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Bankruptcy

YELL

Significant bidders have emerged for the liquidation of Yellow Trucking's assets, which are likely to easily surpass the $1.4B in secured debt, according to people with direct knowledge of the matter.

Portfolio Pulse from Benzinga Newsdesk

August 08, 2023 | 7:41 pm

BURU

PTRA

SEAC

VVOS

The article lists the stocks that gained and lost the most in Tuesday's mid-day session. Notable gainers include Nuburu, Inc. (NYSE:BURU) which jumped 185.6% after announcing a contract with NASA, and Vivos Therapeutics, Inc. (NASDAQ:VVOS) which gained 91.1% after a 10% fall on Monday. Notable losers include Proterra Inc. (NASDAQ:PTRA) which dipped 79.6% after filing for Chapter 11 bankruptcy, and SeaChange International, Inc. (NASDAQ:SEAC) which fell 41.3% after announcing voluntary SEC deregistration and Nasdaq delisting.

Portfolio Pulse from Lisa Levin

August 08, 2023 | 5:13 pm

YELL

The Teamsters Union is urging Congress, the White House, and the Federal Government to pass new legislation that prioritizes workers in the corporate bankruptcy process. This call comes in the wake of Yellow Corp's filing for Chapter 11 bankruptcy.

Portfolio Pulse from Happy Mohamed

August 08, 2023 | 4:39 pm

KBE

KRE

SPY

XLF

Moody's Managing Director of Financial Institutions has stated that bank downgrades and rating reviews are driven by profit outlook. The downgrades reflect earnings that were 'as good as it gets' in Q2. Banks face challenges from rising rates, potential recession, and funding costs.

Portfolio Pulse from Happy Mohamed

August 08, 2023 | 3:42 pm

SRNEQ

Sorrento Therapeutics, Inc. (OTC:SRNEQ) has received approval from the U.S. Bankruptcy Court for a $105 million 'stalking horse' bid from Oramed Pharmaceuticals, Inc. for the sale of Scilex Holding Company's common stock, preferred stock, and warrants. The agreement is subject to an auction and the submission of higher or otherwise better offers. The court also approved a $100 million debtor-in-possession term loan facility from Oramed.

Portfolio Pulse from Happy Mohamed

August 08, 2023 | 2:04 pm

PTRA

Proterra Inc (NASDAQ:PTRA) has filed for Chapter 11 bankruptcy, causing its shares to drop by 78.6% to $0.31. The company plans to continue operations and secure funding for salaries, benefits, and vendor payments. The scheduled earnings conference call for August 9 has been canceled. The company's 52-week high was $7.70 and the low is currently $0.31.

Portfolio Pulse from Henry Khederian

August 08, 2023 | 2:00 pm

BURU

DRUG

DTSS

PTRA

SEAC

VVOS

US stocks were lower with the Nasdaq Composite falling over 100 points. The US trade deficit shrank to a three-month low of $65.5 billion in June. Nuburu, Inc. (BURU), Vivos Therapeutics, Inc. (VVOS), and Bright Minds Biosciences Inc. (DRUG) saw their shares rise significantly. Proterra Inc. (PTRA) shares dropped after the company filed for Chapter 11 bankruptcy. SeaChange International, Inc. (SEAC) and Datasea Inc. (DTSS) also saw their shares fall.

Portfolio Pulse from Lisa Levin

August 08, 2023 | 1:51 pm

DIA

IWM

QQQ

SPY

Moody's has downgraded its credit ratings of 10 US banks and placed six others under review for potential downgrades. This has led to a decrease in major indexes.

Portfolio Pulse from Benzinga Newsdesk

August 08, 2023 | 1:36 pm

PTRA

Proterra, a manufacturer of zero-emission buses, has filed for Chapter 11 bankruptcy, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

August 08, 2023 | 1:20 pm

AYX

BPTS

BYND

CHGG

HIMS

INFI

PTRA

Several stocks are experiencing significant pre-market movements. Infinity Pharmaceuticals (INFI) surged 83.5% after announcing plans to reduce headcount by 78%. Biophytis (BPTS) rose 59.4% following positive opinion from Belgian authorities for its SARA-31 Phase 3 study. Chegg (CHGG) gained 23.4% after reporting better-than-expected quarterly sales. Hims & Hers Health (HIMS) climbed 17.2% after posting upbeat Q2 results and raising full-year revenue forecast. Proterra (PTRA) fell 63% after filing for Chapter 11 bankruptcy. Alteryx (AYX) fell 25% after issuing weak Q3 revenue guidance. Beyond Meat (BYND) fell 16% after reporting downbeat Q2 results and issuing weak revenue forecast for FY23.

Portfolio Pulse from Lisa Levin

August 08, 2023 | 12:20 pm