Streetbeat News

Credit

CAR

SQLV

XTN

Goldman Sachs analyst Lizzie Dove upgraded Avis Budget Group, Inc (NASDAQ:CAR) to Neutral from Sell, raising the target price to $130 from $118, citing a lean cost base, lower EV exposure, and a younger fleet mix as advantages. Despite a potential downside to 2025 estimates, the company's pricing strength and a benign competitive environment could provide tailwinds. Avis faces $4.1 billion in vehicle debt maturing this year and $6.7 billion in 2025, with expected interest expense pressure. Avis Budget Group stock is also accessible through SPDR S&P Transportation ETF (NYSE:XTN) and Royce Quant Small-Cap Quality Value ETF (NASDAQ:SQLV).

Portfolio Pulse from Nabaparna Bhattacharya

April 04, 2024 | 6:16 pm

SPY

Fed's Goolsbee comments on inflation moving sideways and reevaluates the possibility of rate cuts this year. Initially considering two rate cuts, he now questions if any should occur if inflation persists.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 6:04 pm

GRFS

Grifols announced that adjustments made for cost savings, operational improvements, and synergies to its consolidated EBITDA under its credit agreement are not considered an alternative measure of performance. This clarification aims to provide transparency regarding its financial health and operational efficiency.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 4:13 pm

SPY

Fed's Barkin expressed optimism that maintaining somewhat restrictive interest rates can bring inflation back to target without causing significant job losses, highlighting the economy's resilience. He acknowledged that tight monetary policy would slow the economy further but emphasized its lesser vulnerability.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 4:11 pm

IYG

MA

V

XLF

Mastercard Inc (NYSE:MA) plans to increase its network assessment fee from 0.13% to 0.14%, effective April 15, adding an estimated $259.1 million in costs for retailers based on last year's transactions. This decision follows a $30 billion settlement with Visa Inc (NYSE:V) over swipe fees, intended to provide financial relief to retailers. Despite the settlement aimed at capping swipe fees to save retailers around $30 billion, many merchants plan to continue legal action against Visa and Mastercard for alleged collusion on credit card fees. Mastercard's stock has seen over a 31% increase in the last 12 months, and exposure to Mastercard can also be gained through IShares U.S. Financial Services ETF (NYSE:IYG) and SPDR Select Sector Fund – Financial (NYSE:XLF).

Portfolio Pulse from Anusuya Lahiri

April 04, 2024 | 12:57 pm

SPY

TIP

Despite Federal Reserve Chair Jerome Powell's hawkish stance on interest rates, bullish analyst Tom Lee predicts over three rate cuts in 2024, citing recent inflation spikes as statistical aberrations. Lee points to the significant drop in March consumer price inflation in Europe and anticipates the U.S. March inflation report to further support his prediction. Contrasting views from Steve Cohen and David Einhorn highlight the uncertainty around the Fed's rate path. The SPDR S&P 500 ETF Trust and the iShares TIPS Bond ETF are mentioned in the context of market reactions to interest rate expectations.

Portfolio Pulse from Shanthi Rexaline

April 04, 2024 | 8:28 am

NEXA

Nexa Resources announced the pricing of a $600 million offering of 6.750% senior unsecured notes due 2034. The proceeds are intended to fund a cash tender offer for existing notes due 2027 and 2028, with any remainder allocated for general corporate purposes.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 7:19 am

UMH

UMH Properties has expanded its existing unsecured revolving credit agreement from $180 million to $260 million in available borrowings. This move increases the company's financial flexibility and capacity for future investments or operations.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 8:17 pm

SPWH

Sportsman's Warehouse (SPWH) projects FY24 revenue to be between $1.15B-$1.23B, below the estimated $1.29B. The company aims for adjusted EBITDA of $45M-$65M and plans $20M-$25M in capital expenditures, mainly on technology for merchandising and store productivity. No new stores are expected to open. SPWH reduced its line of credit by $59.4M in Q4, focusing on inventory and cost management to lower bank borrowings and interest expenses.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 8:07 pm

GEO

The GEO Group (NYSE:GEO) announced a proposal to issue $1.2 billion in senior notes to refinance approximately $1.5 billion of existing indebtedness. The offering includes $700 million of senior secured notes due 2029 and $500 million of senior unsecured notes due 2031. The proceeds, along with a new $400 million Term Loan B and cash on hand, will be used for refinancing existing debts, including various senior notes and term loans, and for general corporate purposes.

Portfolio Pulse from Benzinga Newsdesk

April 03, 2024 | 11:02 am