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Bankruptcy

AMRS

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JYNT

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US stocks traded mixed with the Dow Jones gaining around 100 points while the NASDAQ and S&P 500 fell. Energy shares jumped by 1.6% while information technology shares fell by 0.8%. Amyris, Inc. (AMRS) shares shot up 141% after filing for Chapter 11 bankruptcy. Telesat Corporation (TSAT) shares rose 39% after reporting Q2 results and a $2.1 billion deal with MDA. Rigetti Computing, Inc. (RGTI) shares were up 49% following a narrower-than-expected quarterly loss. Yield10 Bioscience, Inc. (YTEN) shares dropped 58% after announcing a $3.7 million public offering. Cano Health, Inc. (CANO) shares were down 70% after reporting worse-than-expected Q2 results and pursuing a sale process. The Joint Corp. (JYNT) shares fell 19% after Q2 operating highlights.

Portfolio Pulse from Lisa Levin

August 11, 2023 | 4:19 pm

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U.S. stocks traded lower following the release of PPI data, with the NASDAQ falling 0.84%. Producer prices in the U.S. increased 0.3% month-over-month in July, the biggest rise since January. Amyris, Inc. (AMRS) shares shot up 97% after filing for Chapter 11 bankruptcy. Telesat Corporation (TSAT) shares rose 48% after reporting Q2 results and a $2.1 billion deal with MDA. WeWork Inc. (WE) shares gained 43% despite doubts over its ability to stay in business. Yield10 Bioscience, Inc. (YTEN) shares dropped 58% after announcing a $3.7 million public offering. Cano Health, Inc. (CANO) shares were down 59% after reporting worse-than-expected Q2 results and expressing doubt over its ability to continue as a going concern. The Joint Corp. (JYNT) shares fell 26% after reporting Q2 operating highlights.

Portfolio Pulse from Lisa Levin

August 11, 2023 | 1:48 pm

PTRA

Proterra Inc (PTRA) shares are trading higher by 20.0% to $0.13 on continued volatility after the company announced it filed for Chapter 11 bankruptcy. The company plans to continue operations, securing funding for salaries, benefits, and vendor payments. The scheduled earnings conference call for August 9 was canceled.

Portfolio Pulse from Henry Khederian

August 11, 2023 | 1:42 pm

AMRS

Amyris Inc. shares are trading higher after a steep selloff yesterday. The selloff was triggered by the company's announcement that it has filed for Chapter 11 bankruptcy.

Portfolio Pulse from Benzinga Newsdesk

August 11, 2023 | 12:32 pm

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Several stocks experienced significant pre-market movements. Amyris, Inc. (AMRS) shares dipped over 80% after filing for Chapter 11 bankruptcy. Semler Scientific, Inc. (SMLR) rose 40% after reporting better-than-expected Q2 results. Eton Pharmaceuticals, Inc. (ETON) gained 25.3% after posting upbeat Q2 results. WeWork Inc. (WE) rose 22.1% amid volatility and doubts over its ability to stay in business. Archer Aviation Inc. (ACHR) rose 22% after announcing a $215 million investment and a litigation settlement with Wisk Aero and Boeing. Other notable movers include 1847 Holdings LLC (EFSH), Innodata Inc. (INOD), Pagaya Technologies Ltd. (PGY), Rigetti Computing, Inc. (RGTI), and Matinas BioPharma Holdings, Inc. (MTNB).

Portfolio Pulse from Lisa Levin

August 11, 2023 | 12:23 pm

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The Supreme Court has temporarily blocked a $6-billion bankruptcy settlement by Purdue Pharma that would protect the Sackler family from civil lawsuits related to the opioid crisis. The court will hear a challenge to the settlement by a U.S. bankruptcy trustee. The decision may have implications for other pharmaceutical companies, including Johnson & Johnson and Teva Pharmaceutical Industries, both of which have faced legal scrutiny related to opioids. Related ETFs include the Health Care Select Sector SPDR Fund and the iShares U.S. Pharmaceuticals ETF.

Portfolio Pulse from Michael Cohen

August 10, 2023 | 8:44 pm

AMRS

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Alibaba Group Holding Limited (BABA) reported better-than-expected first-quarter financial results with a 14% YoY revenue growth to $32.29 billion. Edible Garden AG Incorporated (EDBL), Capri Holdings Limited (CPRI), and Holley Inc. (HLLY) also posted upbeat results. However, Galera Therapeutics, Inc. (GRTX) shares dropped after receiving a Complete Response Letter from the FDA, Amyris, Inc. (AMRS) filed for Chapter 11 bankruptcy, and Origin Materials, Inc. (ORGN) reported mixed results.

Portfolio Pulse from Lisa Levin

August 10, 2023 | 6:53 pm

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Several stocks experienced significant price movements in Thursday's mid-day session. Edible Garden AG Incorporated (EDBL), Capri Holdings Limited (CPRI), and Blend Labs, Inc. (BLND) were among the gainers, with shares jumping due to better-than-expected Q2 results and acquisition news. On the other hand, Galera Therapeutics, Inc. (GRTX), Amyris, Inc. (AMRS), and Origin Materials, Inc. (ORGN) were among the biggest losers, with shares falling due to FDA response, bankruptcy filing, and mixed Q2 results respectively.

Portfolio Pulse from Lisa Levin

August 10, 2023 | 5:17 pm

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U.S. stocks traded higher with the Nasdaq Composite gaining more than 100 points. The Walt Disney Company (NYSE:DIS) reported better-than-expected earnings for its third quarter, while sales missed expectations. Edible Garden AG Incorporated (NASDAQ:EDBL), Capri Holdings Limited (NYSE:CPRI), and Holley Inc. (NYSE:HLLY) reported positive financial results. Galera Therapeutics, Inc. (NASDAQ:GRTX), Amyris, Inc. (NASDAQ:AMRS), and Origin Materials, Inc. (NASDAQ:ORGN) faced negative developments.

Portfolio Pulse from Lisa Levin

August 10, 2023 | 4:01 pm

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The article discusses several key financial events of the week, including the downgrade of US debt by Fitch from AAA to AA+, the plummeting of Japanese government bonds, the alleged manipulation of S&P 500 earnings, Saudi Arabia's extension of oil production cut, the bankruptcy of shipping company Yellow (NASDAQ:YELL), and the strong employment situation in the US. The downgrade of US debt and the situation in Japan could potentially lead to a sovereign debt disaster. The article also criticizes the White House's refusal to refill the Strategic Petroleum Reserve (SPR), which has led to Saudi Arabia and Russia cutting oil production.

Portfolio Pulse from Gary Brode

August 10, 2023 | 4:01 pm