Streetbeat News

Credit

CACC

Credit Acceptance Corp (NASDAQ:CACC) is set to report its Q3 earnings on Oct 30. Analysts are not very positive about the company's outlook due to deteriorating underwriting quality of new loans and the impact of a high interest rate environment. Wall Street expects CACC to report $5.71 in EPS and $487.25 million in revenue for the quarter. The stock has seen more downgrades than upgrades since 2022 and is currently rated Equal Weight. The consensus price target stands at $388.75 a share.

Portfolio Pulse from Surbhi Jain

October 30, 2023 | 3:54 pm

AGFAF

Digicann Ventures Ltd. (OTCPK: AGFAF) has repurchased $14.2 million of its previously issued 10.00% senior unsecured convertible debentures for $1.6 million, representing a buyback of over 93% of the debentures currently outstanding. The maturity date of the debentures was extended to March 2024. The company also sold shares of AgraFlora Europe GmbH for €500,000 ($529,675).

Portfolio Pulse from Jelena Martinovic

October 30, 2023 | 3:35 pm

BAC

JPM

WFC

President Joe Biden has issued an executive order on artificial intelligence (AI), requiring new safety assessments, equity and civil rights guidance, and research on AI’s impact on the labor market. The order comes as financial firms and banks have started to adopt AI-based systems for various functions, including fraud detection and customer service. Major banks such as JPMorgan Chase, Wells Fargo, Bank of America, and Goldman Sachs have rolled out many AI-powered programs. Citigroup recently announced that 40,000 of its coders will be granted access to Generative AI to increase efficiency.

Portfolio Pulse from Khyathi Dalal

October 30, 2023 | 3:02 pm

ALV

AMZN

DIS

GOOG

HSBC

LUV

MCD

PEAK

RIVN

TRP

WDC

XPO

Southwest Airlines may face a fine due to operational disruptions last December. Healthpeak Properties and Physicians Realty Trust are merging in a $21B deal. Google can turn ANC headphones and wireless earbuds into heart rate monitors. Toyota's September sales grew due to strong demand. Rivian will start charging for its charging network. Autoliv plans to reduce its headcount in France. FDA warns against the use of certain eye drops. Nelson Peltz gains backing from Isaac Perlmutter for changes at Disney. TC Energy explores asset sales worth $10B. Amazon uses generative AI for holiday ad boost. Blackstone buys a majority stake in Care Hospitals in India. McDonald's Q3 sales grew by 14% YoY. HSBC's Q3 revenues increased by 40% YoY. Panasonic's H1 FY24 sales grew by 1% YoY. Western Digital plans to split its business. XPO's Q3 FY23 revenue grew by 1.7% YoY.

Portfolio Pulse from Vandana Singh

October 30, 2023 | 2:07 pm

BLK

SOFI

SoFi Technologies (NASDAQ:SOFI) has announced a $375 million personal loan securitization deal with BlackRock (NYSE:BLK). The transaction, backed by a pool of SoFi personal loan collateral, is expected to settle by mid-November. SoFi has previously sold over $14.5 billion and securitized over $13.7 billion of personal loan collateral. Citi is the advisor and initial purchaser to this transaction.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 1:16 pm

SPY

S&P predicts that the U.S. Federal Reserve will maintain its current monetary policy in the upcoming rate-setting meeting, despite inflation being significantly above target.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 12:38 pm

NOVC

SNDL

SNDL Inc. and Nova Cannabis Inc. have announced an extension of the closing date for their strategic partnership to November 30, 2023, due to a continued review by a provincial regulator. The maturity date of Nova's revolving credit facility with SNDL has also been extended to the same date.

Portfolio Pulse from Charles Gross

October 30, 2023 | 11:28 am

HSBC

HSBC has announced that it expects its net interest income in FY23 to be above $35 billion. The bank has been managing its exposure to the changing interest rate environment, incurring disposal losses of $0.6 billion in 3Q23 due to repositioning and risk management activities. These actions are expected to continue into 4Q23, with further losses of approximately $0.4 billion. However, these losses are already recognized in equity and do not materially impact HSBC's CET1 capital.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 5:26 am

BAC

JPM

VFH

XLF

US banks have seen a $100 billion reduction in deposits within three weeks, raising concerns about the health of the nation's financial institutions. A Federal Reserve survey also highlighted risks of renewed deposit outflows and potential destabilization from the commercial real estate sector. This situation could impact banking stocks like Bank of America Corp (BAC) and JPMorgan Chase & Co. (JPM), as well as ETFs like the Financial Select Sector SPDR Fund (XLF) and the Vanguard Financials ETF (VFH).

Portfolio Pulse from Bibhu Pattnaik

October 28, 2023 | 7:33 pm

Colgate-Palmolive Co has filed for a debt shelf, according to an SEC filing. The size of the debt shelf has not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

October 27, 2023 | 8:19 pm