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UTEN

The Federal Open Market Committee's two-day meeting is set to conclude on Wednesday, with the Federal Reserve expected to keep interest rates steady within the 5.25% to 5.5% range. However, Bank of America analysts Mark Cabana and Michael Gapen predict another rate increase in December. They argue that the Fed risks lagging behind real growth and inflation unless it adjusts its approach in response to higher rates. Yields on the 10-year Treasury bond, monitored through the US 10-Year Treasury Note ETF (NYSE:UTEN), have surged from 3.85% to 4.85% since the beginning of the year.

Portfolio Pulse from Piero Cingari

October 31, 2023 | 4:23 pm

TSLA

ZSB

Elon Musk and LG Energy Solution (LGES) have expressed concerns about the impact of high interest rates on the electric vehicle (EV) market. LGES, a battery supplier to Tesla, warned of slowing EV sales, causing its shares to hit a year-low. Automakers, including Tesla, General Motors, and Ford, are slowing down their EV factory expansion plans due to weaker demand forecasts. However, LGES plans to increase production capacity at its Arizona battery plant to capitalize on tax credits. The USCF ETF Trust USCF Sustainable Battery Metals Strategy Fund (NYSE:ZSB) offers exposure to the EV battery and electrification adoption.

Portfolio Pulse from Melanie Schaffer

October 31, 2023 | 4:10 pm

AGFY

Agrify Corporation (AGFY) has announced that CP Acquisition LLC and its existing institutional lender have signed an agreement under which CP Acquisition purchased all of the outstanding convertible and senior secured notes of Agrify held by the existing lender. CP Acquisition also plans to participate in a future equity raise to inject new capital into the company. The company's CEO, Raymond Chang, is one of the principals of CP Acquisition. The debt reduction and potential for future capital injections position Agrify to rebound and reestablish itself as a preeminent solution provider for the cannabis industry.

Portfolio Pulse from Jelena Martinovic

October 31, 2023 | 3:47 pm

BXP

DESK

SLG

VNO

A contraction in lending is leading to a rise in defaults across the commercial real estate (CRE) sector and a slowdown in new construction projects. Lenders are cutting back their exposure due to the Federal Reserve’s interest rate hikes. Commercial property construction starts are predicted to fall by 17% in 2023. The total volume of CRE loans held by banks fell in the first two weeks of October. The lending squeeze has affected office owners refinancing maturing loans at higher rates and other commercial borrowers in the apartment building and warehouse sectors. The VanEck Office and Commercial REIT ETF (NYSE:DESK), Vornado Realty Trust (NYSE:VNO), SL Green Realty Corp. (NYSE:SLG), and Boston Properties, Inc. (NYSE:BXP) saw their values tumble in October.

Portfolio Pulse from Piero Cingari

October 31, 2023 | 3:29 pm

SPY

The U.S. Department of the Treasury has announced a new Series I bond rate of 5.27% for the period from November 1 through April 2024. This is an increase from the previous rate of 4.3%.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 2:13 pm

HERTF

Heritage Cannabis Holdings Corp. (OTCQX:HERTF) has agreed to sell its real estate properties in Ontario and British Columbia to BJK Developments Ltd. for $9,714,475 and lease them back. The deal will reduce Heritage's term debt by about 64% to $5,256,379. The company also retains an option to repurchase the properties for two years. The remaining term financing has been extended to Jan. 31, 2025. Heritage also retains its revolving line of credit of up to $5 million with BJK.

Portfolio Pulse from Jelena Martinovic

October 31, 2023 | 1:20 pm

SCNI

Scinai Immunotherapeutics Ltd. (NASDAQ:SCNI) announced that the European Investment Bank (EIB) is considering extending the maturity of its financial facility contract with the company. This comes after Scinai's strategic shift from COVID-19 antibody development to a novel antibody for psoriasis treatment and the launch of a CDMO business unit. The potential extension could positively impact Scinai's shareholders' equity and help the company comply with Nasdaq's minimum shareholders' equity listing rules.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 1:12 pm

UPST

Encurage Financial Network has announced a partnership with Upstart (NASDAQ:UPST), an AI lending marketplace, to provide personal loans. Encurage became an Upstart Referral Network lending partner in February 2023, allowing qualified personal loan applicants on Upstart.com who meet Encurage's credit policies to receive tailored offers.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 1:10 pm

BUD

AB InBev expects its FY23 EBITDA to grow between 4-8% and revenue to grow ahead of EBITDA. The company anticipates net finance costs to be in the range of $200M to $230M per quarter, with an average gross debt coupon of approximately 4%. The normalized ETR is expected to be between 27% and 29%. Net capital expenditure is projected to be between $4.5B and $5.0B.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 6:56 am

CNI

Canadian National Railway (CNI) has announced a $600 million debt offering. The offering is split into two parts: $300 million 5.850% notes due 2033 and $300 million 6.125% notes due 2053.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 6:21 am