Streetbeat News

Bankruptcy

MNK

Mallinckrodt has announced that it is in discussions about a restructuring support agreement that would involve the company initiating Chapter 11 bankruptcy proceedings. This would result in the cancellation of the company's ordinary shares, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 6:07 pm

SPY

Federal Reserve's Neel Kashkari has stated that regional banks are under intense scrutiny, although the banking system is generally stable. However, a few banks are receiving extra scrutiny. The risk is that if the Fed has to raise rates further, banks could face more losses.

Portfolio Pulse from Happy Mohamed

August 15, 2023 | 3:29 pm

BTCUSD

DOGEUSD

ETHUSD

Sam Bankman-Fried, ex-CEO of the bankrupt cryptocurrency exchange FTX, is now in Brooklyn’s Metropolitan Detention Center. He was sent to the detention center after U.S. District Judge Lewis Kaplan found probable cause to believe he attempted to tamper with witnesses by interacting with the media during his time in house arrest. Bankman-Fried has pleaded not guilty to the charges.

Portfolio Pulse from Benzinga Neuro

August 15, 2023 | 8:59 am

PTRA

Proterra Inc (PTRA) shares are trading lower by 4.7% to $0.11 after the company announced it filed for Chapter 11 bankruptcy. The company plans to continue operations and secure funding for salaries, benefits, and vendor payments. The scheduled earnings conference call for August 9 was canceled.

Portfolio Pulse from Henry Khederian

August 14, 2023 | 6:33 pm

TPIC

TPI Composites (TPIC) expects to incur credit losses and impairment charges of approximately $20 to $23 million due to Proterra's bankruptcy filing. This has led to a decrease in TPIC's share price.

Portfolio Pulse from Benzinga Newsdesk

August 14, 2023 | 4:31 pm

BTCUSD

DOGEUSD

ETHUSD

SHIBUSD

The article discusses the potential for investors to become millionaires if the cryptocurrency Shiba Inu (CRYPTO: SHIB) returns to its all-time high. It also mentions that Shiba Inu has been added to platforms like Coinbase, Kraken, and Robinhood, which has increased its profile and valuation. However, the bankruptcies of several cryptocurrency-related companies and pressure from the SEC have negatively impacted Shiba Inu's price and valuation. The article also compares Shiba Inu's performance to that of Dogecoin (CRYPTO: DOGE), Bitcoin (CRYPTO: BTC), and Ethereum (CRYPTO: ETH).

Portfolio Pulse from Chris Katje

August 13, 2023 | 8:12 pm

CFR

NTRS

STT

TFC

USB

Moody's has lowered the ratings of 10 regional banks and is considering downgrading several major lenders including Bank of New York Mellon Corp, U.S. Bancorp, State Street Corp, Truist Financial Corp, Cullen/Frost Bankers, Inc, and Northern Trust Corp. The agency warns of potential deposit outflows due to declining profitability and the Federal Reserve's ongoing rate hikes. Moody's anticipates that the Federal Reserve will maintain higher interest rates until inflation aligns with its target of 2%.

Portfolio Pulse from Bibhu Pattnaik

August 13, 2023 | 1:50 pm

YELL

Yellow Corp (NASDAQ: YELL) is reportedly pushing bankruptcy loan negotiations to next week. The company is considering two alternative loan proposals, offering $142.5 million in cash. Yellow is seeking alternative financing from MFN Partners and Estes Express Lines. The company recently filed for bankruptcy under Chapter 11 and reported Q2 EPS of $(0.28), beating the consensus of $(0.96), but missed sales consensus of $1.20 billion. YELL shares are trading lower by 11.28% at $1.73.

Portfolio Pulse from Lekha Gupta

August 11, 2023 | 6:44 pm

AMRS

CANO

MAXN

PTRA

YTEN

Several stocks experienced significant price movements in Friday's mid-day session. Amyris, Inc. (AMRS) and Proterra Inc. (PTRA) both filed for Chapter 11 bankruptcy, causing their shares to jump 179.1% and 37% respectively. Rigetti Computing, Inc. (RGTI), Telesat Corporation (TSAT), Ouster, Inc. (OUST), Evolv Technologies Holdings, Inc. (EVLV), Innodata Inc. (INOD), Apyx Medical Corporation (APYX), IonQ, Inc. (IONQ), 2U, Inc. (TWOU), Groupon, Inc. (GRPN), Bitdeer Technologies Group (BTDR), MicroCloud Hologram Inc. (HOLO), Tango Therapeutics, Inc. (TNGX), Eton Pharmaceuticals, Inc. (ETON), ModivCare Inc. (MODV), WeWork Inc. (WE), Arco Platform Limited (ARCE), Semler Scientific, Inc. (SMLR), Soho House & Co Inc. (SHCO), CleanSpark, Inc. (CLSK), Consolidated Water Co. Ltd. (CWCO), Apellis Pharmaceuticals, Inc. (APLS), Pagaya Technologies Ltd. (PGY), Erasca, Inc. (ERAS), NextNav Inc. (NN), and Holley Inc. (HLLY) all reported better-than-expected results, causing their shares to rise. Cano Health, Inc. (CANO) reported worse-than-expected results and is pursuing a sale process, causing its shares to dip 70.7%. Yield10 Bioscience, Inc. (YTEN) announced pricing of a $3.7 million public offering, causing its shares to fall 58.1%. Maxeon Solar Technologies, Ltd. (MAXN) reported mixed results and issued FY23 revenue guidance below estimates, causing its shares to fall 32%.

Portfolio Pulse from Lisa Levin

August 11, 2023 | 5:47 pm

AMRS

TUP

YELL

Amyris, Inc. (NASDAQ:AMRS) shares are trading higher as the stock rebounds following a steep selloff after the company filed for Chapter 11 bankruptcy. Retail investors have shown interest in beleaguered and even bankrupt companies, including Yellow Corporation (NASDAQ:YELL) and Tupperware Brands Corporation (NYSE:TUP). AMRS shares have also attracted short sellers with 23.81% of available shares being sold short.

Portfolio Pulse from Erica Kollmann

August 11, 2023 | 4:42 pm