Dernières nouvelles pour Smart Sand (NASDAQ:SND) Stock

Smart Sand

Smart Sand Inc is a fully integrated frac sand supply and services company that offers complete mine-to-well site proppant supply and logistics solutions. It produces Northern White frac sand, which is a premium proppant used to enhance hydrocarbon recovery rates in the hydraulic fracturing of oil and natural gas wells. Its product portfolio includes Smart System, which includes SmartBelt, SmartDepot Silo and SmartPath Loader. The company caters its products and services to oil and natural gas exploration and production companies and oilfield service companies. The majority of its revenue comes from Sand Sales, followed by logistics.

Smart Sand Inc

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Syndax Pharmaceuticals Inc

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Sunridge International Inc

Macro Economic Events

News

Econ #s

Economics

U.K. Composite Purchasing Managers' Index For December 50.4 Vs. 50.5 Est.; 50.5 Prior

Today, Amgen announced that the UK's Medicines and Healthcare products Regulatory Agency (MHRA) has granted a conditional marketing authorisation to IMDYLLTRA&#xAE; for the treatment of adult patients with extensive-stage small cell lung cancer (ES-SCLC) with disease progression on or after at least two prior lines of therapy, including platinum-based chemotherapy.1
Small cell lung cancer (SCLC) is an aggressive lung cancer subtype that accounts for approximately 15% of lung cancers.3 ES-SCLC is characterised by rapid tumour growth and metastatic spread.5 Patients with SCLC are often diagnosed after the cancer has reached an advanced stage because symptoms do not typically appear early in the disease.6
"The MHRA's granting of a conditional marketing authorisation for tarlatamab is a significant step forward for people living with small cell lung cancer. More than 34,000 people die from lung cancer in the UK each year.2 There is a vital need for novel treatments, particularly for the extensive stage of small cell lung cancer, where outcomes are especially poor," said Tony Patrikios, Executive Medical Director, Amgen UK &amp; Ireland. "This licence brings us one step closer to offering a new treatment option to eligible patients."
The conditional marketing authorisation is based on results from the Phase 2 open label, multicentre study DeLLphi-301, which evaluated tarlatamab in patients with ES-SCLC who had failed two or more prior lines of treatment.4 Results from the study found that tarlatamab at the 10 mg every two weeks (Q2W) dose (N=99) demonstrated an objective response rate (ORR) of 41% (95% Confidence Interval [CI]: 32 to 52) and a median duration of response (DoR) of 9.7 months (range: 5.9, not estimable [NE]).1

Government

Regulations

AMGN

Amgen's IMDYLLTRA Approved in UK for Advanced Small Cell Lung Cancer Treatment

AerCap Holdings N.V. ("AerCap") (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AER#NYSE">AER</a>) has announced its major business transactions during the full year and fourth quarter 2024:
Full Year 2024 Transactions
<ul>
<li>Signed 496 lease agreements, completed 150 purchases and 166 sale transactions.</li>
<li>Signed financing transactions for approximately $17.5 billion.</li>
<li>Repurchased approximately 16.8 million shares, at an average price of $87.80 per share, for a total of approximately $1.5 billion.</li>
</ul>
Fourth Quarter 2024 Transactions
<ul>
<li>Signed 92 lease agreements, including 14 widebody aircraft, 14 narrowbody aircraft, 33 engines and 31 helicopters.</li>
<li>Completed 41 purchases for 27 aircraft (including 4 Airbus A220 Family aircraft, 12 Airbus A320neo Family aircraft, 3 Airbus A330neos, 1 Boeing 737 MAX aircraft, 1 Boeing 787-9 and 6 Embraer E195-E2s for AerCap's owned aircraft portfolio), 10 engines for AerCap's owned engine portfolio and 4 helicopters.</li>
<li>Completed 55 sale transactions for 26 aircraft (including 7 Airbus A320 Family aircraft, 3 Airbus A320neo Family aircraft, 1 Airbus A330, 4 Boeing 737NGs, 1 Boeing 737-800BCF, 1 Boeing 777-300ER and 3 Embraer E190s from AerCap's owned aircraft portfolio and 6 aircraft from AerCap's managed aircraft portfolio), 25 engines (including 16 engines from AerCap's owned engine portfolio and 9 engines from AerCap's managed engine portfolio) and 4 helicopters.</li>
<li>Signed financing transactions for approximately $1.8 billion.</li>
<li>Repurchased approximately 3.1 million shares, at an average price of $94.74 per share, for a total of approximately $297 million.</li>
<li>Paid quarterly cash dividend on ordinary shares of $0.25 per share.</li>
</ul>

Buybacks

AerCap Reports $17.5B in Financing and 496 Lease Deals in 2024, Buys Back $1.5B in Shares

Morgan Stanley analyst Sanjit Singh assumes Palantir Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) with a Underweight rating and announces Price Target of $60.

Price Target

Initiation

Analyst Ratings

PLTR

Morgan Stanley Assumes Palantir Technologies at Underweight, Announces Price Target of $60

Portage Biotech, Inc. ("Portage" or the "Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRTG#NASDAQ">PRTG</a>), a clinical-stage immuno-oncology company with a portfolio of innovative therapeutics, today announced the re-launch of its wholly-owned subsidiary as an independently managed company focused on developing best-in-class adenosine receptor antagonists. Peter Molloy has been appointed Chief Executive Officer of the subsidiary, to be named Cyncado TherapeuticsTM, Inc.
As CEO, Mr. Molloy will lead efforts to secure external financing directly into Cyncado and to advance the clinical development of its portfolio of A2a and A2b receptor antagonists. These therapeutics are distinguished by their potency, selectivity, and optimized binding characteristics, designed to enable robust and sustained inhibition of immune suppression signals in the tumor microenvironment. Developed for dual administration to maximize synergy and achieve a more comprehensive blockade of immune evasion pathways, these therapeutics aim to enhance the immune system's ability to mount a robust anti-tumor response. This approach has the potential to transform immuno-oncology and deliver innovative, well tolerated treatment options for patients.

Management

PRTG

Portage Biotech Spins Off Subsidiary Cyncado Therapeutics to Focus on Cutting-Edge Cancer Treatments, Peter Molloy to Lead Cyncado Therapeutics in Advancing Next-Gen Cancer Treatments

BMO Capital analyst Rufus Hone initiates coverage on Toast (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOST#NYSE">TOST</a>) with a Outperform rating and announces Price Target of $45.

TOST

BMO Capital Initiates Coverage On Toast with Outperform Rating, Announces Price Target of $45

Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google TV users are reportedly encountering issues with purchasing certain movies, including Walt Disney Co.'s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) classics.
What Happened: Last year, Google announced that TV episodes and seasons could <a href="https://www.benzinga.com/news/23/12/36189690/google-shutting-down-play-movies-tv-here-is-what-users-can-expect">no longer be purchased</a> on Google TV devices, Android TV devices, and the Google TV Mobile app.
Users were directed to use the YouTube app for such purchases, with no synchronization between the two services. At that time, Google assured users that movie purchases would remain unaffected.
However, the latest observations indicate that some movies on Google TV no longer offer purchase options, <a href="https://9to5google.com/2025/01/05/google-tv-buy-movies/">reported</a> 9To5Google.
See Also: <a href="https://www.benzinga.com/tech/25/01/42758112/jeff-bezos-booby-trapped-his-childhood-home-to-keep-out-pesky-siblings-but-later-convinced-them-to-invest-10000-each-in-amazon-how-did-it-turn-out-for-them?itm_source=parsely-api">Jeff Bezos Booby-Trapped His Childhood Home To Keep Out Pesky Siblings—But Later Convinced Them to Invest $10,000 Each In Amazon: How Did It Turn Out For Them?</a>
Instead, users are directed to streaming services, with the &#8220;watch now&#8221; button replacing purchase options. This issue is particularly noticeable with older Disney movies, such as &#8220;Star Wars&#8221; and &#8220;Toy Story,&#8221; which are only available through Disney+.
While newer titles like &#8220;Inside Out 2&#8221; still show purchase options, the problem extends to films from other studios, where streaming services like Max are the only access points.
Despite this, the majority of movies on Google TV continue to offer both purchase and streaming options, suggesting a potential catalog or directory bug rather than a deliberate removal of purchase capabilities, the report noted.
Google did not immediately respond to <a href="https://pro.benzinga.com/dashboard">Benzinga's</a> request for comments.
Subscribe to the <a href="https://bztechtrends.beehiiv.com/subscribe">Benzinga Tech Trends newsletter</a> to get all the latest tech developments delivered to your inbox.
Why It Matters: This comes just days after <a href="https://www.benzinga.com/tech/24/12/42635813/google-announces-major-layoffs-as-pichai-stresses-efficiency">Google&#8217;s organizational changes</a>. In December, CEO Sundar Pichai announced a 10% reduction in top management roles, underscoring the need to adapt to the rapidly changing tech landscape.
Alphabet&#8217;s <a href="https://www.benzinga.com/news/earnings/24/10/41611263/alphabet-q3-earnings-highlights-revenue-beat-eps-beat-google-cloud-up-35-momentum-across-the-compan">third-quarter revenue reached</a> $88.27 billion, marking a 15% increase compared to the same period last year. This figure surpassed the Street consensus estimate of $86.31 billion, according to <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent102924&amp;t=be2bearmibe3na1">data from Benzinga Pro</a>.
Additionally, the company reported $10.7 billion in revenue from Google subscribers, platforms, and devices, up from $8.3 billion in the previous year.
Check out more of Benzinga's Consumer Tech coverage by <a href="https://www.benzinga.com/topic/consumer-tech">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/25/01/42775636/ces-2025-preview-nvidia-amd-in-spotlight-other-trends-and-stocks-to-watch?itm_source=parsely-api">CES 2025 Preview: Nvidia And AMD Grab Spotlight, Other Trends And Stocks To Watch</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Google

Entertainment

Tech

GOOG

GOOGL

Google TV Reportedly Struggles With Missing Movie Purchases: Disney Classics And New Releases Now Locked Behind Streaming Services

BMO Capital analyst Andrew Strelzik initiates coverage on Primo Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRMB#NYSE">PRMB</a>) with a Outperform rating and announces Price Target of $40.

PRMB

BMO Capital Initiates Coverage On Primo Brands with Outperform Rating, Announces Price Target of $40

Piper Sandler analyst Brent Bracelin maintains Freshworks (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FRSH#NASDAQ">FRSH</a>) with a Overweight and raises the price target from $18 to $20.

FRSH

Piper Sandler Maintains Overweight on Freshworks, Raises Price Target to $20

Piper Sandler analyst Brent Bracelin downgrades BlackLine (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BL#NASDAQ">BL</a>) from Neutral to Underweight and maintains the price target from $60 to $60.

Downgrades

Piper Sandler Downgrades BlackLine to Underweight, Maintains Price Target to $60

JinkoSolar Holding Co., Ltd. (the "Company," or "JinkoSolar") (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JKS#NYSE">JKS</a>), one of the largest and most innovative solar module manufacturers in the world, today announced that it has achieved a significant breakthrough in the development of its N-type TOPCon-based perovskite tandem solar cell. Independently tested by the Shanghai Institute of Microsystem and Information Technology, Chinese Academy of Sciences, the cell achieved an impressive conversion efficiency of 33.84%, surpassing JinkoSolar's previous record of 33.24%. This achievement marks the 27th time JinkoSolar has set a world record for efficiency and power output for PV products.

JinkoSolar Achieves 33.84% Efficiency with Advanced Solar Cell Technology

Chinese stock exchanges are taking decisive action, urging major&nbsp;mutual funds to restrict stock&nbsp;sales as the nation faces a weakening yuan and volatile stock markets. This move is part of Beijing&#8217;s efforts to stabilize the economy before&nbsp;Donald Trump&nbsp;begins his second term as U.S. President.
What Happened: The yuan has fallen to its lowest level in 16 months, while the blue-chip stock index (CSI300) reached its weakest point since September, decreasing by 0.8% on Monday. The index suffered a 5% drop last week, marking its largest weekly loss in over two years. Meetings were held by the Shanghai and Shenzhen stock exchanges with foreign institutions to assure continued market openness, Reuters reported on Monday.
Three sources indicated that the exchanges have instructed at least four large mutual funds to buy more stocks than they sell, starting from the beginning of the year. This directive aims to reduce market volatility amid fears of potential tariffs on Chinese goods by the incoming U.S. administration. 
See Also:&nbsp;<a href="https://www.benzinga.com/25/01/42780776/is-apple-ready-for-a-new-challenge-chinas-smartphone-subsidies-aim-to-boost-domestic-demand-giving-companies-like-huawei-the-upper-hand?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Rival Huawei, Alibaba And Others Get Boost As China Doles Out Subsidies To Smartphone Buyers</a>
Authorities have implemented various measures to bolster capital markets, including swap and re-lending schemes amounting to 800 billion yuan for stock purchases. The Central Economic Work Conference in December highlighted the stabilization of stock and property markets as a key objective for 2025.
Why It Matters: The recent actions by Chinese exchanges come on the heels of a significant rebound in Chinese stocks in 2024, following a three-year downturn. The CSI 300 index rose by <a href="https://www.benzinga.com/25/01/42789867/chinese-stocks-end-2024-in-green-after-a-3-year-retreat-franklin-ftse-china-etf-ishares-msci-china-etf-and-more-in-the-spotlight">14.7% last year,</a> while the Shanghai Composite Index increased by 12.8%. The Hang Seng Index in Hong Kong also saw a 17.7% rise, marking its first annual gain in five years. This recovery was attributed to stronger-than-expected policy support from Chinese authorities, including interest rate cuts and funding programs to boost stock buying.
Additionally, China is considering allowing the yuan to <a href="https://www.benzinga.com/economics/macro-economic-events/24/12/42473889/china-eyes-yuan-devaluation-to-counter-trumps-tariffs-will-it-work">weaken significantly in 2025 </a>to counter potential 60% tariffs on Chinese imports by the United States. This potential devaluation represents a major shift in Beijing&#8217;s currency strategy amid mounting economic pressures.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/24/12/42637260/elon-musk-accused-of-bullying-republicans-to-scrap-us-china-investment-safeguards-to-protect-teslas-interests?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Accused Of Bullying Republicans To Scrap US-China Investment Safeguards To Protect Tesla&#8217;s Interests</a></li>
</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image via Shutterstock

General

Chinese Exchanges Reportedly Urge Fund Managers To Limit Stock Sales As Market Braces For Trump's Return

Piper Sandler analyst Brent Bracelin downgrades ZoomInfo Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZI#NASDAQ">ZI</a>) from Neutral to Underweight and lowers the price target from $11 to $10.

Piper Sandler Downgrades ZoomInfo Technologies to Underweight, Lowers Price Target to $10

Piper Sandler analyst Brent Bracelin upgrades Asana (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASAN#NYSE">ASAN</a>) from Neutral to Overweight and raises the price target from $19 to $27.

Upgrades

ASAN

Piper Sandler Upgrades Asana to Overweight, Raises Price Target to $27

Brad Garlinghouse, CEO of&nbsp;Ripple Labs, reported on Sunday a significant shift in the company&#8217;s hiring and business deals since Donald Trump&#8217;s win in the November elections.
What Happened: Garlinghouse expressed his enthusiasm for the incoming administration&#8217;s potential impact on Ripple and the broader cryptocurrency market. 
He revealed that about 75% of open roles are now based in the U.S., contrasting with the last four years when the majority of the hires were from outside. Additionally, more U.S. deals were signed in the last six weeks of 2024 than in the six months before.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">2025 is here and the Trump bull market is real. For Ripple, this is even more personal after Gensler&#39;s SEC effectively froze our business opportunities here at home for years. The optimism is obvious and very deserved. Today: &#x2705;75% of Ripple's open roles are now US-based, while…
&mdash; Brad Garlinghouse (@bgarlinghouse) <a href="https://twitter.com/bgarlinghouse/status/1875939452226564177?ref_src=twsrc%5Etfw">January 5, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also:&nbsp;<a href="https://www.benzinga.com/25/01/42807182/ethereum-killer-ada-surges-25-in-a-week-as-whale-investors-pile-on-millions-worth-of-crypto">Cardano Surges 25% Over The Week As Whale Investors Pile On Millions Worth Of The &#8216;Ethereum Killer&#8217;</a>
Garlinghouse unequivocally credited the &#8220;Trump bull market&#8221; for the turnaround. He praised the incoming team, including Scott Bessent, the Treasury secretary pick, David Sacks, the "White House AI &amp; Crypto Czar," and Paul Atkins, the SEC Chair nominee.
&#8220;Say what you want, but the "Trump effect" is already making crypto great again – through his campaign, and in the administration's day 1 priorities,&#8221; Garlinghouse said.
Why It Matters: Garlinghouse&#8217;s optimism comes after a challenging period for Ripple under SEC Chair Gary Gensler.
Ripple was locked in a nearly&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40240559/xrp-outshines-bitcoin-ethereum-to-become-biggest-daily-gainer-after-judge-imposes-125m-pen" target="_blank" rel="noreferrer noopener">four-year-long legal battle</a>&nbsp;with the SEC over the status of&nbsp;XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>), a cryptocurrency at the center of the company&#8217;s operations.
Frustrated with the lack of clarity around regulations, the San Francisco-based company w<a href="https://www.benzinga.com/markets/cryptocurrency/23/09/34531018/ripple-prefers-overseas-talent-shifts-80-of-hiring-due-to-regulatory-challenges">as once conducting 80%</a> of its hiring outside the U.S. at one point.
Garlinghouse <a href="https://www.benzinga.com/24/12/42382407/ripple-ceo-brad-garlinghouse-admits-204m-crypto-super-political-action-committee-wouldnt-exist-if-gary-gensler-hadnt-been-the-sec-chair">admitted that the establishment</a> of Fairshake, a crypto-focused super PAC, was a direct response to Gensler&#8217;s stifling actions against the industry.
Price Action: Meanwhile, XRP was exchanging hands at $2.40, up 0.85% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/25/01/42807883/microsoft-gave-bitcoin-a-miss-but-do-you-know-one-of-tech-giants-largest-shareholders-is-massively-bullish-on-the-apex-crypto">Microsoft May Have Given Bitcoin a Miss, but Did You Know One of Its Largest Shareholders Is Betting Big on the Top Crypto?</a></li>
</ul>
Photo courtesy: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Politics

Markets

$XRP

Ripple CEO Celebrates Trump's Crypto Influence, 75% Of New Hires In US

Piper Sandler analyst Clarke Jeffries upgrades Amplitude (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMPL#NASDAQ">AMPL</a>) from Neutral to Overweight and raises the price target from $11 to $15.

AMPL

Piper Sandler Upgrades Amplitude to Overweight, Raises Price Target to $15

Piper Sandler analyst Brent Bracelin initiates coverage on ServiceTitan (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTAN#NASDAQ">TTAN</a>) with a Overweight rating and announces Price Target of $125.

TTAN

Piper Sandler Initiates Coverage On ServiceTitan with Overweight Rating, Announces Price Target of $125

Niu Technologies ("NIU", or "the Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NIU#NASDAQ">NIU</a>), the world's leading provider of smart urban mobility solutions, today provides its sales volume results for the fourth quarter and full year 2024.
<figure class="table"> 
<table>
<tbody>
<tr>
<td>4Q 2024</td>
<td>4Q 2023</td>
<td>FY2024</td>
<td>FY2023</td>
<td>&nbsp;</td>
</tr>
<tr>
<td>China Market</td>
<td>182,333</td>
<td>110,454</td>
<td>759,094</td>
<td>600,994</td>
</tr>
<tr>
<td>International Markets</td>
<td>44,301</td>
<td>27,022</td>
<td>165,246</td>
<td>108,808</td>
</tr>
<tr>
<td>Total</td>
<td>226,634</td>
<td>137,476</td>
<td>924,340</td>
<td>709,802</td>
</tr>
</tbody>
</table>
</figure>
In the fourth quarter of 2024, the Company sold 226,634 units, including e-motorcycles, e-mopeds, e-bicycles, kick-scooters and e-bikes. The number of units sold in China and in international markets were 182,333 and 44,301, respectively.
In China, we achieved remarkable success this quarter with a 65% year-over-year growth, driven by the successful launch of new models throughout 2024 and the fulfillment of Q3 backlog orders following the implementation of new battery and electric system safety standards in late October. The new models, meticulously tailored to cater to diverse consumer segments, accounted for over 70% of Q4 sales. Notably, models such as the N-Play, NX, NT, FX, and UMAX resonated strongly with the Gen Z riders, offering cutting-edge design and features that align with their dynamic lifestyles. Meanwhile, the U1e, MT, and OT models, combining style, functionality, and safety to elevate their riding experience, were tailored to target the female riders. This strategic focus on customer-centric innovation underscores our ability to anticipate market demands and capture emerging opportunities with precision.
Overseas, the micro-mobility segment delivered exceptional performance, achieving a 65% year-over-year growth in Q4 and a 57% increase for the full year. At EICMA in November, we marked our 10th anniversary by unveiling an exciting lineup of innovative products, including dirt bikes, electric motorcycles and advanced micro-mobility solutions. Over the past decade, NIU has steadily bolstered its global brand presence, earning widespread acclaim from riders, strategic partners and key opinion leaders worldwide.
For the full year of 2024, the Company sold 924,340 units. The number of units sold in China and in international markets were 759,094 and 165,246, respectively.

In Q4, Niu Tech Sold 226.6K Units Of E-Motorcycles, E-Mopeds, E-Bicycles, Kick-Scooters and E-Bikes Vs 137.5K YoY

U.S. Treasury Secretary Janet Yellen&#8216;s strategy of relying heavily on short-term debt financing could create significant market turbulence as President-elect Donald Trump <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42777236/investors-dump-long-dated-treasury-etf-at-record-pace-ahead-of-trumps-white-house-return">prepares to take office</a>, according to financial experts and market data.
What Happened: Charles Gasparino, New York Post columnist, warned that Yellen&#8217;s approach of rolling over short-term debt instead of issuing longer-dated bonds has &#8220;masked the severity&#8221; of the federal deficit problem while potentially setting up a crisis for the incoming administration.
The Treasury Department under Yellen has shifted approximately 30% of government borrowing to short-term securities, up from 15% in 2023, according to analysis from Bear Traps Report. This strategy helped keep interest rates artificially low during Biden&#8217;s term but could backfire as these debts need refinancing at higher rates.
&#8220;Traders will demand much higher rates to issue long-term debt, which will blow out interest rates on credit cards, mortgages etc. That means recession or worse,&#8221; Gasparino wrote on X, formerly Twitter.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Side note to my column; a few weeks ago I wrote about the other ticking time bomb&#8211;Yellen papering the deficit by rolling over short term debt <a href="https://t.co/YzR4LKRTgV">https://t.co/YzR4LKRTgV</a>. It&#39;s worth noting that the severity of the debt problem has been masked because Yellen didn&#39;t issue 10-year…
&mdash; Charles Gasparino (@CGasparino) <a href="https://twitter.com/CGasparino/status/1875919713106038969?ref_src=twsrc%5Etfw">January 5, 2025</a></blockquote>
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Market reactions are already visible. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) saw record outflows of $5.5 billion in December, while 30-year Treasury yields surged 40 basis points to 4.80%, <a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42777236/investors-dump-long-dated-treasury-etf-at-record-pace-ahead-of-trumps-white-house-return">reaching their highest level</a> in over a year.
See Also: <a href="https://www.benzinga.com/25/01/42807883/microsoft-gave-bitcoin-a-miss-but-do-you-know-one-of-tech-giants-largest-shareholders-is-massively-bullish-on-the-apex-crypto">Microsoft May Have Given Bitcoin a Miss, but Did You Know One of Its Largest Shareholders Is Betting Big on the Top Crypto?</a>
Why It Matters: Ed Yardeni, president of Yardeni Research, said &#8220;Bond vigilantes are sending a loud warning message&#8221; about fiscal concerns under the incoming administration. The 10-year Treasury yield has jumped from 3.6% in September to 4.6% in late December, a 25% increase that could significantly <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/12/42720866/bond-vigilantes-send-loud-warning-message-as-treasuries-climb-to-may-highs-is-the-santa-rally-in-serious-doubt-heres-what-analysts-say">impact stock market performance</a>.
The situation presents an <a href="https://www.benzinga.com/government/regulations/24/11/42150805/trump-picks-hedge-fund-exec-scott-bessent-as-treasury-secretary-what-president-elects-choice-means-for-americas-economic-future">immediate challenge for Trump&#8217;s nominee</a> for Treasury Secretary, Scott Bessent, who will need to address both the rolling short-term debt and a federal budget deficit that has contributed to $36 trillion in <a href="https://www.benzinga.com/personal-finance/24/01/42755472/102-trillion-global-debt-the-u-s-and-china-lead-the-charge-what-you-need-to-know">total government debt</a>.
&#8220;Your costs explode and buyers could balk,&#8221; Gasparino cautioned, highlighting the potential double threat of higher refinancing costs and reduced market appetite for U.S. debt securities.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/equities/25/01/42807107/israel-englanders-millennium-management-cuts-nvidia-stake-buys-10x-more-of-this-chip-stockwhats-brewing-in-the-70-billion-hedge-fund">Israel Englander&#8217;s Millennium Management Dumps Nvidia, Loads Up On Broadcom — Here&#8217;s What The $70 Billion Hedge Fund Sees</a></li>
</ul>
Image via World Bank / Brandon Payne
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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