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KRYS

NKLA

XPEV

Bank of America Securities upgraded XPeng (XPEV) to Buy and raised its price target to $22, causing a 6.5% increase in the stock. Nikola (NKLA) announced a $325M debt offering, leading to a 13% decrease in its stock. Krystal Biotech (KRYS) sold a Priority Review Voucher for $100 million, resulting in a 4.7% increase in its stock.

Portfolio Pulse from ryanfaloona@benzinga.com

August 21, 2023 | 12:27 pm

NKLA

Nikola Corp plans to sell up to $325 million in senior convertible notes in a registered direct offering. The initial closing for the sale of $125 million in notes is expected around August 21, 2023. The company also agreed to terminate a Common Stock Purchase Agreement with Tumim Stone Capital LLC. NKLA shares are trading lower by 11.22% at $1.74 in premarket.

Portfolio Pulse from Shivani Kumaresan

August 21, 2023 | 11:47 am

JFIN

Jiayin Group Inc. has expressed confidence in its strategic direction and raised its annual loan facilitation volume outlook. The company's optimism is based on its strong performance and growth prospects.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 10:03 am

FXI

The People's Bank of China has increased its Loan Prime Rate to 3.45% from the previous 3.55%, which is higher than the estimated 3.40%.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 4:23 am

PNM

Public Service Company of New Mexico (PNM), a subsidiary of PNM Resources, Inc. (NYSE:PNM), has reached a unanimous agreement with multiple parties to resolve the remaining steps of the San Juan coal plant retirement. The agreement includes $115 million in rate credits for customers over a year and protection from rising interest rates if the weighted-average rate on the securitization bonds exceeds 5.5%. The settlement is subject to approval by the New Mexico Public Regulation Commission.

Portfolio Pulse from Happy Mohamed

August 18, 2023 | 8:16 pm

GLBS

Globus Maritime Limited (NASDAQ:GLBS) has amended its term loan facility with First Citizens Bank & Trust Company, borrowing an additional $25 million and increasing the total loan to $77.25 million. The company has also signed agreements to sell two vessels, the Sky Globe and Star Globe, for $10.7 million and $11.2 million respectively.

Portfolio Pulse from Happy Mohamed

August 18, 2023 | 8:14 pm

BTCUSD

CSCO

ETHUSD

JPM

TGT

WMT

Major indexes and cryptocurrencies have fallen this week due to fears of further interest rate hikes by the Fed. The S&P 500, Dow Jones, and Nasdaq are down 2%, 2.2%, and 2.29% respectively. Bitcoin and Ethereum have also seen significant losses. Walmart and Target have seen losses despite Walmart beating revenue estimates. Bank stocks have also dropped due to warnings from Fitch Ratings about potential downgrades. Hawaiian Electric Industries lost 31.15% of its stock value due to suspicions of involvement in a devastating fire. Cisco Systems is one of the few companies to see a rise in stock value this week.

Portfolio Pulse from Natan Ponieman

August 18, 2023 | 8:08 pm

EVGPF

China's real estate company, Evergrande Property Services Group Ltd (OTC:EVGPF), has filed for Chapter 15 in the U.S., marking a strategic offshore debt restructuring phase. This move is seen as a calculated maneuver given Evergrande's substantial U.S. dollar obligations governed by New York laws. The company's struggles reflect deeper issues within China's economic landscape, particularly in the property sector, and could have expansive ramifications on global markets.

Portfolio Pulse from AJ Fabino

August 18, 2023 | 6:11 pm

NEPT

Neptune Wellness Solutions reported Q1 results and entered into a binding term sheet with Morgan Stanley, providing the option to exchange the existing debt of Sprout Organics. This news led to a rise in Neptune's share prices.

Portfolio Pulse from Benzinga Newsdesk

August 18, 2023 | 4:17 pm

AVGO

VMW

Broadcom Inc. has secured up to $28.39 billion in new debt commitments for its proposed $61 billion acquisition of VMware, Inc. The deal is currently under scrutiny by multiple regulatory watchdogs. The loans may be increased by up to $2 billion fifteen business days after the Funding Date. The U.K.'s antitrust regulator gave the merger deal interim clearance in July, while approval from the U.S. Federal Trade Commission is still pending.

Portfolio Pulse from Nabaparna Bhattacharya

August 18, 2023 | 3:37 pm