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SPY

The Federal Reserve's stress test revealed that 23 banks could face projected losses of $541 billion but still maintain capital ratios above the required levels. The banks' capital declined by 2.3 percentage points to 10.1%, a smaller decline than in the 2022 test.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2023 | 8:31 pm

BAC

JLL

JLL's Capital Markets group has arranged a $425 million refinancing for Miracle Mile Shops, a 503,484-square-foot entertainment and retail destination located at the center of the Las Vegas Strip. The borrowers are IMI Miracle Mall LLC and IMI Miracle Harmon LLC, indirect subsidiaries of Institutional Mall Investors LLC, a co-investment venture between an affiliate of Miller Capital Advisory, Inc. and California Public Employees' Retirement System. Goldman Sachs served as lead lender, with Bank of America and Morgan Stanley Bank also serving as lenders.

Portfolio Pulse from Happy Mohamed

June 28, 2023 | 8:05 pm

SPY

The U.S. Congressional Budget Office (CBO) has projected that the U.S. public debt will rise to 181% of GDP in 2053, up from 98% in 2023. This is a slightly lower long-term debt-to-GDP ratio than was projected in February 2023 and July 2022, due to spending caps enacted in the debt ceiling deal.

Portfolio Pulse from Happy Mohamed

June 28, 2023 | 6:01 pm

FAST

Fastenal Inc.'s (NASDAQ:FAST) shares have risen by 8.21% over the past three months. The company's total debt stands at $400 million, with $200 million in long-term debt and $200 million in current debt. After adjusting for $239.80 million in cash-equivalents, the net debt is $160.20 million. Fastenal's total assets amount to $4.58 billion, resulting in a debt-ratio of 0.09. Debt is a crucial factor in a company's capital structure and contributes to its growth.

Portfolio Pulse from Benzinga Insights

June 28, 2023 | 5:16 pm

EXC

Exelon Inc.'s (NASDAQ:EXC) shares fell by 3.56% over the past three months. The company's total debt stands at $41.78 billion, with net debt at $41.26 billion after adjusting for $522.00 million in cash-equivalents. The debt-ratio, a measure of financial leverage, is at 0.43 considering Exelon's $96.92 billion in total assets. Debt is an important factor in a company's capital structure and can help it attain growth, but interest-payment obligations can impact cash-flow.

Portfolio Pulse from Benzinga Insights

June 28, 2023 | 4:16 pm

BABA

TCEHY

Tencent Holding Ltd (TCEHY) and Alibaba Group Holding Limited (BABA) fintech affiliate Ant Group have extended support for linking international credit cards to their platforms, WeChat and Alipay respectively. This move is aimed at providing greater convenience for foreign tourists and expanding the usage of WeChat Pay and Alipay in China's market. Visa Inc (V) and Mastercard Inc (MA) are the credit card companies involved in this initiative.

Portfolio Pulse from Anusuya Lahiri

June 28, 2023 | 3:29 pm

BAC

JPM

WFC

The Federal Reserve is set to release the results of its annual stress test on Wednesday. The test is designed to determine if the nation’s largest banks can withstand a severe economic downturn. This year's scenario includes a steeper rise in unemployment and sharper decline in home prices. Despite the more severe scenarios, all 23 banks undergoing the tests are expected to pass due to their strong capitalization. However, the adverse scenario could result in steeper loan losses for banks due to their commercial real estate exposure, leading the Fed to impose tougher capital requirements on some banks. The stocks of major US banks such as JPMorgan Chase & Co., Bank of America Corp, Citigroup Inc., Wells Fargo & Co., Goldman Sachs Group Inc., and Morgan Stanley could be affected.

Portfolio Pulse from Piero Cingari

June 28, 2023 | 3:20 pm

SPY

Federal Reserve Chair Jerome Powell has stated that the overall US banking system is strong and resilient, according to Bloomberg.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2023 | 2:40 pm

AMD

BLK

CVX

GIS

GOOG

HYMTF

MSFT

NSANY

NVDA

OSTK

SAP

SPR

SSNLF

STLA

UAL

Several companies are in the news for various reasons. Microsoft has been experiencing cyberattacks from a group linked to Russia. Samsung is gearing up for 2-nanometer chip production, intensifying rivalry with TSMC and Intel. BlackRock owns over 7% of Nvidia stock, capitalizing on the AI surge. Russian oil company Roszarubezhneft seeks control of Venezuelan oil exports amid US sanctions. SAP CEO is bullish on AI. Google plans to downsize the workforce at Waze. Overstock's bid for Bed Bath & Beyond assets receives US judge approval. UK watchdog rules against Hyundai and Toyota over misleading EV charging speed ads. Stellantis launches Free2move charging service for EV users. Chip stocks Nvidia and AMD fall on reports of US adopting stricter stance over China. Spirit AeroSystems and workers union agree on new contract proposal. General Dynamics bags US Army contract to build combat vehicles. General Mills shares fall after mixed Q4 results. Nissan reveals executive committee changes. United CEO blames FAA as storms force more flight cancellations. Hong Kong company takes first AI-generated drug candidate to clinic targeting chronic lung disease.

Portfolio Pulse from Vandana Singh

June 28, 2023 | 1:59 pm

SPY

Federal Reserve Chair Jerome Powell has stated that the Fed's policy has not been retractive for a long period and anticipates more restriction due to the labor market. A strong majority supports two more rate hikes according to the dot plot.

Portfolio Pulse from Happy Mohamed

June 28, 2023 | 1:45 pm