Streetbeat News

Credit

FTS

The British Columbia Utilities Commission has approved the cost of capital structure for FortisBC in its Stage 1 decision. This decision could potentially impact the financial performance of FortisBC.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2023 | 5:57 am

WD

Walker & Dunlop has arranged a $35.6 million loan for the refinancing of an eight-property portfolio in Brooklyn.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2023 | 5:36 am

TSLA

Elon Musk, CEO of Tesla Inc (NASDAQ:TSLA), secured a $1 billion loan from SpaceX, his own company, around the time he was acquiring social media company X (formerly known as Twitter). The loan, backed by Musk's SpaceX stocks, was approved and drawn down completely in October and promptly repaid in November. The exact reasoning behind this debt acquisition remains unclear. This borrowing occurred amidst significant investments by SpaceX in its Starship rocket program and the Starlink satellite-internet business.

Portfolio Pulse from Benzinga Neuro

September 06, 2023 | 2:34 am

NAVI

SLM

SOFI

The suspension of federal student loan payments is set to conclude in October 2022. However, remittances to the Department of Education have surged to levels higher than before the payment pause, according to Goldman Sachs’ analyst Alec Phillips. This surge has prompted questions about the burden that borrowers may face once the payments restart. In response to these developments, SoFi Technologies Inc (NASDAQ:SOFI), Navient Corp. (NASDAQ:NAVI), and SLM Corp. (NASDAQ:SLM) experienced a dip in their share prices.

Portfolio Pulse from Piero Cingari

September 05, 2023 | 9:04 pm

BGXX

Bright Green has announced an agreement to settle a $3.6M related party loan in shares valued at $1.28 per share, along with an accompanying warrant. The settlement is at a premium.

Portfolio Pulse from Benzinga Newsdesk

September 05, 2023 | 6:30 pm

AMGN

HZNP

The U.S. Federal Trade Commission (FTC) has approved Amgen Inc's acquisition of Horizon Therapeutics Plc. This decision could provide Amgen with a portfolio of drugs shielded from fresh pricing negotiations and possible tax relief benefits. The acquisition focuses on 'orphan drugs' which are not impacted by the Inflation Reduction Act (IRA) introduced in 2022. The Horizon acquisition could also offer tax breaks linked to Irish manufacturing units.

Portfolio Pulse from Vandana Singh

September 05, 2023 | 5:52 pm

AXP

BFH

COF

DFS

SYF

RBC Capital Markets analyst Jon G. Arfstrom revised ratings and price targets for several credit card companies due to a changed near-term view of the industry. American Express Co (AXP) was upgraded to Outperform from Sector Perform with a price target of $200, up from $197. Synchrony Financial (SYF) and Bread Financial Holdings Inc (BFH) were downgraded to Sector Perform from Outperform with reduced price targets of $37 and $43, respectively. Price targets for Capital One Financial Corp (COF) and Discover Financial Services (DFS) were also cut. The analyst sees near-term risks from the CFPB's late fee proposal and potential sentiment risk from ongoing normalization of credit quality and spending trends.

Portfolio Pulse from Lekha Gupta

September 05, 2023 | 5:20 pm

GS

HYG

LQD

Goldman Sachs' U.S. economist, Jan Hatzius, has reduced the U.S. recession risk to 15%, down 5 percentage points from their previous estimate. The bank's optimism is based on several factors including anticipated resurgence in household real disposable income by 2024, robust job growth, and increasing real wages. Goldman Sachs also expects the Federal Reserve to take a measured approach with a gradual rate cut cycle starting in Q2 2024. The bank's equity and credit strategists suggest that both investment-grade (IG) and high-yield (HY) bonds will offer excess returns in the upcoming period.

Portfolio Pulse from Piero Cingari

September 05, 2023 | 5:06 pm

OLMA

Olema Pharmaceuticals has announced a private placement and a senior-secured credit facility for combined financing of up to $180 million. This has led to an increase in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

September 05, 2023 | 5:01 pm

NVOS

Novo Integrated Sciences Inc (NVOS) shares are trading higher by 44.4% after the company announced it received an Underwriting Clearance Notice for a $70 million coupon. The company also received approval for its transaction with RC Consulting LLC in favor of SCP Tourbillion Monaco, resulting in a 'Clear to Close' status for an unsecured 15-year $70 million promissory note with a yield of 1.52% per annum.

Portfolio Pulse from Henry Khederian

September 05, 2023 | 2:42 pm