In March, SoFi launched a lawsuit against the Biden administration in a bid to end the pause on federal student loan payments that has been in place since March 2020. However, Boltansky cautions that the Biden administration could still offer a repayment grace period and warned there may not be a “tidal wave” of refinancing activity in the student loan space due to high borrowing costs. 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. Shares of SoFi, a leader in the student loan refinancing space, jumped 5% Tuesday morning. 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.
The Sierra Club called on Congress to reject the deal and pass a clean bill to raise the debt ceiling. Still, environmental groups and some progressives are furious about the inclusion of the Mountain Valley Pipeline in the deal. Joe Manchin.Īlthough 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. The stock ended the day up around 35%.Įquitrans is the lead developer of the pipeline project, known as MVP, which has been championed by Democratic Sen. 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. But the bipartisan compromise is causing fireworks for some companies that have emerged as winners. The debt ceiling deal in Washington did not set off a celebration in the stock market.
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