On Wednesday, United Rentals is scheduled to report its second-quarter results after the market closes. The stock beat analysts’ estimates in 12 of the last 13 quarters.
XPO Logistics Inc. (NYSE: XPO) is down over 17% following a report by famed short-seller Spruce Point Capital Management. Here’s what you need to know.
United Rentals, Inc. (NYSE: URI), Textron Inc. (NYSE: TXT), Snap-on Incorporated (NYSE: SNA), Sealed Air Corp. (NYSE: SEE), and Activision Blizzard, Inc. (Nasdaq: ATVI) are getting crushed today. What should you do now?
Stanley Black & Decker (SWK) is set to announce its 3Q17 earnings on October 24, 2017. As of October 18, 2017, analysts are expecting it to post revenues of $3.2 billion, a 9.4% rise YoY.
After ending its Senior Secured Loan Program (or SSLP) with GE Capital, Ares Capital (ARCC) is successfully building up a new senior direct lending program (or SDLP).
Leverage declines Prospect Capital (PSEC) has been operating at higher leverage to take advantage of low rates. The company saw higher net exits in fiscal 2Q17, which led to lower leverage. Notably, Prospect’s fiscal 2Q17 net debt-to-equity ratio declined to 76.2% from its fiscal 2Q16 debt-to-equity ratio of 80.2% and 77.4% in the two previous quarters. As […]
Controlled, online lending Prospect Capital’s (PSEC) controlled investments in fiscal 2Q17 rose to 31.5% of its total portfolio, compared with 30.6% in the previous quarter. The company targets selective exits to raise capital when it has found attractive pricing. In fiscal 2Q17, it saw net exits of $175.5 million, compared with net investments of $232.8 million […]
Prospect Capital (PSEC) has deployed money for equity investments and majority stake when there’s an opportunity for an investment in growing businesses.
The ability of closed-end funds to transfer rises in fund costs amid high competition will determine whether net interest margins will improve over the next few quarters.
After ending the senior secured loan program with GE Capital, Ares Capital (ARCC) is successfully building up a new senior direct lending program (or SDLP).
Prospect Capital has been operating at higher leverage to take advantage of low rates. But the Fed is expected to raise interest rates in calendar 4Q16.
Prospect Capital’s (PSEC) controlled investments in fiscal 4Q16 declined to 29.7% of its total portfolio, as compared to 33.3% in the previous quarter.
Closed-end funds are replacing their existing debt in order to reduce the effective rate of interest. Prospect Capital’s cost of debt is approximately 5.4%.
Ares Capital’s (ARCC) net DE (debt-to-equity) ratio decreased to 0.77x as of March 31, 2016, marginally above the 0.65x–0.75x the management had targeted.
Ares Capital’s (ARCC) SDLP will underwrite and hold first lien loans including stretch senior and unitranche loans that are originated by Ares and Varagon.
Investor flows into high-yield bond funds were positive last week. Net inflows from high-yield bond funds totaled $296 million in the week ending April 27.
Last week brought the total US dollar-denominated issuance of high-yield debt to $61.6 billion YTD in 2016—47.0% lower compared to the same period in 2015.
Prospect Capital is deploying higher leverage to take advantage of low interest rates. Its fiscal 2Q16 net debt-to-equity ratio rose marginally to 77.9%.
Prospect Capital (PSEC) suspended its market equity issuances for the indefinite future due to unattractive share price levels. This reduction in equity and asset growth has resulted in lower net origination volumes than in previous quarters.
Prospect Capital (PSEC) is deploying investments for the online lending industry, with a focus on near-prime, prime, and subprime consumers as well as small business borrowers.
Closed-ended funds (PSP) have seen a decline in their originations over the past couple of quarters. This came as economic activity was cut in half, stock markets declined globally, and commodity prices fell.
Ares Capital had cash, revolving lines of credit, and small business administration, or SBA, debentures of $2.4 billion as of June 30, 2015, for investments.
Since the announcement of General Electric’s divestiture, Ares Capital has focused on how to best capitalize on the exit of GE Capital, one of the largest players in the market.
In 4Q14, JAT Capital sold its stake in Hertz Global Holdings (HTZ). The $196-million position had represented 3.2% of the fund’s third-quarter portfolio.
Avis Budget Group will use its free cash flow to improve shareholder value through a mix of share repurchases and capital investments via acquisitions.
Avis Budget Group is diversifying its disposal channels to reduce fleet costs. It’s also expanding in direct-to-dealer and direct-to-consumer car sales.
Avis Budget Group (CAR) is a leading global provider of vehicle rental services. It also offers a car-sharing network service through its brand, Zipcar.
Icahn Associates recently disclosed an activist position in rental car company Hertz Global Holdings (HTZ). The fund took an 8.48% stake in Hertz. It was disclosed in a 13D filing on August 20.
