Streetbeat News

Credit

JPM

JPMorgan Chase's CEO, Jamie Dimon, visited Detroit to mark the 10th anniversary of the bank's $200 million investment in the city. The investment supported over 70,000 citizens through job placements and small business loans, among other initiatives. Dimon spoke about the positive outcomes of economic activity and warned about potential risks of the Federal Reserve continuing to raise interest rates. He also expressed concerns about President Joe Biden’s Inflation Reduction and CHIPS Act.

Portfolio Pulse from Aaron Bry

September 20, 2023 | 5:11 pm

MSOS

Senate Majority Leader Chuck Schumer has committed to advancing a revised marijuana banking bill, the Secure and Fair Enforcement Regulation (SAFER) Banking Act, which will allow cannabis businesses to accept credit and debit cards. Schumer also plans to include the Harnessing Opportunities by Pursuing Expungement (HOPE) Act and Gun Rights and Marijuana (GRAM) Act in the final legislation. The HOPE Act incentivizes states to expunge cannabis records, while the GRAM Act allows medical cannabis patients to purchase and possess firearms. The bill also includes provisions to increase access to deposit accounts for businesses and customers, especially those in rural, low-income areas, Tribal communities, and unbanked businesses and consumers.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 4:30 pm

ACB

CGC

TLRY

A revised bipartisan marijuana banking bill, the Secure and Fair Enforcement Regulation (SAFER) Banking Act, has been filed in the Senate. The bill aims to give legal cannabis businesses access to traditional financial institutions, including bank accounts and small business loans. The legislation also requires federal banking regulators to work with state banking supervisors and the secretaries of commerce and treasury to form rules or guidance to increase access to deposit accounts for businesses and customers. The bill is set to receive a markup in the Senate Banking Committee on September 27.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 3:47 pm

ABNB

RDFN

The Barbie Malibu Dreamhouse, available on Airbnb, requires a high credit score and significant financial backing for purchase. Real estate firms estimate its worth differently, with RubyHome approximating it at $10 million, while Zillow Group and Redfin Corp assess it to be around $5.3 million and $3.3 million, respectively.

Portfolio Pulse from Bibhu Pattnaik

September 20, 2023 | 3:05 pm

AAPL

AMZN

GOOG

META

MSFT

NVDA

QQQ

SPY

TSLA

The U.S. national debt has exceeded $33 trillion for the first time, with about $10 trillion accumulated since the pandemic. The debt is projected to exceed $50 trillion by the end of the decade if no substantial measures are taken. Federal programs are costing more than expected, with the Inflation Reduction Act of 2022 and the Employee Retention Credit cited as examples. Prudent investors are concerned about the rising national debt, while the 'momo crowd' is urged to ignore the debt and buy stocks. Positive money flows are observed in Apple, Amazon, Alphabet, Meta Platforms, Microsoft, NVIDIA, and Tesla, while mixed flows are seen in SPDR S&P 500 ETF Trust and Invesco QQQ Trust Series 1.

Portfolio Pulse from The Arora Report

September 20, 2023 | 3:03 pm

FWRD

Forward Air Corp (FWRD) has raised $925 million through a private offering of senior secured notes due 2031. The proceeds will be used to pay for its combination with Omni, repay certain existing debts, and cover transaction costs. The gross proceeds will be deposited into an escrow account pending the merger's completion. FWRD shares are trading higher by 0.79% at $68.98.

Portfolio Pulse from Shivani Kumaresan

September 20, 2023 | 2:57 pm

CCLD

CareCloud, Inc. (NASDAQ:CCLD) has reaffirmed its FY23 revenue guidance of $120M-$122M, in line with estimates. The company highlighted its stable core business, significant contract wins, and advancements in AI technology as the foundation for future growth. CareCloud also emphasized its stable financial position, with a $25 million line of credit and compliance with its covenants. The company has a track record of consistent dividend payments and has several alternatives for raising additional capital if needed.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 1:02 pm

BAC

Bank of America's CFO has stated that the bank is adding a million credit cards per quarter, but also expressed disappointment over the bank's loan growth.

Portfolio Pulse from Charles Gross

September 20, 2023 | 11:42 am

OII

Oceaneering International, Inc. (NYSE:OII) plans to offer $200M of additional 6.000% Senior Notes due 2028 in a private placement. The proceeds will be used to fund the purchase of its 4.650% Senior Notes due 2024. If the tender offer is not completed or the proceeds exceed the total consideration payable, the remaining funds will be used for general corporate purposes.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 11:34 am

NOVA

Sunnova Energy Corporation, a subsidiary of Sunnova Energy International Inc., plans to offer $400 million of green senior notes due 2028 in a private placement. The notes will be senior unsecured obligations of the corporation and will be guaranteed by Sunnova and Sunnova Intermediate Holdings, LLC. The proceeds will be used to finance or refinance eligible green projects.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 11:29 am