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Credit

FXI

China is planning to cut rates on existing mortgages, potentially as soon as today, according to Bloomberg. This move could stimulate the housing market and overall economy.

Portfolio Pulse from Benzinga Newsdesk

August 29, 2023 | 10:07 am

AGIL

AgileThought, Inc., a global provider of digital transformation services, has announced a strategic financial restructuring. This includes additional working capital funding, a go-private transaction, and restructuring to reduce the company's debt load, infuse new capital into the business, and provide a firm financial foundation for its future.

Portfolio Pulse from Happy Mohamed

August 28, 2023 | 6:15 pm

SPY

The US Securities and Exchange Commission (SEC) is investigating The Change Company, a California-based lender, over its mortgage-backed securities. The regulator is also probing actions of the company's CEO, Steven Sugarman. The Change Company's loans have been backed by some of Wall Street's largest money managers.

Portfolio Pulse from Happy Mohamed

August 28, 2023 | 3:19 pm

BV

URI

BrightView Holdings Inc (BV) has appointed Dale A. Asplund as the new CEO and received a $500 million strategic investment from One Rock Capital Partners. The investment will be used to reduce debt and fuel acquisitions. The company also reported Q3 FY23 revenue of $766 million, missing the consensus of $777.4 million, and adjusted EPS of $0.44, beating the consensus of $0.38.

Portfolio Pulse from Lekha Gupta

August 28, 2023 | 12:57 pm

APO

PK Airfinance and affiliates of Apollo Global Management (APO) are set to acquire a $920M portfolio of secured aviation loans from Standard Chartered. The sale and transfer of the loans are subject to customary closing conditions and is expected to close by the end of 2023.

Portfolio Pulse from Benzinga Newsdesk

August 28, 2023 | 12:28 pm

EGRNF

China Evergrande Group (OTC:EGRNF) has extended the creditors' voting record time related to its offshore debt restructuring plan. The company lost around 80% of its market value, equivalent to $2 billion, after shares resumed trading on August 28. Evergrande seeks approval from over 75% of the holders of each debt class to support the plan, which offers creditors options to swap debt for new bonds and equity-linked instruments. The company has been in crisis with debt defaults, unfinished homes, and unpaid suppliers. Evergrande reported an H1 FY23 net loss of RMB(33.0) billion ($4.53 billion), which narrowed from RMB(66.4) billion a year ago on higher revenues.

Portfolio Pulse from Lekha Gupta

August 28, 2023 | 10:52 am

UBS

Credit Suisse, a subsidiary of UBS, Inc. (NYSE:UBS), reported a Q2 loss of $4 billion, in line with its April forecast. The loss is attributed to its exit from non-core businesses, restructuring, and financing costs. UBS had previously announced a deal to take over Credit Suisse for 3 billion Swiss francs ($3.25 billion) after the latter suffered from rapid client withdrawal of funds and a spike in its credit default swaps.

Portfolio Pulse from Shanthi Rexaline

August 27, 2023 | 3:58 pm

MA

TWLO

Mastercard Inc (MA) has banned dispensaries from conducting debit card transactions for cannabis-related purchases, citing federal laws that consider such sales illegal. This move has forced cannabis enterprises to revert to traditional cash transactions or Automated Clearing House (ACH) transfers. Twilio Inc (TWLO), a communications service provider, has also banned cannabis entities from using its software for promotional activities, reflecting the broader reluctance of established players to engage with the cannabis sector due to legal complexities.

Portfolio Pulse from Joana Scopel

August 25, 2023 | 8:02 pm

CAL

Telsey Advisory Group analyst Dana Telsey has reiterated the Less Risk rating on Caleres, Inc. (NYSE:CAL) with a price target of $30. The analyst notes that CAL is driving $20 million in cost savings this year and remains focused on debt reduction. CAL is expected to report 2Q23 results on August 31, with an EPS forecast of $0.90 vs. $1.38 last year. Telsey forecasts a sales decline of 4.5% Y/Y to $706 million. The analyst expects Famous Footwear to decline 6.5% Y/Y, along with a 1.5% Y/Y contraction in the branded portfolio.

Portfolio Pulse from Nabaparna Bhattacharya

August 25, 2023 | 7:51 pm

SPY

Federal Reserve Chair Jerome Powell's address at the Jackson Hole Economic Policy Symposium indicated potential interest rate hikes, reiterating the Fed’s commitment to price stability. Wall Street analysts have varied interpretations of the speech. The possibility of an interest rate hike in September has risen to 21.5%, and by November, the chances stand at 52%. The SPDR S&P 500 ETF Trust (NYSE:SPY) fell nearly 1.3% on Powell's initial comments, but recovered to currently trade 0.44% higher from Friday's market open.

Portfolio Pulse from AJ Fabino

August 25, 2023 | 5:16 pm