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Ally Financial shares slip on concerns about its car loan exposure in hurricane Harvey-battered Texas
Shares of Ally Financial Inc. were slightly lower Monday, as investors awaited assessments of the company's exposure to hurricane Harvey, given that Texas is one of the bigger states in the U.S. auto market. Texas is Ally's biggest state for retail auto loans, at about $9 billion of premiums, and commercial real estate, at about $650 million in premiums, according to research firm CreditSights, and it likely has big exposure in its $35 billion commercial loan book. Ally and the broader original equipment maker markets may actually benefit from the storm damage, as natural disasters effectively lead to a spike in the scrappage rate, or percentage of vehicles of a certain type in a given age class that are retired from use in a give year. That will pull supply from the market and drive consumers back to the lot earlier than expected, said CreditSights analyst Jesse Rosenthal. "There is precedence for this type of near-term tailwind, with used car prices bouncing in the wake of Sandy and Katrina, and could be a boost for the beaten-down industry in coming months," said Rosenthal. Ally shares have gained 19% in 2017, while the S&P 500 has gained 9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
AMC shares bounce following tough week of losses
Shares of theater operator AMC Entertainment Holdings Inc. were up 5% intraday on Thursday. AMC stock has been beaten up recently after Barclays downgraded the stock on Wednesday following a Wall Street Journal report earlier in the week saying Chinese regulators had warned that funding the company received from parent company Dalian Wanda Group violated government capital rules. AMC has since denied receiving funding for acquisitions. As this has unfolded, AMC and other cinema stocks have also been beaten up due to poor box office performance and the threat of collapsing theatrical windows. B. Riley analyst Eric Wold said AMC's stock paring losses points to some rational thoughts coming back to AMC investors. "We believe that some of the sell-side concerns around [premium video on demand] have been stretch concerns without a basis in reality around both what is best for the industry or, more importantly, catering to what consumers actually desire," Wold said in an email. "As for the Wanda situation, once AMC made it clear that Wanda has not been involved in the company's financing or acquisition activity, the issues around Wanda should be centralized to Wanda and have no impact on AMC." Shares of AMC have declined more than 38% in the year to date, while the S&P 500 index is up nearly 11%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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