Streetbeat News

Bankruptcy

YELL

Trucking firm Estes Express has proposed a $1.3 billion offer to acquire Yellow Corp's shipment centers. However, Yellow has decided to accept a $142.5 million loan offer from hedge fund Citadel and MFN Partners, its largest shareholder. Citadel also bought Yellow's pre-bankruptcy debt of around $500 million. Yellow recently filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code.

Portfolio Pulse from Lekha Gupta

August 18, 2023 | 1:14 pm

AVTX

IKT

MODD

OPGN

Avalo Therapeutics, Inhibikase Therapeutics, PolyPid, WeTrade Group, Gaucho Group Holdings, BIO-Key International, Prosomnus, Renovaro Biosciences, Rail Vision, and Eargo stocks are trading higher in pre-market due to various reasons including higher-than-expected earnings, completion of studies, maintained ratings, and new product launches. Meanwhile, Modular Medical, OpGen, Recruiter.Com Group, 1895 Bancorp of Wisconsin, BioNexus Gene Lab, F45 Training Holdings, Lytus Technologies Holdings, Sidus Space, Smart for Life, and Synlogic stocks are trading lower due to reasons such as partnerships, downgrades, bankruptcy concerns, offerings, and delisting plans.

Portfolio Pulse from Lisa Levin

August 18, 2023 | 12:23 pm

NIO

XPEV

Chinese EV stocks are trading lower due to mixed Q2 earnings and a lower-than-expected Q3 revenue outlook from XPeng. The stocks are also affected by Evergrande's US bankruptcy protection filing.

Portfolio Pulse from Benzinga Newsdesk

August 18, 2023 | 12:00 pm

BABA

BEKE

BIDU

NTES

PDD

TME

Chinese stocks are trading lower following the filing for Chapter 15 bankruptcy protection in New York by property developer, China Evergrande Group.

Portfolio Pulse from Benzinga Newsdesk

August 18, 2023 | 11:25 am

BABA

FXI

KWEB

Alibaba Group Holding Limited (BABA) stock is trading lower along with iShares China Large-Cap ETF (FXI) and KraneShares Trust KraneShares CSI China Internet ETF (KWEB) due to concerns over China Evergrande Group's bankruptcy filing and China's slowing economic growth. However, Alibaba Cloud's new digital human video creation tool, Live Portrait, and China's progress in chip equipment self-sufficiency provide some positive news.

Portfolio Pulse from Anusuya Lahiri

August 18, 2023 | 11:00 am

FXI

SPY

China Evergrande Group has stated that its application for offshore debt restructuring is a normal procedure and does not involve a bankruptcy petition.

Portfolio Pulse from Charles Gross

August 18, 2023 | 9:27 am

FXI

SPY

The company has applied to the U.S. court for recognition of the schemes of arrangement under offshore debt restructuring, as its U.S. dollar denominated notes are governed by New York law. The application is made under Chapter 15 of the U.S. Code.

Portfolio Pulse from Charles Gross

August 18, 2023 | 9:25 am

BABA

BIDU

BILI

FXI

NIO

PDD

XPEV

China's Evergrande has filed for Chapter 15 bankruptcy protection, leading to a premarket drop in shares of China stocks.

Portfolio Pulse from Charles Gross

August 18, 2023 | 8:55 am

BTCUSD

DOGEUSD

SOLUSD

Solana (SOL) has surpassed Dogecoin (DOGE) in terms of market capitalization amid growing fear in the crypto market. Both cryptocurrencies have experienced a decline in value, with SOL down by 7.47% and DOGE by 10%. This development comes as Bitcoin (BTC) plunged below the $26,000 mark for the first time in two months, largely due to China's Evergrande Group filing for bankruptcy and SpaceX writing down the value of its Bitcoin holdings by $373 million.

Portfolio Pulse from Mehab Qureshi

August 18, 2023 | 5:03 am

BTCUSD

DOGEUSD

Bitcoin's value dropped by 8% due to three potential reasons: SpaceX reportedly selling its Bitcoin holdings, the release of minutes from the Federal Reserve's last meeting suggesting future interest rate increases, and China Evergrande filing for bankruptcy protection. The market turbulence resulted in significant losses for traders, with approximately $823 million worth of long positions being liquidated.

Portfolio Pulse from Mehab Qureshi

August 18, 2023 | 4:57 am