35 minutes ago
WeWork files for Chapter 11 bankruptcy protection
WeWork filed for Chapter 11 bankruptcy protection in New Jersey federal court, saying it has reached agreements with most of its secured bondholders and intends to cut “non-operating” leases.
The bankruptcy filing, limited to locations in the U.S. and Canada, reported liabilities between $10 billion and $50 billion.
The company, valued at $47 billion in a 2019 round led by Masayoshi Son’s SoftBank, tried to go public five years ago but failed. WeWork eventually went public through a special purpose acquisition company in 2021, but has since lost about 98% of its value.
Shares of WeWork had fallen to a low of about 10 cents and were trading at about 83 cents before the stock was halted on Monday.
— Rohan Goswami, Christine Wang
41 minutes ago
China’s imports surprised with growth in October, but exports fell more than expected
China reported a sharper-than-expected decline in exports in October, while imports unexpectedly rose year-on-year.
China Customs said exports in U.S. dollar terms fell 6.4% in October from a year earlier. That’s worse than the 3.3% decline predicted in a Portal poll.
Imports rose 3% in October from a year earlier in U.S. dollars. This contrasts with Portal forecast of a 4.8% year-on-year decline.
—Evelyn Cheng, Lee Ying Shan
4 hours ago
Stocks make the biggest moves after hours
Check out some companies making headlines in extended trading.
Tripadvisor – The online travel agency rose nearly 12% after beating third-quarter revenue and profit. Tripadvisor reported adjusted earnings of 52 cents per share on revenue of $533 million, while analysts polled by LSEG forecast 47 cents per share on $505 million.
Vertex Pharmaceuticals – Shares fell nearly 2% after the biotech company missed third-quarter revenue estimates. Vertex reported adjusted earnings of $4.08 per share on revenue of $2.48 billion, while analysts polled by LSEG reported $3.97 per share on revenue of $2.50 billion predicted.
International Flavors & Fragrances – International Flavors & Fragrances rose 5% after the company said it would continue its collaboration agreement with Icahn Capital. The parties agreed to re-nominate an Icahn director and a mutually selected director to the IFF board for the 2024 alternate season. Separately, IFF posted third-quarter adjusted earnings and revenue that beat analysts’ estimates.
Read the full list here.
—Brian Evans
4 hours ago
Stock futures open lower
Stock futures were lower on Monday as investors on Wall Street weigh whether or not the winning streak can continue.
S&P 500 futures and Nasdaq 100 futures fell 0.1%, while futures tied to the Dow Jones Industrial Average fell 34 points, or 0.1%.
—Brian Evans