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Credit

SPY

U.S. Treasury's Adeyemo reports progress in debt ceiling negotiations, stating that the stand-off is already costing American taxpayers. (Source: Reuters)

Portfolio Pulse from Benzinga Newsdesk

May 25, 2023 | 2:18 pm

SPY

UUP

Debt ceiling negotiations continue as the June 1 deadline approaches, with House Speaker Kevin McCarthy stating that progress has been made but not everyone will be happy. Fitch Ratings has put US debt on negative watch, while yields on Treasury bills fell to 5.77%. The S&P 500 and the US Dollar DXY index rose in response to the news.

Portfolio Pulse from Piero Cingari

May 25, 2023 | 2:18 pm

SPY

Federal Reserve's Barkin states that rate hikes are helping reduce demand, and credit tightening due to bank failures is also contributing to this effect.

Portfolio Pulse from Benzinga Newsdesk

May 25, 2023 | 2:14 pm

RY

Royal Bank of Canada (NYSE:RY) reported a Q2 FY23 adjusted net income of C$3.8 billion, down 13% Y/Y, with adjusted EPS declining by 11% Y/Y to C$2.65. The results were impacted by high provisions for credit losses of C$600 million. Revenues increased to C$13.5 billion from C$11.2 billion a year ago. RY declared a quarterly dividend of C$1.35 per share, up 2%.

Portfolio Pulse from Lekha Gupta

May 25, 2023 | 1:31 pm

RJF

Raymond James Bank reports that 95% of its deposits are FDIC insured, while 88% of total deposits for both Raymond James Bank and Tristate Capital Bank are FDIC insured.

Portfolio Pulse from Benzinga Newsdesk

May 25, 2023 | 12:37 pm

FCEL

FuelCell Energy Opco Finance 1 secured a financing agreement with multiple banks for a term loan facility and a letter of credit facility totaling $87M. The funds will be used to repay existing debts, re-acquire projects, and provide $46.1M in unrestricted cash for FuelCell Energy, Inc.

Portfolio Pulse from Happy Mohamed

May 25, 2023 | 12:11 pm

BTCUSD

DOGEUSD

ETHUSD

Major cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, experienced a drop in value as investor confidence was shaken by UK inflation concerns and the US debt ceiling deadlock. The global crypto market capitalization decreased by 3.42% to $1.10 trillion. Analyst Edward Moya predicts Bitcoin will remain range-bound, with the $25,000 level providing massive support.

Portfolio Pulse from Mehab Qureshi

May 25, 2023 | 2:42 am

RYAM

Chatham Asset Management urges Rayonier Advanced Materials (RYAM) to immediately refinance its 2024 Notes. Chatham holds significant positions in RYAM debt, including the 2024 and 2026 Notes, as well as short positions and put options in RYAM shares.

Portfolio Pulse from Benzinga Newsdesk

May 24, 2023 | 8:39 pm

EQT

EQT Corporation has commenced a tender offer for its 6.125% Senior Notes due 2025. The offer aims to repurchase the outstanding notes, which will help the company manage its debt.

Portfolio Pulse from Benzinga Newsdesk

May 24, 2023 | 8:30 pm

BA

Boeing shares are trading lower due to overall market weakness caused by debt ceiling uncertainty.

Portfolio Pulse from Benzinga Newsdesk

May 24, 2023 | 7:16 pm