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RNW

ReNew Energy Global Plc (ReNew) has signed Memorandums of Understanding (MoUs) worth $7.8 billion with Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) for its green energy projects. Each corporation will provide $3.9 billion in debt funding. The funds will be used for new projects including solar, wind, hybrid, energy storage, solar modules and cells manufacturing, and green hydrogen.

Portfolio Pulse from Happy Mohamed

July 21, 2023 | 1:43 pm

CVNA

Carvana Co's CEO, Ernie Garcia III, welcomes the decline in used-car prices to protect the company's bottom line. The company plans to reduce debt, extend maturities, and sell stock. Carvana reported a Q2 FY23 sales decline of 23.6% YoY to $2.97 billion, beating the consensus estimate of $2.59 billion. The company's shares are trading higher by 4.62% at $48.89.

Portfolio Pulse from Anusuya Lahiri

July 21, 2023 | 1:33 pm

FCX

Over the past three months, shares of Freeport-McMoRan Inc. (NYSE:FCX) increased by 10.99%. The company's total debt stands at $9.63 billion, with $9.59 billion in long-term debt and $49.00 million in current debt. After adjusting for $6.85 billion in cash-equivalents, the net debt is $2.78 billion. The debt-ratio, considering the company's total assets of $50.91 billion, is at 0.19, indicating a moderate level of financial leverage.

Portfolio Pulse from Benzinga Insights

July 21, 2023 | 1:00 pm

RF

Regions Financial Corp (NYSE:RF) reported Q2 FY23 revenue of $1.957 billion, a 12% Y/Y increase, beating the consensus of $1.95 billion. Net interest income rose 24.6% Y/Y to $1.38 billion, while provision for credit losses was $118 million, up from $60 million in the year-ago period. The company's EPS was $0.59, in line with consensus. Total deposits fell 10.1% Y/Y to $125.5 billion, while total loans rose 8.6% Y/Y to $98.6 billion. The company also raised its cash dividend by 20% to $0.24.

Portfolio Pulse from Lekha Gupta

July 21, 2023 | 12:09 pm

COF

DFS

JPM

MS

PNC

WFC

Capital One Financial Corp (COF) is set to release its Q2 earnings report, which investors will use to gauge the health of the U.S. consumer economy. Other major banks such as Wells Fargo (WFC), JPMorgan Chase (JPM), PNC Financial Services (PNC), Discover Financial Services (DFS), and Morgan Stanley (MS) have recently reported increased provisions for credit losses and net charge-offs, indicating increasing stress in the U.S. consumer economy. This trend is likely driven by inflationary pressures and high housing and rental costs.

Portfolio Pulse from AJ Fabino

July 20, 2023 | 7:45 pm

CNQ

Canadian Natural Res Inc. (NYSE:CNQ) has seen its shares move lower by 2.08% in the past three months. The company's total debt stands at $22.15 billion, with long-term debt at $19.71 billion and current debt at $2.44 billion. After adjusting for $105.55 million in cash-equivalents, the net debt is $22.04 billion. The company's debt-ratio is 0.37, indicating a considerable portion of debt is funded by assets.

Portfolio Pulse from Benzinga Insights

July 20, 2023 | 6:15 pm

ACB

CGC

CRON

TLRY

The bipartisan marijuana banking bill, the Secure and Fair Enforcement (SAFE) Banking Act, will not be addressed during the summer session as previously hoped. The delay is due to disagreements over one section of the bill concerning broader banking regulations. The bill aims to protect banks and credit unions from being penalized by federal regulators for working with state-licensed cannabis businesses.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 5:49 pm

ALLY

Goldman Sachs has maintained its Buy rating for Ally Financial (NYSE:ALLY) and increased its price target from $31.00 to $35.00. Despite this, Ally Financial's shares have fallen by 3.64% over the last 24 hours, trading at $28.58 per share. Ally Financial, primarily focused on auto lending, has a diversified business model including auto insurance, personal loans, commercial loans, credit cards, and mortgage debt.

Portfolio Pulse from Benzinga Insights

July 20, 2023 | 5:00 pm

CVNA

Analysts from RBC Capital, Raymond James, and Wedbush have raised concerns over Carvana Co's (NYSE:CVNA) margins and unit economics despite its better Q2 results and debt restructuring. While the analysts acknowledged the company's improved near-term performance and reduced liquidity risks, they expressed concerns over potential margin-stalling growth, significant dilution, expanding debt load, and industry-wide challenges. CVNA shares are trading lower by 16.10% at $46.84.

Portfolio Pulse from Anusuya Lahiri

July 20, 2023 | 4:38 pm

CVNA

Carvana Co (NYSE:CVNA) shares rose nearly 50% this week after the company issued its Q2 earnings report, despite a decline in sales. The company reported a loss of 55 cents per share, better than the anticipated $1.15 loss, on revenues of $2.97 billion, beating the $2.59-billion Street estimate. Adjusted gross profit for the quarter rose 24.2% to $538 million, with adjusted EBITDA for the quarter being $155 million compared to a loss of $216 million last year. Analysts from Wedbush, Oppenheimer, and RBC have mixed views on the company's debt restructuring and future prospects.

Portfolio Pulse from AJ Fabino

July 20, 2023 | 3:50 pm