Streetbeat News

Credit

SPY

USA Consumer Credit for September was reported at $9.06 billion, lower than the estimated $10 billion and significantly higher than the previous month's $-15.79 billion.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 8:01 pm

SPY

Federal Reserve's Bowman has stated that she expects the Federal Funds Rate to increase further, indicating that the current rate appears restrictive and financial conditions have tightened since September.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 6:33 pm

GEO

The GEO Group Inc reported Q3 FY23 revenue of $602.8 million, beating the consensus of $595.3 million. Adjusted EPS of $0.19 came in line with the consensus. The company reduced total net debt by $109 million, ending the quarter with approximately $1.8 billion in total net debt. GEO lowered its Q4 revenue outlook to $590 million-$600 million and revised its FY23 Adjusted EBITDA outlook to $495 million-$500 million. The company's shares are trading higher by 4.13% at $9.32.

Portfolio Pulse from Lekha Gupta

November 07, 2023 | 6:08 pm

EDRY

EuroDry has announced the delivery of M/V Maria, an eco ultramax drybulk carrier. The company has also arranged a sustainability-linked loan of $11M with Eurobank to partly finance the acquisition.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 2:29 pm

SPY

Fed's Goolsbee stated that while financial conditions are important, the market doesn't dictate the Fed's actions. He also mentioned the possibility of a 'golden path' that could bring down inflation without causing a recession.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 1:17 pm

NFE

New Fortress Energy Inc. (NASDAQ:NFE) has secured $575 million in asset-based financing from Banco Nacional de Desenvolvimento Econômico e Social, Lumina Capital Management, and BTG Asset Management. The funds will be used to complete the construction of the 630 MW Barcarena power plant in Brazil, which is 37% complete and is expected to commence operations in Q3 2025. The company's conversion of the Energos Celsius to a Floating Storage and Regasification Unit is on schedule for November completion.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 1:12 pm

SPY

In a CNBC interview, Fed's Goolsbee stated that it's important to look beyond two-week movements of long-term yield rates. He added that if long rates are sustained at high levels, it would most likely indicate tightening.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 1:08 pm

EWU

The mortgage rate in GBP for October has increased to 8.01% from 7.93% in the previous period.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 10:14 am

FTS

Fortis Inc. has priced a private placement offering of $500 million aggregate principal amount of 5.677% senior unsecured notes due November 8, 2033. The offering is being made through a syndicate of agents co-led by RBC Dominion Securities Inc., BMO Nesbitt Burns Inc. and Scotia Capital Inc., and is expected to close on November 8, 2023.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 7:19 am

KBE

KRE

XLF

Bank of America analysts see a buying opportunity in U.S. bank stocks, which are trading at their lowest level compared to the S&P 500 index in over 80 years. The peak in interest rates could resolve many issues for the sector, potentially leading to a bear market bounce. The SPDR S&P Regional Banking ETF (KRE) was down 26% year-to-date but rose 10% since November. The SPDR S&P Bank ETF (KBE) was down 16%, while the Financial Select Sector SPDR Fund (XLF) was down only 2%. Bank of America suggests investors add exposure to banks if peak interest rates are in the past and there is no U.S. recession in 2024.

Portfolio Pulse from Piero Cingari

November 06, 2023 | 5:03 pm