Streetbeat News

Credit Ratings

ASB

S&P has downgraded its rating on Associated Banc, leading to a decrease in the bank's share prices.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 4:33 pm

KEY

KeyCorp's stock is trading lower following a downgrade by S&P, which lowered its rating on the bank.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 4:33 pm

CMA

Comerica's stock price is trading lower following a downgrade by S&P, which lowered its rating on the bank.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 4:32 pm

CMA

DKS

KEY

LOW

NVDA

The stock market is experiencing positive sentiment due to several factors, including aggressive investor buying of NVIDIA Corp (NASDAQ:NVDA) ahead of earnings release, Wall Street positioning for another leg up in the artificial intelligence frenzy rally, and a 2% rise in Hong Kong stocks likely caused by the Chinese Plunge Protection Team (PPT) buying stocks. However, S&P has cut the credit ratings of several U.S. banks including Keycorp (NYSE:KEY) and Comerica Incorporated (NYSE:CMA). Macy’s Inc (NYSE: M), DICK'S Sporting Goods Inc (NYSE:DKS), and Lowe's Companies Inc (NYSE:LOW) have also released their earnings.

Portfolio Pulse from The Arora Report

August 22, 2023 | 3:09 pm

AMZN

GOOG

MSFT

PFE

TEVA

S&P Global Ratings has downgraded several US regional banks due to the Federal Reserve's monetary policy. YouTube, a subsidiary of Alphabet Inc, has unveiled its AI music principles in partnership with Universal Music Group. Titan Global Capital Management USA LLC has agreed to pay over $1 million to settle charges by the SEC. Teva Pharmaceutical Industries Limited has agreed to pay $225 million in criminal fines to settle charges related to price fixing. The FDA has approved Pfizer Inc's Abrysvo vaccine. Apollo Global Management Inc has acquired a majority interest in Composite Advanced Technologies Inc. Microsoft Corp has revised its proposal to purchase Activision Blizzard Inc. Retailers with pharmacy businesses are seeing a boost in sales due to increased demand for prescription weight loss drugs. Amazon.Com Inc has unveiled its Fire TV Channels app. Waystar Inc is reportedly making strides toward an IPO. Baidu Inc, Macy's Inc, BJ's Wholesale Club Holdings Inc, Medtronic Plc, Lowe's Companies Inc, and Dick's Sporting Goods Inc have all reported their Q2 earnings.

Portfolio Pulse from Vandana Singh

August 22, 2023 | 2:51 pm

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

ASB

CMA

KEY

KRE

UMBF

VLY

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

ASB

CMA

KEY

UMBF

VLY

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