Streetbeat News

Credit Ratings

WAL

Shares of Western Alliance Bancorporation (NYSE:WAL) are trading lower by 2.73% after S&P Global Ratings downgraded several regional banks. This could signal challenges within the broader regional banking sector, suggesting a trend of financial instability or economic uncertainty. The Federal Reserve’s tight grip on monetary policy is straining the funding, liquidity, and revenue of many U.S. banks.

Portfolio Pulse from Henry Khederian

August 22, 2023 | 2:44 pm

KEY

KeyCorp (NYSE:KEY) shares are trading lower by 2.57% after S&P Global Ratings downgraded the bank's credit rating. This could indicate increased risk associated with the bank's financial stability and ability to meet its obligations, shaking investor confidence. The Federal Reserve’s tight grip on monetary policy is putting a strain on the funding, liquidity, and revenue of many U.S. banks, including KeyCorp.

Portfolio Pulse from Henry Khederian

August 22, 2023 | 2:36 pm

CMA

Shares of Comerica Incorporated (NYSE:CMA) are trading lower by 2.28% after S&P Global Ratings downgraded the bank's credit rating. The downgrade could signal increased risk associated with the bank's financial stability and ability to meet its obligations, potentially eroding investor confidence.

Portfolio Pulse from Henry Khederian

August 22, 2023 | 2:29 pm

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CMA

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UMBF

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S&P Global Ratings has downgraded the ratings of five US regional banks, namely Associated Banc-Corp, Comerica Inc., KeyCorp, UMB Financial Corp., and Valley National Bancorp, citing challenges in the current environment. The Federal Reserve's monetary policy is straining the funding, liquidity, and revenue of many US banks. River City Bank and S&T Bancorp Inc. have had their outlooks revised to negative. The SPDR S&P Regional Banking ETF has lost nearly 9% since the start of August and 25% year to date.

Portfolio Pulse from Piero Cingari

August 22, 2023 | 12:50 pm

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CMA

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UMBF

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S&P has downgraded five banks: KeyCorp, Comerica, Valley National, UMB and Associated Bank. This is part of a wider review of the banking sector by S&P.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 12:07 am

Hawaiian Electric (HE) has responded to a recent downgrade by Fitch Ratings, attributing the market's reaction to 'speculation and opportunism'. The company is still investigating the cause of an incident in Maui.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 8:40 pm

Zoom Video Communications, Inc. (NASDAQ:ZM) shares are trading higher ahead of its Q2 earnings report. The company is expected to report earnings of $1.05 per share and revenue of $1.11 billion. The stock has been affected by various factors recently, including rising COVID-19 concerns, Fitch's downgrade of the U.S. long-term credit rating, and weakness in Netflix and Tesla's quarterly reports. However, it has also benefited from the company's increased technical investments in the Asia-Pacific region.

Portfolio Pulse from Ryan Gustafson

August 21, 2023 | 7:50 pm

Fitch Ratings has downgraded Hawaiian Electric Industries' long-term issuer default rating (IDR) to 'B' from 'BBB+' and Hawaiian Electric Company's long-term IDR to 'B' from 'A-'.

Portfolio Pulse from Happy Mohamed

August 21, 2023 | 5:03 pm

CANO

Moody's has downgraded Cano Health, LLC's Corporate Family Rating (CFR) to 'CA', indicating a very high credit risk. The outlook for the company is stable.

Portfolio Pulse from Happy Mohamed

August 21, 2023 | 4:51 pm

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TSLA

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Meta Platforms is preparing to launch a desktop version of Threads to compete with Elon Musk's X. Amazon has restarted its external shipping service, challenging FedEx and UPS. High-profile investors have presented a competing bid for Sculptor Capital Management. Kraft Heinz plans to offer Lunchables to school cafeterias. Medical Properties Trust's deal with Prospect Medical Holdings is on hold. Tesla has suffered a data breach affecting over 75,000 people. Old Dominion Freight Line has offered $1.5 billion to acquire Yellow Corp's terminals. General Motors' Cruise is under investigation after a collision. DuPont is in talks to sell its Delrin resins unit. Disney is in a legal battle with Florida Governor Ron DeSantis. Goldman Sachs faces potential lawsuits over the 1MDB scandal. Citigroup is considering splitting its largest division. Walmart and Centric Brands are examining their Cambodian supply chains. US Steel denies union veto rights in company sale.

Portfolio Pulse from Vandana Singh

August 21, 2023 | 3:17 pm