Streetbeat News

Bankruptcy

BABA

E-House's restructuring efforts have stalled due to its inability to use its CRIC asset as collateral for a rights issue, necessary for raising funds. The company faces significant financial difficulties, with over 5 billion yuan in interest-bearing liabilities and upcoming loans and convertible notes. Its situation is exacerbated by the real estate market downturn, affecting its main revenue source from property developers. E-House had planned to raise funds through a rights issue and inject its assets into a joint venture with Alibaba, but the plan is now on hold.

Portfolio Pulse from The Bamboo Works

March 11, 2024 | 5:20 pm

KRE

TFC

USB

Federal Reserve Chairman Jerome Powell warned of more bank failures, particularly among regional banks with significant exposure to commercial real estate loans. Powell highlighted the issue is more pronounced in smaller and medium-sized banks, with some holding CRE loans worth nearly 35% of their total assets. The shift to remote work during the COVID-19 pandemic has left 19% of U.S. offices empty, exacerbating the problem. Truist Financial Corp. (TFC), U.S. Bancorp (USB), and New York Community Bancorp are among the banks with the largest exposures. Despite the concerns, the SPDR S&P Regional Banking ETF (KRE) and shares of TFC and USB have remained relatively stable, while NYCB's shares have dropped significantly.

Portfolio Pulse from Neil Dennis

March 08, 2024 | 6:04 pm

KBE

KRE

SPY

XLF

Fed Chair Powell highlighted that banks with significant commercial real estate (CRE) exposure, particularly in the office sector, are being closely monitored. He anticipates failures among small and medium-sized banks with the largest exposure but does not expect major banks to fail. Powell emphasized the importance of all banks being familiar with the Federal Reserve's discount window as a liquidity measure.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 4:29 pm

KBE

KRE

SPY

XLF

Fed Chair Powell emphasized that only banks have accounts at the Federal Reserve, a policy that will continue. He also noted that the Federal Home Loan Banks possess more advanced technology than the Fed, but any significant technological updates or policy changes at the Fed are not imminent.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 4:26 pm

SPY

Fed Chair Powell highlighted concerns over banks with high concentrations of commercial real estate (CRE), indicating they will face losses. He mentioned that the issue is more severe in some banks and locations, and regulators are working with these banks on mitigation strategies. Powell also noted that liquidity rules are being developed but have not yet been proposed.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 4:47 pm

SPY

Fed Chair Powell emphasized that executives of failed banks should not profit from their failures, advocating for claw backs. He also acknowledged the reality of climate change, highlighting its long-term risks.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 4:23 pm

KBE

KRE

SPY

XLF

Fed Chair Powell announced that Fed supervisors are actively working with small and medium-sized banks to assess and manage their exposure risks. This move is aimed at ensuring the stability and health of the banking sector.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 4:06 pm

CSSE

Chicken Soup for the Soul Entertainment Inc (NASDAQ:CSSE) is exploring financial options to address its cash crisis, including issuing preferred equity, raising new debt, and selling assets. The company, which expanded from publishing to various entertainment sectors, faces financial instability with $4.1 million in cash and $360 million in debt from its merger with Redbox. Despite efforts to reduce costs and renegotiate contracts, its stock has lost over 95% of its value in the past year.

Portfolio Pulse from Anusuya Lahiri

March 06, 2024 | 2:21 pm

AISP

CRWD

EVC

MRAI

CrowdStrike Holdings, Inc. (CRWD) shares surged 24.4% in pre-market trading after reporting better-than-expected Q4 earnings and revenues, and issuing upbeat FY25 guidance. Other stocks also moved significantly in pre-market trading, with notable gainers including NKGen Biotech, Inc. (NKGN), Marpai, Inc. (MRAI), and Airship AI Holdings, Inc. (AISP). Losers included Entravision Communications Corporation (EVC) and Heart Test Laboratories, Inc. (HSCS).

Portfolio Pulse from Avi Kapoor

March 06, 2024 | 1:14 pm

BTC-USD

ETH-USD

Raoul Pal, a macro guru, warns against the use of leverage in cryptocurrency trading, highlighting the recent $1B in crypto liquidations. He advises buying and holding cryptocurrencies at spot prices to avoid the risks associated with high volatility and leverage. Over the last 24 hours, significant liquidations occurred, including a $9 million order on Bitmex for the Bitcoin to USD pair. Bitcoin and Ethereum long positions faced substantial liquidations of $215 million and $134 million, respectively.

Portfolio Pulse from Mehab Qureshi

March 06, 2024 | 8:02 am