Streetbeat News

Bankruptcy

BAC

JPM

KBE

KRE

SPY

TFC

USB

WFC

XLF

The Clearing House has experienced a processing issue with a single ACH file and is currently working with impacted financial institutions to resolve the matter.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 5:26 pm

CLLS

IRIX

PATI

PAYC

TGTX

The Federal Reserve has decided to maintain interest rates at 5.25% to 5.5%. This decision led to a rise in the Dow, NASDAQ, and S&P 500. Stocks of Cellectis, Patriot Transportation Holding, and TG Therapeutics rose significantly due to strategic collaborations, acquisitions, and positive Q3 results respectively. However, WeWork, IRIDEX Corporation, and Paycom Software saw a drop in their shares due to bankruptcy reports, withdrawal of annual guidance, and poor Q3 sales results respectively.

Portfolio Pulse from Lisa Levin

November 01, 2023 | 6:33 pm

WeWork Inc (NYSE:WE) is expected to file for bankruptcy next week. The stock has fallen more than 99% from its listing price but remains above $1 a share. Despite the possibility of a 'dead-cat bounce' or acquisition, the stock has continued to decline, with a 50% drop in the last few days following news of the planned bankruptcy. The company's valuation was inflated due to the zero-interest-rate environment and private investors' enthusiasm, but issues with company culture and the impact of the COVID-19 pandemic have contributed to its downfall.

Portfolio Pulse from Aaron Bry

November 01, 2023 | 5:33 pm

CLLS

IRIX

PATI

PAYC

TGTX

U.S. stocks traded higher with the Nasdaq Composite gaining over 100 points. Information technology shares jumped by 1.3%. Cellectis S.A. (CLLS) shares shot up 148% after reporting strategic collaboration and investment agreements with AstraZeneca. Patriot Transportation Holding, Inc. (PATI) shares shot up 104% after announcing an agreement for United Petroleum Transports to acquire all of its outstanding shares. TG Therapeutics, Inc. (TGTX) shares were up 29% following third-quarter results. WeWork Inc. (WE) shares dropped 52% following reports of nearing bankruptcy. IRIDEX Corporation (IRIX) shares were down 43% after withdrawing its previously announced annual guidance for 2023. Paycom Software, Inc. (PAYC) shares fell 38% after reporting worse-than-expected third-quarter sales results and issuing FY23 revenue guidance below estimates.

Portfolio Pulse from Lisa Levin

November 01, 2023 | 4:38 pm

ADP

AMD

MSFT

SPY

The stock market has just finished a three consecutive month losing streak, the longest since the pandemic. However, historical data shows that the stock market usually goes up in November after a three-month losing streak. The U.S. Department of the Treasury is offering $112 billion of Treasury securities, which is better than expectations and is bringing in buyers in the stock market. Employment Change data from Automatic Data Processing Inc indicates a strong jobs picture. WeWork Inc is filing for bankruptcy. Advanced Micro Devices, Inc. reported worse than expected earnings, but investors are buying the stock due to excitement about its AI chip. Microsoft Corp is selling its AI Copilot to enterprises, which is exciting investors. Money flows are positive in Apple Inc, Amazon.com, Inc., Alphabet Inc Class C, Meta Platforms Inc, Microsoft Corp, and Tesla Inc, but negative in NVIDIA Corp. Money flows are mixed in SPDR S&P 500 ETF Trust and Invesco QQQ Trust Series 1.

Portfolio Pulse from The Arora Report

November 01, 2023 | 4:13 pm

WeWork is reportedly planning to file for bankruptcy as early as next week, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 2:25 pm

CLLS

IRIX

MNPR

PATI

PAYC

U.S. stocks traded mixed with the Dow down 0.05%, NASDAQ up 0.32%, and S&P 500 up 0.15%. Private businesses added 113,000 workers in October, less than the expected 150,000. Cellectis S.A. (CLLS) shares rose 154% after announcing strategic collaboration with AstraZeneca. Patriot Transportation (PATI) shares rose 105% after an acquisition agreement with United Petroleum Transports. Monopar Therapeutics (MNPR) shares rose 42% after presenting positive data. WeWork (WE) shares fell 50% due to bankruptcy reports. IRIDEX Corporation (IRIX) shares fell 45% after withdrawing its annual guidance. Paycom Software (PAYC) shares fell 37% after reporting worse-than-expected Q3 sales.

Portfolio Pulse from Lisa Levin

November 01, 2023 | 1:42 pm

WeWork Inc (NYSE:WE) shares are plummeting following reports that the company is nearing bankruptcy. The company plans to file for Chapter 11 bankruptcy as soon as next week. This news follows WeWork's recent creditor agreement to temporarily postpone some of its debt payments. The company's shares have fallen more than 96% since the start of the year.

Portfolio Pulse from Adam Eckert

November 01, 2023 | 1:31 pm

CWBR

CohBar has announced its intention to begin the process of liquidating and dissolving itself, according to its organizational documents and applicable law, as per an SEC 8K filing.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 1:15 pm

CLLS

PAYC

PSTV

Several stocks are experiencing significant pre-market trading movements. Cellectis S.A. (CLLS) surged 152% following strategic collaboration and investment agreements with AstraZeneca. Plus Therapeutics, Inc. (PSTV) rose 11.3% after announcing third-quarter financial results and a share repurchase program. On the downside, WeWork Inc. (WE) dipped 37.3% amid reports of a planned Chapter 11 bankruptcy filing. Paycom Software, Inc. (PAYC) fell 37.1% after reporting worse-than-expected third-quarter sales results and issuing below-estimate FY23 revenue guidance.

Portfolio Pulse from Lisa Levin

November 01, 2023 | 12:07 pm