Streetbeat News

Bankruptcy

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The Supreme Court has temporarily blocked a $6-billion bankruptcy settlement by Purdue Pharma that would protect the Sackler family from civil lawsuits related to the opioid crisis. The court will hear a challenge to the settlement by a U.S. bankruptcy trustee. The decision may have implications for other pharmaceutical companies, including Johnson & Johnson and Teva Pharmaceutical Industries, both of which have faced legal scrutiny related to opioids. Related ETFs include the Health Care Select Sector SPDR Fund and the iShares U.S. Pharmaceuticals ETF.

Portfolio Pulse from Michael Cohen

August 10, 2023 | 8:44 pm

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Alibaba Group Holding Limited (BABA) reported better-than-expected first-quarter financial results with a 14% YoY revenue growth to $32.29 billion. Edible Garden AG Incorporated (EDBL), Capri Holdings Limited (CPRI), and Holley Inc. (HLLY) also posted upbeat results. However, Galera Therapeutics, Inc. (GRTX) shares dropped after receiving a Complete Response Letter from the FDA, Amyris, Inc. (AMRS) filed for Chapter 11 bankruptcy, and Origin Materials, Inc. (ORGN) reported mixed results.

Portfolio Pulse from Lisa Levin

August 10, 2023 | 6:53 pm

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Several stocks experienced significant price movements in Thursday's mid-day session. Edible Garden AG Incorporated (EDBL), Capri Holdings Limited (CPRI), and Blend Labs, Inc. (BLND) were among the gainers, with shares jumping due to better-than-expected Q2 results and acquisition news. On the other hand, Galera Therapeutics, Inc. (GRTX), Amyris, Inc. (AMRS), and Origin Materials, Inc. (ORGN) were among the biggest losers, with shares falling due to FDA response, bankruptcy filing, and mixed Q2 results respectively.

Portfolio Pulse from Lisa Levin

August 10, 2023 | 5:17 pm

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U.S. stocks traded higher with the Nasdaq Composite gaining more than 100 points. The Walt Disney Company (NYSE:DIS) reported better-than-expected earnings for its third quarter, while sales missed expectations. Edible Garden AG Incorporated (NASDAQ:EDBL), Capri Holdings Limited (NYSE:CPRI), and Holley Inc. (NYSE:HLLY) reported positive financial results. Galera Therapeutics, Inc. (NASDAQ:GRTX), Amyris, Inc. (NASDAQ:AMRS), and Origin Materials, Inc. (NASDAQ:ORGN) faced negative developments.

Portfolio Pulse from Lisa Levin

August 10, 2023 | 4:01 pm

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The article discusses several key financial events of the week, including the downgrade of US debt by Fitch from AAA to AA+, the plummeting of Japanese government bonds, the alleged manipulation of S&P 500 earnings, Saudi Arabia's extension of oil production cut, the bankruptcy of shipping company Yellow (NASDAQ:YELL), and the strong employment situation in the US. The downgrade of US debt and the situation in Japan could potentially lead to a sovereign debt disaster. The article also criticizes the White House's refusal to refill the Strategic Petroleum Reserve (SPR), which has led to Saudi Arabia and Russia cutting oil production.

Portfolio Pulse from Gary Brode

August 10, 2023 | 4:01 pm

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Proterra Inc (PTRA) shares have dropped by 22.9% to $0.12 after the company announced it has filed for Chapter 11 bankruptcy. Despite this, the company plans to continue operations and secure funding for salaries, benefits, and vendor payments. The scheduled earnings conference call for August 9 has been canceled.

Portfolio Pulse from Henry Khederian

August 10, 2023 | 3:52 pm

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Proterra has filed for Chapter 11 bankruptcy, leading to a continued downward trend in its share prices.

Portfolio Pulse from Benzinga Newsdesk

August 10, 2023 | 3:52 pm

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FTX (CRYPTO: FTT) is facing a clash with traders and market makers on a principal creditor committee, who are accused of trying to dominate assets without considering the repercussions for other involved parties. This follows a preliminary restructuring proposal by FTX's CEO and Chief Restructuring Officer, John J. Ray III. Unsecured creditors claim they weren't adequately consulted and argue that FTX could achieve better returns from its substantial cash and token reserves. FTX's legal team maintains that there have been thorough discussions with both parties' representatives.

Portfolio Pulse from Murtuza Merchant

August 10, 2023 | 1:14 pm

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Amyris, Inc. has announced that it has filed for Chapter 11 bankruptcy, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

August 10, 2023 | 12:54 pm

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AppLovin Corporation's shares rose by 22.6% in pre-market trading following better-than-expected Q2 results. Capri Holdings Limited's shares also rose by 26.8% as Tapestry is reportedly nearing a deal to buy the company. On the other hand, Amyris, Inc.'s shares fell by 56.2% after the company filed for bankruptcy, and Galera Therapeutics, Inc.'s shares fell by 81.7% after receiving a Complete Response Letter from the U.S. FDA.

Portfolio Pulse from Lisa Levin

August 10, 2023 | 12:06 pm