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GS

SPY

Goldman Sachs has reduced its estimate of the US economy entering a recession over the next 12 months from 35% to 25%. The bank cites the resolution of the debt ceiling dispute and increased certainty about the impact of banking stress on GDP growth as reasons for the change. Goldman Sachs expects a 0.25% interest rate hike in July, followed by steady-high interest rates.

Portfolio Pulse from Piero Cingari

June 06, 2023 | 12:55 pm

FXI

Chinese regulators have asked major state-owned banks to lower dollar deposit rates by up to 100 basis points to 4.3%, according to Reuters sources.

Portfolio Pulse from Charles Gross

June 06, 2023 | 10:46 am

AAPL

ILMN

JPM

SONY

Apple is set to debut its VR headset at its annual developer conference, while US regulators plan to enforce stricter capital requirements for large banks. Grail's software error causes cancer misdiagnosis, potentially impacting Illumina's acquisition plans. Sony explores AI for cloud gaming, and JPMorgan employs blockchain for interbank transactions in India.

Portfolio Pulse from Vandana Singh

June 05, 2023 | 1:45 pm

BAC

Bank of America reports that money market funds have attracted $756 billion in investments this year due to the US banking crisis and the Federal Reserve's rate hikes. Tech stocks continue to see inflows, with $500 million invested in tech stock funds for the sixth consecutive week.

Portfolio Pulse from Bibhu Pattnaik

June 04, 2023 | 3:07 pm

CXXIF

C21 Investments reported a 12.4% decline in FY23 revenue to $28.9 million and retired its $30 million senior secured note. The company's gross profit margin decreased to 46.4% from 57% in the previous year.

Portfolio Pulse from Vuk Zdinjak

June 02, 2023 | 12:15 pm

BAC

SPY

Bank of America CEO Brian Moynihan reports that US consumer spending is slowing, with restaurant spending down to 3% YoY growth from 17%. He also states that the Fed has 'won the battle' by slowing consumer spending and expects loan growth to be flat this quarter.

Portfolio Pulse from Happy Mohamed

June 01, 2023 | 6:52 pm

REED

Reed's Inc reported a Q1 FY23 sales decrease of 8.4% YoY to $11.16 million, missing the analyst consensus estimate of $14.12 million. The decrease was primarily due to tightened credit terms from suppliers, impacting inventory. The company expects to turn cash flow positive in H2 2023.

Portfolio Pulse from Shivani Kumaresan

June 01, 2023 | 4:16 pm

SOFI

SoFi Technologies shares are trading lower by 2.45% amid profit-taking, following a surge in the stock due to a tentative debt limit agreement that would reinstate student loan payments. The CARES Act's temporary suspension of student loan repayments is set to conclude, requiring borrowers to resume repayments starting from August 29, 2023.

Portfolio Pulse from Henry Khederian

June 01, 2023 | 1:56 pm

AREC

American Resources Corporation (AREC) has signed a $45 million bond purchase agreement with Hilltop Securities for its integrated rare earth, critical element, and metallurgical carbon processing facility.

Portfolio Pulse from Benzinga Newsdesk

June 01, 2023 | 12:06 pm

HASI

Hannon Armstrong Sustainable Infrastructure Capital (HASI) has amended its revolving credit facility, increasing the committed line by $240 million to $840 million. The amendment also expands the accordion feature by $420 million, resulting in a total capacity of up to $1.26 billion.

Portfolio Pulse from Benzinga Newsdesk

June 01, 2023 | 11:37 am