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Credit

BHC

Bausch Health Companies (NYSE:BHC) reported a second-quarter 2024 GAAP EPS of $0.03, missing the consensus of $0.28. Revenues were $2.403 billion, up 11% year-over-year, beating the consensus of $2.339 billion. Despite positive revenue growth, Piper Sandler downgraded Bausch to Underweight from Neutral, citing solvency concerns with $9.4 billion in debt maturing in 2027/2028 and Xifaxan losing exclusivity by January 2028. BHC stock is down 6.80% at $5.69.

Portfolio Pulse from Vandana Singh

August 02, 2024 | 6:06 pm

SPY

Federal Reserve's Goolsbee suggests that current data indicates a 'golden path' for the economy, emphasizing the need to balance policy with economic conditions quickly. If inflation and the job market continue to cool, the Fed should consider cutting rates. Recent jobs data shows a cooling labor market.

Portfolio Pulse from Benzinga Newsdesk

August 02, 2024 | 5:49 pm

BAC

WFC

Bank of America (BAC) and Wells Fargo (WFC) shares are trading lower due to weaker-than-expected U.S. job data, raising concerns about economic slowdown and potential Federal Reserve rate cuts. This environment could lead to reduced consumer and business borrowing, higher credit risk, and lower profits for banks.

Portfolio Pulse from Henry Khederian

August 02, 2024 | 4:31 pm

SPY

Federal Reserve's Goolsbee highlighted that the policy rate set a year ago may no longer be appropriate due to changing economic conditions. He pointed out rising small business defaults and delinquencies as warning signs, indicating the economy faces crosscurrents.

Portfolio Pulse from Benzinga Newsdesk

August 02, 2024 | 4:13 pm

SPY

Federal Reserve's Goolsbee stated that inflation is trending down and the labor market is cooling. The Fed aims for a balanced labor market and has not committed to a future rate path. Policymakers expect multiple rate cuts next year.

Portfolio Pulse from Benzinga Newsdesk

August 02, 2024 | 4:10 pm

IWM

QQQ

SOXX

Risk-off sentiment led to significant losses in equities, with the VIX up over 50%, Nasdaq 100 entering correction, and chipmakers in a bear market. Small caps also tumbled.

Portfolio Pulse from Piero Cingari

August 02, 2024 | 3:34 pm

AAWH

CCHW

FFNTF

GRAMF

JUSHF

SHWZ

STHZ

VRNOF

A recent report by Pablo Zuanic of Zuanic & Associates analyzes the debt maturities of over 20 multi-state operators (MSOs) in the U.S. cannabis industry. Ascend Wellness Holdings (OTC:AAWH) refinanced $200 million in debt, issuing $235 million in 5-year Senior Secured Notes at a 12.75% coupon rate. Other MSOs with significant debt include Schwazze (OTC:SHWZ), The Cannabist (OTC:CCHW), 4Front Ventures (OTC:FFNTF), Gold Flora (OTC:GRAMF), and Jushi Holdings (OTC:JUSHF). The report also highlights high income tax debt and leverage ratios for several companies, including StateHouse (OTC:STHZ) and Verano (OTC:VRNOF).

Portfolio Pulse from Nicolás Jose Rodriguez

August 02, 2024 | 3:17 pm

TSNDF

TerrAscend Corp. has secured a $140 million senior secured term loan from FocusGrowth Asset Management, with no other material debt maturing until 2027. The loan will help retire existing indebtedness and support potential M&A transactions.

Portfolio Pulse from Jelena Martinovic

August 02, 2024 | 2:44 pm

SPY

Goldman Sachs has updated its forecast to include a third quarter-point rate cut by the Federal Reserve in 2024.

Portfolio Pulse from Benzinga Newsdesk

August 02, 2024 | 2:34 pm

VREOF

Vireo Growth Inc. has extended its credit facility with Chicago Atlantic, which has also converted all its convertible notes into equity shares. The extension moves the loan due date to January 29, 2027, and Vireo will issue 12.5 million shares to the lenders. This move is expected to save Vireo approximately $2.3 million in interest expenses. Vireo's shares rose 10.7% following the announcement.

Portfolio Pulse from Nina Zdinjak

August 02, 2024 | 1:36 pm