Streetbeat News

Bankruptcy

JNJ

Johnson & Johnson's Chapter 11 filing for LTL Management has been rejected by a federal judge, causing the company's shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2023 | 4:23 pm

JNJ

Johnson & Johnson's (JNJ) second attempt to put its talc liabilities into bankruptcy was dismissed by a federal judge. The company faces around 38,000 lawsuits claiming that its talc-based powder caused cancer. The judge ruled that J&J's subsidiary, LTL Management, isn't in financial distress and thus isn't eligible for legal protection from its creditors. J&J has vowed to appeal the ruling and continue to fight the claims in court.

Portfolio Pulse from Happy Mohamed

July 31, 2023 | 4:21 pm

ACB

ALEAF

CGC

FFLWF

The Ontario Cannabis Store (OCS) has announced a reduction in most wholesale markups on marijuana products sold to retailers starting in September. This move is expected to save the industry $60 million in 2024. Large marijuana operators such as Aleafia Health, Fire & Flower, Canopy Growth, Tantalus Labs, and Aurora Cannabis, who have faced operational challenges and downsizing, may benefit from this change.

Portfolio Pulse from Nina Zdinjak

July 31, 2023 | 1:20 pm

YELL

Yellow Corporation (NASDAQ:YELL) has reportedly ceased operations due to issues including debt from mergers and a dispute with the Teamsters Union, putting 30,000 jobs at risk. The company is also filing for bankruptcy. The shutdown could bring scrutiny to the Trump administration's decision to give the company a $700 million COVID rescue loan in 2020. Despite the news, YELL shares are trading higher by 23% to $0.87 in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

July 31, 2023 | 12:56 pm

SPY

YELL

White House Economic Adviser has stated in a CNBC interview that Yellow's bankruptcy is more about the company's issues than an economy-wide problem. Many of Yellow's customers anticipated this and shifted their cargo to other providers.

Portfolio Pulse from Happy Mohamed

July 31, 2023 | 12:39 pm

YELL

Trucking company Yellow Corp has ceased all operations, potentially putting 30,000 jobs at risk, according to a Wall Street Journal report.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2023 | 6:26 am

FRCB

KRE

Kevin O'Leary, from 'Shark Tank', warns that the Federal Reserve's aggressive rate hikes are causing serious repercussions for regional banks. The recent hike to a 22-year high of 5.25%-5.50% is increasing the cost of capital and impacting real estate loans. O'Leary predicts more rate hikes to come. The regional banking crisis has already led to the collapse of several small to mid-size banks, including Silicon Valley Bank, First Republic Bank, and Silvergate. The SPDR S&P Regional Banking ETF (KRE) ended Friday’s session up 1.44% at $48.72, but is down about 15% this year.

Portfolio Pulse from Shanthi Rexaline

July 30, 2023 | 6:36 pm

YELL

Trucking company Yellow is reportedly preparing to file for bankruptcy and has laid off a significant portion of its workforce, according to a Wall Street Journal report.

Portfolio Pulse from Benzinga Newsdesk

July 28, 2023 | 7:28 pm

YELL

Yellow Corporation is expected to file for bankruptcy on Monday, which has led to a decrease in its share prices.

Portfolio Pulse from Benzinga Newsdesk

July 27, 2023 | 7:51 pm

ASXC

FEMY

MNK

MRSN

ULBI

YELL

The article lists the stocks that have gained and lost the most in Thursday's mid-day session. Some of the top gainers include Femasys Inc., Ultralife Corporation, and Mallinckrodt plc, while the top losers include Mersana Therapeutics, Inc., Yellow Corporation, and Asensus Surgical, Inc. The reasons for the changes in stock prices range from better-than-expected quarterly results to reports of potential bankruptcy.

Portfolio Pulse from Lisa Levin

July 27, 2023 | 4:53 pm