Streetbeat News

Bankruptcy

ASXC

CTCX

MNK

MRSN

ULBI

YELL

US stocks traded higher following the release of major economic reports. The US economy grew by an annualized 2.4% in Q2, higher than market estimates of 1.8%. Carmell Therapeutics Corporation (CTCX), Mallinckrodt plc (MNK), and Ultralife Corporation (ULBI) saw their shares rise significantly. However, Mersana Therapeutics (MRSN), Yellow Corporation (YELL), and Asensus Surgical (ASXC) saw their shares drop.

Portfolio Pulse from Lisa Levin

July 27, 2023 | 1:45 pm

CLS

YELL

Shares of Celestica Inc. surged 42.2% in pre-market trading following better-than-expected Q2 results. Other gainers include Carmell Therapeutics, Mallinckrodt, ENGlobal Corporation, Genesis Unicorn Capital Corp., Enovix Corporation, Lixte Biotechnology Holdings, Cingulate Inc., Helix Energy Solutions Group, and Meta Platforms. On the other hand, Yellow Corporation fell 24% in pre-market trading as it prepares to file for bankruptcy. Other losers include TPI Composites, National Vision Holdings, LendingClub Corporation, Oceaneering International, Impinj, MaxLinear, Silicon Motion Technology Corporation, POSCO Holdings, and Tango Therapeutics.

Portfolio Pulse from Lisa Levin

July 27, 2023 | 12:06 pm

YELL

Yellow's senior vice president of sales informed staff that the company will file for bankruptcy on Monday. However, later in the day, she told employees to backtrack on the bankruptcy statement. Yellow, the third-largest LTL company, had an operating revenue of $5.245 billion in 2022.

Portfolio Pulse from Benzinga Newsdesk

July 26, 2023 | 7:45 pm

ABVC

CTCX

DXF

INPX

MNK

SIMO

The article lists the stocks that gained and lost the most in Wednesday's mid-day session. Some of the top gainers include Silicon Motion Technology Corporation, Mallinckrodt plc, and ABVC BioPharma, Inc. due to various reasons such as merger approvals, potential bankruptcy plans, and new partnerships. On the other hand, some of the top losers include Dunxin Financial Holdings Limited, Carmell Therapeutics Corporation, and Inpixon due to reasons such as weak quarterly sales, pricing of registered direct offering, and merger agreements.

Portfolio Pulse from Lisa Levin

July 26, 2023 | 5:57 pm

MNK

Mallinckrodt is reportedly considering bankruptcy as a strategy to avoid opioid payments. This news has led to an increase in the company's share prices.

Portfolio Pulse from Bill Haddad

July 26, 2023 | 4:32 pm

MNK

Mallinckrodt Plc (NYSE:MNK) is reportedly considering pulling out of a $1.7 billion settlement related to the opioid crisis, with $1.3 billion still outstanding. Hedge funds that backed the company, including Silver Point Capital, Bracebridge Capital and Alta Fundamental Advisers, are negotiating with the board to take control of the business through a bankruptcy declaration. The funds argue that the settlement could harm the company's financial stability and breach its legal obligations to investors.

Portfolio Pulse from Vandana Singh

July 26, 2023 | 4:28 pm

APO

BAC

JPM

WFC

Wall Street banks including JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc, Wells Fargo & Co., Morgan Stanley and others are preparing for regulatory changes that could potentially wipe out nearly all of the $118 billion in extra capital they've accumulated over the past decade. The Federal Reserve and the Federal Deposit Insurance Corporation will discuss proposed changes on banks' regulatory capital, marking the first step towards the U.S. adopting the final version of the Basel III international banking standards. The changes have been criticized by bank executives who argue they could make them less competitive against their European counterparts and private equity firms such as Apollo Global Management and Blackstone Inc.

Portfolio Pulse from Piero Cingari

July 26, 2023 | 4:07 pm

MNK

Mallinckrodt is reportedly considering bankruptcy as a strategy to avoid paying money it owes to opioid victims, according to the Wall Street Journal.

Portfolio Pulse from Benzinga Newsdesk

July 26, 2023 | 2:57 pm

MNK

Hedge funds, including Silver Point, are in talks with Mallinckrodt to withdraw from a $1.7 billion opioid settlement. The hedge funds are devising a plan to cut off $1 billion meant for opioid victims and seek to become Mallinckrodt's owners after a new Chapter 11 filing.

Portfolio Pulse from Benzinga Newsdesk

July 26, 2023 | 2:56 pm

TFII

YELL

BMO Capital Markets analyst Fadi Chamoun has reiterated the Market Perform rating on TFI International Inc. (TFII), raising the price target to $125 from $105. This is due to the potential restructuring of Yellow Corporation (YELL), which could result in lower industry capacity and freight diversion to other LTL networks. TFII is expected to benefit from this disruption, with potential valuation up to $150 in a YELL bankruptcy scenario. However, TFII's FY23 revenues are expected to fall 13.2% to $7.65 billion, with adjusted EPS slumping 17.6% to $6.61.

Portfolio Pulse from Nabaparna Bhattacharya

July 25, 2023 | 6:33 pm