Monday, 17 Jun 2024

These companies are winners in the debt ceiling deal


These companies are winners in the debt ceiling deal

The debt ceiling deal in Washington did not set off a celebration in the stock market. But the bipartisan compromise is causing fireworks for some companies that have emerged as winners.

Shares in pipeline company Equitrans Midstream surged Tuesday because the agreement contains a surprising call to speed up the creation of a stalled natural gas pipeline called the Mountain Valley Pipeline. The stock ended the day up around 35%.

Equitrans is the lead developer of the pipeline project, known as MVP, which has been championed by Democratic Sen. Joe Manchin.

Although the bill still needs to get through Congress and analysts warn the long-delayed project could still face hiccups, Wall Street isn't wasting any time betting on MVP by bidding up shares of Equitrans Midstream.

Still, environmental groups and some progressives are furious about the inclusion of the Mountain Valley Pipeline in the deal. The Sierra Club called on Congress to reject the deal and pass a clean bill to raise the debt ceiling.

Wall Street is also betting lending company SoFi will cash in from the debt ceiling deal because it calls for borrowers to start paying back federal student loans at the end of the summer. Shares of SoFi, a leader in the student loan refinancing space, jumped 5% Tuesday morning.

Isaac Boltansky, director of policy research at BTIG, said in a note to clients the deal "should be viewed as directionally positive" for SoFi as there may be "increased demand" for student loan refinancing.

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The Whitney Western Art Museum at the Buffalo Bill Center of the West is thrilled to announce a special Peter Hassrick Public Program on Tuesday, July 9th, from 5:30 to 7:00 pm in the Center’s Coe Auditorium. This free program features renowned art director Thomas Brent Smith, who will delve into the fascinating world of James Bama’s photographs.

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