$BUR

3 stories mentioning BURUpdated 8d ago

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Sector Update: Financial Stocks Edge Higher Pre-Bell Monday

Financial stocks were edging higher pre-bell Monday, with the State Street Financial Select Sector SPDR ETF (XLF) slightly advancing.The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.6% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.1% higher.Baldwin Insurance Group (BWIN) shares were up more than 7% after saying Monday it has entered into a definitive agreement under which an entity to be formed by Sequence Holdings and DFO Management, the Dell family office, will acquire a majority interest in the company in an all-cash transaction with an implied enterprise value of about $7.7 billion.Aon (AON) has commenced a US investment-grade debt sale in seven tranches to help fund its planned $17 billion acquisition of USI Insurance Services from KKR (KKR), Bloomberg reported, citing a person familiar with the matter and a note from S&P Global Ratings. Aon shares were up more than 1% premarket.Burford Capital (BUR) stock was down more than 1% after the company said its indirect unit, Burford Capital Global Finance, plans to privately offer $300 million of senior secured notes due 2029.

$AON$BUR$BWIN$FAS$FAZ$KKR$XLF

Wire134d ago

Burford Capital's Q1 Results Largely Driven by Non-Cash YPF Write-Down, Wedbush Says

Burford Capital's (BUR) Q1 results were largely driven by a massive $2.4 billion non-cash YPF write-down after the Second Circuit's reversal of the $16.1 billion judgment against Argentina, Wedbush Securities said Monday in a note.Despite adjusting for multiple factors affected by the YPF reversal, the firm still calculates an operating loss for Q1 given the unrealized losses for the rest of the portfolio tied to fair value marks, according to the note.Capital allocation priorities moving forward include continuing to fund ongoing commitments and underwrite new business, strategically lowering debt through open market purchases and calling existing maturities, potentially redirecting the $27 million annual dividend toward debt reduction, and aggressively managing operating expenses, according to the note.Burford noted that the chances of further relief in the YPF case from US courts are low, and that the more consequential path forward is international arbitration, the brokerage said.Wedbush maintained a neutral rating on Burford Capital and raised the price target to $5 from $4.75.Price: $4.86, Change: $-0.28, Percent Change: -5.45%

$BUR

Sectors137d ago

Sector Update: Financial Stocks Rise Pre-Bell Friday

Financial stocks were rising pre-bell Friday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 0.2%.The Direxion Daily Financial Bull 3X Shares (FAS) was 0.5% higher and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was down 0.7%.Essent Group (ESNT) shares were up 1% after the company reported higher Q1 earnings and revenue.Burford Capital (BUR) stock was down more than 6% after the company reported that it swung to a Q1 loss.Brookfield Asset Management (BAM) shares were up 0.7% after the company posted higher Q1 distributable earnings and total revenue.

$BAM$BUR$ESNT$FAS$FAZ$XLF

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