Streetbeat News

Credit

CACC

FLDZ

FNDA

IQSM

JHSC

SHRU

Car repossessions have surged by 23% in the first half of 2024 compared to the same period last year, driven by higher interest rates. The Federal Reserve is expected to cut rates in September, potentially easing the burden on borrowers. Credit Acceptance Corporation (CACC) and several ETFs tracking it have seen positive price action.

Portfolio Pulse from Michael Juliano

July 16, 2024 | 8:47 pm

SPY

Fed's Kugler expresses cautious optimism that disinflation is back on track, with progress in wage moderation and housing. He notes substantial rebalancing in the labor market but emphasizes that the Fed does not want the labor market to cool too much.

Portfolio Pulse from Benzinga Newsdesk

July 16, 2024 | 7:31 pm

BLMN

In the last three months, 5 analysts have published ratings on Bloomin Brands (NASDAQ:BLMN), with a mix of bullish, somewhat bullish, and indifferent perspectives. The average 12-month price target has decreased by 9.79% to $25.8. Analysts from firms like Morgan Stanley, JP Morgan, Barclays, BMO Capital, and UBS have lowered their price targets and ratings. Bloomin Brands faces challenges with declining revenue, low net margin, and high debt-to-equity ratio.

Portfolio Pulse from Benzinga Insights

July 16, 2024 | 7:01 pm

SPY

Fed's Kugler states that inflation is trending down despite some early-year bumps, but it remains above the central bank's target. Supply and demand are balancing better, and the labor market has seen substantial rebalancing, suggesting inflation will continue moving toward the 2% target.

Portfolio Pulse from Benzinga Newsdesk

July 16, 2024 | 6:47 pm

SPY

Fed's Kugler suggests that easing monetary policy later this year may be appropriate if economic conditions remain favorable. He notes that risks to inflation and employment have become more balanced. If the labor market cools significantly, interest rate cuts may happen sooner. However, if inflation data does not show progress towards the 2% target, rates may be held steady longer.

Portfolio Pulse from Benzinga Newsdesk

July 16, 2024 | 6:46 pm

IAT

PNC

RDIV

Goldman Sachs maintains a neutral rating on PNC Financial Services Group, Inc. (NYSE:PNC) despite strong Q3 results, citing a modest FY24 outlook. PNC reported a slight revenue miss but beat EPS expectations. The FY24 guidance suggests declines in net interest income, revenue, and average loans. The analyst anticipates neutral investor response and highlights concerns about credit trends and commercial real estate net charge-offs.

Portfolio Pulse from Lekha Gupta

July 16, 2024 | 6:26 pm

ACHR

CARR

TXT

URI

Shares of companies within the broader industrial sector are trading higher following positive Core Retail Sales and Retail Sales economic data. Additionally, trader optimism about potential Fed rate cuts is contributing to the sector's strength.

Portfolio Pulse from Benzinga Newsdesk

July 16, 2024 | 6:14 pm

CAT

CMI

FTV

ITT

ITW

LECO

NPO

PNR

SWK

TEX

WWD

Shares of machine companies are trading higher due to trader optimism that the Federal Reserve will cut interest rates.

Portfolio Pulse from Benzinga Newsdesk

July 16, 2024 | 5:34 pm

DLTNF

SNDL

Delta 9 Cannabis Inc. has obtained creditor protection under the CCAA due to aggressive actions by SNDL Inc., which acquired Delta 9's senior secured debt. SNDL's strategy involves pressuring companies into bankruptcy to bid for their assets. FIKA Company has agreed to act as a plan sponsor for Delta 9's CCAA proceedings, proposing to acquire certain assets and provide interim financing.

Portfolio Pulse from Jelena Martinovic

July 16, 2024 | 3:35 pm

OCTO

Eightco Holdings has announced the elimination of $5.4 million in convertible notes and an increase in shareholder equity by over $23 million.

Portfolio Pulse from Benzinga Newsdesk

July 16, 2024 | 12:45 pm