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ROIVW

Presidential candidate Vivek Ramaswamy predicts a US recession in 2024, based on historical indicators such as the inverted yield curve and current labor market conditions. He also highlights the impact of inflation, with goods being 16%-20% more expensive than in 2020. Ramaswamy is known in the biotech space, having founded Roivant Sciences (NASDAQ:ROIVW) and Myovant Sciences.

Portfolio Pulse from AJ Fabino

August 21, 2023 | 9:55 pm

BABA

KWEB

Chinese stocks have been hit hard due to concerns about China's economic growth and surprise rate cuts. China's central bank reduced the lending rate for its 1-year bonds but kept the 5-year bond interest rates steady. Analyst Adam Button sees similarities between China's economic situation and the U.S. crisis of 2008. The uncertainty has led to a sharp decline in a number of Chinese stocks like Alibaba Group (NYSE:BABA), JD.Com Inc (NASDAQ:JD), which are among the holdings in the KraneShares CSI China Internet ETF (NYSE:KWEB).

Portfolio Pulse from Aaron Bry

August 21, 2023 | 6:56 pm

AMZN

DIS

KHC

META

MPW

ODFL

SCU

TSLA

WMT

Meta Platforms is preparing to launch a desktop version of Threads to compete with Elon Musk's X. Amazon has restarted its external shipping service, challenging FedEx and UPS. High-profile investors have presented a competing bid for Sculptor Capital Management. Kraft Heinz plans to offer Lunchables to school cafeterias. Medical Properties Trust's deal with Prospect Medical Holdings is on hold. Tesla has suffered a data breach affecting over 75,000 people. Old Dominion Freight Line has offered $1.5 billion to acquire Yellow Corp's terminals. General Motors' Cruise is under investigation after a collision. DuPont is in talks to sell its Delrin resins unit. Disney is in a legal battle with Florida Governor Ron DeSantis. Goldman Sachs faces potential lawsuits over the 1MDB scandal. Citigroup is considering splitting its largest division. Walmart and Centric Brands are examining their Cambodian supply chains. US Steel denies union veto rights in company sale.

Portfolio Pulse from Vandana Singh

August 21, 2023 | 3:17 pm

CMPS

MNMD

PSIL

A recent study by the Federal Reserve indicates that cannabis and psychedelics consumption has reached all-time highs in 2022, particularly among adults aged 35-50. In other news, COMPASS Pathways (NASDAQ:CMPS) has entered into a securities purchase agreement for an initial $125 million and a potential additional $160 million, while MindMed (NASDAQ:MNMD) has secured a $50 million senior secured credit facility with K2 HealthVentures. The AdvisorShares Psychedelics ETF (NYSE:PSIL) opened at $1.8 on August 14, slightly below prior openings.

Portfolio Pulse from Lara Goldstein

August 21, 2023 | 2:55 pm

SPRU

Spruce Power Holding Corp (NYSE:SPRU) has acquired a portfolio of over 2,400 residential solar systems and contracts from a regulated utility company for $20.9 million. The portfolio is expected to generate about $4 million of annual run-rate revenue. The acquisition has increased Spruce's portfolio to over 75,000 home solar assets and contracts, representing approximately 50% growth in less than a year. The company funded the acquisition from the upsizing of its Spruce Power 2 credit facility.

Portfolio Pulse from Akanksha Bakshi

August 21, 2023 | 1:18 pm

COIN

Coinbase Global, Inc. has announced the early tender results of its offer to purchase up to $150 million of its 3.625% Senior Notes due 2031. The company has also increased the Total Consideration and the Tender Consideration per $1,000 principal amount of Notes tendered and accepted for purchase to $675.00. The Tender Offer will expire on September 1, 2023. The company has engaged Citigroup Global Markets Inc. to serve as Dealer Manager for the Tender Offer.

Portfolio Pulse from Happy Mohamed

August 21, 2023 | 1:01 pm

KRYS

NKLA

XPEV

Bank of America Securities upgraded XPeng (XPEV) to Buy and raised its price target to $22, causing a 6.5% increase in the stock. Nikola (NKLA) announced a $325M debt offering, leading to a 13% decrease in its stock. Krystal Biotech (KRYS) sold a Priority Review Voucher for $100 million, resulting in a 4.7% increase in its stock.

Portfolio Pulse from ryanfaloona@benzinga.com

August 21, 2023 | 12:27 pm

NKLA

Nikola Corp plans to sell up to $325 million in senior convertible notes in a registered direct offering. The initial closing for the sale of $125 million in notes is expected around August 21, 2023. The company also agreed to terminate a Common Stock Purchase Agreement with Tumim Stone Capital LLC. NKLA shares are trading lower by 11.22% at $1.74 in premarket.

Portfolio Pulse from Shivani Kumaresan

August 21, 2023 | 11:47 am

JFIN

Jiayin Group Inc. has expressed confidence in its strategic direction and raised its annual loan facilitation volume outlook. The company's optimism is based on its strong performance and growth prospects.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 10:03 am

FXI

The People's Bank of China has increased its Loan Prime Rate to 3.45% from the previous 3.55%, which is higher than the estimated 3.40%.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 4:23 am