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The court has clarified that the President of the United States does not have the power for debt forgiveness, but can only postpone or delay it. This power lies with the Congress.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 4:11 pm

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Speaker McCarthy announced that President Biden's student loan forgiveness has been ruled unlawful. This means that the 87% of Americans without student loans are no longer obligated to pay for the 13% who do. This decision is in line with the Fiscal Responsibility Act's end to the payment pause.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 4:09 pm

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Congressional Caucus Chair Jayapal stated that the Supreme Court did not rule against all student debt relief, but only removed a specific statutory pathway. She suggested that the President can use other methods to cancel student debt.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 4:08 pm

SOFI

SoFi Technologies, Inc. (NASDAQ:SOFI) shares are volatile after the U.S. Supreme Court blocked President Joe Biden's plan to cancel $430 billion in student debt. The decision could impact SoFi's student loan refinancing business. Despite this, SoFi shares have risen over 22% since the agreement on the debt ceiling deal and the stock was the top trending ticker on StockTwits.

Portfolio Pulse from Erica Kollmann

June 30, 2023 | 4:02 pm

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The Supreme Court has ruled that the Secretary of Education does not have the authority under the Higher Education Relief Opportunities for Students Act of 2003 to establish a student loan forgiveness program that would cancel roughly $430B in debt principal and affect nearly all borrowers.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 2:39 pm

WEST

Westrock Coffee Company (NASDAQ:WEST) has received a $75 million equity investment from HF Capital LLC and the Herbert Hunt family. The investment will be made through the purchase of 7.5 million shares at $10 per share, a 10.3% discount to the company's closing price on June 29. The transactions are expected to close in August 2023. Westrock has also amended its $400 million credit agreement to increase its total net leverage financial covenant and raise the minimum interest coverage ratio. However, the company has cut its FY23 adjusted EBITDA outlook due to product launch delays and equipment delays.

Portfolio Pulse from Shivani Kumaresan

June 30, 2023 | 2:34 pm

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U.S. Senator Elizabeth Warren has raised questions about Goldman Sachs' profiting from the failure of Silicon Valley Bank, according to a letter cited by Reuters.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 2:09 pm

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TerrAscend Corp. (OTCQX:TRSSF) (CSE:TER) has paid down $37 million of its senior secured term loan in Pennsylvania, reducing the loan outstanding to $78 million and annual interest expense by $4.8 million. The company has been taking steps to reduce debt and lower interest expense, including the sale of a facility in Canada, closing a lower interest bank loan with Stearns Bank, and completing private placements.

Portfolio Pulse from Vuk Zdinjak

June 30, 2023 | 1:19 pm

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PG&E Corporation has applied for a $7 billion federal loan to help reduce California wildfire risk by burying power lines and upgrading the electric grid. The loan will be reviewed by the Energy Department's Loan Programs Office, which finances critical energy projects. The company's capital-spending plan calls for $50 billion in investments between 2022 and 2026.

Portfolio Pulse from Akanksha Bakshi

June 30, 2023 | 1:11 pm

WEST

Westrock Coffee Company (NASDAQ:WEST) has announced a $75 million equity investment from HF Capital and the Herbert Hunt family. The company has also amended its $400 million credit agreement to increase its total net leverage financial covenant and raise the minimum interest coverage ratio. Westrock Coffee is updating its 2023 outlook for Adjusted EBITDA to reflect flat to up 10% growth over 2022, down from the previous 10% to 25% growth forecast. The company has also been included in the Russell 3000® and Russell 2000®.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 12:12 pm