Streetbeat News

Credit Ratings

CFR

NTRS

STT

TFC

USB

Moody's has lowered the ratings of 10 regional banks and is considering downgrading several major lenders including Bank of New York Mellon Corp, U.S. Bancorp, State Street Corp, Truist Financial Corp, Cullen/Frost Bankers, Inc, and Northern Trust Corp. The agency warns of potential deposit outflows due to declining profitability and the Federal Reserve's ongoing rate hikes. Moody's anticipates that the Federal Reserve will maintain higher interest rates until inflation aligns with its target of 2%.

Portfolio Pulse from Bibhu Pattnaik

August 13, 2023 | 1:50 pm

COF

DFS

JPM

Despite the alarm raised by the US credit card debt crossing the $1 trillion mark, Ryan Detrick, chief market strategist at The Carson Group, argues that the situation is not as dire as it seems. He points out that consumers are not overspending, debt service payments are lower than pre-pandemic levels, and credit utilization remains stable. He also notes that 97.4% of total balances remain current on payments. Lenders like JP Morgan Chase, Capital One Financial, and Discover Financial Services logged their biggest provision for credit losses earlier this year due to macroeconomic outlook updates.

Portfolio Pulse from AJ Fabino

August 12, 2023 | 7:09 pm

ATEYY

BOKF

DIS

DOGE

MTB

PENN

PPRUY

TLRY

TSLA

WBS

Benzinga's weekly review highlights several bullish and bearish stock prospects. Bullish stocks include Disney (DIS) partnering with PENN Entertainment (PENN) for a sportsbook, Dogecoin (DOGE) predicted to surge 200%, and Tilray (TLRY) acquiring eight beer brands from Anheuser-Busch (BUD). Bearish stocks include Tesla (TSLA) after CFO's departure, Kering (PPRUY) and Advantest Corp (ATEYY) being heavily shorted, and Moody's downgrading credit ratings of banks including M&T Bank Corp. (MTB), Webster Financial Corp. (WBS), and BOK Financial Corp. (BOKF).

Portfolio Pulse from Michael Cohen

August 12, 2023 | 1:16 pm

CTRYF

Yang Huiyan, chair of Country Garden Holdings Co Ltd (OTC:CTRYF), has seen her personal wealth decrease by 84% in just over two years due to turbulence in China's property sector. The company anticipates a loss of up to $7.6 billion in the first half of this year, a sharp decline from its reported profit of $264.3 million during the same period last year. The company's liquidity remains weak, as highlighted by Moody's 'very high risk' assessment.

Portfolio Pulse from AJ Fabino

August 11, 2023 | 4:47 pm

SPY

USO

YELL

The article discusses several key financial events of the week, including the downgrade of US debt by Fitch from AAA to AA+, the plummeting of Japanese government bonds, the alleged manipulation of S&P 500 earnings, Saudi Arabia's extension of oil production cut, the bankruptcy of shipping company Yellow (NASDAQ:YELL), and the strong employment situation in the US. The downgrade of US debt and the situation in Japan could potentially lead to a sovereign debt disaster. The article also criticizes the White House's refusal to refill the Strategic Petroleum Reserve (SPR), which has led to Saudi Arabia and Russia cutting oil production.

Portfolio Pulse from Gary Brode

August 10, 2023 | 4:01 pm

DIA

IWM

QQQ

SPY

Major indexes are down as traders evaluate recent earnings and Moody's downgrade of several US banks. Semiconductor stocks are also experiencing a selloff following this year's AI-driven surge.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2023 | 4:00 pm

SPKY

SPY

Ahead of the release of key July inflation data, the SPDR S&P 500 (NYSE:SPY) traded mostly flat. This follows volatile price action on Tuesday due to Moody’s downgrading 10 U.S. small and mid-sized banks. The upcoming U.S. consumer price index (CPI) data will be crucial for the market, potentially influencing the Federal Reserve's decision on interest rate hikes. If CPI data is higher than expected, market volatility may increase, and traders may choose to leverage this through the Convexity Daily 1.5x SPIKES Futures ETF (NYSE:SPKY).

Portfolio Pulse from Melanie Schaffer

August 09, 2023 | 2:48 pm

AAPL

DIS

HMC

LYFT

RIVN

TSLA

WEN

The CBOE Volatility Index has increased ahead of inflation data. Lyft, Disney, and three other stocks are to be watched. Moody's has downgraded the credit ratings of banks, causing a decline in investor sentiment. In crypto news, Shiba Inu has jumped 7% as Shibarium launch nears, and Bitcoin, Ethereum, Dogecoin are rising amid spot BTC ETF optimism. In tech news, Sundar Pichai has hailed end-to-end encryption as a game-changer for messages on Android, and Apple's upcoming iOS 17 update is expected to bring significant changes. In the electric vehicle sector, Tesla's China rival is confident of toppling Mercedes-Benz, BMW, Audi in the luxury car market, and Rivian is set to boost R1S production. TikTok is reportedly preparing to challenge YouTube, Spotify, and Apple's podcast dominance. Honda has reported double-digit revenue growth in Q1, and Wendy's is likely to post higher Q2 earnings.

Portfolio Pulse from Akanksha Bakshi

August 09, 2023 | 11:41 am

MCO

SPY

US markets closed in the red on Tuesday after Moody's downgraded several banks, causing concerns about the soundness of US banks and the economy. The Dow Jones, S&P 500, and Nasdaq all closed lower. Asian markets showed mixed results, with Japan's Nikkei and China's Shanghai Composite and Shenzhen CSI 300 closing lower, while Australia's S&P/ASX 200 and Hong Kong's Hang Seng index closed higher. European markets and US futures were trading higher early Wednesday.

Portfolio Pulse from Akanksha Bakshi

August 09, 2023 | 10:39 am

AMZN

DISH

LLY

MSFT

SATS

The S&P 500 and Nasdaq 100 fell on Tuesday, with the S&P 500 Banks index losing 2.5% year-to-date. Moody's downgraded 10 small- to mid-sized lenders, contributing to the decline. Eli Lilly and DISH Network saw share increases after positive Q2 results and a merger announcement, respectively. The CBOE Volatility Index rose 1.4% ahead of upcoming CPI and PPI data releases.

Portfolio Pulse from Lisa Levin

August 09, 2023 | 9:41 am