Lucira Health to pursue sale through Chapter 11 17:22 LHDX Lucira Health announced that it has filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The company further disclosed that it intends to pursue a sale of its business under Section 363 of the Bankruptcy Code, while continuing to support its customers during the Chapter 11 process. The company expects to continue operations during the Chapter 11 process and seeks to complete an expedited sale process with Bankruptcy Court approval. Lucira intends to use available cash on hand to fund post-petition operations and costs in the ordinary course. To minimize the adverse effects on its business and the value of its estate, the company has filed customary motions with the Bankruptcy Court to sustain its operations in the ordinary course including, but not limited to, paying employees and continuing existing benefits programs, continuing to honor prepetition insurance policies, authorizing payment of certain prepetition taxes and fees, related check and electronic payment requests, authorizing use of its cash management system and prepetition payment methods, honoring commitments to customers and fulfilling obligations post-petition, and appointing Donlin Recano & Company, Inc. as its Claims and Noticing Agent, among others. Erik Engelson, President and CEO of Lucira Health commented, "I am proud of our accomplishments and the manner in which our employees came together to support the world during the global pandemic. The rapid development and integration of a COVID-19 assay onto our test platform, followed by field clinical testing of symptomatic and asymptomatic individuals during the height of the pandemic and subsequent regulatory approvals, was gratifying and proved the pandemic readiness thesis of our proprietary technology platform. The unpredictability of selling into a pandemic made for a very challenging operating environment though collectively, we managed to grow significantly, reached positive net income, and drove continued innovation in our offering. Unfortunately, as restrictions lessened in 2022, we saw lower demand for COVID-19 tests. This, combined with slower than anticipated regulatory approval for the new combined test kit developed for the 2022-2023 flu season led to insufficient revenue and capitalization to offset expenditures. Despite every effort to reduce capital outlays and restructure our business, we took this action to protect and maximize the value of our assets." Folks this is one of the strangest tales I have ever seen--- Want to bet a SPAC steps in!
You remember when we tore through those not GAAP earnings of some Co... Buffett also took aim at the financial trickery that managers often perform to beat analysts’ expectations. “Even theoperatingearnings figure that we favor can easily be manipulated by managers who wish to do so,” he warned. “Such tampering is often thought of as sophisticated by CEOs, directors and their advisors. Reporters and analysts embrace its existence as well.” He called the activity “disgusting,” adding, “It requires no talent to manipulate numbers: Only a deep desire to deceive is required. ‘Bold imaginative accounting,’ as a CEO once described his deception to me, has become one of the shames of capitalism.”
Elon Musk also may release his third "Master Plan," even with a few big items left on his second vision statement from 2016. Musk has been hinting at Master Plan 3 for almost a year. It sounds crazy. But what if we loaded all the sick & weak people in the hospitals into a Giant star ship and blasted them off into space. The cost savings to the economy would be huge. Then the homeless can be put into constant orbit, they'll still be homeless but the views they will see from a forever rocket that circles and circles the earth using solar power will be other worldly. Elon's MASTER PLAN 3
Hey STONEY!!!! Yulia told me to make a VZ "greatest hits album" for Cramer. There's so many songs... it'll have to be a two record set. Should we lead with this one? Released on Nov 8 last year. Stoney everyone in the world is calling a bottom on natty... so be forewarned, if it bounces next week... spare us the all caps "I am the greatest" or we'll call the Kracken back in here.
Natty has been acting weird. Since the beginning of the year it has been sinking a great deal, when it should normally be rising. Around NOW is when the prices would start dropping heading into summer, but you may be right. We could see an inflation-related bounce. It dropped too far, too fast? The demand just wasn't there for the winter.
I think so Overnight. The recent move down in Nat Gas is reminiscent of when oil wet all the way to zero. A moment in time I still cannot believe actually happened. IDEA #1-> CRWD Crowdstrike price target raised to $150 from $135 at Morgan Stanley 07:10 CRWD
Celanese price target raised to $140 from $115 at Wells Fargo 06:44 CE Rolls-Royce upgraded to Buy from Underperform at BofA 06:22 RYCEY Dyne Therapeutics upgraded to Strong Buy from Outperform at Raymond James 06:19 DYN, RNA Tesla investor day may be 'sell-the-news event,' says Barclays 05:56 TSLA TechnipFMC price target raised to $20 from $14 at Barclays 05:50 FTI
Pfizer in talks to buy Seagen in deal that may be valued at over $30B, WSJ says » 05:28 Michelin upgraded to Buy from Neutral at Goldman Sachs 04:25 MGDDY Hennes & Mauritz upgraded to Buy from Underperform at BofA 05:16 HNNMY Baozun upgraded to Outperform from Underperform at CLSA 05:12 BZUN Wells cuts Tegna target, says FCC move likely 'deal killer' 21:25 TGNA Wells Fargo analyst Steven Cahall lowered the firm's price target on Tegna to $20 from $24 and keeps an Equal Weight rating on the shares. The Federal Communications Commission on Friday said its Media Bureau has sent the proposed acquisition of Tegna by Standard General to its administrative law judge. Such a move likely implies a "deal killer," the analyst tells investors in a research note. Wells thinks Tegna will now trade back to peer comps. Another buyer could emerge if it believed it had a stronger political argument, but it is too early to give Tegna a buyout premium, the analyst tells investors in a research note. Show Related Item Shell upgraded to Buy from Neutral at Goldman Sachs 20:45 SHEL Goldman Sachs analyst Michele Della Vigna upgraded Shell to Buy from Neutral with a price target of $85, up from $74. The analyst believes the company's leading global liquefied natural gas and marketing businesses are "deeply under-valued." The firm sees "material upside" to Shell's operational performance in both deepwater and LNG assets. In addition, the company's "strong" balance sheet might allow it to veer towards the upper end of the sector's 30%-40% cash distribution range, the analyst tells investors in a research note. IDEA #2--> SHEL
U.S. Energy Department embraces lab leak theory as origin of COVID-19 WHY NOW? THIS IS A WARNING SHOT AS CHINA IS ABOUT TO SEND LETHAL WEAPONS TO RUSSIA. THIS WORLD PANDEMIC ESCAPED FROM A LAB IN CHINA. <----------- GET READY FOR THE WORLD'S BIGGEST LAWSUIT EVER.......
CHINA is doing another round of EV car sale info... (so fast) it was a big let down last time around. This cycle probably captured the upswing if any from looser Covid restrictions. LI Auto reported first and is up over a stick.. around 6%.... NIO Next....?