Streetbeat News

Assets

IEF

SHY

TLT

A bond trader placed a record single bet on December 2024 SOFR futures, anticipating at least three Federal Reserve rate cuts by year-end. This move, ahead of the March inflation report, could pay off if inflation is lower than expected, potentially leading to rate cuts. The trade involved 75,000 contracts and was the largest for this product. Treasury yields fell slightly, and related ETFs like SHY, IEF, and TLT saw modest gains in anticipation of the inflation data.

Portfolio Pulse from Piero Cingari

April 09, 2024 | 9:11 pm

UDR

Analysts have mixed views on UDR (NYSE:UDR), with recent ratings ranging from bullish to indifferent. The average 12-month price target is $37.75, down from $39.67. Analyst actions include adjustments to ratings and price targets, reflecting changing market conditions and UDR's performance. UDR, a real estate investment trust, shows strong financial indicators such as a positive revenue trend, exceptional net margin, and effective debt management. The company's market position is robust, with a market capitalization above industry average.

Portfolio Pulse from Benzinga Insights

April 09, 2024 | 9:01 pm

TTEK

Tetra Tech (NYSE:TTEK) has seen a 7.0% increase in its short percent of float, now at 2.14% with 902 thousand shares sold short. This indicates a bearish market sentiment, although it's below the peer group average of 3.40%. Short interest is a key indicator of market sentiment, and an increase suggests investors are expecting the stock price to fall. However, high short interest can also lead to bullish outcomes under certain conditions.

Portfolio Pulse from Benzinga Insights

April 09, 2024 | 8:45 pm

RDFN

Redfin (NYSE:RDFN) has seen a decrease in short interest, with 20.08 million shares sold short, representing 24.58% of its float. This is a significant reduction of 6.43% from its last report. The current short interest suggests a bullish sentiment among investors, as it takes approximately 3.84 days to cover all short positions. Redfin's short interest is notably higher than its peer group average of 6.18%, indicating more bearish sentiment compared to its peers.

Portfolio Pulse from Benzinga Insights

April 09, 2024 | 8:45 pm

JPM

JPMorgan Chase's (NYSE:JPM) short interest has increased by 13.64% since the last report, with 21.38 million shares sold short, representing 0.75% of its float. This indicates a bearish sentiment among investors, although it's lower than its peer group average of 1.78% short interest as a percentage of float. The article suggests that an increase in short interest does not necessarily predict a decline in stock price.

Portfolio Pulse from Benzinga Insights

April 09, 2024 | 8:45 pm

USO

The American Petroleum Institute (API) reported a weekly crude stock build of 3.034 million barrels, surpassing the estimated build of 2.415 million barrels. This marks a significant shift from the previous week's draw of 2.286 million barrels.

Portfolio Pulse from Benzinga Newsdesk

April 09, 2024 | 8:36 pm

CWT

California Water Service Group (CWT) has obtained $83 million in additional state funding to help relieve its customers of past-due balances that accumulated during the pandemic. This financial support aims to alleviate the financial burden on customers and ensure continued access to essential water services.

Portfolio Pulse from Benzinga Newsdesk

April 09, 2024 | 8:32 pm

CVX

MPC

NRG

USO

VLO

XLE

XOM

Three energy stocks, Marathon Petroleum Corporation (MPC), NRG Energy, Inc. (NRG), and Valero Energy Corporation (VLO), are among the S&P 500's top 10 performers in 2024, driven by a 20% increase in oil prices tracked by the United States Oil Fund (USO) and a forecasted average Brent crude oil spot price of $89 per barrel. The Energy Select Sector SPDR Fund (XLE) has also seen a significant 16% increase year-to-date. Several large-cap U.S. energy companies, including Exxon Mobil Corp. (XOM), Chevron Corp. (CVX), and others, are set to report their Q1 2024 earnings by the end of April.

Portfolio Pulse from Piero Cingari

April 09, 2024 | 8:18 pm

BKNG

Big money investors have shown a bearish stance on Booking Holdings (NASDAQ:BKNG), as evidenced by unusual options trading activity. Benzinga's options scanner revealed 21 uncommon trades, with a sentiment split between 42% bullish and 57% bearish. The trades include 7 puts and 14 calls, aiming for a price range of $2000 to $4200 for BKNG over the next three months. The current trading volume and RSI values suggest BKNG may be approaching overbought territory, with its next earnings report due in 23 days.

Portfolio Pulse from Benzinga Insights

April 09, 2024 | 8:15 pm

AMP

Analyst ratings for Ameriprise Financial (NYSE:AMP) have varied over the last quarter, with recent updates showing a mix of bullish, somewhat bullish, and indifferent stances. The average 12-month price target has risen to $431.5, indicating a 5.86% increase from the previous target. Ameriprise Financial, a major player in asset and wealth management with $1.4 trillion in assets under management, has shown a revenue growth of 8.98% and an ROE of 8.81%, despite a net margin below industry averages and an ROA of 0.22%.

Portfolio Pulse from Benzinga Insights

April 09, 2024 | 8:01 pm