Carvana Debt Exchange Lacks Support From Bondholder Group
Carvana Co.'s debt swap proposal launched on Wednesday doesn't have support from the group of investors who own a majority of the company's nearly $6 billion in unsecured bonds, people familiar with the matter said.
The used-car retailer is asking bondholders to swap some of their holdings at a discount into an up to $1 billion new secured bond, which would have a second-priority claim on collateral including certain assets and property owned by the Tempe, Ariz-based company, such as some of its vehicles.
Pro Take: The Fed Hits Inflation With Ninth Rate Hike as Banks Reel
The Federal Reserve on Wednesday stuck with its inflation fight as banks and regulators sort out the Silicon Valley Bank mess that has spread fear throughout the banking sector.
Its quarter-percentage-point interest-rate increase, though smaller than most of the hikes seen over the last year, feels like it packs more of a punch amid worries about the health of banks. But Fed Chairman Jerome Powell made clear that the Fed, even though it considered a pause, isn't bowing out of its inflation battle.
Fed Walks Tightrope Between Inflation and Bank Turmoil-but for How Long?
The Federal Reserve is responsible for the financial system and the macroeconomy. In theory, these are different jobs calling for different tools.
The Fed is trying to stay faithful to that separation of roles. On Wednesday, it continued its campaign to slow the economy and bring down too-high inflation, with a quarter-percentage-point increase in interest rates and a forecast of one more. Meanwhile, though, it has been lending generously to banks through its discount window to contain the damage caused by the failure of Silicon Valley Bank two weeks ago.
Swiss Central Bank Lifts Key Rate, Declares End to Bank Crisis
Switzerland's central bank raised its key interest rate Thursday and said the country's bank crisis had ended, the latest sign that policy makers are determined to press down on inflation despite strains in the banking system.
The Swiss National Bank increased its key interest rate by a half-percentage point to 1.5%, a move economists had expected before the banking strains that started in the U.S. spread to Switzerland. The central bank also indicated that it may again raise its key rate later this year.
Macro Hedge Funds Hit by Financial Turmoil
Hedge funds that bet on big-picture market moves have been hit with steep losses as a spate of recent bank failures upends bets that interest rates would remain elevated.
The souring of the wager led some, including Maniyar Capital Advisors and Haidar Capital Management, to lose more than 20% this month. Many of the funds, which had notched big gains as rates marched steadily upward in 2022, are now flat to down for the year following a steep recent drop in Treasury yields. So-called trend-followers, which try to take advantage of momentum in markets, also were hurt.
What Does 'Made in America' Mean? In Green Energy, Billions Hinge on the Answer.
Virginia-based power company AES Corp. says it is ready to push the button on a solar-panel order of more than $1 billion if a manufacturer will commit to building a factory in the U.S.
If that factory gets built, AES can buy its panels and apply for federal subsidies recently made available to clean-energy developers that use equipment made in the U.S.
Diesel Prices May Reflect Weakness in U.S. Economy
Diesel prices at the pump have fallen to their lowest in over a year. That's good news for consumers, but the decline in prices for the fuel suggests a gloomy outlook when it comes to the U.S. economy.
"Diesel fuel is ubiquitous in our economy," says Brian Milne, product manager, editor, and analyst at DTN. It's a "critical component in industrial production and...supply-chain dynamics."
Grand Jury Weighing Donald Trump Hush-Money Payment Scheduled to Return Thursday
A Manhattan grand jury considering Donald Trump's role in paying hush money to a porn star is scheduled to meet Thursday, according to people familiar with the matter, in what will likely be the panel's last day of deliberations this week as it moves closer to a potential indictment of the former president.
Ron DeSantis Clarifies Comments on Ukraine War, Calls Russian Invasion Wrong
WASHINGTON-Florida Gov. Ron DeSantis, a likely 2024 Republican presidential candidate, sought to qualify his recent contentious remarks that Russia's invasion of Ukraine was a "territorial dispute" and not vital to U.S. interests.
"Well, I think it's been mischaracterized," he told broadcaster Piers Morgan for an interview to be shown Thursday on the streaming service Fox Nation. Mr. Morgan included the comments in a column Wednesday evening for the New York Post.
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Earnings:
Aptose Biosciences 4Q
Badger Infrastructure Solutions 4Q
BRP 4Q
Copperleaf Tech 4Q
dentalcorp Hldgs 4Q
Karora Resources 4Q
Knight Therapeutics 4Q
MDA 4Q
Economic Calendar (ET):
0830 Jan Employment Insurance
Stocks to Watch:
Parkland Announces Agreement With Largest Shareholder Simpson Oil, Builds on Longstanding Relationship; Agreement Provides Simpson Oil the Right to Designate Up to Two Board Nominees, Includes Customary Voting Support Obligations in Favor of Bd
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Payfare 4Q Rev C$38.4M
Expected Major Events for Thursday
05:00/JPN: Feb Steel Production
05:00/JPN: Feb Supermarket sales
05:30/JPN: Feb Tokyo area department store sales
05:30/JPN: Feb Nationwide department store sales
12:00/UK: Agents' Summary of Business Conditions
12:00/UK: UK interest rate decision
12:30/US: Feb Chicago Fed National Activity Index (CFNAI)
12:30/US: 4Q International Transactions
12:30/CAN: Jan Employment Insurance
12:30/US: U.S. Weekly Export Sales
12:30/US: 03/18 Unemployment Insurance Weekly Claims Report - Initial Claims
13:00/RUS: Weekly International Reserves
14:00/US: Feb New Residential Sales
14:30/US: 03/17 EIA Weekly Natural Gas Storage Report
15:00/US: Mar Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
20:30/US: Federal Discount Window Borrowings
20:30/US: Foreign Central Bank Holdings
23:30/JPN: Feb CPI (Nation), CPI ex-food (Nation)
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Expected Earnings for Thursday
AVROBIO Inc (AVRO) is expected to report $-0.49 for 4Q.
Accenture PLC (ACN) is expected to report $2.51 for 2Q.
Advaxis Inc (ADXS) is expected to report for 1Q.
Alimera Sciences Inc (ALIM) is expected to report for 4Q.
Amerityre Corp (AMTY) is expected to report for 2Q.
Applied Therapeutics Inc (APLT) is expected to report for 4Q.
AstroNova Inc (ALOT) is expected to report for 4Q.
Atlantic American (AAME) is expected to report for 4Q.
BRP Inc (DOO.T,DOOO) is expected to report $3.70 for 4Q.
Canlan Ice Sports (ICE.T) is expected to report for 4Q.
Commercial Metals Co (CMC) is expected to report $1.52 for 2Q.
ContraFect Corp (CFRX) is expected to report for 4Q.
Darden Restaurants (DRI) is expected to report $2.24 for 3Q.
Disc Medicine Inc (IRON) is expected to report for 4Q.
ENGlobal (ENG) is expected to report for 4Q.
Edgio Inc (EGIO) is expected to report $-0.16 for 4Q.
Energy Focus Inc (EFOI) is expected to report for 4Q.
Exscientia PLC - ADR (EXAI) is expected to report for 4Q.
Factset Research Systems (FDS) is expected to report $3.22 for 2Q.
General Mills (GIS) is expected to report $0.93 for 3Q.
Knight Therapeutics is expected to report $-0.06 for 4Q.
Lithium Americas Corp (LAC,LAC.T) is expected to report for 4Q.
MarketWise Inc (MKTW) is expected to report for 4Q.
Movado Group Inc (MOV) is expected to report $0.87 for 4Q.
Noranda Income Fund (NIF.UN.T) is expected to report for 4Q.
Ocuphire Pharma Inc (OCUP) is expected to report for 4Q.
Orbit International (ORBT) is expected to report for 4Q.
Perma-Fix Environmental Services Inc (PESI) is expected to report for 4Q.
Priority Technology Holdings Inc (PRTH) is expected to report for 4Q.
Rex American (REX) is expected to report for 4Q.
Rubicon Technology Inc (RBCN) is expected to report for 4Q.
SecureWorks Corp (SCWX) is expected to report $-0.42 for 4Q.
Spectral Medical is expected to report $-0.01 for 4Q.
Synlogic (SYBX) is expected to report $-0.26 for 4Q.
TOR Minerals International Inc (TORM) is expected to report for 4Q.
TherapeuticsMD Inc (TXMD) is expected to report for 4Q.
Urban One Inc - Class A (UONE,UONEK) is expected to report for 4Q.
Vera Therapeutics Inc (VERA) is expected to report for 4Q.
Werewolf Therapeutics Inc (HOWL) is expected to report for 4Q.
Wireless Telecom (WTT) is expected to report $-0.02 for 4Q.
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ANALYST RATINGS ACTIONS
Altimmune Cut to Neutral From Buy by Goldman Sachs
Antero Resources Cut to Market Perform From Outperform by BMO Capital
Apple Hospitality REIT Cut to Neutral From Buy by Compass Point
Consolidated Edison Raised to Buy From Hold by Argus Research
Correcting to Luminar Technologies Rating Headline
Cyxtera Technologies Cut to Market Perform From Outperform by Raymond James
DoubleVerify Raised to Overweight From Sector Weight by Keybanc
DR Horton Cut to Peer Perform From Outperform by Wolfe Research
Enphase Energy Raised to Positive From Neutral by Susquehanna
Host Hotels & Resorts Cut to Neutral From Buy by Compass Point
Invitation Homes Cut to Neutral From Buy by Mizuho
Knight-Swift Transport Raised to Outperform From Peer Perform by Wolfe Research
Krispy Kreme Raised to Buy From Hold by Truist Securities
Luminar Technologies Cut to Sell From Neutral by Goldman Sachs
Meta Platforms Raised to Overweight From Sector Weight by Keybanc
Nike Raised to Overweight From Equal-Weight by Barclays
(MORE TO FOLLOW) Dow Jones Newswires
03-23-23 0610ET
