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Bankruptcy

RAD

Rite Aid Corporation (NYSE:RAD) shares traded higher on Wednesday following a rough week. The company's stock fell sharply at the start of the week due to a report suggesting the company plans to shut down hundreds of stores as part of a bankruptcy plan. However, shares rose nearly 60% on Wednesday on abnormally high volume. The stock has increased short interest, with 20.74% of the shares currently sold short.

Portfolio Pulse from Ryan Gustafson

September 27, 2023 | 7:10 pm

RAD

Rite Aid Corp (NYSE:RAD) is reportedly planning to close between 400 and 500 of its 2,100 locations as part of a bankruptcy plan. The company is facing over $3.3 billion in debt and numerous lawsuits claiming the company oversupplied opioids. Rite Aid shares have fallen more than 85% since the start of the year.

Portfolio Pulse from Adam Eckert

September 25, 2023 | 4:38 pm

RAD

Rite Aid is reportedly planning to close hundreds of stores as part of a bankruptcy plan. This news has led to a decrease in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

September 25, 2023 | 4:38 pm

RAD

Rite Aid is reportedly planning to file for Chapter 11 bankruptcy and is in negotiations with creditors. The plan includes the liquidation of a substantial portion of its more than 2,100 drugstores. This move would significantly reduce the company's operational footprint.

Portfolio Pulse from Benzinga Newsdesk

September 25, 2023 | 4:34 pm

AMZN

CRM

GOOG

MSFT

SKM

Amazon has announced a collaboration with AI company Anthropic, with plans to invest up to $4 billion for a minority ownership position. The investment follows a trend of large tech companies investing in AI, with Microsoft investing $10 billion in OpenAI earlier this year. Anthropic has also attracted investments from Alphabet, Salesforce, Zoom Video Communication, and SK Telecom. FTX, a bankrupt cryptocurrency platform, is an early investor in Anthropic and its stake in the company could be a significant asset in its bankruptcy proceedings.

Portfolio Pulse from Chris Katje

September 25, 2023 | 4:33 pm

AVTX

BPTS

GWH

RAD

VAPO

Several stocks are experiencing significant pre-market trading movements. Biophytis S.A. (BPTS) shares rose 31.5% following a partnership agreement with Skyepharma for the production of Sarconeos (BIO101). Avalo Therapeutics, Inc. (AVTX) shares gained 24% after the recent sale of its assets. Vapotherm, Inc. (VAPO) shares jumped 9.8% after announcing a clinical trial presentation. ESS Tech, Inc. (GWH) shares climbed 7.2% after Honeywell (HON) reported a strategic collaboration with the company. On the other hand, Rite Aid Corporation (RAD) shares fell 13.7% amid reports of potential bankruptcy.

Portfolio Pulse from Lisa Levin

September 25, 2023 | 12:31 pm

COIN

Coinbase Inc. (NASDAQ:COIN) had considered acquiring FTX Europe to expand its crypto derivatives offerings globally, following FTX Europe's bankruptcy in November. FTX Europe was the sole provider of a sought-after type of crypto derivative known as perpetual futures in Europe. Despite FTX's challenges, FTX Europe continued to attract numerous users. However, Coinbase has since withdrawn from potential acquisition talks.

Portfolio Pulse from Murtuza Merchant

September 22, 2023 | 9:26 pm

AIR

AAR Corp has been ordered by a Russian Appellate Court to pay $13M in a judgment related to four engines it bought from VIM-AVIA Airlines. The court upheld a previous judgment against AAR Corp for one engine and reversed the dismissal of claims related to the remaining three engines. AAR Corp disputes the judgment and may seek further appellate review. The company has recognized a charge of $11.2M for the judgment against the remaining three engines in Q1 2024. AAR Corp believes the judgment is a result of a hostile business and legal environment for foreign companies in Russia.

Portfolio Pulse from Benzinga Newsdesk

September 22, 2023 | 8:29 pm

BTCUSD

CORZQ

Bankrupt Bitcoin miner Core Scientific Inc (OTC:CORZQ) has announced the purchase of 27,000 Bitcoin mining servers from Bitmain in a deal valued at $77 million. The deal includes $23.1 million in cash and $53.9 million in Core Scientific common stock. The stock's per-share value will be determined in line with a bankruptcy court-approved Chapter 11 plan of reorganization. The newly acquired servers are expected to enhance Core Scientific's mining fleet's efficiency, especially in anticipation of the upcoming Bitcoin halving event.

Portfolio Pulse from Murtuza Merchant

September 22, 2023 | 4:20 pm

BTCUSD

Custodia Bank CEO Caitlin Long discussed the future of Bitcoin and the role of her bank in an interview with Benzinga. Long, who has a background in traditional banking, founded Custodia Bank to bridge the gap between traditional finance and digital assets. The bank is set to launch Bitcoin custody soon. Long also highlighted the importance of security and compliance in the cryptocurrency sector. She believes that programmable money is a superior system and could benefit the financial world. Long also mentioned that the Federal Reserve is beginning to shift its stance on cryptocurrency.

Portfolio Pulse from Chris Katje

September 22, 2023 | 4:00 pm