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BAC

UUP

Bank of America predicts one more Federal Reserve rate hike in November, contradicting the market consensus and Goldman Sachs' stance. The bank also anticipates a single additional 25 basis point hike in 2023, culminating in a terminal rate range of 5.5-5.75%. This could potentially strengthen the US dollar, as monitored by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP).

Portfolio Pulse from Piero Cingari

September 18, 2023 | 4:27 pm

EPOW

Sunrise New Energy Co., Ltd. (NASDAQ:EPOW) has received a patent loan of approximately $16 million from Shanghai Pudong Development Bank Co., Ltd. Guiyang Branch. The loan is based on the appraisal value of its 7 patents. The funds will be used to support the company's rapid growth.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 2:38 pm

VLCN

Volcon Inc. (NASDAQ:VLCN) has announced an improved debt position and strategic cost reduction measures. The company has agreed with its convertible noteholders to modify the terms of its convertible notes, extending the maturity from February 2024 to January 2025. The company has also implemented cost reduction strategies, including closing manufacturing operations in favor of outsourced production, reducing headcount, and eliminating cash bonuses payable to the company's officers in favor of stock awards. The company is preparing for the launch of its first UTV model, the Stag, in October 2023.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 1:31 pm

KBE

KRE

XLF

The Financial Crimes Enforcement Network (FinCEN) reports a record-high 812 banks and credit unions are now working with the cannabis industry in Q2 2023, up from 807 in Q1 and 773 in the previous quarter. This increase could be due to more states launching adult-use marijuana programs and financial institutions becoming more comfortable with cannabis clients as bipartisan congressional lawmakers work to enact the Secure and Fair Enforcement (SAFE) Banking Act. The Senate Banking Committee has scheduled a vote on the cannabis legislation for next week.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 12:55 pm

C

VGK

Citi analysts predict that the upcoming rate hike by the Bank of England (BOE) will likely be the last in the current cycle, and they no longer anticipate a rate change in November.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 12:39 pm

EGRNF

China Evergrande Group's (OTCEM:EGRNF) wealth management division employees have been detained by Chinese authorities, marking the first criminal investigation against the company since its debt crisis in 2021. The detentions could indicate a new investigation that could further compound Evergrande's existing problems. Evergrande's current valuation stands at approximately HK$ 8.2 billion, a significant decline from its peak in 2017.

Portfolio Pulse from Vandana Singh

September 18, 2023 | 11:55 am

PLYM

Plymouth Industrial REIT has sold its 306,552-square-foot industrial building in Chicago for $19.9 million. After paying off a $5.8 million mortgage and other adjustments, the net proceeds are $13.9 million. The company plans to use the proceeds to pay down outstanding borrowings on its credit facility and fund its development program.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 11:21 am

GCI

Gannett has reported additional debt reduction, with Apollo waiving $13.1 million of scheduled amortization payment for Q3 2023 to repurchase $15.0 million of 2026 Senior Notes at a discount to par value of 87.5%. Gannett remains on track to repay over $130 million of debt and reduce first lien net leverage below 2.0x by the end of 2023.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 11:11 am

NOMD

Nomad Foods has repriced its existing Term Loan B of $700M principal due 2029. The margin on the term loan will be reduced by 75 basis points, which is expected to result in approximately €5M annual cash interest savings.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 10:50 am

BTCUSD

Dr. Jordan Peterson, a Canadian psychologist and best-selling author, has suggested that Bitcoin could be a potential solution to disrupt traditional banking systems. This comes in response to Macquarie Bank's decision to eliminate cash, cheque, and phone payment services at its branches. Peterson has shown interest in the Bitcoin Lightning Network and was challenged to disclose his Bitcoin lightning address for fundraising purposes instead of using GoFundMe.

Portfolio Pulse from Mehab Qureshi

September 18, 2023 | 4:48 am