Video TranscriptLet's take a look at how stocks are moving right now. Taking a look first and foremost at the S&P 500, you've got a solid look at some declines right there. It's down by about 0.5%. After a long week of data and earnings, we had retail sales post a major surge for the month of July, driven by an Amazon Prime Day perhaps that fueled a boost in e-commerce sales.
We also had the Fed minutes driving yields higher this week, as fears of sticky inflation raised investors alarm bells about the possibility of further rate hikes.Whew, A lot to consider. Let's take a look at individual names as well. We are watching Hawaiian Electric. That stock is seeing a bit of a bounce. That's after an upgrade from Wells Fargo to equal weight from underweight and this comes after the utility company said in a regulatory filing that it does not plan to restructure.
Now this comes after the company warned last week it has substantial doubts that it can survive as is. It listed that in its risk factors and that its survival hinges on a return to profitability over the next 12 months.
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Hawaiian Electric shares continue slide amid scrutiny over Maui wildfiresCompany’s stock briefly hits lowest level since 1985
Source: globeandmail - 🏆 5. / 92 Read more »
Hawaiian Electric Muni Debt Also Risks Junk Cut, Barclays WarnsA unit of Hawaiian Electric Industries that is under scrutiny for its possible role in the deadly Maui wildfires could end up seeing its municipal bonds slashed to high-yield from investment-grade, according to Barclays Plc muni and ESG strategists.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Brokers Ready Trading in Discounted Bonds of Hawaiian ElectricSome Wall Street bond brokers are soliciting interest in a series of rarely traded notes tied to Hawaiian Electric Industries, as market participants assess potential liabilities for the utility following deadly wildfires in Maui, according to people with knowledge of the situation.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Brokers Ready Trading in Discounted Bonds of Hawaiian Electric(Bloomberg) -- Some Wall Street bond brokers are soliciting interest in a series of rarely traded notes tied to Hawaiian Electric Industries, as market participants assess potential liabilities for the utility following deadly wildfires in Maui, according to people with knowledge of the situation.Most Read from Bloomberg‘Poor Man’s Cocaine’ Costing $3 a Pill Threatens to ProliferateChina Evergrande Group Files Chapter 15 Bankruptcy in New YorkNiger Soldiers Killed in Attacks by Armed Group, Ecow
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Hawaiian Electric takes expert help but says goal not to restructure(Reuters) - Hawaiian Electric Industries is seeking expert advice amid growing scrutiny over its role in the Maui wildfires, but the largest power ...
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Hawaiian Electric’s Credit Rating Downgraded to Junk by Moody’sHawaiian Electric Co.’s credit score was lowered into junk territory by Moody’s Investors Service, cementing the embattled utility’s status as a so-called fallen angel after fires spread across Maui.
Source: BNNBloomberg - 🏆 83. / 50 Read more »