Streetbeat News

Bankruptcy

HLTH

OOMA

RSLS

SCPX

Ooma, Inc. (NYSE:OOMA) shares surged 17% in pre-market trading after reporting better-than-expected Q1 results and issuing strong guidance for Q2 and FY25. Other notable pre-market movers include ReShape Lifesciences Inc. (NASDAQ:RSLS) up 130.2%, Scorpius Holdings, Inc. (NYSE:SCPX) up 48.7%, and Cue Health Inc. (NASDAQ:HLTH) down 41.9% after filing for Chapter 7 bankruptcy.

Portfolio Pulse from Avi Kapoor

May 29, 2024 | 12:07 pm

HLTH

Cue Health shares are trading lower after the company announced that it filed voluntary petitions under Chapter 7 of the U.S. Bankruptcy Code in the District of Delaware to pursue a wind down of its business.

Portfolio Pulse from Benzinga Newsdesk

May 28, 2024 | 8:39 pm

HLTH

Cue Health has filed for Chapter 7 bankruptcy in the District of Delaware, initiating the process to wind down its business. A bankruptcy trustee will be appointed to liquidate the company's assets and pay creditors.

Portfolio Pulse from Benzinga Newsdesk

May 28, 2024 | 8:32 pm

BTCUSD

Mt. Gox, a bankrupt cryptocurrency exchange, transferred $2.9 billion worth of Bitcoin to an unknown wallet, causing market anxiety. The transfer involved 42,909 Bitcoins, and the recipient wallet remains unidentified. This move has led to mixed reactions from traders, with some fearing a price crash. Bitcoin's price dropped 1.66% following the news.

Portfolio Pulse from Aniket Verma

May 28, 2024 | 5:03 am

SOLUSD

The FTX bankruptcy estate has finalized the sale of $2.6 billion worth of Solana (SOL) tokens at significant discounts. Figure Markets and Pantera Capital were among the buyers, with Figure acquiring 800,000 tokens for $80 million. Solana's price dropped by 3.3% following the news.

Portfolio Pulse from Murtuza Merchant

May 24, 2024 | 5:56 pm

AUVI

Applied UV shares are trading lower after the company filed for Chapter 11 bankruptcy.

Portfolio Pulse from Benzinga Newsdesk

May 24, 2024 | 5:26 pm

AUVI

Applied UV, Inc. has filed for Chapter 11 bankruptcy, indicating financial distress and potential restructuring.

Portfolio Pulse from Benzinga Newsdesk

May 24, 2024 | 5:10 pm

DRI

LULU

Red Lobster, once the largest seafood restaurant chain, has filed for Chapter 11 bankruptcy. The chain, previously owned by Darden Restaurants Inc (NYSE:DRI), is auctioning off kitchen equipment but will not fully shut down. Issues like the 'Endless Shrimp' promotion and frequent leadership changes contributed to its downfall. Thai Union, a major stakeholder and supplier, is also implicated in the chain's financial troubles.

Portfolio Pulse from Aaron Bry

May 23, 2024 | 6:36 pm

JNJ

Johnson & Johnson (NYSE:JNJ) faces a lawsuit from cancer victims accusing the company of fraudulent bankruptcy tactics to avoid litigation. The plaintiffs argue that J&J's 'Texas two-step' maneuver was designed to protect its assets from lawsuits related to its talc products. Despite previous court rulings against its bankruptcy attempts, J&J plans a third bankruptcy with a $6.48 billion settlement proposal. Recent litigation has seen mixed outcomes for the company.

Portfolio Pulse from Vandana Singh

May 23, 2024 | 3:26 pm

IYE

XLE

XOM

Exxon Mobil Corporation (NYSE:XOM) and Qatar Energy's Texas LNG project faces a major setback as lead contractor Zachry Holdings files for Chapter 11 bankruptcy. The $10 billion Golden Pass LNG project is now in jeopardy due to cost challenges and payment issues. Exxon, which owns a 30% stake, aims to support the project through completion. XOM shares are down 1.81%. Investors can also gain exposure via Energy Select Sector SPDR Fund (NYSE:XLE) and iShares U.S. Energy ETF (NYSE:IYE).

Portfolio Pulse from Lekha Gupta

May 22, 2024 | 4:19 pm