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Credit

GEF

Greif has acquired a 51% stake in ColePak, LLC in an all-cash transaction. The financial results of ColePak will be reported within the Greif Paper Packaging & Services segment as part of Q4 2023 results. The acquisition was funded through Greif's existing credit facility.

Portfolio Pulse from Benzinga Newsdesk

August 30, 2023 | 8:19 pm

DPZ

PEP

Cathie Wood, founder of Ark Invest, warns of looming deflation in an interview with Benzinga. She expects interest rates to fall and highlights that many companies are showing little to no nominal growth. She uses Domino's Pizza, PepsiCo, and Coca-Cola as examples of companies experiencing negative unit growth due to price increases. Wood also mentions rising consumer delinquencies and the potential impact on the economy.

Portfolio Pulse from AJ Fabino

August 30, 2023 | 7:31 pm

CFG

FCNCA

FITB

HBAN

KEY

MTB

The Federal Reserve is pushing for enhanced liquidity planning and addressing technology flaws in regional banks, following a series of bank failures this year. Banks such as Citizens Financial Group Inc., Fifth Third Bancorp, and M&T Bank Corp. have received confidential warnings. The regulatory scrutiny has also extended to Category IV banks, including KeyCorp, Huntington Bancshares Inc., Regions Financial Corp., and First Citizens BancShares Inc. This increased scrutiny could lead to higher costs for compliance and risk management for these banks.

Portfolio Pulse from Piero Cingari

August 30, 2023 | 7:05 pm

SLM

SOFI

SPY

The Biden administration announced it would forgive $72 million in student debt for more than 2,300 borrowers who attended Ashford University, now the University of Arizona Global Campus. This is part of the borrower defense process, which provides relief to borrowers who were misled or defrauded by their college. So far, the administration has canceled $116 billion in student debt for more than 3.4 million people.

Portfolio Pulse from Happy Mohamed

August 30, 2023 | 7:02 pm

ABNB

Sara and Rich Combs purchased 38 acres of barren canyon desertland in Arizona in 2018 for $615,000 and invested an additional $500,000 to transform an abandoned inn into a hotel, The Posada. The property, part of The Joshua Tree House hospitality group, is now their main source of income. The couple faced financial challenges, including difficulty securing a traditional mortgage and having to max out multiple credit cards. They also received free products from social media partnerships. The couple are superhosts on the Airbnb platform, with their 'Saguaro Suite' boasting a 4.97-star rating.

Portfolio Pulse from Adam Eckert

August 30, 2023 | 6:12 pm

MNKTQ

Mallinckrodt plc (OTC:MNKTQ) has received approval from the U.S. Bankruptcy Court for its 'First Day' motions related to its voluntary Chapter 11 petitions. The court has granted Mallinckrodt access to $150 million of the $250 million of commitments for new financing from its creditors. The company will also continue paying employee wages, salaries, and benefits without interruption. Mallinckrodt's financial restructuring plan will reduce the company's total funded debt by approximately $1.9 billion.

Portfolio Pulse from Happy Mohamed

August 30, 2023 | 3:57 pm

SPY

Kevin O' Leary, on Fox Business, expressed his concern that soaring interest rates could lead to chaos in the market.

Portfolio Pulse from Benzinga Newsdesk

August 30, 2023 | 3:07 pm

MMM

Moody's has stated that the litigation settlement related to 3M's Combat Arms Earplugs will involve significant long-term payments, which is credit negative for the company.

Portfolio Pulse from Happy Mohamed

August 30, 2023 | 2:58 pm

RUN

Sunrun Inc's shares are trading higher after Citigroup upgraded the stock from Neutral to Buy. The rise also follows a drop in Treasury yields, which can create positive sentiment in the stock market. The U.S. economy's growth projections for the second quarter have been revised downwards, which may lead to expectations of the Federal Reserve keeping monetary policy accommodative to support economic growth.

Portfolio Pulse from Henry Khederian

August 30, 2023 | 2:33 pm

SPY

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have released proposed rules and FAQs on key provisions in the Inflation Reduction Act. The Act's provisions ensure clean energy jobs are well-paying and help build a diverse workforce. The Act's prevailing wage and registered apprenticeship requirements apply to many clean energy tax incentives, including for utility-scale wind, solar, and battery storage projects. If these requirements are met, a taxpayer can claim an enhanced credit or deduction up to five times the regular amount. The proposed rules provide more clarity and direction for employers and workers, incentivize worker-centric practices, and ensure compliance is streamlined.

Portfolio Pulse from Happy Mohamed

August 30, 2023 | 2:26 pm