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Credit

SOFI

SoFi Technologies, Inc. (NASDAQ:SOFI) reported Q1 2024 results with a 26% year-on-year revenue increase to $580.648 million, surpassing expectations. EPS was $0.02, beating the consensus of $0.01. Despite this, concerns over weakening credit quality and its impact on fair value marks, along with potential challenges in achieving 20% tech revenue growth guidance for FY24, have led to a decrease in SOFI shares by 4% to $6.76. Wedbush analyst David J. Chiaverini reiterated an Underperform rating with a $4 forecast, while Mizuho analyst Dan Dolev maintained a Buy rating with a $12 forecast.

Portfolio Pulse from Nabaparna Bhattacharya

April 30, 2024 | 7:03 pm

WFC

Wells Fargo CEO reports ongoing strength in the US economy, with consumer credit performing as expected. However, some consumer groups are showing signs of stress.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:19 pm

C

Citi CEO Jane Fraser forecasts single-digit revenue growth, emphasizing increased efforts in regulatory reporting and data remediation. She notes a shift in US consumer behavior from credit to debit spending and mentions that consumer delinquency levels are above pre-COVID levels, except for mortgages.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:00 pm

C

Citigroup CEO Fraser reported at the annual meeting that consumer delinquency levels are now above pre-Covid levels, with the exception of mortgages. This indicates a shift in consumer financial health and could have implications for the bank's credit risk and financial performance.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 2:18 pm

SPY

UUP

The U.S. Treasury Department plans to borrow $243 billion in Q2 2023, up from an initial estimate of $202 billion, due to lower-than-expected cash receipts. This adjustment led to a slight increase in Treasury yields, a stronger U.S. dollar, and a temporary dip in stock prices. The SPDR S&P 500 ETF Trust (SPY) experienced a brief decline, while the Invesco DB USD Index Bullish Fund (UUP) saw a marginal increase.

Portfolio Pulse from Piero Cingari

April 29, 2024 | 9:00 pm

BA

Boeing Co (NYSE:BA) plans to raise $10 billion through a bond sale despite facing a recent quarterly loss and a credit rating downgrade by Moody's to just a step above junk status. The bond sale, managed by financial institutions including Citigroup Inc., Bank of America Corp., JPMorgan Chase & Co., and Wells Fargo & Co., features maturities ranging from three to 40 years. The move aims to enhance Boeing's liquidity and address over $12 billion in debt due in 2025 and 2026. Despite the downgrade, there is strong demand for the bonds, with subscriptions reportedly eight times oversubscribed. BA shares are up 3.37% at $172.86.

Portfolio Pulse from Vandana Singh

April 29, 2024 | 6:10 pm

BA

Boeing has initiated a sale of dollar bonds following its announcement of experiencing cash burn. This move is aimed at raising capital in light of its financial challenges.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 12:30 pm

KOS

Kosmos Energy (NYSE/LSE: KOS) has re-financed its reserve-based lending facility, extending its maturity to December 2029 and increasing its size to $1.35 billion from $1.25 billion. The facility, secured against assets in Ghana and Equatorial Guinea, has $800 million currently drawn, with the first payment due in April 2027. The interest margin has slightly increased, starting at 400 basis points above SOFR. Additionally, Kosmos downsized its revolving credit facility from $250 million to $165 million.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 7:09 am

CNXC

Concentrix Corp amended its accounts receivable securitization facility, increasing lenders' commitment from $500M to $600M and extending the termination date from July 5, 2024, to April 24, 2026.

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 8:30 pm

GXO

GXO Logistics has announced the pricing of a $1.1 billion notes offering, indicating a significant capital raise for the company.

Portfolio Pulse from Benzinga Newsdesk

April 25, 2024 | 9:33 pm