Streetbeat News

Credit

AVTX

Avalo Therapeutics, Inc. (NASDAQ:AVTX) has paid off the remainder of its $35 million debt to Horizon Technology Finance. The company states that this move signifies its commitment to financial stability and allows it to focus on future growth and advancement of its drug candidates. The company's shares are trading higher, with more than 231 million shares traded in the session, compared to the stock's 100-day average of 39.363 million shares.

Portfolio Pulse from Erica Kollmann

September 26, 2023 | 2:56 pm

BABA

BIDU

CTRYF

EGRNF

NIO

TCEHY

China Evergrande Group (OTC:EGRNF) missed another loan payment deadline and its CEO was reportedly arrested. The company's subsidiary, Hengdu Real Estate Group, will miss $537 million in repayments on its bonds. Evergrande's shares fell 7% and fears of its credit issues affecting Country Garden Holdings Ltd. (OTC:CTRYF) caused the latter's shares to fall 3%. Meanwhile, tech companies like Baidu, Inc. (NASDAQ:BIDU), Tencent Holdings Limited (OTC:TCEHY), and Alibaba Group Holding Limited (NYSE:BABA) held firm despite the property market turmoil. EV maker NIO (NYSE:NIO) completed an additional $1 billion convertible debt financing.

Portfolio Pulse from Daniel Harrison

September 26, 2023 | 2:33 pm

SPY

Federal Reserve's Neel Kashkari has stated that there is a 40% probability that the Fed will have to raise interest rates significantly to combat inflation. The progress on inflation will be observed over the next few months to determine the dominant scenario.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 2:09 pm

AVTX

Avalo Therapeutics has announced the payoff of the remainder of its $35 million debt owed to Horizon Technology Finance. This has led to a rise in the company's share prices.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 1:34 pm

JPM

UUP

JPMorgan Chase & Co. CEO Jamie Dimon has warned of potential economic turmoil if Federal Reserve benchmark interest rates were to rise to 7%. He believes such a scenario could lead to a financial stress test of epic proportions. This warning has resonated with market sentiment, as the U.S. dollar, tracked through the Invesco DB USD Index Bullish Fund ETF, surged. Economists already place a 60% probability of a U.S. recession within the next year.

Portfolio Pulse from Piero Cingari

September 26, 2023 | 1:01 pm

AVTX

HRZN

Avalo Therapeutics has announced the payoff of the remainder of its $35M debt owed to Horizon Technology Finance.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 11:09 am

SPY

XLC

XLY

A Federal Reserve study suggests that US households are rapidly depleting their pandemic savings, which could lead to an economic downturn. The liquid assets of the lower 80% of households have dipped below their March 2020 levels. The wealthiest 20% still maintain cash savings at roughly 8% above pre-pandemic levels, while the bottom 40% have seen an 8% decline. This decrease in spending power could slow down economic growth, particularly impacting sectors that rely heavily on discretionary spending, such as the Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) and the Communication Services Select Sector SPDR Fund (NYSE:XLC).

Portfolio Pulse from Piero Cingari

September 25, 2023 | 9:21 pm

AAPL

The U.S. government's debt has reached a record $33 trillion, with tax cuts from the Bush and Trump administrations costing an additional $10 trillion in revenue by the end of this year, according to the Center for American Progress. The current debt crisis could potentially affect the stock market and several industries. The government's debt is now over 12 times the market cap of Apple, the world's most valuable public company. If borrowing continues at the same pace, the debt could reach $50 trillion by the end of the decade.

Portfolio Pulse from Natan Ponieman

September 25, 2023 | 8:58 pm

TLT

Moody's has warned that a potential US government shutdown could have credit implications and expose the fragility of US institutional and governance structures. This comes amid a surge in Treasury bond yields following the Federal Reserve's commitment to keep interest rates higher for longer. The iShares 20+ Year Treasury Bond ETF (NYSE:TLT) experienced a sharp selloff, with a more than 2% decline on Monday.

Portfolio Pulse from Piero Cingari

September 25, 2023 | 7:50 pm

UPST

Needham analyst Kyle Peterson initiated coverage on Upstart Holdings Inc (NASDAQ:UPST) with a Hold rating. Despite near-term funding challenges and a projected revenue decline of ~37% in FY23, Peterson sees significant long-term growth potential for UPST. He expects the company to add new bank/credit union partners and expand committed capital partnerships to drive growth in FY24 and beyond.

Portfolio Pulse from Lekha Gupta

September 25, 2023 | 7:19 pm