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MU

Micron Technology Inc's shares are trading lower by 1.77% due to greater-than-expected inflation indicated by July PPI data. Higher inflation could increase production costs and squeeze Micron's profit margins. If inflation continues to exceed expectations, the Fed might consider raising interest rates, making borrowing more expensive for companies like Micron and impacting their investment plans.

Portfolio Pulse from Henry Khederian

August 11, 2023 | 5:57 pm

CPRI

TPR

Tapestry, Inc (TPR) plans to acquire Capri Holdings Limited (CPRI) for $57.00 per share, a total enterprise value of approximately $8.5 billion. The combined company is expected to generate over $12 billion in global annual sales. TPR has secured $8.0 billion in bridge financing from Bank of America N.A. and Morgan Stanley Senior Funding, Inc. Telsey Advisory Group maintained CPRI with a Market Perform and raised the price target from $41 to $57. Raymond James downgraded CPRI from Strong Buy to Market Perform.

Portfolio Pulse from Anusuya Lahiri

August 11, 2023 | 5:24 pm

CTRYF

Yang Huiyan, chair of Country Garden Holdings Co Ltd (OTC:CTRYF), has seen her personal wealth decrease by 84% in just over two years due to turbulence in China's property sector. The company anticipates a loss of up to $7.6 billion in the first half of this year, a sharp decline from its reported profit of $264.3 million during the same period last year. The company's liquidity remains weak, as highlighted by Moody's 'very high risk' assessment.

Portfolio Pulse from AJ Fabino

August 11, 2023 | 4:47 pm

CGC

Canopy Growth Corp (NASDAQ: CGC) reported quarterly sales of CA$109 million ($81.2 million), beating the analyst consensus estimate of CA$67.98 million. The company's CEO, David Klein, discussed the company's move towards profitability, highlighting a reduction in costs by $47 million during the latest quarter. Canopy reported a net loss of nearly $42 million in the first quarter, an improvement from a net loss a year earlier of around $2.1 billion. The company attributes the increase in revenue to its BioSteel supplement business, growth in the Canadian medical cannabis market, and its subsidiary Stroz & Bickel brand. Klein also mentioned the company's focus on an 'asset-light model' and restructuring, which has resulted in a $1 billion debt reduction.

Portfolio Pulse from Maureen Meehan

August 11, 2023 | 3:43 pm

TUSK

Mammoth Energy Services, Inc. (NASDAQ:TUSK) shares are trading lower after missing Q2 earnings estimates. The company reported Q2 revenues of $75.43 million, a 16% Y/Y decrease, and an EPS loss of $(0.09), both missing consensus estimates. The company also announced a stock repurchase program, subject to repayment and refinancing of its credit facility. TUSK shares are trading lower by 22.9% to $4.24.

Portfolio Pulse from Nabaparna Bhattacharya

August 11, 2023 | 2:59 pm

CS

UBS

UBS Group AG shares are trading higher after the company announced it no longer required the Swiss government's loss protection and liquidity backstop agreements. The termination of the Loss Protection Agreement (LPA) and Public Liquidity Backstop with the Swiss National Bank (SNB) will be effective from August 11, 2023. UBS plans to pay CHF 40 million to compensate the Swiss Confederation for the creation of the LPA. Credit Suisse has fully repaid the Emergency Liquidity Assistance Plus (ELA+) loan of CHF 50 billion to Swiss National Bank.

Portfolio Pulse from Lekha Gupta

August 11, 2023 | 1:54 pm

UBS

UBS has announced that it no longer requires the Swiss government's loss protection and liquidity backstop agreements, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

August 11, 2023 | 12:10 pm

TUSK

Mammoth Energy Services has entered into two non-binding agreements with lenders to repay and refinance its existing credit facility. The company's stock symbol is TUSK.

Portfolio Pulse from Benzinga Newsdesk

August 11, 2023 | 12:05 pm

BTCUSD

ETHUSD

V

Visa has completed testing a method that allows users to pay on-chain gas fees with a credit or debit card. This move could potentially increase the adoption of cryptocurrencies by making transactions more accessible and less complex for users.

Portfolio Pulse from Charles Gross

August 11, 2023 | 9:09 am

OKE

ONEOK has priced its offering to sell $5.25 billion of senior notes. The offering includes $750 million of 3-year notes at 5.550%, $750 million of 5-year notes at 5.650%, $500 million of 7-year notes at 5.800%, $1.50 billion of 10-year notes at 6.050%, and $1.75 billion of 30-year notes at 6.625%.

Portfolio Pulse from Benzinga Newsdesk

August 11, 2023 | 5:08 am