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CTRYF

Chinese real estate company Country Garden Holdings Co. Ltd. (OTCPK: CTRYF) is struggling to meet offshore debt obligations, including a $15 million interest payment. The company's dollar-denominated bonds have fallen to 4 cents on the dollar. This comes amidst positive economic data from China, with Q3 GDP growth of 4.9% and retail sales up by 5.5% year-on-year in September 2023.

Portfolio Pulse from Piero Cingari

October 18, 2023 | 3:02 pm

BMMJ

Body and Mind Inc. (BMMJ) has sold its interests in the Body and Mind Ohio dispensary for $8.225 million in cash. The deal includes an additional $2.5 million in potential contingent proceeds. The company has also fully repaid its $7.33 million debt to its senior secured lender. The proceeds from the sale will be used to fund the development of its retail assets in Illinois and New Jersey. The company's shares traded 23.5968% lower at $0.0667 per share on Wednesday morning.

Portfolio Pulse from Jelena Martinovic

October 18, 2023 | 2:41 pm

CTRYF

EVGRF

FXI

JPM

LNGPF

SPY

SZENF

China's largest property developers, Country Garden Holdings Limited and China Evergrande Group, are facing financial difficulties. Country Garden missed a bond payment of $15.4 million and has $186 billion of liabilities. Its junk bonds are trading at around 4 cents on the dollar. Evergrande, with $327 billion in liabilities, faces liquidation at the end of the month. The situation is affecting the Chinese property market and the performance of China tracker funds such as the iShares China Large-Cap, which is down 10% year-to-date.

Portfolio Pulse from Daniel Harrison

October 18, 2023 | 2:14 pm

BLND

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BUKS

TGEN

Insiders have recently bought shares in four penny stocks: Butler National Corporation (OTC:BUKS), Blend Labs, Inc. (NYSE:BLND), Tecogen Inc. (OTC:TGEN), and Barnwell Industries, Inc. (NYSE:BRN). Butler National disclosed the acquisition of KC Machine, Blend announced an integration with MeridianLink, Tecogen signed a $1.5 million Credit Agreement, and Barnwell Industries reported a net loss of $717,000.

Portfolio Pulse from Lisa Levin

October 18, 2023 | 12:34 pm

ARDX

The FDA has approved Ardelyx Inc's (NASDAQ:ARDX) kidney disease-related drug, Xphozah, after initially rejecting it. The drug is the first and only phosphate absorption inhibitor, designed to reduce serum phosphorus in adults with chronic kidney disease on dialysis. Ardelyx has also amended its debt financing agreement with SLR Capital Partners, gaining access to an additional $50 million in committed debt financing. ARDX shares are up 16.20% premarket.

Portfolio Pulse from Vandana Singh

October 18, 2023 | 12:29 pm

Morgan Stanley's Q3 provision for credit losses has increased to $134M, up from $35M year-over-year.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2023 | 11:32 am

The Federal Reserve is planning to introduce a proposal to reduce the fees merchants pay to banks for debit card transactions. This could impact major card issuers like Mastercard (MA) and Visa (V), who have been charging a fee of 21 cents plus 0.05% of the total transaction value for each transaction. The Durbin amendment, which introduced this fee cap, has led to a shift in the payments sector, reducing the influence of networks like Visa and Mastercard in setting interchange fees.

Portfolio Pulse from Anusuya Lahiri

October 18, 2023 | 11:11 am

SPY

Federal Reserve's Harker has called for an extension of the pause on interest-rate increases, suggesting to 'see how things evolve' over the next few months. This news was reported by the Wall Street Journal.

Portfolio Pulse from Charles Gross

October 18, 2023 | 9:39 am

AXP

DFS

The Federal Reserve is reportedly planning to propose a reduction in debit card interchange fees, according to sources cited by The Wall Street Journal. This could impact companies like American Express (AXP), Discover Financial Services (DFS), Mastercard (MA), and Visa (V).

Portfolio Pulse from Charles Gross

October 18, 2023 | 8:42 am

CHPT

ChargePoint Holdings Inc's shares are trading higher by 3.9% despite a recent 23.7% decrease over the past five trading sessions. The drop followed an announcement that the company had secured commitments from institutional investors, including the lead investor of their $300 million convertible notes issued in April 2022. The company has also raised $57 million in the third fiscal quarter of 2024 and is planning to modify the terms of their notes with the lead investor. However, these actions might lead to a continued negative sentiment and a decline in the stock price.

Portfolio Pulse from Henry Khederian

October 17, 2023 | 5:44 pm