Streetbeat News

Bankruptcy

AAP

ABNB

ADI

ANF

APLS

GRAB

KSS

META

MNK

NFLX

NVO

PTON

New York City's stricter short-term rental regulations have led to a decline in Airbnb listings. Meta Platforms faces scrutiny for allegedly allowing the sale of recalled items on Facebook Marketplace. Mallinckrodt is filing for bankruptcy for the second time due to business declines and lawsuits related to the U.S. opioid epidemic. Apellis Pharmaceuticals released an update on its Syfovre treatment for geographic atrophy. Netflix has seen an increase in U.S. users following a crackdown on password sharing. AT&T has entered the wireless home internet space with Internet Air. Novo Nordisk has enlisted Thermo Fisher Scientific to help with production of its weight-loss drug, Wegovy. Peloton, Analog Devices, Grab Holdings, Abercrombie & Fitch, Advance Auto Parts, Foot Locker, and Kohl's have all released their latest earnings reports.

Portfolio Pulse from Vandana Singh

August 23, 2023 | 2:46 pm

MNK

Pharmaceutical company Mallinckrodt Plc (NYSE:MNK) is set to file for bankruptcy for the second time in less than three years due to business declines and the challenge of meeting payments tied to billions in dollars of settlement to address lawsuits alleging its role in the U.S. opioid epidemic. The company has reached a preliminary restructuring agreement with its creditors, which includes a final payment of $250 million to an opioid-victims compensation trust. The agreement would also reduce the company's total funded debt by about $1.9 billion. The company expects to complete the Chapter 11 process in the fourth quarter of this year.

Portfolio Pulse from Vandana Singh

August 23, 2023 | 1:40 pm

ARAV

Aravive Inc (ARAV) has terminated Phase 1b/P2 trials of batiraxcept due to cash preservation. The company's Phase 3 AXLerate-OC trial did not meet its primary endpoint, leading to a downgrade of ARAV stock by Cantor Fitzgerald and William Blair. The company is exploring strategic alternatives and may cease operations if it fails to raise capital or engage a strategic partner. ARAV shares closed 23.60% lower at $0.16 on Tuesday.

Portfolio Pulse from Vandana Singh

August 22, 2023 | 8:35 pm

ASB

CMA

KEY

UMBF

VLY

S&P has downgraded five banks: KeyCorp, Comerica, Valley National, UMB and Associated Bank. This is part of a wider review of the banking sector by S&P.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 12:07 am

APO

ODFL

YELL

Old Dominion Freight Line Inc (ODFL) has offered $1.5 billion to acquire Yellow Corp’s (YELL) 169 terminals out of bankruptcy, exceeding a previous offer from Estes Express Lines of $1.3 billion. The properties will still undergo a marketing and sale process in which higher offers may be accepted. Yellow’s largest shareholder, MFN Partners LP, and Citadel Credit Master Fund offered to provide $142.5 million to fund Yellow’s liquidation. Citadel recently bought Yellow’s term loan from Apollo Global Management (APO).

Portfolio Pulse from Vandana Singh

August 21, 2023 | 2:09 pm

ZING

FTAC Zeus Acquisition Corp. (NASDAQ:ZING) has announced the cancellation of its special meeting scheduled for August 21, 2023, and the redemption of all outstanding shares of Class A common stock at a per-share redemption price of approximately $10.49. The company will dissolve and liquidate as it will not consummate an initial business combination within the required time period. The company's securities are expected to be delisted from the Nasdaq Stock Market LLC and cease trading as of the close of business on August 22, 2023.

Portfolio Pulse from Happy Mohamed

August 21, 2023 | 12:16 pm

EVGPF

China's real estate company, Evergrande Property Services Group Ltd (OTC:EVGPF), has filed for Chapter 15 in the U.S., marking a strategic offshore debt restructuring phase. This move is seen as a calculated maneuver given Evergrande's substantial U.S. dollar obligations governed by New York laws. The company's struggles reflect deeper issues within China's economic landscape, particularly in the property sector, and could have expansive ramifications on global markets.

Portfolio Pulse from AJ Fabino

August 18, 2023 | 6:11 pm

DADA

GOTU

WETG

Chinese companies' shares are trading lower following the filing for Chapter 15 bankruptcy protection in NY by property developer, China Evergrande Group.

Portfolio Pulse from Benzinga Newsdesk

August 18, 2023 | 3:45 pm

DIA

QQQ

SPY

Major indexes are experiencing a downturn due to rising Treasury yields and uncertainty in China following Evergrande's Chapter 15 bankruptcy protection filing.

Portfolio Pulse from Benzinga Newsdesk

August 18, 2023 | 2:43 pm

EHang Holdings shares are trading lower following disappointing Q2 revenue results. The situation is further exacerbated by China Evergrande Group's filing for Chapter 15 bankruptcy protection in New York, which may be contributing to the weakness.

Portfolio Pulse from Benzinga Newsdesk

August 18, 2023 | 2:33 pm