M&A Deals Down, Fed to Cut in December, Nomura's Wilcox Says
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18 minutes ago
- Yahoo
Accord Announces Banking Facility Update
TORONTO, July 25, 2025--(BUSINESS WIRE)--Accord Financial Corp. ("Accord" or the "Company") (TSX – ACD) today announced that it has reached an agreement with its lending syndicate on a short-term extension of its main credit facility from July 26, 2025, to August 8, 2025. The Company and its lenders are in discussions relating to an amendment to the credit facility which is expected to extend the maturity date to December 2025, and the extension will provide additional time for such amendment to be finalized. About Accord Financial Financial is one of North America's most dynamic commercial finance companies providing fast, versatile financing solutions for including asset-based lending, factoring, inventory finance, equipment leasing, trade finance and film/media finance. By leveraging our unique combination of financial strength, deep experience and independent thinking, we craft winning financial solutions for small and medium-sized businesses, simply delivered, so our clients can thrive. Forward-Looking StatementsThis news release contains certain "forward-looking statements", and certain "forward-looking information" as defined under applicable Canadian securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management's beliefs, expectations or intentions regarding the financial position of the Company, and the extension of the Company's credit facilities. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties including the fact that there is no assurance on the ability of the Company to enter into arrangements with its lenders to further extend the maturity date of its credit facilities on reasonable terms, or at all, and the Company's overall liquidity and capital resource position and its ability to repay its debt obligations when due, and those risks identified in the Accord's periodic filings with Canadian securities regulators. See Accord's most recent annual information form and most recent management's discussion and analysis of results of operations and financial condition for a detailed discussion of the risk factors affecting Accord. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. View source version on Contacts For further information, please visit or contact: Irene EddySenior Vice President, Chief Financial OfficerAccord Financial Corp.602 - 40 Eglinton Avenue EastToronto, ON M4P 3A2(416) 961-0304ieddy@
Yahoo
18 minutes ago
- Yahoo
Market complacency is 'through the roof': Portfolio manager
The S&P 500 (^GSPC) notched its fifth straight record close this week. But The Free Markets ETF (FMKT) co-portfolio manager, Michael Gayed, who is also publisher of The Lead-Lag Report, is warning that market complacency is rising. He breaks down some of the signs he's seeing in the video above. To watch more expert insights and analysis on the latest market action, check out more Market Domination here. So, I think the complacency is through the roof. I think if you look at call option volume, you can clearly see that when you look seasonality, you're pretty much at the point in the calendar where historically the VIX bottoms and you tend to see volatility pick up into September. Um so it's interesting to see that we're in this sort of low volatility in quotes melt up, but small caps, yeah, they're up 1%, but they're not at the prior highs and things are still I think from divergence perspective worth noting. Um there are going to be selective winners, but I do think you're probably in for a risk on, risk off type of sequence. Maybe I'm biased in saying that because I have three funds that try to play off of that, but but the seasonality does seem to favor that. That's a short-term dynamic. The free market ETF, which is focused on the regulatory plays, that's a longer-term dynamic and I think that's a much underappreciated aspect of what's to come. So, are you, would you be looking for in the near term, Mike, would you be looking for a pullback? Most likely, yeah. And do you think investors step in and buy that pullback? That's been the Pavlovian response. It's like, buy the dip, buy the dip. It is, it is remarkable to me how with conviction retail comes in and when I say conviction, I'm talking about leverage ETFs, call option volume buying that you see activity that you're seeing. So, there is, um everyone is trained to do the same thing. Now at some point that's going to fail, right? It's like at some point the dip becomes not a dip, but something much more systemic. I don't know when that is. I've been wrong in trying to think the next one would be the one, right? But, um regardless look, we know markets tend to go up over time. It's just about what time frame you want to play. Related Videos Mortgage rates steady, Trump says no capital gains on home sales Trump's rare Federal Reserve visit raises 2 questions Keurig Dr Pepper CEO on Q2 beat, coffee sales, cane sugar German Exporters Can Live With 15% Tariff, Ifo Says Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
18 minutes ago
- Yahoo
Homebuilding sector playbook: 4 top stock picks
Wedbush Securities managing director of equity research Jay McCanless joins Market Domination with Josh Lipton and Prairie Operating Company executive vice president of market strategy Lou Basenese to explain to investors how to play the homebuilding sector, highlighting stock picks like PulteGroup (PHM), Taylor Morrison (TMHC), Tri Pointe (TPH), and M/I Homes (MHO), while cautioning against names like DR Horton (DHI) and LGI Homes (LGIH). To watch more expert insights and analysis on the latest market action, check out more Market Domination here. We're taking a look at the names of the home builder space, companies including DR Horton and PulteGroup reporting earnings on Tuesday, surprising analysts with solid earnings beats. We're navigating how to play the home builder sector with the Yahoo Finance playbook, and joining me now is Jay McCanless, Managing Director of Equity Research at Wedbush Securities. Jay, always good to see you, sir. So we did have a lot of a lot of news, a lot of data on that housing sector, Jay. We had earnings, we had new home sales, existing home sales, you, of course, Jay, know the home builder space so well. Maybe start broadly, Jay, high level. You look at the home builders as a sector, which you've covered a long time, you know, are you cautious, Jay? Are you constructive? How are you thinking about it? Yep, and thanks for having me on. So I'd say on the builders that get most of their business from from move up, these are people are selling a home to buy a new home. We're still constructive on those names. I would put Pulte in that group, as well as Taylor Morrison, Tri Pointe, and MHO, MI Homes. But we're a little more conservative, cautious on the entry level sellers with names like DR Horton, as well as LGIA, and some of the other names there. And I think it all comes down to confidence, you know. Every builder this week talked about how the consumer, especially the low-end consumer, is just not very confident about their financial situation and what's going on with tariffs, etc. So until we see some improvement there and or some improvement in mortgage rates, which have basically been stuck at about 7% for for over a year now, it's hard to see how things are going to get better on the low end. Given the uncertainty there, Jay, you're kind of mentioning about the backdrop, are builders changing at all what they're building, Jay? Are they sort of adjusting in terms of, you know, size and price? Absolutely. So what we've seen is a couple of things: The builders have dialed back on their housing starts until the consumer, I think I think, feels a little more engaged, more ready to buy a home. But the other thing the builders have done where they can is bring the square footages down. That's the easiest way to solve for affordability is you know, take the bonus room off, do something like that, one less bathroom. But I think at some point, we need we need to get some help on rates because I think the the builders, and especially some of the entry level names, Horton, Lennar, they've done about all they can do on shrinking the shrinking the envelope. At this point, it's again, need some rate help or or need some help on the income side for consumers to get a little more income to to be able to to afford these homes. Lou, I want to bring you here as well. Jay talked about rate help. I'm just looking at the 30-year fixed here, Lou, mortgage news daily. We're still at 6.81%. Yeah, I mean, I look at the the data here, and Jay, I'm curious your thoughts here. I look at it for existing home sales, and you see those mortgage rates once they jumped above 5%, we just shifted into reverse and now neutral with those rates pinned up there, even new home sales. So you you talked about a kind of a 911 for rate help. How much help do you think 25 basis points lends to the to the to the sector? Is it need to be more like 50 to 100 before you really see the impact, and how quickly could it help impact the the the progress in the sector? Yeah, sure. So what the builders have told us is they are buying down mortgage rates generally to somewhere in they call it 5 and a quarter to 5 and three quarters on a 30-year mortgage. So the the faster we can get the actual base rate down to that level, that's when it helps. But, you know, if we were to go to low sixes, high fives, again, I think that could help. But yeah, the 25 basis points we've seen versus last year, it's certainly heading the right way, but but we would like to see more. I think the other thing that builders have been doing is is not only doing rate buy-downs to make the homes more affordable, but they're trying to do things like adding some closing cost assistance, where where people are eligible for it, helping them apply for down payment assistance. There are multiple organizations that provide that now. So the the the builders doing everything they can without being able to move the rates, of course, beyond doing the buy-downs. But yeah, we we'd love to see something more like a five handle instead of the six handle where we are. Jay, what what is investor sentiment around the space and sector right now versus, you know, six months ago, 12 months ago? I'd say it's been surprisingly positive. We had a lot of inbounds ahead of earning season. You know, you saw Horton have a very sharp upward move, I think, 17% on Tuesday. You know, people understand that there's a lack of housing in this country. They understand that the demographics and the population tailwinds are still there. It's just the consumer doesn't feel as confident this year as they did last year. So I think investors are kind of being picky and choosy about what what they want to own right now. But I think again, they realize the underlying demand trends are still pretty strong for the group. So it's just, when's the right time to get in, right? So we we think for for the move up names now is a good time. And then when we get to later on in the fall and people start to think about spring '26, then maybe some of these entry level names will will look a little more attractive then. Jay, just I'm curious, final question here. Given Trump's immigration policies, Jay, what, if anything, have you heard from the home builders about any kind of material impact to labor? So I'll I'll I'll add the tariffs onto that as well. The tariff impact has been much less, I think, than the builders expected. Some of the builders had had built in a little conservatism into their guidance, and they've rolled that off now. In terms of of ICE affecting ICE raids affecting the the ability to get homes built, it really hasn't panned out that way. I think if anything, the builders have talked about excess availability of labor, which is helping them get get better rates to get the homes built, and build them a little more quickly than than they could have a year ago and especially two years ago. Jay, always great to have you on the show. Thanks so much for joining us. Thank you.
