Streetbeat News

Credit

COOP

Mr. Cooper Group has announced the pricing of an offering of $1 billion of senior notes. The proceeds from the offering are expected to be used for general corporate purposes, which may include the repayment of existing debt. This move indicates the company's proactive management of its capital structure and liquidity.

Portfolio Pulse from Benzinga Newsdesk

January 29, 2024 | 11:05 pm

IMCR

Immunocore Holdings plc has announced its intention to offer $300 million aggregate principal amount of convertible senior notes due 2028 in a private offering. The notes will be available to qualified institutional buyers. The offering aims to raise capital, and the interest rate, initial conversion rate, and other terms will be determined at the time of pricing. Immunocore intends to use the net proceeds for general corporate purposes, including working capital, operating expenses, and capital expenditures. Additionally, the company may use a portion of the proceeds to invest in or acquire complementary businesses, products, or technologies, although it has no current commitments or agreements to do so.

Portfolio Pulse from Benzinga Newsdesk

January 29, 2024 | 9:43 pm

AXP

Analysts have diverse opinions on American Express Co (AXP) following its 2024 guidance, with price targets ranging from $159 to $226. UBS and BMO Capital raised their price targets but maintained Neutral and Underperform ratings, respectively. Oppenheimer, Baird, Citi, Barclays, and RBC Capital provided various outlooks, with some raising price targets and others maintaining ratings. Concerns include credit quality, valuation gap, and spending growth, while positives include revenue growth from loans and card fees, and potential for mid-teens EPS growth. AXP shares closed slightly lower at $200.86.

Portfolio Pulse from Anusuya Lahiri

January 29, 2024 | 9:29 pm

SPY

The Federal Reserve Open Market Committee (FOMC) is expected to maintain interest rates unchanged at their upcoming meeting. Markets are speculating on a potential rate cut as soon as March, with a 50% chance according to the CME Group FedWatch tool. The S&P 500 Index, tracked by SPDR S&P 500 ETF Trust (SPY), is at record highs in anticipation. Economists and financial institutions like ING Group and JPMorgan Chase predict no immediate rate cut but foresee cuts later in the year. Bank of America expects a rate cut in March, while RSM and a former Dallas Fed advisor suggest cuts could be justified soon due to easing inflation and solid growth.

Portfolio Pulse from Piero Cingari

January 29, 2024 | 6:57 pm

BABA

MCHI

China's proposed $278 billion stimulus to rescue its markets may not be effective, with fears of social unrest and a comparison to the US 2008 recession. The iShares MSCI China ETF (MCHI) is down 4% this year and 37% since inception. Alibaba (BABA) lost 38% in value over the past year. CITIC Securities restricted short selling, and China plans to inject funds into markets via Hong Kong. China's debt-to-GDP ratio hit a record 286%, and there's skepticism about the stimulus' effectiveness and concerns about global contagion risks.

Portfolio Pulse from Caleb Naysmith

January 29, 2024 | 5:00 pm

CMPS

GHRS

IXHL

PSIL

A new study suggests suggestibility plays a role in the antidepressant effects of psilocybin therapy. The EU has allocated $7M for psychedelic research for various disorders. In Australia, the first psychedelic-assisted medical treatments in 50 years were provided. Incannex Healthcare's CEO discussed the company's role in psychedelic-assisted therapies on the Benzinga Psychedelics Podcast. Psychedelics stocks showed varied performance, with COMPASS Pathways, GH Research, and Incannex Healthcare closing higher, while others like Seelos Therapeutics and Enveric Biosciences closed lower. The AdvisorShares Psychedelics ETF (PSIL) closed at $1.43.

Portfolio Pulse from Lara Goldstein

January 27, 2024 | 3:00 pm

MS

Morgan Stanley is planning to raise capital for a private credit portfolio, targeting institutional investors, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 5:41 pm

EFSH

Shares of 1847 Holdings LLC (AMEX:EFSH) are rising after the company announced securing a $750,000 credit facility for its subsidiary Wolo Manufacturing Corp. The credit facility is expected to strengthen Wolo's liquidity and financial flexibility, allowing for potential sales growth of 50-70% in 2024 without equity dilution. This news follows a recent 1-for-4 reverse stock split effective January 8, 2024. EFSH's stock had dropped over 23% in the past month but is currently up 5.35% at $1.591.

Portfolio Pulse from Lekha Gupta

January 26, 2024 | 4:12 pm

QQQ

SPY

TLT

The December Personal Consumption Expenditures (PCE) price index showed inflation at 2.6% annually, with core inflation at 2.9%, suggesting disinflationary trends. Economists predict the Federal Reserve may cut interest rates, with the current Fed Funds Rate being 2.3% above core PCE, the most restrictive since 2007. Treasury yields rose, causing a decline in bond ETFs like TLT, while stock performance was mixed. SPY and QQQ are aiming for continued positive sessions.

Portfolio Pulse from Piero Cingari

January 26, 2024 | 4:00 pm

LUMN

Lumen Technologies' stock is trading higher following the announcement of an amended and rested transaction support agreement with a group of creditors.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 3:28 pm