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Credit

BAC

Bank of America Corporation (NYSE:BAC) has been fined $90 million by the Consumer Financial Protection Bureau (CFPB) and $60 million by The Office of the Comptroller of the Currency (OCC) for illegal practices including charging junk fees, withholding credit card rewards, and opening fake accounts. The bank will pay over $100 million to affected consumers and $150 million in penalties to CFPB and OCC.

Portfolio Pulse from Nabaparna Bhattacharya

July 11, 2023 | 4:01 pm

BKR

Baker Hughes Inc.'s (NASDAQ:BKR) shares have increased by 16.42% in the past three months. The company's total debt stands at $6.66 billion, with $5.97 billion in long-term debt and $684.00 million in current debt. After adjusting for $2.42 billion in cash-equivalents, the net debt is $4.24 billion. The company's debt-ratio is 0.19, indicating a moderate level of financial leverage.

Portfolio Pulse from Benzinga Insights

July 11, 2023 | 3:30 pm

BA

Boeing Inc.'s total debt stands at $55.39 billion, with $47.47 billion in long-term debt and $7.93 billion in current debt. After adjusting for $10.81 billion in cash-equivalents, the net debt is $44.58 billion. The company's debt ratio is 0.41, considering its total assets of $136.35 billion. Debt is an important factor in a company's capital structure and contributes to its growth, but it can also impact cash-flow due to interest-payment obligations.

Portfolio Pulse from Benzinga Insights

July 11, 2023 | 2:45 pm

MPLX

MPLX Inc. (NYSE:MPLX) has a total debt of $20.59 billion, with $20.39 billion in long-term debt and $193.00 million in current debt. After adjusting for $393.00 million in cash-equivalents, the company's net debt stands at $20.19 billion. The company's debt ratio is 0.58, considering its total assets of $35.67 billion. Debt is an important factor in a company's capital structure and contributes to its growth, but it can also put the company at risk for default if interest rates increase.

Portfolio Pulse from Benzinga Insights

July 11, 2023 | 2:01 pm

BAC

The Consumer Financial Protection Bureau (CFPB) has ordered Bank of America (NYSE:BAC) to pay over $100 million for illegal practices including charging junk fees, withholding credit card rewards, and opening unauthorized accounts. The bank will pay $90 million in penalties to the CFPB and $60 million to the Office of the Comptroller of the Currency (OCC). This is not the first time Bank of America has faced such enforcement action.

Portfolio Pulse from Happy Mohamed

July 11, 2023 | 1:00 pm

ABNB

ADBE

C

IEP

JPM

WFC

The S&P 500 settled higher on Monday after a 1.2% loss last week due to the addition of 209,000 jobs in June. Icahn Enterprises L.P. (NASDAQ:IEP) shares gained over 20% after Carl Icahn amended loan agreements. Big banks such as JPMorgan Chase & Co. (NYSE:JPM), Citigroup Inc. (NYSE:C), and Wells Fargo & Company (NYSE:WFC) will release earnings on Friday. The Nasdaq 100 rose 0.06% despite losses in shares of Adobe Inc (NASDAQ:ADBE) and Airbnb Inc (NASDAQ:ABNB). The CBOE Volatility Index (VIX) rose 1.6%.

Portfolio Pulse from Lisa Levin

July 11, 2023 | 9:46 am

BRK.A

D

Dominion Energy has announced the sale of its remaining interest in Cove Point to Berkshire Hathaway Energy for $3.5 billion. The sale is expected to close by the end of 2023, subject to standard HSR clearance. The after-tax proceeds are expected to be used to retire debt, making the deal highly credit accretive.

Portfolio Pulse from Benzinga Newsdesk

July 10, 2023 | 8:32 pm

IEP

Carl Icahn, a prominent investor, is reportedly considering a lawsuit against Hindenburg Research following the restructuring of his bank loans. This information comes from people close to Icahn, who believe his team is scrutinizing Hindenburg's report for inaccuracies.

Portfolio Pulse from Happy Mohamed

July 10, 2023 | 7:41 pm

FFBC

PIPR

Piper Sandler Companies upgraded shares of First Financial Bancorp (NASDAQ:FFBC) from Neutral to Overweight and increased the price target from $23 to $24. The upgrade is due to the bank's solid performance in the recent rate cycle, its strong market position in Cincinnati and other major Midwest cities, and its consistently strong return profile. The bank's Net Interest Margin (NIM) increased from 3.15% to 4.55% over the past 12 months. The analyst predicts a NIM decrease to ~3.90-4.00% by the fourth quarter of this year or the first quarter of next year.

Portfolio Pulse from AJ Fabino

July 10, 2023 | 5:58 pm

SPY

Federal Reserve's Mester has stated that the economy's performance could surprise Fed officials and that the economy would be better off if the Federal Funds Rate goes higher. She also mentioned that there are no signs of excessive credit tightening.

Portfolio Pulse from Benzinga Newsdesk

July 10, 2023 | 5:05 pm