Streetbeat News

WeWork Inc

https://www.we.co/

CEO

David M. Tolley

Employees

7,859

wework provides you with the space, community, and services you need to make a life, not just a living. we transform buildings into beautiful, collaborative workspaces and provide infrastructure, services, events and tech so our members can focus on doing what they love.

Open

1.15

Mkt cap

44M

Volume

6.3M

High

1.20

P/E Ratio

-0.01

52-wk high

130.80

Low

0.82

Div yield

N/A

52-wk low

0.82

WeWork Inc has filed for Chapter 11 bankruptcy protection and commenced a comprehensive reorganization to strengthen its capital structure and financial performance. The company plans to cut its commercial office lease portfolio and has entered into agreements with approximately 92% of its secured note holders. The bankruptcy filing shows liabilities ranging from $10 billion to $50 billion and is limited to WeWork locations in the U.S. and Canada.

Portfolio Pulse from Adam Eckert

November 07, 2023 | 1:41 pm

Office-space provider WeWork (NYSE:WE) has filed for Chapter 11 bankruptcy protection, facing liabilities between $10 billion and $50 billion. The filing is limited to the company’s locations in the U.S. and Canada. The company has entered into agreements with a majority of its secured noteholders and plans to cut non-operational leases. WeWork's value has plummeted by 98% since its debut through a special purpose acquisition company in 2021.

Portfolio Pulse from Benzinga Neuro

November 07, 2023 | 2:53 am

WeWork shares are experiencing increased volatility due to a fraudulent press release circulating in the market.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 2:22 pm

A fake press release circulated among traders on November 3, stating that there was an offer to purchase 51% of WeWork at $9 per share. The related article from Cole Capital has been withdrawn.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 1:38 pm

The Federal Reserve has decided to maintain interest rates at 5.25% to 5.5%. This decision led to a rise in the Dow, NASDAQ, and S&P 500. Stocks of Cellectis, Patriot Transportation Holding, and TG Therapeutics rose significantly due to strategic collaborations, acquisitions, and positive Q3 results respectively. However, WeWork, IRIDEX Corporation, and Paycom Software saw a drop in their shares due to bankruptcy reports, withdrawal of annual guidance, and poor Q3 sales results respectively.

Portfolio Pulse from Lisa Levin

November 01, 2023 | 6:33 pm

The article lists the stocks that gained and lost the most in Wednesday's mid-day session. Notable gainers include Cellectis S.A. (NASDAQ:CLLS) due to strategic collaboration and investment agreements with AstraZeneca, and Patriot Transportation Holding, Inc. (NASDAQ:PATI) due to an acquisition agreement with United Petroleum Transports. Notable losers include WeWork Inc. (NYSE:WE) due to reports of nearing bankruptcy, and Paycom Software, Inc. (NYSE:PAYC) due to worse-than-expected third-quarter sales results and lowered FY23 revenue guidance.

Portfolio Pulse from Lisa Levin

November 01, 2023 | 5:59 pm

WeWork Inc (NYSE:WE) is expected to file for bankruptcy next week. The stock has fallen more than 99% from its listing price but remains above $1 a share. Despite the possibility of a 'dead-cat bounce' or acquisition, the stock has continued to decline, with a 50% drop in the last few days following news of the planned bankruptcy. The company's valuation was inflated due to the zero-interest-rate environment and private investors' enthusiasm, but issues with company culture and the impact of the COVID-19 pandemic have contributed to its downfall.

Portfolio Pulse from Aaron Bry

November 01, 2023 | 5:33 pm

U.S. stocks traded higher with the Nasdaq Composite gaining over 100 points. Information technology shares jumped by 1.3%. Cellectis S.A. (CLLS) shares shot up 148% after reporting strategic collaboration and investment agreements with AstraZeneca. Patriot Transportation Holding, Inc. (PATI) shares shot up 104% after announcing an agreement for United Petroleum Transports to acquire all of its outstanding shares. TG Therapeutics, Inc. (TGTX) shares were up 29% following third-quarter results. WeWork Inc. (WE) shares dropped 52% following reports of nearing bankruptcy. IRIDEX Corporation (IRIX) shares were down 43% after withdrawing its previously announced annual guidance for 2023. Paycom Software, Inc. (PAYC) shares fell 38% after reporting worse-than-expected third-quarter sales results and issuing FY23 revenue guidance below estimates.

Portfolio Pulse from Lisa Levin

November 01, 2023 | 4:38 pm

The stock market has just finished a three consecutive month losing streak, the longest since the pandemic. However, historical data shows that the stock market usually goes up in November after a three-month losing streak. The U.S. Department of the Treasury is offering $112 billion of Treasury securities, which is better than expectations and is bringing in buyers in the stock market. Employment Change data from Automatic Data Processing Inc indicates a strong jobs picture. WeWork Inc is filing for bankruptcy. Advanced Micro Devices, Inc. reported worse than expected earnings, but investors are buying the stock due to excitement about its AI chip. Microsoft Corp is selling its AI Copilot to enterprises, which is exciting investors. Money flows are positive in Apple Inc, Amazon.com, Inc., Alphabet Inc Class C, Meta Platforms Inc, Microsoft Corp, and Tesla Inc, but negative in NVIDIA Corp. Money flows are mixed in SPDR S&P 500 ETF Trust and Invesco QQQ Trust Series 1.

Portfolio Pulse from The Arora Report

November 01, 2023 | 4:13 pm

WeWork is reportedly planning to file for bankruptcy as early as next week, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 2:25 pm

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