Streetbeat News

Credit

BAC

Bank of America's CFO has announced that the bank is raising its net interest income forecast for 2023 by approximately 9%, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2023 | 1:03 pm

BAC

Bank of America's CFO has stated that the slowing pattern in consumer spending is expected to continue. The bank also anticipates that its headcount will remain flat from this point onwards. However, deposits are performing better than the bank expected.

Portfolio Pulse from Charles Gross

October 17, 2023 | 11:51 am

CSIQ

Canadian Solar Inc. (NASDAQ:CSIQ) has successfully issued a JPY 18.5 billion green samurai private placement in Japan. The placement has a 3-year tenor with a mix of both semi-annual fixed (1.82% p.a.) and floating (circa 1.49% p.a.) coupons. The Japan Credit Rating Agency has assigned this structured bond with an investment grade rating of 'A-' and certified the issuer with the highest Green 1 rating under the Japanese Green Bond guidelines.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2023 | 11:13 am

BAC

Bank of America's Q3 consumer banking revenue was $10.5 billion, up 6% from the previous quarter. However, average deposits were down 8% to $980 billion. Net income was $2.9 billion, and average loans and leases increased by 5% to $311 billion. Combined credit/debit card spend was $225 billion, up 3%.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2023 | 10:47 am

BAC

Bank of America's Q3 provision for credit losses has increased by $336M to $1.2B.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2023 | 10:46 am

FXI

China has instructed its banks to roll over local government debts, as reported by Reuters. This move is aimed at managing financial risks in a faltering economy.

Portfolio Pulse from Charles Gross

October 17, 2023 | 9:07 am

FFIE

Faraday Future Intelligent Electric Inc (NASDAQ:FFIE) has unveiled a 'master plan' to achieve financial stability without overreliance on external funding. The plan focuses on cost reduction and in-house sourcing of capital-intensive systems. The company expects the plan to lead to positive cash flow and profitability. Faraday Future reported no revenue but a net loss of $124.9 million in Q2. The company's shares have plummeted by 95.02% year-to-date.

Portfolio Pulse from Anan Ashraf

October 17, 2023 | 8:15 am

AAPL

AXP

GS

Goldman Sachs is reportedly considering exiting consumer lending, including the sale of its Apple credit card and other Apple products, as well as the General Motors credit card. The bank is also offloading specialty lender GreenSky at a significant loss. Goldman Sachs has been in talks with American Express, but the potential shift of consumer products to Amex remains uncertain. This strategic reversal comes after the bank's entry into the credit card space in 2019, which has led to billions in losses and regulatory attention.

Portfolio Pulse from Benzinga Neuro

October 17, 2023 | 3:15 am

DWAC

Digital World Acquisition Corp. (DWAC) has announced that it expects to restate its 2021 audited financials in an amended and restated 2022 10-K to be filed with the SEC. The company's audit committee has concluded that the financial statements for the year ended December 31, 2021, should no longer be relied upon.

Portfolio Pulse from Charles Gross

October 16, 2023 | 9:22 pm

SPY

Philadelphia Fed President Harker has stated that the Federal Reserve should not be considering more rate increases, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 9:07 pm