Streetbeat News

Credit

UBS

UBS Group AG may face hundreds of millions of dollars in penalties over Credit Suisse's mishandling of Archegos Capital after Swiss, U.S., and U.K. regulators completed their investigations. The Federal Reserve's fine may be up to $300 million, while the Prudential Regulation Authority's penalty might be up to £100 million.

Portfolio Pulse from Akanksha Bakshi

June 20, 2023 | 12:19 pm

SHY

VGSH

Andreas Steno Larsen, Founder and CEO of Steno Research, believes that banking turmoil may continue due to persistent core inflation keeping monetary policy tight. The difference between money market fund rates and those offered by banks is also a cause of concern, with smaller banks likely to suffer. Bond markets are witnessing a decline, and the iShares 1-3 Year Treasury Bond ETF (NASDAQ:SHY) and the Vanguard Short-Term Treasury Index Fund ETF (NASDAQ:VGSH) shed 0.14% on Friday.

Portfolio Pulse from Bhavik Nair

June 20, 2023 | 11:45 am

MNK

Mallinckrodt is reportedly determined not to make a $17M interest payment due on June 20 to holders of its first lien senior secured term loans. The company is actively evaluating its capital needs in light of obligations under its opioid settlement and long-term debt.

Portfolio Pulse from Charles Gross

June 20, 2023 | 10:54 am

BTCUSD

Robert Kiyosaki, author of 'Rich Dad Poor Dad', warns of more bank failures and highlights the vulnerability of mortgage companies, specifically Loan Depot. He advises caution and skepticism towards statements from President Biden, Fed Chairman Powell, and Secretary of Treasury Yellen.

Portfolio Pulse from Bibhu Pattnaik

June 17, 2023 | 3:37 pm

RIVN

Rivian Automotive (RIVN) shares are trading higher by 2.40% amid ongoing strength in EV stocks and the Fed's pause on rate hikes. The company has a short percentage of float of 14.26%. Lower borrowing costs can benefit Rivian by making it more affordable to access capital and fund operations, and stimulate consumer spending on electric vehicles.

Portfolio Pulse from Henry Khederian

June 16, 2023 | 7:07 pm

MNK

Mallinckrodt Plc has extended the date for a $200 million payment to a trust from June 16, 2023, to June 23, 2023, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 4:34 pm

MNK

Mallinckrodt is actively evaluating its capital needs due to obligations under its opioid settlement and long-term debt. The company and Opioid Master Disbursement Trust II entered Amendment No. 1 to a certain opioid deferred cash payments agreement on June 15.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 4:34 pm

RIDE

Lordstown Motors Corp (RIDE) shares are trading higher by 54.17% to $6.49, despite no company-specific news. The stock is rising after the Fed paused rate hikes, which can lead to lower borrowing costs for companies and stimulate consumer spending. Several EV companies with high short interest are experiencing significant stock rallies.

Portfolio Pulse from Henry Khederian

June 16, 2023 | 2:35 pm

SHFS

Safe Harbor Financial (NASDAQ:SHFS) has originated a $6.7 million first-lien secured loan for a global real estate investment firm, backed by a class A multitenant cannabis industrial property in Oakland, California. The loan will generate fee and interest revenue for Safe Harbor Financial and help the company achieve its credit issuance goals.

Portfolio Pulse from Vuk Zdinjak

June 16, 2023 | 12:30 pm

SPY

Fed's Waller states that changes in credit since the SVB failure are in line with what was happening before due to Fed rate increases, and it's still unclear if recent bank failures had a material effect on credit conditions.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 11:46 am