Streetbeat News

Bankruptcy

BABA

FXI

KWEB

Alibaba Group Holding Limited (BABA) stock is trading lower along with iShares China Large-Cap ETF (FXI) and KraneShares Trust KraneShares CSI China Internet ETF (KWEB) due to concerns over China Evergrande Group's bankruptcy filing and China's slowing economic growth. However, Alibaba Cloud's new digital human video creation tool, Live Portrait, and China's progress in chip equipment self-sufficiency provide some positive news.

Portfolio Pulse from Anusuya Lahiri

August 18, 2023 | 11:00 am

FXI

SPY

China Evergrande Group has stated that its application for offshore debt restructuring is a normal procedure and does not involve a bankruptcy petition.

Portfolio Pulse from Charles Gross

August 18, 2023 | 9:27 am

FXI

SPY

The company has applied to the U.S. court for recognition of the schemes of arrangement under offshore debt restructuring, as its U.S. dollar denominated notes are governed by New York law. The application is made under Chapter 15 of the U.S. Code.

Portfolio Pulse from Charles Gross

August 18, 2023 | 9:25 am

BABA

BIDU

BILI

FXI

NIO

PDD

XPEV

China's Evergrande has filed for Chapter 15 bankruptcy protection, leading to a premarket drop in shares of China stocks.

Portfolio Pulse from Charles Gross

August 18, 2023 | 8:55 am

BTCUSD

DOGEUSD

SOLUSD

Solana (SOL) has surpassed Dogecoin (DOGE) in terms of market capitalization amid growing fear in the crypto market. Both cryptocurrencies have experienced a decline in value, with SOL down by 7.47% and DOGE by 10%. This development comes as Bitcoin (BTC) plunged below the $26,000 mark for the first time in two months, largely due to China's Evergrande Group filing for bankruptcy and SpaceX writing down the value of its Bitcoin holdings by $373 million.

Portfolio Pulse from Mehab Qureshi

August 18, 2023 | 5:03 am

BTCUSD

DOGEUSD

Bitcoin's value dropped by 8% due to three potential reasons: SpaceX reportedly selling its Bitcoin holdings, the release of minutes from the Federal Reserve's last meeting suggesting future interest rate increases, and China Evergrande filing for bankruptcy protection. The market turbulence resulted in significant losses for traders, with approximately $823 million worth of long positions being liquidated.

Portfolio Pulse from Mehab Qureshi

August 18, 2023 | 4:57 am

EGRNF

China Evergrande Group (OTC:EGRNF), China's most indebted property developer, has filed for Chapter 15 bankruptcy protection in a U.S. court. The company, facing a severe debt crisis, is seeking protection from creditors who aim to sue or tie up assets within the U.S. Evergrande's affiliate, Tianji Holdings, also filed for Chapter 15 protection. Evergrande, with liabilities of $330 billion, is seeking recognition of restructuring talks happening in Hong Kong, the Cayman Islands, and the British Virgin Islands. The company's shares were suspended from trading in March 2022.

Portfolio Pulse from Benzinga Neuro

August 18, 2023 | 1:28 am

FXI

China Evergrande Group has filed for Chapter 15 protection from creditors, according to a Manhattan Bankruptcy Court filing. This move is aimed at protecting the company's assets from being seized by creditors.

Portfolio Pulse from Charles Gross

August 17, 2023 | 8:53 pm

FDX

YELL

The market is focusing on macro issues as 2Q company earnings come to an end. The Consumer Price Index (CPI) rose from 3.0% to 3.2%, slightly better than expectations. The Producer Price Index (PPI) was up .8% for the last 12 months, but the monthly change was .3%, the highest since last January. Moody's downgraded 10 US banks, focusing on small and medium-sized firms. China's exports were down 14.5% in July, indicating a potential consumer slowdown. FedEx (NYSE:FDX) is proceeding with layoffs and Yellow Corp (NASDAQ:YELL) declared bankruptcy last week.

Portfolio Pulse from Gary Brode

August 16, 2023 | 5:48 pm

MNK

Mallinckrodt shares are trading lower following the company's announcement of restructuring support agreement discussions, which could potentially lead to Chapter 11 bankruptcy proceedings.

Portfolio Pulse from Benzinga Newsdesk

August 16, 2023 | 5:14 pm