Streetbeat News

Bankruptcy

MNK

Mallinckrodt is reportedly considering bankruptcy as a strategy to avoid paying money it owes to opioid victims, according to the Wall Street Journal.

Portfolio Pulse from Benzinga Newsdesk

July 26, 2023 | 2:57 pm

MNK

Hedge funds, including Silver Point, are in talks with Mallinckrodt to withdraw from a $1.7 billion opioid settlement. The hedge funds are devising a plan to cut off $1 billion meant for opioid victims and seek to become Mallinckrodt's owners after a new Chapter 11 filing.

Portfolio Pulse from Benzinga Newsdesk

July 26, 2023 | 2:56 pm

TFII

YELL

BMO Capital Markets analyst Fadi Chamoun has reiterated the Market Perform rating on TFI International Inc. (TFII), raising the price target to $125 from $105. This is due to the potential restructuring of Yellow Corporation (YELL), which could result in lower industry capacity and freight diversion to other LTL networks. TFII is expected to benefit from this disruption, with potential valuation up to $150 in a YELL bankruptcy scenario. However, TFII's FY23 revenues are expected to fall 13.2% to $7.65 billion, with adjusted EPS slumping 17.6% to $6.61.

Portfolio Pulse from Nabaparna Bhattacharya

July 25, 2023 | 6:33 pm

BLPH

HGEN

INPX

STOK

U.S. stocks traded higher with the Nasdaq Composite gaining more than 100 points. Verizon Communications reported better-than-expected earnings for its second quarter, despite a sales decline of 3.5% YoY. Inpixon shares shot up 87% after the company agreed to merge with XTI Aircraft Company. Humanigen shares dropped 76% as it anticipates bankruptcy. Bellerophon Therapeutics shares were down 39% after the company received a delisting notice. Stoke Therapeutics was down 33% after announcing new safety and efficacy data.

Portfolio Pulse from Lisa Levin

July 25, 2023 | 6:31 pm

ALK

AURC

ELBM

HGEN

INPX

The article lists the stocks that gained and lost the most in Tuesday's mid-day session. Among the gainers, Aurora Acquisition Corp. (AURC) jumped 192% to $30.54, Inpixon (INPX) gained 117% to $0.33 after agreeing to merge with XTI Aircraft Company, and Electra Battery Materials Corporation (ELBM) shot up 71.5% to $2.11 after extending and expanding its battery grade cobalt supply agreement with LG Energy Solution. Among the losers, Humanigen, Inc. (HGEN) fell 75.1% to $0.0476 as it anticipates not being able to continue as a going concern and is exploring all restructuring options, including bankruptcy, and Alaska Air Group, Inc. (ALK) fell 9.3% to $48.38 after reporting Q2 financial results and issuing Q3 and FY23 guidance.

Portfolio Pulse from Lisa Levin

July 25, 2023 | 5:11 pm

AMC

AMC Entertainment Holdings Inc's shares are trading lower due to developments related to the company's proposed settlement with shareholders. The settlement, which included a conversion of APE units into common shares and a reverse stock split, was rejected by Vice Chancellor Morgan T. Zurn. AMC has submitted a revised settlement. CEO Adam Aron warned that the company could face bankruptcy by 2024 or 2025 if the deal doesn't go through.

Portfolio Pulse from Adam Eckert

July 25, 2023 | 2:48 pm

ALEAF

RWBYF

Aleafia Health Inc. has obtained creditor protection to pursue restructuring and sale process. Red White & Bloom Brands Inc. has provided an update on Aleafia's indebtedness in connection with a loan agreement. Aleafia has received an order from the Ontario Superior Court of Justice to restructure its business and financial affairs. RWB agreed to advance debtor-in-possession financing to fund Aleafia's proceedings and other short-term working capital requirements. Aleafia was in breach of certain covenants under the senior secured loan agreement, and the proposed transaction between the parties had been mutually terminated.

Portfolio Pulse from Vuk Zdinjak

July 25, 2023 | 2:25 pm

APPH

BRCC

SMFL

ZIVO

The article lists five oversold stocks in the consumer staples sector that could be potential investment opportunities. These include The Estée Lauder Companies Inc. (EL), Smart for Life, Inc. (SMFL), ZIVO Bioscience, Inc. (ZIVO), BRC Inc. (BRCC), and AppHarvest, Inc. (APPH). The stocks are considered oversold as their Relative Strength Index (RSI) is near or below 30. The companies have experienced various events such as price target downgrades, compliance with Nasdaq listing requirements, direct offerings, better-than-expected sales, and Chapter 11 filings.

Portfolio Pulse from Lisa Levin

July 25, 2023 | 11:29 am

HGEN

Humanigen has announced that it anticipates not being able to continue as a going concern and is exploring all restructuring options, including bankruptcy.

Portfolio Pulse from Charles Gross

July 25, 2023 | 10:08 am

BAC

An analysis by the Wall Street Journal has found that Bank of America and Huntington National Bank were among the banks that made the largest revisions to their uninsured deposits following the collapse of SVB. The FDIC has issued a warning to U.S. banks about deposit accounting.

Portfolio Pulse from Bill Haddad

July 24, 2023 | 7:58 pm