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FRBK

The Federal Deposit Insurance Corp. (FDIC) has suspended the auction process for Republic First Bancorp Inc. after the bank struck a deal to raise money from investors. The FDIC had sought bids for Republic First last week. The bank, which delisted from the Nasdaq in August, announced it would raise $35 million from a group of investors including George E. Norcross III, Gregory B. Braca and Philip A. Norcross.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 6:18 pm

QQQ

SPY

TLT

UUP

The Federal Reserve has decided to maintain interest rates at 5.25%-5.5% during its November meeting. The Fed reaffirmed its commitment to achieving a 2% inflation target and will continue to monitor economic data and outlook. The Fed acknowledges that inflation remains elevated and tighter credit conditions are likely to exert downward pressure on economic activity. The market showed little movement following the announcement, with the U.S. dollar index, tracked by the Invesco DB USD Index Bullish Fund ETF (UUP), seeing a marginal 0.1% decline. The iShares 20+ Year Treasury Bond ETF (TLT) recorded a 1.3% increase, while the SPDR S&P 500 ETF Trust (SPY) posted a 0.4% gain and the Invesco QQQ Trust (QQQ) surged by 0.8%.

Portfolio Pulse from Piero Cingari

November 01, 2023 | 6:14 pm

SPY

The Federal Reserve has announced that it is prepared to adjust its policy stance 'as appropriate' if risks emerge to achieving its goals. The Fed will continue bond holding reductions as previously planned.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 6:02 pm

SPY

The Federal Open Market Committee (FOMC) has decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. The Committee is committed to returning inflation to its 2 percent objective. The U.S. banking system is sound and resilient, but tighter financial and credit conditions for households and businesses are likely to impact economic activity, hiring, and inflation.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 6:00 pm

SPY

The Federal Reserve has decided to leave the key overnight interest rate unchanged.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 6:00 pm

ACU

Acme United Corporation (NYSE:ACU) has sold its Camillus and Cuda hunting and fishing product lines to GSM Holdings for $19.8 million. The company will recognize an after-tax gain of approximately $10 million in Q4 2023. The proceeds will be used to pay down about $15 million of bank debt. The sale is expected to be earnings breakeven after eliminating associated expenses and interest savings from debt reduction.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 5:12 pm

ADP

AMD

MSFT

SPY

WE

The stock market has just finished a three consecutive month losing streak, the longest since the pandemic. However, historical data shows that the stock market usually goes up in November after a three-month losing streak. The U.S. Department of the Treasury is offering $112 billion of Treasury securities, which is better than expectations and is bringing in buyers in the stock market. Employment Change data from Automatic Data Processing Inc indicates a strong jobs picture. WeWork Inc is filing for bankruptcy. Advanced Micro Devices, Inc. reported worse than expected earnings, but investors are buying the stock due to excitement about its AI chip. Microsoft Corp is selling its AI Copilot to enterprises, which is exciting investors. Money flows are positive in Apple Inc, Amazon.com, Inc., Alphabet Inc Class C, Meta Platforms Inc, Microsoft Corp, and Tesla Inc, but negative in NVIDIA Corp. Money flows are mixed in SPDR S&P 500 ETF Trust and Invesco QQQ Trust Series 1.

Portfolio Pulse from The Arora Report

November 01, 2023 | 4:13 pm

LUMN

Lumen Technologies reported mixed Q3 results and announced an agreement with creditors. This news led to a decrease in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 4:03 pm

JPM

JPMorgan Chase & Co. is reportedly seeking a partner to expand its private credit business. The bank is looking to tap into the growing market for private credit, which includes loans to companies that are not publicly traded or are too small to issue bonds.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 3:56 pm

AYRWF

AYR Wellness Inc. has entered into a transaction support agreement with the holders of approximately 75% of the aggregate outstanding principal amount of the company's 12.5% senior notes due December 2024. The deal includes transferring the existing senior notes to a newly formed subsidiary, issuing new senior notes, and offering additional senior notes. The company also announced an agreement with LivFree Wellness, LLC, to amend terms of a promissory note. Upon completion of the transactions, AYR will have retired or extended the maturity of nearly $400 million in debt for an additional two years.

Portfolio Pulse from Jelena Martinovic

November 01, 2023 | 3:38 pm