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BMY

Bristol Myers Squibb has priced $4.5 billion of senior unsecured notes to be issued in four tranches. The closing of the offering is expected to occur on November 13, 2023, subject to customary closing conditions.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 6:15 am

SIEN

Sientra, Inc. (NASDAQ:SIEN) has reported preliminary unaudited financial results for Q3 2023, with expected revenue in the range of $19.2 million to $19.7 million, lower than the estimated $24.25 million. The company attributes the lower revenue to market softness and seasonal headwinds. Sientra has withdrawn its fiscal year 2023 guidance due to expected volatility in Q4. The company is exploring strategic alternatives to improve its balance sheet.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 9:08 pm

TLT

The U.S. Treasury Department has lowered its Q4 borrowing estimate to $776 billion, down from the previously predicted $852 billion. This reduction is due to substantial deferred tax receipts from states that received extensions because of natural disasters. Despite the lower borrowing estimate, the bond market didn’t rally as expected on Monday. The iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) experienced a 0.4% drop in value.

Portfolio Pulse from Piero Cingari

October 30, 2023 | 9:05 pm

SITC

SITE Centers has announced the spin-off of its convenience portfolio into a separate publicly-traded REIT named Curbline Properties Corp. Curbline will be the first public REIT exclusively focused on the convenience sector. SITE Centers has sold $646M of assets since June 30, 2023, at a 6.5% cap rate and has $242M of additional assets under contract for sale. The company has obtained a $1.1B financing commitment, with proceeds expected to be used to repay all outstanding unsecured debt. SITE Centers has declared a Q4 dividend of $0.13 per share and expects to declare and pay a special cash dividend of at least $0.10 per share prior to January 31, 2024.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 9:00 pm

WDC

Western Digital Corporation (NASDAQ:WDC) has announced a proposed offering of $1.3 billion aggregate principal amount of convertible senior notes due 2028. The notes will be senior unsecured obligations of Western Digital and will be guaranteed by each of Western Digital's wholly-owned subsidiaries. The company intends to use the net proceeds of the notes offering to pay the cost of entering into capped call transactions, to pay the purchase price for the refinancing of a portion of Western Digital's existing 1.50% convertible senior notes due 2024, and for general corporate purposes.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 8:57 pm

VFC

V.F. Corporation has revised its FY24 free cash flow projection from $900 million to $600 million. The company has withdrawn its previous FY24 revenue and earnings guidance due to anticipated negative impacts on revenue and profit in 2H'FY24. Factors include poor performance of Vans and a challenging US wholesale environment. The company's transformation plan, Reinvent, aims to lower the cost structure by $300 million, focusing on cash generation and debt reduction.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 8:08 pm

RIVN

Rivian Automotive Inc's shares are trading lower by 3.37% and have declined by 35% in October due to weakness in the EV industry, influenced by Tesla's disappointing Q3 results, rising Treasury yields, and Rivian's pricing of $1.5 billion in green convertible senior notes. The issuance of these notes has increased Rivian's debt burden, potentially impacting its creditworthiness and profitability. The notes offer a 3.625% annual interest rate, are convertible under specific conditions, and the proceeds will be used for environmentally friendly projects.

Portfolio Pulse from Henry Khederian

October 30, 2023 | 6:49 pm

UTEN

Goldman Sachs predicts no rate hikes in the upcoming Federal Open Market Committee meeting, with a possible shift towards 'insurance cuts' in 2024. The current interest rate of 5.25%-5.5% is expected to remain unchanged, with a 98% probability according to CME Group’s FedWatch tool. The 10-year Treasury note, tracked through the US Treasury 10 Year Note ETF (NYSE:UTEN), has surged to levels unseen since 2007.

Portfolio Pulse from Piero Cingari

October 30, 2023 | 4:07 pm

ETR

Entergy Corp (NYSE:ETR) has agreed to sell its gas distribution business to Bernhard Capital Partners for approximately $484 million in cash. The net proceeds from the transaction will be used to strengthen Entergy's credit through the repayment of debt and to support customer-centric capital needs. The sale is expected to close in approximately 21 months.

Portfolio Pulse from Shivani Kumaresan

October 30, 2023 | 4:01 pm

AVGO

Broadcom (NASDAQ:AVGO) is compared with its competitors in the Semiconductors & Semiconductor Equipment industry. Broadcom's P/E ratio is lower than the industry average, suggesting potential undervaluation. However, its high P/B and P/S ratios indicate potential overvaluation. The company's ROE is higher than the industry average, indicating efficient use of equity. Broadcom's EBITDA and gross profit are lower than the industry average, suggesting lower profitability. The company's revenue growth is higher than the industry average, indicating strong sales performance.

Portfolio Pulse from Benzinga Insights

October 30, 2023 | 4:00 pm