Streetbeat News

Credit

MCO

Moody's Corp reported Q2 FY23 sales growth of 8% YoY to $1.49 billion, beating the analyst consensus. Moody's Analytics revenue climbed 11% YoY and Moody's Investor Service grew 6%. The company also reported increased investor demand for high-quality credits and higher-than-expected investment grade activity. The company held $2.3 billion in cash and equivalents as of June 30, 2023, and had $7.2 billion of outstanding debt. Moody's raised its FY23 adjusted EPS outlook and revenue guidance.

Portfolio Pulse from Shivani Kumaresan

July 25, 2023 | 4:23 pm

ALEAF

RWBYF

Aleafia Health Inc. has obtained creditor protection to pursue restructuring and sale process. Red White & Bloom Brands Inc. has provided an update on Aleafia's indebtedness in connection with a loan agreement. Aleafia has received an order from the Ontario Superior Court of Justice to restructure its business and financial affairs. RWB agreed to advance debtor-in-possession financing to fund Aleafia's proceedings and other short-term working capital requirements. Aleafia was in breach of certain covenants under the senior secured loan agreement, and the proposed transaction between the parties had been mutually terminated.

Portfolio Pulse from Vuk Zdinjak

July 25, 2023 | 2:25 pm

CRKN

Crown Electrokinetics (CRKN) is in talks with long-term debt-based financing partners for project-based funding for its fiber optics wins.

Portfolio Pulse from Benzinga Newsdesk

July 25, 2023 | 1:22 pm

CRKN

Crown Electrokinetics Corp (CRKN) has successfully eliminated 95% of its outstanding debt. The company is now seeking shareholder approval for a higher reverse split than the currently approved ratio.

Portfolio Pulse from Benzinga Newsdesk

July 25, 2023 | 1:21 pm

GE

GE's CEO Culp has expressed confidence in the company's demand despite interest rate hikes. He stated that they have not observed any signs of demand softening and feel good about the demand they see broadly.

Portfolio Pulse from Charles Gross

July 25, 2023 | 11:30 am

BX

PSA

Public Storage (NYSE:PSA) has priced a public offering of senior notes worth $2.2 billion to fund the buyout of Simply Self Storage from Blackstone Inc's (NYSE:BX) Blackstone Real Estate Income Trust, Inc. (BREIT). The offering, which includes an inaugural 30-year senior note, is expected to close on July 26, 2023.

Portfolio Pulse from Lekha Gupta

July 25, 2023 | 9:39 am

BX

Blackstone Inc.'s (NYSE:BX) shares have increased by 20.64% in the past three months. The company's total debt stands at $12.33 billion, with $12.31 billion in long-term debt and $19.56 million in current debt. After adjusting for $3.02 billion in cash-equivalents, the net debt is $9.31 billion. Blackstone's total assets are $41.09 billion, making the debt-ratio 0.3. Debt is an important factor in a company's capital structure and contributes to its growth.

Portfolio Pulse from Benzinga Insights

July 24, 2023 | 8:15 pm

BAC

An analysis by the Wall Street Journal has found that Bank of America and Huntington National Bank were among the banks that made the largest revisions to their uninsured deposits following the collapse of SVB. The FDIC has issued a warning to U.S. banks about deposit accounting.

Portfolio Pulse from Bill Haddad

July 24, 2023 | 7:58 pm

WRLD

BMO Capital Markets analyst James Fotheringham has reiterated an Underperform rating on World Acceptance Corporation (NASDAQ:WRLD), raising the price target to $59 from $47. WRLD reported Q1 revenues of $139.32 million, beating the consensus of $135.81 million. The analyst notes improving credit, rising yields, and fast growth in new loan originations, but predicts these trends will not sustain. Fotheringham raised WRLD core EPS estimates by +15% in FY2024E and +20% in FY2025E due to higher revenues and lower expected credit provisions.

Portfolio Pulse from Nabaparna Bhattacharya

July 24, 2023 | 7:20 pm

WMT

Walmart Inc. (NYSE:WMT) has seen its shares rise by 4.98% over the past three months. The company's total debt stands at $49.45 billion, with $43.16 billion in long-term debt and $6.29 billion in current debt. After adjusting for $10.57 billion in cash-equivalents, the net debt is $38.88 billion. The debt ratio, considering Walmart's $245.05 billion in total assets, is at 0.2. Debt is an important factor in a company's capital structure and can help it attain growth, but interest-payment obligations can impact the cash-flow.

Portfolio Pulse from Benzinga Insights

July 24, 2023 | 6:00 pm