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SOFI

Bank of America Securities analyst Mihir Bhatia has noted an uptrend in student loan repayments, which could benefit companies like SoFi Technologies Inc. The analyst observed that Department of Education deposits for August were the highest since March 2020. Bhatia suggests that borrowers might be trying to get ahead or are refinancing their student loans. SoFi, which held 40% of the market share in private student loan refinancing pre-pandemic and now boasts a 60% dominance, could see a boost from this trend. SoFi's loan originations for Q3 soared to $1.1 billion, up from $395 million in the previous quarter.

Portfolio Pulse from AJ Fabino

September 06, 2023 | 9:37 pm

IRS

IRSA has announced its FY23 results, recording a profit of ARS 58,094 million, 22.8% lower than FY22. Rental adjusted EBITDA increased by 24.9% driven by the Shopping Centers and Hotels segments. Mall tenant sales grew by 16.0% and occupancy reached 97.4%. The company sold properties for a total of USD 163.7 million and reduced net debt by 67% since 2020. Dividends were distributed twice this fiscal year for a total of USD 124.1 million and the company repurchased 1.7% of its capital stock.

Portfolio Pulse from Happy Mohamed

September 06, 2023 | 7:07 pm

XLRE

XLY

The Federal Reserve Beige Book reveals a moderate growth pace in the economy during July and August, but also shows signs of a slowdown in discretionary consumer spending. Consumers are increasingly resorting to borrowing to sustain their spending patterns, which could impact companies in the Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY). The report also highlights challenges in the housing market, which could affect the Real Estate Select Sector SPDR Fund (NYSE:XLRE).

Portfolio Pulse from Piero Cingari

September 06, 2023 | 6:44 pm

NBXG

E-commerce finance provider Wayflyer has signed a $1 billion off-balance sheet funding deal with investment firm Neuberger Berman (NYSE:NBXG). The funding will support Wayflyer's growth and expand its financing solutions. The agreement involves a potential acquisition of up to $1 billion in assets from funds administered by Neuberger Berman, with no specified timeframe for the transaction.

Portfolio Pulse from Khyathi Dalal

September 06, 2023 | 6:09 pm

SPY

The Federal Reserve's Beige Book reports that some Fed districts have observed consumers exhausting their savings and resorting to debt. The districts have also reported mixed data on loan demand.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2023 | 6:03 pm

CE

KeyBanc Capital Markets analyst Aleksey Yefremov upgraded Celanese Corp (NYSE:CE) to Overweight from Sector Weight with a price target of $149. The analyst believes the company is well-positioned for global manufacturing economic recovery and organic growth opportunities. The company's debt refinancing has lowered risk-related maturities in 2023-2025 and is expected to generate enough FCF to cover maturities over the next 2+ years. The analyst revised FY23 and FY24 EBITDA and EPS estimates.

Portfolio Pulse from Lekha Gupta

September 06, 2023 | 4:43 pm

LCID

Lucid Group Inc's shares are trading lower due to overall market weakness, exacerbated by high oil prices and rising Treasury yields. The rising yields may increase Lucid's borrowing costs if it needs to raise capital through debt issuance. The shift of investors from riskier assets like growth stocks to safer assets like bonds can lead to selling pressure on growth stocks, causing their prices to fall.

Portfolio Pulse from Henry Khederian

September 06, 2023 | 3:42 pm

ACB

CGC

TLRY

Senate Banking Committee Chairman Sherrod Brown plans to advance the Secure and Fair Enforcement (SAFE) Banking Act, a key marijuana banking legislation, within the next six weeks. The Act, which has bipartisan support, aims to protect banks and credit unions from federal penalties for working with state-licensed cannabis businesses. However, its passage is contingent on several factors, including disagreements over certain sections of the bill. The Act has 42 cosponsors, including eight Republicans and three independents, and is expected to reach the 60-vote threshold needed for passage in the Senate.

Portfolio Pulse from Happy Mohamed

September 06, 2023 | 3:15 pm

QQQ

SPY

UTEN

XLE

Brent crude oil prices are at their highest levels this year due to anticipated further reductions in oil output from major exporting countries. Saudi Arabia has hinted at more significant production cutbacks. Higher oil prices may lead to higher interest rates, especially in the U.S., to curtail inflation. Investors have responded by offloading government bonds, including 10-year Treasury bills, amid concerns that central banks will need to remain hawkish on interest rates. Energy-related companies have outperformed other sectors recently.

Portfolio Pulse from Piero Cingari

September 06, 2023 | 2:27 pm

EWC

The Bank of Canada has decided to keep its interest rate steady at 5.00%, which is in line with the previous rate and the market's expectations.

Portfolio Pulse from Happy Mohamed

September 06, 2023 | 2:00 pm