Streetbeat News

Credit

SPY

The New York Federal Reserve reported that total credit card indebtedness increased by $45 billion in Q2 2023, pushing aggregate balances over $1 trillion for the first time. The delinquency rate also rose to 7.2%, the highest since Q1 2012. The increase in balances reflects inflationary pressures and higher levels of consumption. Demand for card issuance has eased, coinciding with banks tightening credit standards. Other debt categories showed modest changes.

Portfolio Pulse from Happy Mohamed

August 08, 2023 | 3:10 pm

EWI

ISNPY

UNCRY

Italy's government has announced a 40% windfall tax on bank profits, causing market chaos. The tax targets the net interest margin and aims to inject fresh resources into Rome’s debt-challenged coffers. Major Italian banks, including Intesa Sanpaolo Spa and Unicredit Spa, have seen their shares drop significantly. The iShares MSCI Italy ETF is also expected to be impacted.

Portfolio Pulse from Piero Cingari

August 08, 2023 | 3:05 pm

ADT

ADT Inc. reported a Q2 2023 sales decline of 0.5% to $1.59 billion, missing the consensus of $1.65 billion. However, its adjusted EPS of $0.16 beat the consensus of $0.06. The company plans to sell its commercial security, fire, and life safety business unit to GTCR for $1.6 billion, with proceeds expected to reduce debt by $1.5 billion. ADT lowered its FY23 sales guidance to $6.30 billion-$6.50 billion.

Portfolio Pulse from Nabaparna Bhattacharya

August 08, 2023 | 2:15 pm

HBI

Barington Capital has sent a letter to Hanesbrands (HBI) calling for changes and reiterating its commitment to shareholder value creation. Barington believes Hanesbrands must focus on reducing costs and debt to create long-term shareholder value. Hanesbrands' board and management team have been in discussions with Barington and are open to additional paths to improve performance and create value. The company's Full Potential plan is expected to unlock significant opportunities, which will be discussed in the upcoming Q2 2023 earnings report.

Portfolio Pulse from Benzinga Newsdesk

August 08, 2023 | 1:31 pm

SPY

Federal Reserve's Harker stated that if the point of holding rates steady is reached, it will need to be maintained for a while. He does not foresee any immediate easing of the policy rate.

Portfolio Pulse from Happy Mohamed

August 08, 2023 | 1:15 pm

ERJ

Embraer S.A. (NYSE:ERJ) has announced the early results of its offer to purchase for cash up to $750.0 million of its outstanding senior unsecured guaranteed notes due 2025, 2027, and 2028. The company has also amended the Tender Offer Consideration and the Total Consideration for the 2025 Notes and has delivered notice of optional redemption of all outstanding 2025 Notes. The 2025 Notes will be redeemed on September 7, 2023.

Portfolio Pulse from Happy Mohamed

August 08, 2023 | 12:38 pm

PMTS

CPI Card Group has revised its sales outlook due to a decrease in customer demand in the debit and credit segment.

Portfolio Pulse from Benzinga Newsdesk

August 08, 2023 | 12:38 pm

SPY

Federal Reserve's Harker has expressed optimism about the US economy, stating that he sees the country on the path to a 'soft landing'. He also mentioned the resumption of federal student loan repayments from October 1.

Portfolio Pulse from Benzinga Newsdesk

August 08, 2023 | 12:20 pm

VRCA

Verrica Pharmaceuticals Inc. has secured a debt placement of $44 million. This, combined with $55 million in cash and cash equivalents, is expected to fund the company's operations into the first quarter of 2025.

Portfolio Pulse from Benzinga Newsdesk

August 08, 2023 | 11:52 am

FLR

Fluor Corp has priced a $500 million aggregate principal amount of 1.125% convertible senior notes due 2029 in a private offering. The company has granted the initial purchasers of the notes an option to purchase up to an additional $75 million principal amount of the notes. The net proceeds from the offering will be approximately $486.3 million. Fluor intends to use a portion of the net proceeds to pay the cost of the capped call transactions and the remainder to repurchase all or a portion of the company's outstanding 2024 notes.

Portfolio Pulse from Shivani Kumaresan

August 08, 2023 | 10:28 am