Streetbeat News

Credit

SPY

NY Fed President Williams stated that inflation is decreasing as expected and unemployment may rise slightly as the economy cools. He did not dismiss the possibility of lowering rates in early 2024, depending on economic data.

Portfolio Pulse from Charles Gross

August 07, 2023 | 9:17 am

APO

YELL

Trucking firm Yellow Corp. (NASDAQ:YELL) is reportedly considering an asset and real estate sale through a bankruptcy filing. A potential financial bidder has shown interest in the assets. Yellow Corp. is grappling with over $1 billion in debt due next year, which it has found challenging to refinance. Creditors, led by Apollo Global Management Inc. (NYSE:APO), are reportedly close to striking a deal to inject fresh cash into Yellow during the anticipated bankruptcy.

Portfolio Pulse from Piero Cingari

August 04, 2023 | 8:14 pm

CACC

Credit Acceptance Corporation (CACC) has extended the date on which its $75.0 million revolving secured warehouse facility will cease to revolve from September 30, 2024 to September 30, 2026. There were no other material changes to the terms of the facility. As of August 4, 2023, there was no balance outstanding under the facility.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 8:04 pm

BAC

JPM

Economists at JPMorgan Chase & Co. have discarded their previous prediction of an impending recession in the United States, aligning with an increasing number of analysts who believe the economy will dodge a downturn. The bank’s economists now anticipate sustained economic growth this year, followed by a period of “modest, sub-par growth” in 2024. Despite the optimistic outlook, the risk of a downturn is still very elevated, especially if the Federal Reserve continues to increase interest rates. Earlier this week, Bank of America Corp. also revised its forecast, reflecting a growing optimism about the economic outlook.

Portfolio Pulse from Piero Cingari

August 04, 2023 | 7:31 pm

PRTYQ

Party City is reportedly in talks with its creditors to spin off its balloon business, according to Bloomberg. The move is seen as a strategy to alleviate the company's financial stress.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 6:46 pm

ADMP

COOK

DRVN

IDAI

TUP

Benzinga's Stock Whisper Index has identified five stocks that warrant attention for the week of Aug. 5, 2023. These include Tupperware Brands Corporation (TUP), which recently announced a debt restructuring agreement; Adamis Pharmaceuticals Corporation (ADMP), which sold assets and announced a collaboration; T-Stamp Inc (IDAI), which announced its biometric technology is being implemented by more financial institutions; Traeger Inc (COOK), which reported Q2 financial results; and Driven Brands Holdings Inc (DRVN), which saw shares drop after Q2 results and lowered full-year guidance.

Portfolio Pulse from Chris Katje

August 04, 2023 | 3:42 pm

AVAH

Aveanna Healthcare Holdings (AVAH) has announced an agreement to extend its $175 million securitization facility.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 3:20 pm

AHI

AMZN

TUP

Tupperware Brands (TUP) announced a debt restructuring agreement, reducing and reallocating about $150M of cash interest and fees, and extending the maturity of about $348M of principal to FY27. Advanced Health Intelligence (AHI) announced an exclusive license deal with Changlin Network Technology Ltd. Amazon.com (AMZN) reported Q2 sales of $134.40B, beating the $131.54B estimate, and an adjusted EPS of $0.63, beating the $0.34 estimate.

Portfolio Pulse from ryanfaloona@benzinga.com

August 04, 2023 | 3:17 pm

AMZN

ASRT

BIGC

TUP

Several stocks experienced significant pre-market trading movements. Tupperware Brands Corporation (TUP) surged 53.3% after announcing a debt restructuring agreement. Missfresh Limited (MF) rose 39.2% after announcing share purchase agreements for financing and business acquisition. BigCommerce Holdings, Inc. (BIGC) rose 20.2% following better-than-expected quarterly results. Amazon.com, Inc. (AMZN) rose 8.5% after reporting upbeat Q2 results and strong guidance. On the other hand, Assertio Holdings, Inc. (ASRT) fell 43.9% after reporting Q2 results and updates related to the acquisition of Spectrum Pharmaceuticals, Inc.

Portfolio Pulse from Lisa Levin

August 04, 2023 | 3:16 pm

TUP

Tupperware Brands Corp (NYSE:TUP) has announced a debt restructuring deal with lenders to improve its financial position. The agreement includes a reduction and reallocation of around $150 million of cash interest and fees, an extension of the maturity of about $348 million of principal and reallocated interest and fees to FY27, and access to a revolving borrowing capacity of about $21 million. Tupperware shares have surged over 430% last month.

Portfolio Pulse from Lekha Gupta

August 04, 2023 | 3:11 pm