Streetbeat News

Bankruptcy

BIOL

BMR

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U.S. stocks traded lower with the Nasdaq Composite down over 1%. Coca-Cola (KO) reported better-than-expected Q4 sales, forecasting 6%-7% organic revenue growth for FY 2024. Beamr Imaging (BMR), Whole Earth Brands (FREE), and Digital Brands Group (DBGI) saw significant stock price increases. Conversely, Sunshine Biopharma (SBFM), BIOLASE (BIOL), and Sientra (SIEN) experienced substantial declines. Gold fell 1.4%, while oil prices rose.

Portfolio Pulse from Avi Kapoor

February 13, 2024 | 5:06 pm

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BIOL

DBGI

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U.S. stocks traded lower with the Dow Jones falling over 300 points due to a slowdown in annual inflation to 3.1% in January, higher than market estimates. Utilities shares rose by 1.1%, while information technology shares fell by 0.8%. Notable movements included Ohmyhome Limited (OMH), BioNexus Gene Lab Corp. (BGLC), and Digital Brands Group, Inc. (DBGI) experiencing significant gains, whereas Sunshine Biopharma, Inc. (SBFM), BIOLASE, Inc. (BIOL), and Sientra, Inc. (SIEN) saw sharp declines.

Portfolio Pulse from Avi Kapoor

February 13, 2024 | 2:43 pm

SIEN

Sientra, Inc. is pursuing a sale through a voluntary Chapter 11 bankruptcy process, planning to use its cash reserves and $22.5 million in new debtor-in-possession financing from existing lenders. This financing includes a 'roll up' of $67.5 million of prepetition debt. The company aims to continue its operations during this process.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 1:37 pm

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Polished.com received a notice of acceleration on Feb 6, 2024, demanding immediate repayment of all obligations under their credit agreement, including a principal balance of $91.25M, due to defaults including non-payment. The company is seeking resolution but faces significant financial risk.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 9:46 pm

EXPR

Express Inc. is reportedly preparing for debt restructuring and potentially filing for bankruptcy in the coming weeks. The company is in talks with lenders about last-minute out-of-court debt options and has engaged M3 Partners and law firm Kirkland & Ellis for restructuring advice.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 8:55 pm

SPY

Atlanta NPR reports that Fed's Bostic has stated banks are aware of the risks on their books and are prepared to manage them. This statement aims to reassure the market about the stability and risk management capabilities of banks amidst economic uncertainties.

Portfolio Pulse from Benzinga Newsdesk

February 09, 2024 | 6:33 pm

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Take-Two Interactive Software, Inc. (TTWO) shares fell by approximately 9% following disappointing third-quarter results and a downward revision of its 2024 net bookings forecast. Other stocks experienced significant movements, with Sunworks, Inc. (SUNW) filing for Chapter 7 bankruptcy, leading to a 267% jump in its shares. Masonite International Corporation (DOOR) surged 34.5% after Owens Corning announced its acquisition for $3.9 billion. Various companies reported financial results, leading to both gains and losses in their stock prices.

Portfolio Pulse from Avi Kapoor

February 09, 2024 | 6:18 pm

SUNW

Sunworks Inc (NASDAQ:SUNW) shares surged 184% to $0.15 despite no specific news, following its Chapter 7 bankruptcy filing and the resignation of its CEO and all directors. The company has ceased operations, and a trustee will now liquidate its assets.

Portfolio Pulse from Henry Khederian

February 09, 2024 | 3:52 pm

SYBX

Synlogic announced it will cease operations and reduce its workforce by over 90%. This decision comes as a significant move for the company, impacting its future direction and operations.

Portfolio Pulse from Charles Gross

February 08, 2024 | 9:27 pm

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U.S. Treasury Secretary Janet Yellen warned of potential failures among non-bank lenders due to stretched household finances and rising loan delinquencies. Non-bank lenders, which rely on short-term funding, could face risks if the lending market becomes strained. U.S. household debt reached a record $17.5 trillion, with mortgage and credit card debts at all-time highs. This situation poses a risk to non-bank lenders like Freedom Holding Corp. (FRHC), LoanDepot Inc (LDI), and PennyMac Financial Services (PFSI). Additionally, regional banks such as New York Community Bancorp, Inc. (NYCB) are under strain, with the SPDR S&P Regional Banking ETF (KRE) experiencing a decline.

Portfolio Pulse from Neil Dennis

February 08, 2024 | 7:52 pm