Streetbeat News

Bankruptcy

FSR

Fisker's shares dropped following its preliminary Q4 2023 revenue report, which fell below expectations. The company also expressed significant doubt about its ongoing viability when it files its annual financial statements with the SEC.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 9:41 pm

FSR

Fisker Inc. has indicated that it expects to express substantial doubt about its ability to continue as a going concern in its upcoming annual financial statements filed with the SEC. This announcement raises concerns about the company's future viability and financial stability.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 9:38 pm

POL

Polished.com Inc. (POL) has suspended operations and plans to file for Chapter 7 bankruptcy protection after failing to secure additional financing. This decision comes despite efforts to improve liquidity and resolve issues with lenders.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 9:22 pm

SPY

Fed's Mester supports mandatory testing of the Discount Window by banks, debates on requiring banks to pre-position Discount Window collateral, and suggests possible FHIB lending changes could increase the need for the Discount Window. The speech did not comment on the economy or monetary policy.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 6:17 pm

JPM

KBE

KRE

SPY

XLF

In a CNBC interview, Jamie Dimon of JP Morgan expressed concerns about future market conditions, despite a current rise in market confidence. He suggested that allowing smaller banks to merge could be beneficial.

Portfolio Pulse from Benzinga Newsdesk

February 26, 2024 | 5:17 pm

RIVN

TSLA

Elon Musk, CEO of Tesla, warned that Rivian Automotive's executive team needs to significantly cut costs and spend more time in the factory to avoid bankruptcy. Musk's comments follow his previous statement about Rivian's potential bankruptcy in six quarters. Despite acknowledging Rivian's product design, he highlighted the challenges of volume production and positive cash flow. Rivian reported a Q4 revenue of $1.3 billion, a net loss of $1.52 billion, and ended the quarter with $10.47 billion in total liquidity.

Portfolio Pulse from Anan Ashraf

February 23, 2024 | 6:44 am

LCID

RIVN

Elon Musk criticized Lucid Group Inc (LCID) and Rivian Automotive Inc (RIVN) following their quarterly earnings reports. Musk highlighted Lucid's reliance on Saudi Arabia's Public Investment Fund (PIF) for financial support, referring to it as 'Saudi sugar daddy' and commented on Lucid's market cap being significantly lower than Tesla's. He also warned that Rivian might face bankruptcy within six quarters due to its current trajectory, despite acknowledging the company's decent product design. Both companies reported losses for the fourth quarter, with Lucid missing revenue estimates and Rivian reporting a significant per-vehicle loss.

Portfolio Pulse from Anan Ashraf

February 22, 2024 | 6:10 am

AUDA

Audacy has received court approval for its reorganization plan, which will allow it to reduce its funded debt by 80%, from $1.9 billion to $350 million. The plan awaits final approval from the Federal Communications Commission. Trade and other unsecured creditors will remain unimpaired.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 10:44 pm

AGRI

DFS

EVA

FLR

MEDS

MNPR

VZIO

Fluor Corporation's shares fell by 7.7% following its Q4 results, with earnings beating estimates but sales missing expectations. Other stocks moved significantly in Tuesday's session, with notable gainers including TRxADE HEALTH, AgriFORCE Growing Systems, and Monopar Therapeutics, among others, due to various positive announcements. Losers included RAPT Therapeutics, MicroCloud Hologram, and Summit Therapeutics, primarily due to negative news or disappointing results.

Portfolio Pulse from Avi Kapoor

February 20, 2024 | 6:21 pm

BAC

JPM

KRE

NYCB

SFBS

VLY

WFC

XLF

Rising delinquencies in the commercial real estate sector are causing concerns for major banks like JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley, as bad loans begin to exceed loss reserves. The Financial Times reports a significant drop in average reserves against delinquent debt, with a nearly tripled delinquent debt reaching $9.3 billion. The banking sector's scrutiny by regulators increases as delinquent loans tied to commercial properties more than double to $24.3 billion. The Financials SPDR Select Sector Fund and the SPDR S&P 500 Regional Banking ETF saw declines, with New York Community Bancorp, ServisFirst Bancshares, and Valley National Bancorp experiencing notable stock drops.

Portfolio Pulse from Piero Cingari

February 20, 2024 | 4:53 pm