Streetbeat News

Bankruptcy

NVTA

Invitae, a SoftBank-backed medical genetics company, is preparing for bankruptcy as it struggles with $1.5 billion in debt. The company has hired FTI Consulting and Kirkland & Ellis to explore strategic options, including selling assets to improve liquidity.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 4:12 pm

MCD

NSTG

YTEN

U.S. stocks traded lower with the Dow Jones falling around 150 points. McDonald's Corporation reported weaker-than-expected sales for its fourth quarter, missing consensus estimates. Yield10 Bioscience, 4D Molecular Therapeutics, and Chenghe Acquisition saw significant stock price increases, while NanoString Technologies, DMK Pharmaceuticals, and Intelligent Bio Solutions experienced notable declines. Oil and gold prices also fell.

Portfolio Pulse from Avi Kapoor

February 05, 2024 | 3:01 pm

NSTG

NanoString Technologies has initiated voluntary Chapter 11 restructuring proceedings, leading to a decrease in its share prices.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 2:42 pm

NSTG

TXG

NanoString Technologies Inc (NSTG) initiated a Chapter 11 restructuring due to financial strain from a patent litigation loss to 10x Genomics Inc (TXG), with over $31 million in damages awarded. NanoString is exploring strategic alternatives, including a potential sale, and has secured a principle agreement for $40 million in debtor-in-possession financing to maintain operations. NSTG shares plummeted 59.43% in premarket trading.

Portfolio Pulse from Vandana Singh

February 05, 2024 | 1:31 pm

CANO

CHEA

FDMT

4D Molecular Therapeutics, Inc. (FDMT) shares rose by 20.1% in pre-market trading after presenting favorable interim data from a Phase 2 clinical trial. Other stocks also moved significantly in pre-market trading, with notable gainers including Chenghe Acquisition Co. (CHEA), Tritium DCFC Limited (DCFC), and YanGuFang International Group Co., Ltd. (YGF). Losers included Cano Health, Inc. (CANO), DMK Pharmaceuticals Corporation (DMK), and NanoString Technologies, Inc. (NSTG), all experiencing significant drops due to various challenges such as bankruptcy proceedings and delisting notices.

Portfolio Pulse from Avi Kapoor

February 05, 2024 | 1:04 pm

CANO

Cano Health's stock is trading lower following the company's announcement of initiating prearranged voluntary Chapter 11 bankruptcy proceedings in the US bankruptcy court for the District of Delaware.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 12:44 pm

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