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TSLA

Tesla Inc (NASDAQ:TSLA) is delaying its gigafactory plans in Mexico due to concerns about high-interest rates and the global economy. CEO Elon Musk stated that the company is not backtracking on its plans for a factory in Mexico, but the timing is uncertain. Tesla announced its new gigafactory in Mexico earlier this year in March.

Portfolio Pulse from Anan Ashraf

October 19, 2023 | 7:36 am

CLCO

Cool Company Ltd. (NYSE:CLCO) and Huaxia Financial Leasing Co. Ltd. have entered into sale and leaseback financing arrangements for the Kool Tiger and Kool Panther newbuild vessels. The vessels are scheduled to deliver to CoolCo in the second half of 2024 from Hyundai Samho Heavy Industries in Korea. The Sale and Leasebacks are on a fixed rate per day basis for 10 years, with an implied interest rate just under 6% and a minimum loan-to-value of 80%. CoolCo has fully financed the two MEGA LNG Carrier newbuilds.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2023 | 8:14 pm

CHPT

ChargePoint Holdings Inc's (NYSE:CHPT) shares hit a new all-time low, falling by 11% to $3.24, despite no company-specific news. The stock's decline may be due to broader weakness in the EV sector and a rise in Treasury yields. The company's stock has seen a 40% decline in the past month, largely due to commitments from institutional investors for their $300 million convertible notes. The company also plans to modify the terms of their notes with the lead investor, which could be seen as a sign of financial stress.

Portfolio Pulse from Henry Khederian

October 18, 2023 | 7:26 pm

RIVN

Rivian Automotive Inc (NASDAQ:RIVN) shares have fallen by 9.7% amid a general weakness in EV stocks and a rise in Treasury yields. The company's stock has fallen roughly 24% in October after it priced its $1.5 billion green convertible senior notes offerings. The increased debt load from the issuance of these notes has raised concerns among investors about the company's ability to service its debt and its creditworthiness. The notes offered by Rivian have an annual interest rate of 3.625% and will mature on October 15, 2030.

Portfolio Pulse from Henry Khederian

October 18, 2023 | 6:56 pm

TLT

The average 30-year mortgage rate has risen to 8%, the highest in over two decades, driven by the 30-year Treasury bond yield which reached a 17-year high of 5%. The Mortgage Banker Association reported a continuous upward trend for six weeks, reaching 7.70% by the week ending on Oct. 13. The iShares Treasury Bond ETF (NASDAQ:TLT) has contracted by over 50% since the highs of 2020 and by more than 18% year to date.

Portfolio Pulse from Piero Cingari

October 18, 2023 | 6:55 pm

DHI

SPY

The 30-year fixed mortgage rate has hit 8% for the first time since 2000, due to soaring U.S. Treasury yields. This has led to a significant drop in mortgage applications. Homebuilders are using buydowns to help customers afford homes, a strategy not widely used in the past. The rate was as low as 3% two years ago, meaning a buyer purchasing a $400,000 home with a 20% down payment would now have a monthly payment nearly $1,000 higher than two years ago.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2023 | 5:21 pm

USB

U.S. Bancorp's Q3 FY23 total adjusted net revenue of $7.000 billion missed the consensus of $7.010 billion, causing its shares to trade lower. Adjusted net interest income and noninterest income rose 10.7% and 11.9% Y/Y respectively. The company's net interest margin was 2.81%, down from 2.83% in Q3 FY22. The provision for credit losses increased to $515 million from $362 million in the year-ago period. The company's CET1 ratio improved to 9.7% from 9.1% in Q2 FY23.

Portfolio Pulse from Lekha Gupta

October 18, 2023 | 5:16 pm

VEXTF

Vext Science, Inc. (OTCQX:VEXTF) has agreed to sell its cannabis cultivation facility in Arizona to Elevate Cannabis Co. for $6.5 million. The proceeds will be used to repay part of Vext's outstanding credit facilities and for future acquisitions. The company also plans to acquire two cannabis dispensaries in Ohio for $9.4 million, pending regulatory review. To support its expansion, Vext Science raised $10 million through a private placement of common shares earlier this month.

Portfolio Pulse from Jelena Martinovic

October 18, 2023 | 5:13 pm

SPY

Federal Reserve's John Williams stated that he is not yet convinced that the neutral interest rate has risen. He expects rates to move down over time to lower levels. Williams also emphasized the need for the Fed to understand climate risks to effectively oversee banks.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2023 | 5:02 pm

SPY

Federal Reserve's Christopher Waller stated that there appears to be more potential excess consumer saving than anticipated. He noted that consumer spending has been surprisingly robust and doesn't seem to be retracting. Waller remains hopeful that rate hikes will slow spending and inflation.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2023 | 4:44 pm