Streetbeat News

Bankruptcy

PNC

PNC Financial Services Group anticipates an additional noninterest expense of about $130M due to a revised special assessment by the FDIC, related to the systemic risk exception invoked after the closures of Silicon Valley Bank and Signature Bank. This adjustment raises the total noninterest expense to approximately $645M for Q1 2024. The FDIC's updated estimate of assessed losses to the Deposit Insurance Fund is now $20.4 billion, up from $16.3 billion, affecting PNC and other institutions.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 7:08 pm

JOAN

Joann Inc (NASDAQ:JOAN) shares plummeted by 18.4% to $0.23, hitting a new all-time low, following a Bloomberg report about the company considering bankruptcy to restructure its debt. The company is in talks with lenders for a pre-packaged bankruptcy to swiftly exit Chapter 11 while continuing operations, facing liquidity and inventory management issues in a tough retail environment. Joann is also seeking financial advisory to manage high interest expenses and loan payments.

Portfolio Pulse from Henry Khederian

March 05, 2024 | 5:31 pm

JOAN

JOANN shares are trading lower due to ongoing weakness after reports surfaced about the company's potential plans to file for bankruptcy.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 5:28 pm

JOAN

JWN

M

NIO

ROST

TGT

The CNN Money Fear and Greed index indicates 'Extreme Greed' in the market, despite a drop in the S&P 500 and Nasdaq from record highs. Macy's shares surged 13.6% after a raised acquisition offer, while JOANN Inc. shares plummeted 44% amid bankruptcy considerations. The market awaits earnings from Nordstrom, NIO, Target, and Ross Stores.

Portfolio Pulse from Avi Kapoor

March 05, 2024 | 7:25 am

BFX

BowFlex Inc. (NYSE:BFX) has initiated Chapter 11 bankruptcy proceedings and entered into a purchase agreement with Johnson Health Tech Retail, Inc. as the stalking horse bidder for $37.5 million in cash. The company has also secured $25 million in debtor-in-possession financing to continue operations and fulfill customer orders during the sale process.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 6:11 am

BIVI

BTDR

FUFU

JOAN

Bitdeer Technologies Group's shares surged 10.2% after reporting positive Q4 financial results and successful testing of its Bitcoin mining chip, amidst a general rise in Bitcoin prices. Other stocks also saw significant movements, with BitFuFu Inc. leading with a 107% jump following its Nasdaq listing. The session also highlighted FDA approvals, strategic approaches, and financial results as key drivers for stock movements. Conversely, companies like BioVie Inc. and JOANN Inc. faced declines due to public offering pricing and bankruptcy reports, respectively.

Portfolio Pulse from Avi Kapoor

March 04, 2024 | 6:29 pm

JOAN

Joann Inc (NASDAQ:JOAN) shares plummeted by 30.8% to $0.35 due to a Bloomberg report suggesting the company is considering bankruptcy to restructure its debt. The report indicates ongoing talks with lenders for a pre-packaged bankruptcy, aiming for a swift Chapter 11 exit. Joann's financial issues are attributed to liquidity problems and inventory management challenges in a difficult retail environment. The company is also seeking advice from financial advisory firms to manage high interest expenses and loan payments.

Portfolio Pulse from Henry Khederian

March 04, 2024 | 3:18 pm

JOAN

JOANN shares are trading lower after reports emerged suggesting the company may soon file for bankruptcy.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 3:16 pm

JOAN

Crafts retailer Joann Inc. is reportedly planning to file for Chapter 11 bankruptcy as soon as next week. This move would transfer control to its lenders and allow the company to eliminate costly debt. Joann, which operates approximately 850 stores across the US and specializes in fabric and craft supplies, has been in confidential discussions with lenders to secure new funding to enhance its cash position.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 3:05 pm

FSR

Fisker's stock is trading lower following the announcement of disappointing Q4 financial results and the company's expectation of substantial doubt about its ability to continue as a going concern.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 1:01 pm