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SPY

Atlanta Fed President Bostic has indicated that two quarter-point rate cuts may be appropriate by the end of the year. He notes that while employment is slowing, inflation remains above the target. Bostic believes that the current risks are balanced and suggests a bias towards maintaining a tight monetary policy.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 6:02 pm

SPY

Atlanta Fed President Bostic has stated that the Federal Reserve can maintain its restrictive policy stance to continue slowing down inflation, and he expects this process to remain orderly.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 5:41 pm

ABEO

Abeona Therapeutics has secured a $50 million credit facility with the Avenue Venture Opportunities Fund, providing the company with additional financial flexibility.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 1:58 pm

KIDS

OrthoPediatrics Corp. (NASDAQ:KIDS) reported preliminary unaudited Q4 2023 revenue of $37.6M, slightly below the $37.77M estimate, and FY23 revenue of $148.7M, just shy of the $148.88M estimate. The company experienced a 21% growth in Q4 and 22% growth for FY23 compared to the previous year. For FY24, OrthoPediatrics forecasts revenue between $197M-$200M, significantly above the $177.7M estimate, including contributions from the recent Boston O&P acquisition. The acquisition is expected to be accretive to adjusted EBITDA in 2024 and to revenue growth in 2025. OrthoPediatrics has entered into a new credit agreement with MidCap Financial for up to $80M and drew an initial $10M from the term loan in advance of the acquisition.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 1:23 pm

KIDS

OrthoPediatrics Corp. (NASDAQ:KIDS) has acquired Boston Orthotics & Prosthetics for $22M in cash. The acquisition expands OrthoPediatrics' Specialty Bracing division and its presence in the pediatric orthopedic specialty bracing market. To finance the acquisition and future business needs, OrthoPediatrics closed an $80M debt financing deal with MidCap Financial, replacing a prior $50M credit line. Boston O&P, with a history of profitability and approximately $25M in annual revenue, brings a portfolio of advanced bracing technologies and maintains 26 clinics across the U.S. The acquisition aims to support the continuum of care for pediatric orthopedic patients and address unmet needs in non-surgical orthopedic treatment markets.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 1:20 pm

BAC

C

JPM

WFC

U.S. banking giants are facing a challenging fourth quarter with a rise in bad debts and the impact of higher interest rates. Non-performing loans at the four largest U.S. banks have increased by nearly $6 billion, reaching $24.4 billion. The banks are also expected to take a one-time charge due to a special assessment by the FDIC related to the failures of Silicon Valley Bank and Signature. Despite these challenges, bank shares have risen by 20% since October, buoyed by the Fed's signals of halting interest rate hikes. JPMorgan Chase & Co. (JPM), Bank of America Corp (BAC), Wells Fargo & Co (WFC), and Citigroup Inc. (C) are set to report earnings on Jan. 12.

Portfolio Pulse from Benzinga Neuro

January 08, 2024 | 1:17 pm

FRT

Federal Realty Investment Trust has announced a private placement of $400 million in exchangeable senior notes due in 2029, with an option for initial purchasers to buy an additional $60 million in notes. This financial move could impact the company's leverage and interest expenses.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 12:32 pm

BCRX

BioCryst Pharmaceuticals Inc. has decided not to draw an additional $150 million of debt available from Pharmakon. The company anticipates achieving operating profit in 2024 and expects to approach positive EPS and positive cash flow in the second half of 2025.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 9:07 pm

SPY

Fed's Barkin has indicated that there is no issue with adjusting interest rates to more normal levels as confidence grows that inflation is decreasing. He suggests that the Federal Reserve should normalize rates as the economy returns to normal conditions.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 8:02 pm

SPY

Fed's Barkin comments on the labor market 'normalizing nicely' in light of recent rate hikes. He acknowledges the difficulty in pinpointing the real interest rate due to uncertainties around the neutral rate and expected inflation.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 8:02 pm