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Bankruptcy

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Investors have sued the NBA and Mark Cuban over losses of $4.2 billion linked to the collapse of Voyager Digital Holdings Inc., accusing them of gross negligence and promoting an unregistered and unsustainable fraud. The lawsuit also implicates the NBA in promoting unregistered securities through its partnership with Voyager. This follows legal actions against founders of cryptocurrency companies like FTX and Voyager, with significant legal and financial repercussions.

Portfolio Pulse from Mehab Qureshi

February 08, 2024 | 12:52 pm

SFTBY

SoftBank Group Corp (OTC:SFTBY) announced a significant turnaround with a $6.6 billion profit in the quarter ending December 2023, despite writing off its entire investment in WeWork as a loss. This marks a recovery from a $5 billion loss in the same period a year earlier. The profit was attributed to the rebound in tech stocks and a beneficial increase in T-Mobile US Inc. shareholding. WeWork filed for bankruptcy in November 2023, leading to a $6.2 billion loss for SoftBank's Vision Fund in the second quarter of 2023.

Portfolio Pulse from Pooja Rajkumari

February 08, 2024 | 11:50 am

AAPL

SFTBY

WEWKQ

Adam Neumann, founder and former CEO of WeWork Inc (OTC:WEWKQ), has hired Tesla attorney Alex Spiro as he attempts to buy back the bankrupt office space company, WeWork. Spiro, known for his work with Elon Musk, has been advising Neumann since late 2023. WeWork, once valued at $47 billion, faced a decline due to the Covid-19 pandemic, costly leases, and high debt, leading to its bankruptcy. Neumann, with investors including Third Point hedge fund, aims to reacquire the company amidst its financial restructuring. Softbank Group Corp (OTC:SFTBY), as WeWork's largest shareholder, plays a significant role in the bankruptcy and potential buyout. Additionally, WeWork's story has been featured in a documentary and an Apple Inc (NASDAQ:AAPL) series.

Portfolio Pulse from Chris Katje

February 07, 2024 | 9:56 pm

DESK

KRE

Deutsche Pfandbriefbank AG (PBB) experienced a significant market value drop due to increased risk provisioning for potential losses in its commercial property loan portfolio, reflecting concerns over the sector's exposure and regional banking upheaval. The bank's shares fell over 16.6%, with its 2023 risk provisioning expected to total between €210 million and €215 million, in response to the ongoing real estate market weakness. The European Central Bank and Bundesbank have expressed concerns over the vulnerability of real estate firms and banks exposed to commercial real estate loans. The VanEck Vectors Office and Commercial Real Estate ETF (DESK) and the SPDR S&P Regional Banking ETF (KRE) have shown similar market dynamics, highlighting the interconnectedness between the real estate market and regional banking stability.

Portfolio Pulse from Piero Cingari

February 07, 2024 | 9:32 pm

GLT

HOLO

SNAP

SUNW

TCS

Container Store Group's shares fell by 23% due to weak quarterly results, missing both earnings and sales estimates. Other stocks showed significant movements, with MicroCloud Hologram Inc. leading gainers by 400% after announcing plans to join the Communications Industry Association. Glatfelter Corporation also saw a notable increase after a merger announcement with Berry Global. On the losing side, Snap Inc. dropped by 35.2% following mixed quarterly results, and Sunworks Inc. plummeted by 29.1% after filing for Chapter 7 bankruptcy.

Portfolio Pulse from Avi Kapoor

February 07, 2024 | 6:02 pm

ARVLF

Arrival SA (OTC:ARVLF), an electric vehicle maker, has appointed EY as administrator for its UK subsidiaries, Arrival UK Ltd and Arrival Automotive UK Limited, to explore selling its business and assets due to failure in acquiring necessary rescue funds. The company ended the first half of 2023 with $43 million in cash and a loss of $155.7 million. Arrival was delisted from Nasdaq on January 30 for delaying its interim financial statement filings.

Portfolio Pulse from Anan Ashraf

February 07, 2024 | 3:12 am

NVIV

InVivo Therapeutics Holdings Corp. shares are experiencing increased trading activity and volatility following the company's recent filing for Chapter 11 bankruptcy protection.

Portfolio Pulse from Benzinga Newsdesk

February 06, 2024 | 8:29 pm

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TENX

U.S. stocks traded mixed with the Dow up 0.19% and the Nasdaq down 0.41%. Centene Corporation reported better-than-expected Q4 results, with sales up 11% Y/Y. Tenax Therapeutics, Palantir Technologies, and Agrify Corporation saw significant stock increases, while Sunworks, BioRestorative Therapies, and Peraso Inc. experienced major declines. Oil prices rose by 1.2%.

Portfolio Pulse from Avi Kapoor

February 06, 2024 | 5:08 pm

KBE

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SPY

XLF

U.S. Treasury Secretary Yellen has indicated that some financial institutions might be significantly stressed due to issues related to commercial real estate. This statement suggests potential vulnerabilities within the banking and financial sectors, particularly for those with heavy exposure to commercial real estate.

Portfolio Pulse from Benzinga Newsdesk

February 06, 2024 | 4:22 pm

SUNW

Sunworks announced it has ceased operations and filed for Chapter 7 bankruptcy, leading to a decrease in its stock price.

Portfolio Pulse from Benzinga Newsdesk

February 06, 2024 | 3:59 pm