Streetbeat News

Credit

JPM

JPMorgan Chase & Co. has reviewed the Federal Reserve's 2024 stress test results and identified potential discrepancies in the projections for Other Comprehensive Income (OCI). The firm believes the benefit in OCI may be overstated, which could result in modestly higher stress losses than disclosed. As of March 31, 2024, JPMorgan Chase reported a CET1 capital ratio of 15.0%, significantly above the regulatory requirement of 11.9%.

Portfolio Pulse from Benzinga Newsdesk

June 27, 2024 | 7:08 am

ESNT

Essent Group has announced the pricing of its public offering of $500 million in senior unsecured notes, expected to close on July 1, 2024, subject to customary closing conditions.

Portfolio Pulse from Benzinga Newsdesk

June 27, 2024 | 6:43 am

ALLY

BCS

CFG

CIA

COF

DFS

TFC

XLF

The Federal Reserve's 2024 stress test reveals that large banks face greater projected losses than last year but remain well-capitalized to endure a severe recession. Key banks like Ally Financial, Discover Financial Services, and Goldman Sachs are notably impacted by increased credit card losses, riskier corporate credit portfolios, and higher expenses. Despite these challenges, all 31 banks tested remain above their minimum capital requirements.

Portfolio Pulse from Piero Cingari

June 26, 2024 | 9:12 pm

SPY

XLF

A recent stress test reveals that banks' corporate credit portfolios have become riskier, leading to downgrades of their own loans and higher projected corporate losses.

Portfolio Pulse from Benzinga Newsdesk

June 26, 2024 | 8:34 pm

SPY

The 2024 stress test results indicate that the 31 large banks subject to the test have sufficient capital to absorb nearly $685 billion in losses and continue lending to households and businesses under stressful conditions.

Portfolio Pulse from Benzinga Newsdesk

June 26, 2024 | 8:32 pm

JPM

SCHW

The Federal Reserve's bank stress test results indicate higher expenses and lower fee income contributed to steeper losses. Increases in bank credit card balances and higher delinquency rates drove greater hypothetical losses. Charles Schwab, Bank of New York Mellon, JPMorgan Chase, and Morgan Stanley were among the strongest performing banks.

Portfolio Pulse from Benzinga Newsdesk

June 26, 2024 | 8:32 pm

YMM

J Capital Research has released a short report on Full Truck Alliance (YMM), raising concerns about the company's financial health and business practices. The report could lead to increased volatility in YMM's stock price.

Portfolio Pulse from Benzinga Newsdesk

June 26, 2024 | 6:08 pm

CONN

Home goods retailer Conn's has engaged advisers to assist with its debt and potential merger, according to Bloomberg.

Portfolio Pulse from Benzinga Newsdesk

June 26, 2024 | 6:02 pm

SEDG

SolarEdge Technologies has announced the pricing of $300 million of 2.25% convertible senior notes due 2029 in a private offering. The initial purchasers have a 13-day option to buy an additional $45 million of the notes. The sale is expected to settle on June 28, 2024, subject to customary closing conditions.

Portfolio Pulse from Benzinga Newsdesk

June 26, 2024 | 11:03 am

RIVN

VWAGY

Rivian Automotive, Inc. (NASDAQ:RIVN) is set to open at a 4-month high following the announcement of a joint venture with Volkswagen AG’s U.S. subsidiary. Volkswagen will invest $1 billion initially, with up to $4 billion in additional planned investment. Rivian will also raise $1 billion in debt financing through convertible promissory notes. The stock rose 36.71% in premarket trading.

Portfolio Pulse from Shanthi Rexaline

June 26, 2024 | 10:25 am