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U.S. banks are profiting by borrowing from the Fed's bank term funding program (BTFP) at rates lower than what the Fed pays on reserve deposits. Banks have borrowed $141 billion at rates below 5%, while the Fed pays 5.4% on reserves, creating a 0.4% profit margin. This arbitrage has helped financial sector stocks, including BAC, C, GS, and WFC, outperform the market. However, this practice has a downside for taxpayers, as the Fed's interest payments on reserves exceed its income, leading to a deferred asset of $116.9 billion, which delays Treasury remittances until 2027.

Portfolio Pulse from Piero Cingari

January 10, 2024 | 5:50 pm

AMAT

Smart money investors have shown a bearish stance on Applied Materials (NASDAQ:AMAT) through options trading, as detected by Benzinga's options scanner. There were 13 unusual options trades, with a sentiment split of 23% bullish and 76% bearish. The trades consisted of 5 puts and 8 calls, with a focus on a price band between $110 and $175. The largest trades included bearish calls and a neutral put. Applied Materials is a leading semiconductor equipment manufacturer with key customers like TSMC, Intel, and Samsung. Its stock is currently neutral with an RSI indicator and an earnings announcement expected in 36 days. One analyst from TD Cowen maintains an Outperform rating with a target price of $185.

Portfolio Pulse from Benzinga Insights

January 10, 2024 | 5:46 pm

GTY

Getty Realty Corp. (NYSE:GTY) reported on its 4Q23 and FY23 business activities, including $326 million invested in properties, a $75 million investment pipeline, and $295 million raised in new equity and debt. The company made several acquisitions, sold nine properties, and provided initial FY24 earnings guidance with AFFO expected to be $2.29 to $2.31 per diluted share. GTY shares saw a 1.01% increase to $29.57.

Portfolio Pulse from Akanksha Bakshi

January 10, 2024 | 5:44 pm

AMC

AMC Entertainment Holdings, Inc. (NYSE:AMC) stock has dropped over 30% in the past month and reached a new all-time low of $4.76. Despite the success of the 'Taylor Swift – The Eras Tour' concert film, the company has been issuing new shares in exchange for debt, and an analyst from B. Riley Securities has maintained a Neutral rating with a lowered price target from $15 to $12.

Portfolio Pulse from Erica Kollmann

January 10, 2024 | 5:44 pm

LEN

Lennar Corporation's stock is trading higher following the announcement of a dividend increase and an additional $5 billion stock repurchase authorization.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 5:30 pm

COF

Capital One Financial Corp. (NYSE:COF) stock dropped 1.11% to $131.45 in the current session, despite a 2.75% rise over the past month and a 27.23% increase over the past year. The P/E ratio of COF is lower than the Consumer Finance industry average, which could indicate either potential undervaluation or weaker future performance compared to peers.

Portfolio Pulse from Benzinga Insights

January 10, 2024 | 5:30 pm

AAL

ALK

DAL

JETS

LUV

SPY

UAL

Airline stocks are experiencing a surge in early 2024, with American Airlines, United Airlines, Delta Air Lines, and Southwest Airlines posting significant weekly gains. These gains are reflected in the U.S. Global Jets ETF, which includes these airlines as its biggest holdings. Despite the positive trend, airline stocks face potential headwinds such as economic slowdown, high interest rates, and geopolitical tensions affecting oil prices. Delta is favored by analysts with strong buy ratings, while American Airlines has announced expansion plans. Southwest Airlines is running a flash sale, and United Airlines is noted for its scale despite a high debt-to-asset ratio. An incident with an Air Alaska Group Boeing 737 Max 9 could lead to more affordable fleet replacements for airlines if Boeing reduces prices.

Portfolio Pulse from Neil Dennis

January 10, 2024 | 5:26 pm

AMRN

Amarin Corporation (NASDAQ:AMRN) shares rose after announcing preliminary Q4 revenue between $72M-$74M and full-year revenue between $304M-$306M for 2023. The company reported a positive cash flow of $10M for the year and ended with $321M in cash and investments. Amarin also plans a conditional share repurchase program of up to $50M, pending shareholder approval. CEO Patrick Holt highlighted a strong cash position, no debt, progress in Europe, and continued market leadership in the U.S.

Portfolio Pulse from Erica Kollmann

January 10, 2024 | 5:16 pm

PYPL

Karen Firestone announced live on CNBC that she has sold her position in PayPal.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 5:04 pm

VICI

VICI Properties Inc (NYSE:VICI) has received mixed analyst ratings over the last quarter, with 2 bullish, 3 somewhat bullish, and 1 indifferent. The average 12-month price target is $33.17, down from the previous $35.00. Analysts from firms like Mizuho, Wedbush, Keybanc, Evercore ISI Group, and JMP Securities have updated their ratings and price targets. VICI Props, a real estate investment trust, has shown strong financial performance with a 20.33% revenue growth rate, a net margin of 61.52%, an ROE of 2.32%, an ROA of 1.31%, and a debt-to-equity ratio of 0.73.

Portfolio Pulse from Benzinga Insights

January 10, 2024 | 5:00 pm