Streetbeat News

Bankruptcy

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Several big stocks recorded losses in Tuesday's pre-market trading session. Proterra Inc. filed for Chapter 11 bankruptcy protection, causing its shares to tumble 63%. Alteryx, Inc. declined 25% after reporting weak Q2 results and Q3 revenue guidance. International Flavors & Fragrances Inc. shares tumbled 21.6% after reporting worse-than-expected Q2 results and a reduced FY23 outlook. Beyond Meat, Inc. shares dipped 16% after reporting downbeat Q2 results and a weak revenue forecast for FY23. Other companies that saw their shares decline include Maravai LifeSciences Holdings, Inc., American Superconductor Corporation, RingCentral, Inc., Rigetti Computing, Inc., Upstart Holdings, Inc., Hercules Capital, Inc., Safehold Inc., Coterra Energy Inc., and Li Auto Inc.

Portfolio Pulse from Lisa Levin

August 08, 2023 | 10:37 am

PTRA

Electric bus maker Proterra Inc (NASDAQ:PTRA) has filed for Chapter 11 bankruptcy protection due to market and macroeconomic headwinds. The company plans to continue operating during the process and aims to separate each product line to focus on EV battery technology supply. This comes less than two months after EV maker Lordstown Motors also filed for bankruptcy.

Portfolio Pulse from Anan Ashraf

August 08, 2023 | 3:42 am

PTRA

Proterra, a leading innovator in commercial vehicle electrification technology, has announced its intention to continue operating in the ordinary course of business as it moves through the Chapter 11 reorganization process.

Portfolio Pulse from Benzinga Newsdesk

August 07, 2023 | 9:39 pm

PTRA

Proterra, a leading innovator in commercial vehicle electrification technology, has filed for voluntary Chapter 11 bankruptcy. The move is seen as a strategic step to restructure its debt and secure the future of the company.

Portfolio Pulse from Benzinga Newsdesk

August 07, 2023 | 9:37 pm

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National CineMedia, LLC (NCM) has successfully completed its financial restructuring process and emerged from Chapter 11. The company eliminated approximately $1.2 billion of debt, substantially strengthening its capital structure. NCM also entered into a $55 million exit financing facility. The company announced new members to its Board of Directors, bringing extensive experience in advertising, finance, media, technology, and digital. NCM, Inc. (NASDAQ:NCMI) will continue to serve as the manager of NCM LLC, retaining a 13.8% stake in the reorganized company.

Portfolio Pulse from Happy Mohamed

August 07, 2023 | 8:29 pm

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The EV market is a risky venture with Tesla and Chinese EV makers leading the race. Lordstown Motors and Nikola Corporation have fallen behind, with the former filing for bankruptcy. Chinese EV makers XPeng, Li Auto, and Nio are advancing rapidly. Traditional automakers like General Motors, Toyota, Volkswagen, and Ford are investing heavily in EVs. Stellantis, formed by Fiat Chrysler Automobiles and PSA Group, is also committed to EVs. Rivian and Tesla are set to release electric pickups, with Hyundai partnering with Worksport for solar-powered technology.

Portfolio Pulse from Upwallstreet

August 07, 2023 | 7:08 pm

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Yellow Corporation has filed for Chapter 11 bankruptcy, leading to a drop in its share prices.

Portfolio Pulse from Bill Haddad

August 07, 2023 | 3:20 pm

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Yellow Corporation (YELL) has filed for bankruptcy, causing its stock to surge by 861% in three days due to aggressive buying by the 'meme crowd'. Despite the bankruptcy, the meme crowd is urging further investment in YELL. The article also mentions that earnings have dropped by 5.2% compared to the same quarter last year, but the stock market is significantly higher. Money flows are positive for Amazon (AMZN), NVIDIA (NVDA), and Microsoft (MSFT), but negative for Alphabet (GOOG), Meta Platforms (META), Tesla (TSLA), and Apple (AAPL).

Portfolio Pulse from The Arora Report

August 07, 2023 | 3:08 pm

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PayPal has launched a USD-backed stablecoin, PYUSD, issued by Paxos Trust Co. The FDA approved Sage Therapeutics and Biogen's Zurzuvae for postpartum depression but rejected it for major depressive disorder. Yellow Corp has filed for bankruptcy. RTX's subsidiary Pratt & Whitney is recalling jet engines, affecting airlines globally. Apple is hiring for roles in generative AI. Credit Suisse plans to cut 80% of its Hong Kong-based investment banking staff. Sohu.com, Tyson Foods, Gogo, and BioNTech reported declines in their recent earnings, while TreeHouse Foods, Henry Schein, and Elanco Animal Health reported growth.

Portfolio Pulse from Vandana Singh

August 07, 2023 | 2:34 pm

YELL

Trucking company Yellow Corp (NASDAQ:YELL) has filed for Chapter 11 bankruptcy and is closing its business. The company is grappling with over $1 billion in debt due next year and its cash reserves have dropped significantly. Yellow Corp has also filed a lawsuit against the International Brotherhood of Teamsters (IBT) citing breach of contract and loss of enterprise value. The company's shares are trading lower by 42.5% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

August 07, 2023 | 12:25 pm