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Morgan Stanley's stock is trading lower due to concerns about future rate hikes following the FOMC statement and lower-than-expected initial jobless claims data. The bank's profitability could be affected by higher borrowing costs and a compression of the net interest margin. The Federal Reserve maintained the federal funds rate within the 5.25% to 5.5% range at its September meeting.

Portfolio Pulse from Henry Khederian

September 21, 2023 | 6:48 pm

SCHW

Shares of Charles Schwab Corporation (SCHW) are trading lower amid concerns about future rate hikes following the FOMC statement and lower-than-expected initial jobless claims data. The Federal Reserve maintained the federal funds rate within the 5.25% to 5.5% range at its September meeting. Higher interest rates can boost Schwab's interest income, but concerns about rate hikes may lead to expectations of slower economic growth or increased borrowing costs for clients, which could dampen investment activity and income.

Portfolio Pulse from Henry Khederian

September 21, 2023 | 5:02 pm

HOOD

Shares of Robinhood Markets Inc (NASDAQ:HOOD) are trading lower by 3.1% amid concerns about future rate hikes following the FOMC statement and lower-than-expected initial jobless claims data. Higher interest rates can affect the profitability of financial companies like Robinhood and lead to higher borrowing costs, potentially reducing customer activity.

Portfolio Pulse from Henry Khederian

September 21, 2023 | 5:01 pm

BAC

Bank of America Corp (BAC) shares are trading lower by 1.2% amid overall market weakness and concerns about future rate hikes following the recent FOMC statement and lower-than-expected initial jobless claims data. Higher interest rates can lead to higher funding costs for banks, potentially squeezing their net interest income and reducing profitability. The Federal Reserve maintained the federal funds rate within the 5.25% to 5.5% range at its September meeting.

Portfolio Pulse from Henry Khederian

September 21, 2023 | 5:00 pm

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MSCI

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SPGI

Banking and financial stocks are trading lower due to overall market weakness, concerns about future rate hikes following the recent FOMC statement, and lower-than-expected initial jobless claims data.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 4:36 pm

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CGC

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Zuanic & Associates has analyzed the financial net debt metrics of 20 multi-state operators (MSOs) in the cannabis industry to identify potential candidates for equity raises or debt restructuring. Trulieve and Curaleaf have the highest net debt among the group. The report also includes income tax payables, gross leases, and warrant derivative liabilities in its definition of net debt, revealing that Curaleaf, Cresco, and Trulieve hold the highest absolute 'broad' net financial debt. Several MSOs, including Acreage, Ascend Wellness, AYR, Columbia Care, 4Front, iAnthus, Jushi, StateHouse, and TerrAscend, present a higher probability of needing equity raises.

Portfolio Pulse from Nicolás Jose Rodriguez

September 21, 2023 | 2:55 pm

TRNS

Transcat Inc (NASDAQ:TRNS) has priced its underwritten public offering of 736,845 shares at $95.00 per share, a 12.5% discount to its closing price as of September 20, 2023. The company expects to raise approximately $65.2 million from the offering, which it plans to use to repay its credit facility, for working capital, and other general corporate purposes. The offering is expected to close on September 25, 2023. Following the news, TRNS shares are trading lower by 9.87% at $97.94.

Portfolio Pulse from Shivani Kumaresan

September 21, 2023 | 2:30 pm

AAPL

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NVDA

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The Federal Reserve's new dot plot indicates higher interest rates for a longer period, contradicting predictions of four rate cuts next year. This has led to significant selling in the stock market. The dot plot shows a median projection for 2024 at 5.1%, up from 4.6% in the previous plot. The Arora Report analysis suggests one to two rate cuts next year. Initial jobless claims this week were lower than expected, indicating a stronger jobs picture. The Bank of England left its rates unchanged. Negative money flows were observed in Apple, Amazon, Alphabet, Meta Platforms, Microsoft, NVIDIA, and Tesla. Mixed money flows were seen in SPDR S&P 500 ETF Trust and Invesco QQQ Trust Series 1.

Portfolio Pulse from The Arora Report

September 21, 2023 | 2:21 pm

NIO

NIO Inc. has launched a smartphone designed for use with its electric vehicles, which has more than 30 car-specific functions. The phone will initially be sold only in China from September 28. This news follows NIO's proposal of a $1 billion offering of convertible senior notes due 2029 and 2030, with plans to use some of the proceeds to repurchase existing debt securities. However, some investors fear NIO is taking on too much, leading to a decline in shares.

Portfolio Pulse from Adam Eckert

September 21, 2023 | 1:25 pm

BTCUSD

The rehabilitation trustee of Mt. Gox, once the world's largest Bitcoin exchange, has announced a postponement in its repayment deadlines to Oct. 31, 2024. The decision comes as the trustee grapples with the complexities of gathering necessary information from rehabilitation creditors and coordinating with associated banks, fund transfer service providers, and designated crypto exchanges. Those who have already provided the necessary information can expect their repayments to commence as early as the end of this year.

Portfolio Pulse from Murtuza Merchant

September 21, 2023 | 1:19 pm