Streetbeat News

Assets

GM

JPM

General Motors (GM) has entered into a new 364-day revolving credit agreement with JPMorgan Chase Bank, providing a borrowing capacity of $6 billion. The agreement, which matures on October 1, 2024, is unsecured and the interest rates are based on prevailing annual rates for Term SOFR loans, Daily Simple SOFR loans or an alternative base rate. The agreement requires GM to maintain at least $4 billion in global liquidity and $2 billion in U.S. liquidity.

Portfolio Pulse from Charles Gross

October 04, 2023 | 10:34 am

DIA

QQQ

SPY

USO

UUP

On October 3, U.S. markets closed in the red due to rising Treasury yields and no immediate Federal Reserve interest rate cut. Job openings in August surpassed market expectations. All sectors in the S&P 500, except utilities, declined. The Dow Jones, S&P 500, and Nasdaq Composite all closed lower. Asian markets also fell, while Eurozone traded in green. Crude oil traded under $90. U.S. Dollar Index was down 0.15%.

Portfolio Pulse from Akanksha Bakshi

October 04, 2023 | 10:32 am

BLK

XOM

Exxon Mobil Corp (XOM) has reportedly identified BlackRock Inc (BLK) as the potential buyer for its 70.68% share in Italy's leading liquefied natural gas (LNG) import terminal, the Adriatic LNG Terminal. The decision aligns with Exxon's strategy to shed non-core assets. The terminal is estimated to be worth €800 million ($881 million). The transaction is yet to be finalized.

Portfolio Pulse from Shivani Kumaresan

October 04, 2023 | 10:24 am

FREY

FREYR Battery (NYSE:FREY) has provided an update on its operational progress at the Customer Qualification Plant in Norway. The company remains on track to commence fully automated production in 4Q 2023. This key milestone will enable FREYR to produce and ship sample cells to customers including Nidec, which is expected to catalyze the Giga America project equity farm down process.

Portfolio Pulse from Benzinga Newsdesk

October 04, 2023 | 10:06 am

VWAGY

Volkswagen AG has hired former Tesla, Rivian, and Google executive, Sanjay Lal, to address software issues in its electric vehicle (EV) sector. The company's Cariad software unit has been underperforming, causing delays in the launch of Porsche and Audi electric models. Lal will head a new software design hub for future EVs under the Cariad division. The move is seen as crucial for Volkswagen's ability to compete with industry leaders like Tesla and Rivian.

Portfolio Pulse from Benzinga Neuro

October 04, 2023 | 9:57 am

BP

BP PLC is reportedly planning to sell a 49% stake in its U.S. oil and gas pipeline network in the Gulf of Mexico, aiming to raise about $1 billion. The move is part of BP's strategy to lower debt and maintain its dividend. The pipeline's entity reportedly generates a 12-month EBITDA of about $200 million. BP's shares are trading lower by 0.66% at $37.35 premarket.

Portfolio Pulse from Lekha Gupta

October 04, 2023 | 9:57 am

BP

BP is planning to sell a 49% stake in its US oil and gas pipeline network in the Gulf of Mexico, with expectations to raise up to $1 billion.

Portfolio Pulse from Benzinga Newsdesk

October 04, 2023 | 7:47 am

KKR

Private equity firm KKR has expanded its operations in India by opening a new office in Gurugram. This move is part of KKR's strategy to tap into the growing Indian market.

Portfolio Pulse from Benzinga Newsdesk

October 04, 2023 | 7:23 am

BTCUSD

The Twitter handle claiming to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin, has tweeted about the upcoming Bitcoin halving in 2024, which is expected to increase transaction fees. The tweet led to a 20% surge in the price of Bitcoin SV (BSV), a cryptocurrency that branched off from Bitcoin. Meanwhile, Bitcoin (BTC) was trading at $27,362.22, down 0.86% in the last 24 hours.

Portfolio Pulse from Mehab Qureshi

October 04, 2023 | 5:47 am

OPEN

RKT

XLRE

ZG

Real estate stocks took a hit on Tuesday due to rising treasury yields. The Real Estate Select Sector SPDR Fund (XLRE) closed down nearly 2%. Real estate tech stocks, Zillow Group Inc (ZG) and Opendoor Technologies Inc (OPEN), closed down about 7% and 10% respectively. Rocket Companies Inc (RKT) also saw a drop of more than 6% as mortgage rates moved higher, nearing 8%, the highest point since 2000. The rise in mortgage rates has softened the demand for new buyers and limited the supply of houses listed.

Portfolio Pulse from Aaron Bry

October 04, 2023 | 4:36 am