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Bankruptcy

KFFB

Kentucky First Federal Bancorp (NASDAQ:KFFB) announced a quarterly cash dividend of $0.10 per share, payable on November 20, 2023. However, the company expects future dividends to be reduced due to a decline in the banks' earnings. The company is implementing strategies to emphasize core deposit relationships and shift more of the loan portfolio towards higher-earning loans. The board expects that if quarterly dividends continue in 2024, they will be limited to no more than five cents per share.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 1:52 pm

WFC

Wells Fargo & Company (NYSE:WFC) reported Q3 net interest of $13.1 billion, up 8% Y/Y, primarily due to the impact of higher interest rates. The bank's Q3 EPS reached $1.48, beating the consensus of $1.24 and $0.86 a year ago. Q3 revenues were $20.86 billion, up 21% Y/Y, above the consensus of $20.11 billion. The bank earned Q3 profits of $5.77 billion, up 61% from $3.59 billion a year earlier. For FY23, Wells Fargo expects net interest income to be ~16% higher than the FY22 level of $45.0 billion.

Portfolio Pulse from Vandana Singh

October 13, 2023 | 12:20 pm

WFC

Wells Fargo's CFO has announced that charge offs are increasing in the company's credit card portfolio.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 11:41 am

PNC

PNC Financial Services Group reported a 2% YoY decrease in its Q3 net interest income to $3.4B. The company also reported a 3.8% decrease in average deposits to $422.5B.

Portfolio Pulse from Benzinga Newsdesk

October 13, 2023 | 10:56 am

RVLP

RVL Pharmaceuticals plc's (NASDAQ:RVLP) operating subsidiaries are filing for bankruptcy in a prepackaged deal with lender Athyrium Capital. The reorganization will allow the RVL subsidiaries to reduce debt, streamline operations, and position themselves under new ownership. RVL's public equity is expected to be canceled upon completion of its wind-down, anticipated during 2024, likely resulting in no recovery to public shareholders. RVLP shares are down 65.2% at $0.05 on the last check Thursday.

Portfolio Pulse from Vandana Singh

October 12, 2023 | 6:08 pm

CVNA

Carvana Co (NYSE:CVNA) shares are trading lower following a downgrade from Exane BNP Paribas analyst Chris Bottiglieri. The company's stock has surged more than 600% year-to-date. The downgrade comes after competitor Shift Technologies filed for bankruptcy. Carvana had also faced financing concerns and potential bankruptcy at the end of 2022 before staging a turnaround. The company has cut losses and beat analyst expectations over the last two quarters.

Portfolio Pulse from Adam Eckert

October 12, 2023 | 3:59 pm

RVLP

RVL Pharmaceuticals' certain U.S. operating subsidiaries have agreed with their secured lenders, Athyrium Capital Management, and other key stakeholders, to effectuate a change of control transaction through prepackaged bankruptcy cases.

Portfolio Pulse from Benzinga Newsdesk

October 12, 2023 | 10:52 am

BTCUSD

SNAP

Former FTX CEO, Sam Bankman-Fried, had expressed concerns about competition from Binance, raising funds from a Saudi Crown Prince, and buying stocks of Snap Inc., ahead of the crypto exchange's collapse, as revealed in court testimonies by ex-Alameda CEO, Caroline Ellison. Ellison also disclosed her role in preparing seven different balance sheets for Genesis, months before the company's bankruptcy.

Portfolio Pulse from Benzinga Neuro

October 12, 2023 | 6:34 am

BIDU

BIRK

COST

GOOG

GSK

HUM

LVMHF

MGM

MNKTQ

NVO

QABSY

TPST

WBA

Several companies are in the news for various reasons. Alphabet and Discord are facing ethical concerns over Google's AI chatbot, Bard. MGM Resorts snubbed hackers' ransom demands after a cyberattack. Costco is accused of sharing confidential health data with Meta Platforms. Humana has appointed a new CEO. Novo Nordisk has stopped a kidney trial due to early signs of efficacy. Walgreens has appointed a new CEO. GSK has settled a lawsuit. LVMH reported a 9% organic revenue growth in Q3. Qantas Airways is overhauling its board. Tempest Therapeutics' stock soared after positive results from a clinical trial. Tech giants Baidu, Huawei, and Alibaba are setting standards for autonomous driving in China. Blackstone is in talks to acquire a stake in Disney's Indian subsidiary. Mallinckrodt's bankruptcy plan was approved. Birkenstock has priced its IPO.

Portfolio Pulse from Vandana Singh

October 11, 2023 | 1:36 pm

MNKTQ

Mallinckrodt plc (OTC: MNKTQ), a major manufacturer of prescription opioids, has received court approval for a bankruptcy plan that eliminates over $1 billion in payments intended for people with substance use disorders. The plan transfers control of the company to its lenders and cancels existing shares, with creditor groups receiving new shares in the restructured company. The company is also considering selling its generics business, which includes opioid production.

Portfolio Pulse from Vandana Singh

October 11, 2023 | 11:50 am