Streetbeat News

Credit

BAC

C

JPM

WFC

U.S. banking giants are facing a challenging fourth quarter with a rise in bad debts and the impact of higher interest rates. Non-performing loans at the four largest U.S. banks have increased by nearly $6 billion, reaching $24.4 billion. The banks are also expected to take a one-time charge due to a special assessment by the FDIC related to the failures of Silicon Valley Bank and Signature. Despite these challenges, bank shares have risen by 20% since October, buoyed by the Fed's signals of halting interest rate hikes. JPMorgan Chase & Co. (JPM), Bank of America Corp (BAC), Wells Fargo & Co (WFC), and Citigroup Inc. (C) are set to report earnings on Jan. 12.

Portfolio Pulse from Benzinga Neuro

January 08, 2024 | 1:17 pm

FRT

Federal Realty Investment Trust has announced a private placement of $400 million in exchangeable senior notes due in 2029, with an option for initial purchasers to buy an additional $60 million in notes. This financial move could impact the company's leverage and interest expenses.

Portfolio Pulse from Benzinga Newsdesk

January 08, 2024 | 12:32 pm

BCRX

BioCryst Pharmaceuticals Inc. has decided not to draw an additional $150 million of debt available from Pharmakon. The company anticipates achieving operating profit in 2024 and expects to approach positive EPS and positive cash flow in the second half of 2025.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 9:07 pm

SPY

Fed's Barkin has indicated that there is no issue with adjusting interest rates to more normal levels as confidence grows that inflation is decreasing. He suggests that the Federal Reserve should normalize rates as the economy returns to normal conditions.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 8:02 pm

SPY

Fed's Barkin comments on the labor market 'normalizing nicely' in light of recent rate hikes. He acknowledges the difficulty in pinpointing the real interest rate due to uncertainties around the neutral rate and expected inflation.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 8:02 pm

BTCUSD

Arthur Hayes, BitMEX founder, predicts a potential 20-30% correction in Bitcoin's price by early March 2024 due to economic indicators and market trends. He cites the declining Reverse Repo Program balance, the expiration of the Bank Term Funding Program, and the Federal Reserve's interest rate decision as key factors. Despite this, he also sees a possibility for Bitcoin's price to surge above $60,000 driven by U.S.-listed spot Bitcoin ETFs. Hayes plans to short the crypto market with Bitcoin puts in the short term and then buy Bitcoin post-correction.

Portfolio Pulse from Murtuza Merchant

January 05, 2024 | 4:36 pm

MPW

Medical Properties Trust Inc (NYSE:MPW) stock plummeted approximately 15% after revealing plans to reduce exposure to Steward Health Care System, which has delayed rent payments. Steward owes about $50 million in unpaid rent, excluding $50 million deferred for Norwood Hospital. MPW is providing a $60 million bridge loan to Steward, secured by collateral and second liens on Steward's managed care business. MPW also agreed to defer unpaid rent and expects partial rent payments to resume in Q1 and Q2 2024. However, MPW anticipates a non-cash charge in Q4 2023 due to uncollectible rent receivables, which may total around $350 million. MPW's stock price dropped 20.8% to $3.96 in premarket trading.

Portfolio Pulse from Lekha Gupta

January 05, 2024 | 1:39 pm

FSK

ML

TW

XYF

Four financial stocks with high RSI values, indicating potential overbought conditions, are X Financial (XYF), Tradeweb Markets Inc. (TW), MoneyLion Inc. (ML), and FS KKR Capital Corp. (FSK). XYF reported strong Q3 results with a 16% stock increase over five days. TW's trading volume grew 43.3% YoY, with a 5% stock gain over five days. ML experienced a 48% stock jump over the past month despite downbeat quarterly sales. FSK's stock rose 4% over five days after pricing a public offering of $400 million notes.

Portfolio Pulse from Avi Kapoor

January 05, 2024 | 1:12 pm

ALC

LFCR

Lifecore Biomedical has updated its commercial agreements with Alcon, extending and expanding their long-term relationship in hyaluronic acid and CDMO services. The new arrangements span 8 years and include an amendment and waiver for Lifecore's term debt facility with Alcon and BMO.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 1:07 pm

BABA

NTES

Beijing's court has accepted a bankruptcy liquidation application from Zhongzhi Enterprise Group, a Chinese wealth management firm with significant exposure to the real estate sector. The company, facing insolvency with debts of $64 billion against assets of $27.95 billion, has sparked concerns over the impact on the broader financial sector and global markets. Major U.S.-listed Chinese companies like Alibaba Group Holding Limited and NetEase, Inc. have been affected, with stock tumbles reflecting fears of contagion within China's shadow banking industry.

Portfolio Pulse from Benzinga Neuro

January 05, 2024 | 12:07 pm