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Rite Aid has filed voluntary petitions to commence proceedings under Chapter 11, leading to a decrease in its share prices.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 4:14 pm

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Bitcoin's price spiked on false rumors of an ETF approval by BlackRock. Albemarle Corporation withdrew its offer to acquire Liontown Resources. Pfizer cut its annual revenue guidance by $9B due to a slump in COVID-19 vaccine sales, and BioNTech warned of €900M write-offs. Rite Aid filed for Chapter 11 bankruptcy. AstraZeneca's Tagrisso-Chemo combo is under FDA priority review. Honeywell projects a 10% increase in new business jet deliveries in 2024. WeWork appointed David Tolley as CEO. Novavax faces a setback as the EMA delays a decision on its COVID-19 vaccine. Activist shareholder Starboard Value acquired a stake in News Corp. Goldman Sachs is reconsidering its consumer lending venture. Manchester United shares fell as the Qatari group pulled away from acquisition. Apple is reshuffling its executive ranks and focusing on reducing the price of Vision Pro. Walgreens and CVS pharmacy staff are planning a nationwide walkout over poor working conditions.

Portfolio Pulse from Vandana Singh

October 16, 2023 | 2:35 pm

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U.S. stocks traded higher with the Dow Jones index gaining over 200 points. The NY Empire State Manufacturing Index declined to -4.6 in October. LQR House Inc. shares rose 76% after announcing its product is now available at Costco. PCTEL, Inc. shares rose 47% after Amphenol Corp agreed to acquire it. Momentus Inc. shares rose 32%. Aldeyra Therapeutics shares dropped 60% after FDA feedback on their new drug application. Biocept, Inc. shares dropped 58% after the CEO's resignation and filing for bankruptcy. Omeros Corporation shares fell 47% after discontinuing a trial.

Portfolio Pulse from Lisa Levin

October 16, 2023 | 2:08 pm

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Biocept Inc has filed a voluntary petition under Chapter 7 in bankruptcy court on October 13th. Following this, all members have resigned, leaving the company with no serving board of directors, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 1:01 pm

RAD

Rite Aid Corporation (NYSE:RAD) has filed for Chapter 11 bankruptcy protection and plans to restructure to reduce its debt. The company will close underperforming stores and has secured $3.45 billion in new funding for its restructuring plan. Rite Aid has also appointed Jeffrey Stein as CEO and Chief Restructuring Officer. The company is facing numerous lawsuits and reported a net loss of $306.7 million in Q1. Rite Aid expects to lose between $650 million and $680 million for FY24.

Portfolio Pulse from Vandana Singh

October 16, 2023 | 12:01 pm

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Mckesson has stated that it does not expect the bankruptcy process initiated by Rite Aid on October 15, 2023, to have a significant impact on its adjusted earnings per diluted share outlook for fiscal 2024.

Portfolio Pulse from Charles Gross

October 16, 2023 | 11:12 am

RAD

Rite Aid Corporation (NYSE:RAD) has initiated a voluntary Chapter 11 bankruptcy process to implement a financial restructuring plan. The company has reached an agreement with its senior secured noteholders and has received a commitment for $3.45 billion in new financing. Rite Aid has also appointed Jeffrey S. Stein as CEO and Director, succeeding interim CEO Elizabeth Burr.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 7:27 am

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The article recaps major crypto disasters of 2023, including regulatory scrutiny of Binance, the collapse of FTX due to a liquidity crisis, Celsius filing for bankruptcy, BlockFi filing for Chapter 11 bankruptcy protection, Coinbase settling with New York regulators for $100 million, Genesis filing for bankruptcy, and Three Arrows Capital heading into bankruptcy. U.S. markets are seeing a dull phase, with companies like Coinbase and Gemini looking to operate in Asian countries due to clearer regulations.

Portfolio Pulse from Khyathi Dalal

October 14, 2023 | 10:04 pm

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Chinese property developer Sino-Ocean Group Holding Limited (OTC:SIOLY) has asked its bondholders to delay interest payments, following a default on its bond repayments. The company had previously frozen $4 billion of offshore debt. Sino Ocean also warned that it may not meet the December payment deadline and would formulate a new payment plan if necessary. No additional interest would be offered for the delayed payment. Other major defaulters include Country Garden Holdings Limited (OTC:CTRYF) and China Evergrande Group (OTC:EGRNQ).

Portfolio Pulse from Daniel Harrison

October 13, 2023 | 2:42 pm

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Wells Fargo CEO has stated that regulatory pressure on banks with long-standing issues like theirs continues to grow. The bank remains at risk of further regulatory actions until their work is completed and validated by regulators.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 2:10 pm