Streetbeat News

Bankruptcy

CANO

Cano Health Inc (NASDAQ:CANO) has entered a Restructuring Support Agreement with its lenders, initiating Chapter 11 proceedings to reduce debt. The company secured $150 million in new financing to support operations during restructuring. CEO Mark Kent highlighted the company's focus on core businesses and expected annualized cost reductions of $290 million by end of 2024. Cano Health aims to emerge from restructuring in Q2 2024, with plans for debt conversion and exploring strategic partnerships or sale. CANO stock dropped 51.30% to $1.12 in premarket trading.

Portfolio Pulse from Vandana Singh

February 05, 2024 | 12:03 pm

ICLN

TSLA

Short-seller Jim Chanos criticized Tesla CEO Elon Musk's proposal for a carbon tax as a measure against climate change, labeling Musk as 'Subsidy King' and 'new darling of the Right'. Musk advocates for a carbon tax to combat climate change, citing a $5.3 trillion annual carbon subsidy per the IMF. Chanos, known for his bets against Tesla and Enron, recently closed his hedge fund. The debate highlights differing views on addressing climate change and the role of electric vehicles and renewable energy.

Portfolio Pulse from Shanthi Rexaline

February 05, 2024 | 6:24 am

NSTG

NanoString Technologies, Inc. has initiated voluntary Chapter 11 bankruptcy proceedings and secured an additional $40 million in financing from existing noteholders to support its restructuring process. The company aims to continue serving life sciences researchers globally during this period.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 5:55 am

BLK

JPM

Financial experts including Bill Gross, BlackRock, and Jamie Dimon provided insights on the U.S. economy, discussing a looming debt crisis, bullish views on U.S. stocks, and potential unemployment rate increases. Gross compared the U.S.'s $34 trillion debt to climate change impacts, predicting inflation due to annual deficits. BlackRock upgraded U.S. stocks to 'overweight', anticipating an economic soft landing and interest rate cuts. Mizuho's Dominic Konstam projected unemployment could double by year-end. Peter Schiff criticized the Federal Reserve's inflation policy, and Dimon warned of a global market 'rebellion' due to U.S. debt levels.

Portfolio Pulse from Benzinga Neuro

February 04, 2024 | 11:08 am

ARKB

FBTC

KRE

Cryptocurrencies like Bitcoin, Ethereum, and Dogecoin are trading higher amid fears of U.S. regional banking instability. The SPDR S&P Regional Banking ETF fell 3.12%, reflecting concerns over increased regulatory scrutiny for regional banks. Analysts predict a potential market peak for Bitcoin by October 2025, following historical trends of post-halving rallies. Cathie Wood of Ark Invest highlighted crypto assets' appreciation during banking crises as a hedge against fiat assets. Bitcoin ETFs, including ARKB and FBTC, continue to see significant volume despite recent market corrections.

Portfolio Pulse from Shivdeep Dhaliwal

February 02, 2024 | 6:28 am

FTTUSD

Genesis Global Holdco, a subsidiary of Digital Currency Group and currently in bankruptcy, has agreed to a $21M settlement with the SEC over a lawsuit concerning its lending program. The settlement, resulting from extensive negotiations, aims to resolve the SEC's civil action claim in Genesis's Chapter 11 cases, thereby avoiding the costs and uncertainties of prolonged litigation. This agreement follows Genesis's financial troubles, which began in January 2022 after the collapses of Three Arrows Capital and FTX, leading to its bankruptcy.

Portfolio Pulse from Murtuza Merchant

February 01, 2024 | 7:34 pm

WBD

Larry David, who starred in an FTX Super Bowl commercial, expressed regret over his participation following the company's bankruptcy. He revealed losing a significant amount of money as part of his salary was in cryptocurrency. David is also involved in a class action lawsuit against FTX. The ad was part of Super Bowl LVI, which featured multiple cryptocurrency ads, earning it the nickname 'crypto bowl'. Warner Bros. Discovery (NASDAQ:WBD), which airs 'Curb Your Enthusiasm', is indirectly related through David's promotional activities.

Portfolio Pulse from Chris Katje

February 01, 2024 | 6:56 pm

CHRW

CMND

MINM

NVIV

REVB

C.H. Robinson Worldwide, Inc. (CHRW) shares fell over 12% after reporting Q4 financial results below market expectations. Other stocks showed significant movement, with companies like Minim, Inc. (MINM) and Clearmind Medicine Inc. (CMND) experiencing substantial gains. Conversely, Revelation Biosciences, Inc. (REVB) and InVivo Therapeutics Holdings Corp. (NVIV) saw notable declines. The article also highlights stocks that moved due to earnings reports, strategic agreements, and other corporate actions.

Portfolio Pulse from Avi Kapoor

February 01, 2024 | 6:17 pm

CMAX

FBLG

MINM

NRBO

NVIV

REVB

Nasdaq Composite surged over 100 points as U.S. stocks traded higher, with jobless claims rising to 224,000. Minim, NeuroBo Pharmaceuticals, and FibroBiologics saw significant stock increases, while Revelation Biosciences, InVivo Therapeutics, and CareMax experienced declines. The increase in jobless claims and mixed global market responses also highlighted the economic backdrop.

Portfolio Pulse from Avi Kapoor

February 01, 2024 | 2:45 pm

HUT

Celsius Network LLC has emerged from bankruptcy, planning to repay up to $3 billion to creditors in cryptocurrency, fiat, and Ionic Digital stock. The reorganization plan, approved by the Bankruptcy Court for the Southern District of New York, received support from 98% of Celsius' account holders. The company will wind down operations and establish a new Bitcoin mining entity, Ionic Digital, Inc., managed by Hut 8 Corp. (NASDAQ:HUT). Ionic Digital's stock is expected to be publicly traded after receiving necessary approvals.

Portfolio Pulse from Murtuza Merchant

February 01, 2024 | 2:27 pm