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AMZN

GOOGL

MSFT

NVDA

Nvidia Corp. is indirectly competing with Microsoft, Alphabet, and Amazon in the AI sector by supplying AI accelerators to CoreWeave, a crypto mining company turned GPU-focused cloud service provider. CoreWeave recently secured $2.3 billion in debt financing to expand its infrastructure, primarily AI accelerators from Nvidia. Nvidia is also an early strategic investor in CoreWeave.

Portfolio Pulse from Shanthi Rexaline

August 08, 2023 | 7:41 am

TMO

Thermo Fisher Scientific has priced a $2.95 billion offering of USD-denominated senior notes. The offering includes four tranches due in 2026, 2030, 2033, and 2043, and is expected to close on August 10, 2023.

Portfolio Pulse from Benzinga Newsdesk

August 08, 2023 | 5:26 am

OCUL

Ocular Therapeutix expects FY23 DEXTENZA net product revenue to be between $55M-$60M, which represents a growth of 10% to 20% over 2022. The company's existing cash and cash equivalents as of June 30, 2023, are $66.6M, which is expected to fund operating expenses, debt service obligations, and capital expenditure requirements into 2025.

Portfolio Pulse from Happy Mohamed

August 07, 2023 | 9:28 pm

VAL

Valaris Limited (NYSE:VAL) has announced the pricing of a $400 million private placement of additional 8.375% Senior Secured Second Lien Notes due 2030. The offering was upsized from the original $350 million. The proceeds will be used to finance the purchase of drillships VALARIS DS-13 and VALARIS DS-14, and for general corporate purposes. The securities have not been registered under the Securities Act and will be sold only to qualified institutional buyers and persons outside the United States.

Portfolio Pulse from Happy Mohamed

August 07, 2023 | 9:14 pm

HTGC

Hercules Capital, Inc. (NYSE:HTGC) plans to make a public offering of 6 million shares of its common stock, with an option for underwriters to purchase up to an additional 900,000 shares. The net proceeds from this offering will be used to fund investments in debt and equity securities, repay indebtedness under its revolving credit facility, and for other general corporate purposes.

Portfolio Pulse from Happy Mohamed

August 07, 2023 | 9:01 pm

COIN

Coinbase has initiated a cash tender offer for up to $150 million of its outstanding 3.625% Senior Notes due 2031. The move is part of the company's capital management strategy.

Portfolio Pulse from Benzinga Newsdesk

August 07, 2023 | 8:35 pm

DENN

NCMI

NXST

National CineMedia, LLC (NCM) has successfully completed its financial restructuring process and emerged from Chapter 11. The company eliminated approximately $1.2 billion of debt, substantially strengthening its capital structure. NCM also entered into a $55 million exit financing facility. The company announced new members to its Board of Directors, bringing extensive experience in advertising, finance, media, technology, and digital. NCM, Inc. (NASDAQ:NCMI) will continue to serve as the manager of NCM LLC, retaining a 13.8% stake in the reorganized company.

Portfolio Pulse from Happy Mohamed

August 07, 2023 | 8:29 pm

PCG

UBS Securities analyst Gregg Orrill has upgraded Pacific Gas & Electric Co (PCG) from Neutral to Buy, raising the price target to $21 from $19. The upgrade is based on the company's top quartile EPS growth of 9%, improving credit metrics, and better wildfire risk mitigation. PCG expects to increase cap-ex spending per year beyond 2027 to $13 billion from $9 billion currently. PCG shares are trading higher by 2.5% to $17.51.

Portfolio Pulse from Nabaparna Bhattacharya

August 07, 2023 | 5:31 pm

AYRWF

CCHWF

CURLF

JUSHF

TRUL

VRNOF

Viridian Capital Advisors has released a chart showing credit quality and trading yield for nineteen public U.S. cannabis companies with market caps over $25M. The chart suggests that investors should consider the senior secured cannabis debt market, with stronger credits like Trulieve (OTC:TRUL), Verano (OTC:VRNOF), and Curaleaf (OTC:CURLF) trading between 15% and 16.5%, while weaker credits like AYR (OTC:AYRWF), Columbia Care (OTC:CCHWF), and Jushi (OTC:JUSHF) trade from 20% to 30%. The chart also highlights potential pricing inefficiencies and opportunities for higher risk-adjusted returns in smaller names.

Portfolio Pulse from Viridian Capital Advisors

August 07, 2023 | 4:35 pm

AAPL

PYPL

RTX

SAGE

UBS

YELL

PayPal has launched a USD-backed stablecoin, PYUSD, issued by Paxos Trust Co. The FDA approved Sage Therapeutics and Biogen's Zurzuvae for postpartum depression but rejected it for major depressive disorder. Yellow Corp has filed for bankruptcy. RTX's subsidiary Pratt & Whitney is recalling jet engines, affecting airlines globally. Apple is hiring for roles in generative AI. Credit Suisse plans to cut 80% of its Hong Kong-based investment banking staff. Sohu.com, Tyson Foods, Gogo, and BioNTech reported declines in their recent earnings, while TreeHouse Foods, Henry Schein, and Elanco Animal Health reported growth.

Portfolio Pulse from Vandana Singh

August 07, 2023 | 2:34 pm