offset specified by the application into a chunk index within the file. Then, it sends the master a request containing the file name and chunk index. The master replies with the corresponding chunk handle and locations of the replicas. The client caches this information using the file name and chunk index as the key.

The client then sends a request to one of the replicas, most likely the closest one. The request specifies the chunk handle and a byte range within that chunk. Further reads of the same chunk require no more client-master interaction until the cached information expires or the file is reopened. In fact, the client typically asks for multiple chunks in the same request and the master can also include the information for chunks immediately following those requested. This extra information sidesteps several future client-master interactions at practically no extra cost.


TEVA stock: N.Y. jury | marketed opioid drugs

 NEW YORK, June 29 (Reuters) - Teva Pharmaceutical Industries (TEVA.TA), Endo International (ENDP.O) and Abbvie Inc's (ABBV.N) Allergan misleadingly marketed opioid drugs as having a low addiction risk, a lawyer for a New York county told jurors on Tuesday, urging them to hold the companies liable.

Jayne Conroy, representing Suffolk County, also said that the drugmakers and the nation's largest drug distributors - AmerisourceBergen Corp (ABC.N), Cardinal Health Inc (CAH.N) and McKesson Corp (MCK.N) - failed to report suspicious opioid orders as required.

The U.S. Centers for Disease Control and Prevention has said nearly 500,000 people died from opioid overdoses in the United States from 1999 to 2019.

"Profits soared, and our communities were devastated," Conroy said.

"Manufacturers and distributors control the valve to stop the flood of opioids," she added. "They have their hands on this."

The defendants, whose lawyers are expected to deliver opening statements beginning on Wednesday, have denied any wrongdoing.

Suffolk is suing the companies alongside neighboring Nassau County and New York Attorney General Letitia James. The trial in Central Islip, New York, marks the first time governments' claims over the nationwide opioid crisis have gone before a jury.

Hunter Shkolnik, representing Nassau County, and John Oleske, representing the state, used their opening statements to give the jury a preview of their case, expected to include expert witnesses and internal communications from the companies.

Johnson & Johnson (JNJ.N), which had been a defendant, announced on Saturday it would pay $263 million to settle and avoid the trial. read more The healthcare company said the amount represented what it would pay New York under a $26 billion nationwide opioid settlement it proposed last year along with the three distributors that has not been finalized.

New York and the counties claim that drug companies deceptively promoted opioids as safe, and that distributors ignored red flags that massive amounts of the painkillers were being diverted to illegal channels.

More than 3,000 lawsuits have been filed in the United States against drugmakers, distributors and pharmacies over the opioid epidemic, mostly by city, county and tribal governments.

Non-jury trials are already underway in cases brought against the four drugmakers by several counties in California, and against the three distributors by a city and county in West Virginia.

The New York counties had also sued pharmacy operators Walmart Inc (WMT.N), Rite Aid Corp (RAD.N), CVS Health Corp (CVS.N) and Walgreens Boots Alliance Inc (WBA.O), but they were dropped from the trial. CVS said it had settled, without disclosing terms, while Walmart and Rite Aid declined to comment. Walgreens could not be reached for comment.

Reporting By Brendan Pierson in New York; Editing by Noeleen Walder and Bill Berkrot