Streetbeat News

Credit

SPR

During an investor call, the CFO of Spirit AeroSystems (SPR) stated that the company is continuing to evaluate refinancing options for its debt.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 3:15 pm

BIL

IEF

TLT

The U.S. Treasury has released its quarterly refunding statement, indicating a lower privately-held net marketable borrowing of $776 billion in Q1 FY 2024, primarily due to higher receipts offset by higher outlays. The Treasury is offering $112 billion in Treasury securities to refund approximately $102.2 billion of privately held Treasury notes maturing on Nov. 15, 2023. This issuance will raise new cash from private investors of approximately $9.8 billion. The Treasury Committee recommended considering increased issuance in more liquid parts of the yield curve. This news is particularly relevant to investors in the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT), the iShares 7-10 Year Treasury Bond ETF (NASDAQ:IEF) and the SPDR Bloomberg 1-3 Month T-Bill ETF (NYSE:BIL).

Portfolio Pulse from Surbhi Jain

November 01, 2023 | 2:55 pm

JBLU

MA

JetBlue (NASDAQ:JBLU) has announced a partnership with CIBC FirstCaribbean and Mastercard (NYSE:MA) to launch two credit cards in five Caribbean markets. The JetBlue Mastercard and JetBlue Select Mastercard will offer exclusive rewards and the opportunity to earn TrueBlue points for travel. The cards will be available to residents in The Bahamas, Jamaica, Barbados, Trinidad and Tobago, and the Cayman Islands from November 2023. The cards offer a welcome bonus of either 10,000 or 30,000 TrueBlue points.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 1:24 pm

UBS

The Chairman of the Swiss National Bank has stated that UBS's acquisition of Credit Suisse prevented a global financial crisis, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 12:47 pm

FYBR

Frontier Communications has updated its FY23 guidance, reaffirming its adjusted EBITDA outlook of $2.11B - $2.16B. The company also updated its net cash interest payments to approximately $700 million, up from the previous guidance of $655 million. This change reflects the $1.6 billion of debt raised in August 2023.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 11:06 am

TIP

Chamath Palihapitiya criticized the U.S. Treasury's plan to borrow $1.592 trillion from the private debt market, calling it a 'huge fiscal and monetary failure of action' between the Treasury and the Fed. Tesla CEO Elon Musk responded, saying 'This won't end well.' Treasury yields have been surging, pushing up the government's borrowing costs. The iShares TIPS Bond ETF (TIP) ended Tuesday's session down 0.25% at $102.80.

Portfolio Pulse from Shanthi Rexaline

November 01, 2023 | 8:22 am

LUMN

Lumen Technologies has entered a transaction support agreement with a group of creditors holding over $7B of its outstanding debt. The creditors have also committed to provide $1.2B of financing to the company through new long-term debt.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 9:07 pm

KO

WMT

Coca-Cola Co (KO) shares have recovered by 7.8% from their lowest point in October, reaching $56.49. The volatility in the stock was possibly due to comments from Walmart (WMT) suggesting weight-loss drugs are impacting food sales and the potential impact of rising yields on dividend stocks. In Q3 FY23, Coca-Cola achieved year-on-year sales growth of 8%, surpassing analyst estimates. However, potential interest rate increases could raise Coca-Cola's cost of capital and reduce the current value of the company's future cash flows, potentially leading to a drop in its stock price.

Portfolio Pulse from Henry Khederian

October 31, 2023 | 7:45 pm

TTOO

T2 Biosystems, Inc. (NASDAQ:TTOO) shares are trading higher despite being down nearly 100% year-to-date. The company's stock took a hit in mid-October due to disappointing Q3 revenue data and a reverse stock split announcement. However, the company recently announced the successful amendment and extension of its Term Loan Agreement with CRG Servicing LLC and presented new clinical data at the IDWeek 2023 conference. The stock's recent rise may be related to its high levels of short interest.

Portfolio Pulse from Ryan Gustafson

October 31, 2023 | 7:42 pm

WDC

Western Digital Corp (NASDAQ:WDC) shares fell by 2.7% after the company announced a proposed $1.3 billion convertible notes offering. The notes, due in 2028, will be senior unsecured obligations guaranteed by Western Digital's subsidiaries. The company will pay the principal amount in cash and may pay the rest in cash, common stock, or a combination of both.

Portfolio Pulse from Henry Khederian

October 31, 2023 | 4:33 pm