Streetbeat News

Bankruptcy

BTCUSD

Former White House Communication Director Anthony Scaramucci has dismissed rumors that he predicted a Bitcoin price surge to $31 million upon the approval of an ETF. However, he remains optimistic about Bitcoin's potential, envisioning a 2,662% rise from its current valuation of approximately $543 billion. Scaramucci does not foresee Bitcoin replacing traditional fiat currencies universally within his lifetime. He also expressed disappointment with Sam Bankman-Fried, the founder of the now-defunct FTX exchange.

Portfolio Pulse from Mehab Qureshi

October 23, 2023 | 4:27 am

JPM

WFC

Major US banks JPMorgan Chase (JPM), Wells Fargo (WFC), and Citigroup (C) collectively lost $84.5 billion in deposits during Q3. JPMorgan's deposits decreased by $31 billion, Wells Fargo's by $7.1 billion, and Citigroup's by $46.4 billion. Despite this, JPMorgan reported a net income of $13.2 billion for the quarter. The Federal Reserve Bank of St. Louis data indicates a trend of declining deposits across all commercial banks.

Portfolio Pulse from Bibhu Pattnaik

October 21, 2023 | 8:19 pm

UPH

UpHealth, Inc.'s subsidiary, Thrasys, Inc., has filed for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code. This follows UpHealth Holdings, Inc.'s Chapter 11 filing on September 19, 2023. UpHealth, Inc. and its other subsidiaries, Cloudbreak Health, LLC and TTC Healthcare, Inc., have not filed for Chapter 11 protection and continue to operate normally. The company also announced that Behavioral Health Services, LLC, which discontinued operations earlier this year, filed for Chapter 11 protection.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 2:31 pm

KBE

KRE

SPY

XLF

Federal Reserve Chairman Jerome Powell stated that the business model of regional banks is under pressure and the Fed does not want to add to that. He emphasized that smaller banks are very important.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 5:01 pm

KEY

KeyCorp (NYSE:KEY) reported Q3 FY23 revenues of $1.566 billion, down 17.0% Y/Y, in line with consensus. Net interest income was down 23.3% Y/Y to $923 million. Consumer Bank revenue fell 9.8% Y/Y and Commercial Bank was down 10% Y/Y. EPS was 29 cents, beating the street view of 27 cents. Provision for credit losses fell 25.7% Y/Y to $81 million. The CET 1 ratio exceeded its targeted capital range, expanding 50 basis points Q/Q to 9.8%. Average loan rose 2.8% Y/Y to $117.6 billion. Nonperforming loans stood at $455 million, accounting for 0.39% of period-end portfolio loans. Average deposits rose 0.4% Y/Y to $144.8 billion.

Portfolio Pulse from Lekha Gupta

October 19, 2023 | 2:10 pm

NVVE

SFT

TGL

The article lists the stocks that have gained and lost the most in Wednesday's mid-day session. Notable gainers include Shift Technologies, Treasure Global, and SeaStar Medical Holding, while significant losers include Nuvve Holding, NuZee, and Color Star Technology. Factors influencing these changes range from bankruptcy filings and FDA approvals to public offerings and earnings reports.

Portfolio Pulse from Lisa Levin

October 18, 2023 | 6:15 pm

AAPL

AMZN

DIS

WBD

The NBA is negotiating media-rights deals to fund its players' salaries. Current partners Disney (NYSE:DIS) and Warner Bros. Discovery (NASDAQ:WBD) are hesitant about spending hikes due to financial pressures. This opens the door for Amazon (NASDAQ:AMZN) and Apple (NASDAQ:AAPL) to acquire a substantial portion of NBA games. The NBA might also reclaim media rights in 15 markets due to Diamond Sports' potential bankruptcy.

Portfolio Pulse from Anusuya Lahiri

October 18, 2023 | 5:36 pm

SFT

Shift Technologies, Inc. (NASDAQ:SFT) has been notified by Nasdaq that it will commence proceedings to delist the company's common stock due to the company's filing of voluntary cases under Chapter 11 of the bankruptcy code. The company does not intend to appeal the delisting determination and SFT stock will be suspended by Nasdaq at the opening of business on Thursday. Ahead of the pending delisting, shares of SFT are moving on heavy trading volume.

Portfolio Pulse from Erica Kollmann

October 18, 2023 | 2:55 pm

CTRYF

EVGRF

FXI

JPM

LNGPF

SPY

SZENF

China's largest property developers, Country Garden Holdings Limited and China Evergrande Group, are facing financial difficulties. Country Garden missed a bond payment of $15.4 million and has $186 billion of liabilities. Its junk bonds are trading at around 4 cents on the dollar. Evergrande, with $327 billion in liabilities, faces liquidation at the end of the month. The situation is affecting the Chinese property market and the performance of China tracker funds such as the iShares China Large-Cap, which is down 10% year-to-date.

Portfolio Pulse from Daniel Harrison

October 18, 2023 | 2:14 pm

BAER

ICU

NUZE

NVVE

SFT

TGL

US stocks traded lower with the Dow Jones falling around 100 points. Procter & Gamble Co (PG) reported better-than-expected earnings for its third quarter. Shift Technologies (SFT) announced it will file for Chapter 11 bankruptcy protection. Treasure Global Inc. (TGL) announced an AI robot designed for TikTok. SeaStar Medical Holding Corporation (ICU) gained after the FDA granted the company’s device Breakthrough Device Designation. Nuvve Holding Corp. (NVVE) shares dropped after reporting pricing of $1 million underwritten public offering. NuZee, Inc. (NUZE) were down after pricing its $1.275 million underwritten public offering. Bridger Aerospace Group Holdings, Inc. (BAER) fell after announcing a $70 million proposed public follow-on offering.

Portfolio Pulse from Lisa Levin

October 18, 2023 | 2:00 pm