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☆ The housing market is stuck: Americans can't afford homes, investors aren't buying property, and economists see little relief ahead
▼ + stars: | 2023-09-02 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Low inventory, high mortgage rates, and high prices have created a difficult housing market. Low inventory, high mortgage rates, and high prices have put the housing market into a state of unaffordability that's weighing on house hunters, current homeowners, and even real estate investors. AdvertisementAdvertisementAs things stand, roughly one-quarter of homeowners are sitting on mortgage rates of less than 3%, near the highest on record. The seasonally-adjusted data showed prices climbed in every single city in the group's 20-city index. Otherwise said, half the cities in our sample now sit at all-time high prices."

Persons: we've, Craig J, Lazzara, DJI, Daryl Fairweather, haven't, Shay Stein, Realtor.com, Fannie Mae, Bill McBride Organizations: Homeowners, Service Locations: Wall, Silicon, Realtor.com

Demand for carbon credits is on track to fall in 2023, according to two of the top data providers. Nestle, which has also not disclosed its spending on offsets, said it would stop using carbon offsets and was seeking other routes to net zero. Until this year, the voluntary carbon market had grown as more companies came under shareholder pressure to adopt net zero policies. SECOND THOUGHTSFor the carbon markets, another issue is that regulators and carbon market advisory bodies are limiting the scope of their use by companies. "You need to reduce emissions and that's how you will be judged in the market when you're disclosing your carbon emissions."

Persons: Elizabeth Frantz, Gucci, Renat Heuberger, Stephen Donofrio, certifier Verra, EasyJet, Jane Ashton, Ashton, Naomi Swickard, Verra, Zimbabwe's, Steve Wentzel, Wentzel, Kristian Rönn, Rob Hayward, Susanna Twidale, Sarah McFarlane, Barbara Lewis Organizations: New England Forestry Foundation, REUTERS, Nestle, Reuters, Marketplace, Shell, Boston Consulting, Offset, GEO, Verra, Carbon, Investments, United Nations, Voluntary, Initiative, EU, KLM, Companies, Thomson Locations: Hersey, New Hampton , New Hampshire, U.S, Kenya, Pole, Stockholm, Ghana

☆ Stocks making the biggest premarket moves: Dollar General, Salesforce, Palantir and more
▼ + stars: | 2023-08-31 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Check out the companies making the biggest moves before the bell:Dollar General — The discount retailer tumbled 15.3% after reporting second-quarter earnings per share of $2.13, missing the StreetAccount consensus estimate of $2.47. Revenue also missed, coming in at $9.80 billion versus the $9.93 billion expected. Campbell Soup — Shares added about 1% after the company reported revenue of $2.07 billion, beating the $2.06 billion expected from analysts polled by Refinitiv. Second-quarter adjusted earnings per share came in at 31 cents, versus the 22 cents expected from analysts polled by Refinitiv. However, its revenue guidance for the third quarter of $2.74 billion to $2.76 billion fell short of the $2.79 billion expected from analysts, per StreetAccount.

Persons: Campbell, Shopify, Morgan Stanley, Salesforce, Goldman Sachs, Cronos, Tilray, Okta, SkyWest, Raymond James, Refinitiv, —, Jesse Pound, Alex Harring Organizations: Revenue, Refinitiv, UBS — U.S, UBS, Cronos, Tilray, U.S . Department of Health, Human Services, Arista Networks, Citi, Arista, postmarket Locations: Austin , Texas, Swiss

☆ Here are Wednesday's biggest analyst calls: Apple, Netflix, Nvidia, Alphabet, FedEx, Tesla & more
▼ + stars: | 2023-08-30 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

While this reads through positively for spot BTC ETF approvals, it remains unclear if this will be a net positive for Coinbase's P & L." Citi reiterates FedEx as a top pick Citi said FedEx has "parcel pricing power." Wells Fargo reiterates Spotify as buy Wells said it's standing by its overweight rating on shares of the streaming company. Citi reiterates Apple as buy Citi said it's bullish heading into Apple's iPhone event on Sept. 12. Wells Fargo reiterates Netflix as overweight Wells said it's standing by its overweight rating on the streaming giant. "We initiate coverage of Atour with an Overweight rating and a price target of US$36, implying > 80% potential upside."

Persons: Morgan Stanley downgrades Centene, Morgan Stanley, TD Cowen downgrades Ambarella, Wells, it's, Bernstein, Melius, Guggenheim, Tesla, Evercore Organizations: Wednesday, Barclays, SEC, BTC, Citi, FedEx, UPS, Transports, FLNC's Services, HSBC, Spotify, Apple, Texas, Rockwell Automation, ROK, UW, Netflix, Nvidia, Bank of America, Google, Tesla, Energy Locations: China, Europe, Ohio Utica, Oklahoma

☆ The housing market has gotten so unaffordable that Zillow is now offering prospective homebuyers a 1% down payment option
▼ + stars: | 2023-08-25 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The company is offering prospective homebuyers the option to put a 1% down payment on a house. The record-low 1% down payment target offered by Zillow beats out Freddie Mac's mortgage option of just a 3% down payment. But the 1% down payment option doesn't solve the housing affordability crisis, as smaller down payments lead to bigger monthly mortgage payments because borrowers have to take on more debt. Zillow's new down payment option comes as the company is expanding to be more than a platform to browse homes for sale. It seeks to become a one-stop shop for prospective homebuyers, offering direct access to real estate agents and home loans underwritten by them.

Persons: Zillow, Freddie, It's Organizations: Service, Zillow Locations: Wall, Silicon, Arizona, Phoenix , Arizona

☆ Zillow rolls out new 1% down payment program in Arizona
▼ + stars: | 2023-08-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailZillow rolls out new 1% down payment program in ArizonaOrphe Divounguy, Zillow home loans senior economist, joins 'The Exchange' to discuss America's housing affordability crisis, Zillow offering a one percent down payment loan program in Arizona, Zillow's plan to roll out the home loan plan beyond Arizona.

Locations: Arizona

☆ These 14 cities will see at least 20% home-price growth over the next 3 years, according to Scholaroo — and 5 of them have current median prices under $200,000
▼ + stars: | 2023-08-24 | by ( William Edwards | ) www.businessinsider.com time to read: +2 min

The firm expects home prices in these cities to grow between 20%-43% in that time frame. To form their projections, they calculated the average annual change in home prices over the last five years across 152 cities. Below, we've compiled in ascending order the 14 markets where prices are expected to jump by at least 20% in three-years time. Among those 14, some are still relatively affordable, with five having current median home prices under $200,000 and two having a median under $85,000. Below are the cities, their current median home prices, their projected three-year growth rates, and the prices those translate to by 2026.

Persons: Scholaroo, Skylar Olsen, we've Locations: Scholaroo

☆ Almost 40% of first-time home buyers seek out money from their parents, says Zillow's Skylar Olsen
▼ + stars: | 2023-08-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAlmost 40% of first-time home buyers seek out money from their parents, says Zillow's Skylar OlsenHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.

Persons: Zillow's Skylar Olsen, Brian Sullivan, “ Organizations: CNBC

☆ Trucking firm Estes Express submits $1.3 billion bid for Yellow's shipment centers
▼ + stars: | 2023-08-17 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

Semi truck trailers are pictured at freight trucking company Yellow’s terminal near the Otay Mesa border crossing between the U.S. and Mexico in San Diego, California, U.S., August 7, 2023 after the company filed for bankruptcy protection. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNEW YORK, Aug 17 (Reuters) - Trucking firm Estes Express has submitted a $1.3 billion bid to acquire bankrupt Yellow Corp's shipment centers, attorneys said on Thursday at a U.S. bankruptcy court hearing. Yellow's attorney Allyson Smith said the Estes proposal was received while Yellow was negotiating several offers for bankruptcy financing. Apollo initially offered to fund Yellow's bankruptcy with a $142.5 million loan, but instead bowed out after Yellow received competing offers with lower fees and interest rates. The union, which represents about 22,000 Yellow employees, said the Nashville, Tennessee-based company "mismanaged" its way to bankruptcy.

Persons: Mike Blake, Allyson Smith, Estes, Smith, Craig Goldblatt, Yellow, Judge Goldblatt, Dietrich Knauth, Chris Reese, Cynthia Osterman, Alexia Garamfalvi, Jonathan Oatis Organizations: U.S, Trucking, Express, Citadel, MFN Partners, U.S . Treasury Department, Apollo Global Management, Apollo, International Brotherhood of Teamsters, Thomson Locations: Mexico, San Diego , California, U.S, Wilmington , Delaware, Nashville , Tennessee

☆ Apollo Global pulls out of Yellow's bankruptcy financing plan
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +1 min

The term loan was sold to a fund owned by Citadel, the FT reported. Yellow, Apollo and Citadel did not immediately respond to Reuters' requests for comment. An attorney for Yellow said last Wednesday that the company would not seek court approval to borrow $142.5 million from Apollo as planned and was instead seeking time to explore alternate loan offers. Yellow has $1.3 billion in debt payments due in 2024, including a $567.4 million term loan due in June and a $729.4 million U.S. Treasury loan due in September. read moreReporting by Ananta Agarwal in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Yellow, Ananta Agarwal, Anil D'Silva Organizations: U.S, Apollo Global Management, Yellow Corp, Financial Times, Citadel, Treasury, Thomson Locations: Mexico, San Diego , California, U.S, Bengaluru

☆ AI is going to eliminate way more jobs than anyone realizes
▼ + stars: | 2023-08-14 | by ( Emil Skandul | ) www.businessinsider.com time to read: +16 min

We didn't see the internet coming, but AI is within viewThe adoption of groundbreaking technology is often hard to predict. The World Economic Forum estimated 83 million jobs worldwide would be lost over the next five years because of AI, with 69 million jobs created — that leaves 14 million jobs that will cease to exist during that timeframe. In the US, the knowledge-worker class is estimated to be nearly 100 million workers, one out of three Americans. The small and large compounding effects of productivity growth across many industries are central to the growth trajectory and the long-run effects of AI. This is an alarmingly trivial amount for an economy of $25 trillion GDP and over 150 million workers.

Persons: Goldman Sachs, Joseph Schumpeter, Bill Gates, David Letterman, Paul Krugman, Erik Brynjolfsson, —, Brynjolfsson, Robert Solow, Robert Gordon, provocatively, It's, Gordon, David Autor, Maria Flynn, Flynn, –, Georgia –, Emil Skandul, Tony Blair Organizations: McKinsey, Newsweek, Stanford University, Microsoft, Amazon, Cisco, Economic, International Labor Organization, Organization for Economic Co, Development, MIT, Congressional, Office, Department of Labor, Tony Blair Institute Locations: Washington, Singapore, New York, Georgia

Two long-time industry executives told Reuters that Yellow's rates were roughly 10% to 20% below those of rivals. Loads in the so-called LTL market do not trade on the spot market and they vary based on the type and size of shipments, they said. "Yellow was way below" market rates, said Ken Adamo, chief of analytics at DAT Freight and Analytics, which operates one of North America's largest truck freight marketplaces. Unlike the highly fragmented trucking market, LTL is dominated by about a dozen players. Some providers are already raising rates, which could send LTL rates up 10% to 15% from current levels, Pickett said.

Persons: Mike Blake, Ken Adamo, Chris Pickett, Pickett, Adamo, Thomas Schmitt, Schmitt, Lisa Baertlein, Marguerita Choy Organizations: U.S, Rivals, Reuters, Analytics, Flock, Walmart, International Brotherhood of Teamsters, Forward, Forward Air, Thomson Locations: Mexico, San Diego , California, U.S, North, Los Angeles

☆ Trucking firm Yellow extends bankruptcy loan talks until next week
▼ + stars: | 2023-08-11 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Yellow filed for bankruptcy on Sunday with a loan offer for that amount from private equity firm Apollo, a senior lender to the company before its bankruptcy. The trucking company said earlier this week it was seeking alternative financing from MFN Partners, an investment firm that owns 41% of Yellow's stock, and Estes Express Lines, a rival in freight trucking. Yellow intends to use its bankruptcy to sell all of its assets, including 12,000 trucks and over 300 shipping service centers. The union, which represents about 22,000 laid-off Yellow employees, said the Nashville, Tennessee-based company "mismanaged" its way to bankruptcy. Yellow owes the U.S. Treasury over $700 million on a pandemic bailout loan approved by former President Donald Trump's administration in 2020.

Persons: Mike Blake, Pat Nash, Craig Goldblatt, Nash, Dennis Dunne, Donald Trump's, Dietrich Knauth, Mark Porter, Andrea Ricci, Alexia Garamfalvi, Richard Chang Organizations: U.S, Yellow Corp, MFN Partners, Estes Express, Apollo, U.S . Treasury Department, International Brotherhood of Teamsters, U.S . Treasury, Thomson Locations: Mexico, San Diego , California, U.S, Wilmington , Delaware, Nashville , Tennessee

☆ Trucking firm Yellow explores alternate bankruptcy loans
▼ + stars: | 2023-08-09 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

Semi truck trailers are pictured at freight trucking company Yellow’s terminal near the Otay Mesa border crossing between the U.S. and Mexico in San Diego, California, U.S., August 7, 2023 after the company filed for bankruptcy protection. REUTERS/Mike BlakeNEW YORK, Aug 9 (Reuters) - Bankrupt trucking company Yellow Corp (YELL.O) will not seek court approval to borrow $142.5 million from private equity firm Apollo Global Management as planned on Wednesday, instead seeking time to explore alternate loan offers, an attorney for the company said. Yellow is weighing those offers while negotiating with Apollo on how those loans would impact Apollo's collateral rights on a pre-existing $501 million loan. Yellow plans to return to court on Friday with more clarity on which loan it will choose. The union, which represents about 22,000 Yellow employees, said the Nashville, Tennessee-based company "mismanaged" its way to bankruptcy despite concessions made by workers.

Persons: Mike Blake NEW, Pat Nash, Craig Goldblatt, Nash, Goldblatt, Dietrich Knauth, Chris Reese, Richard Chang Organizations: U.S, Yellow Corp, Apollo Global Management, MFN Partners, Estes Express, Apollo, International Brotherhood of Teamsters, Thomson Locations: Mexico, San Diego , California, U.S, Wilmington , Delaware, Nashville , Tennessee

☆ Teamsters union pushes for US bankruptcy reform after Yellow's collapse
▼ + stars: | 2023-08-08 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

The Teamsters union said 22,000 of its members were out of work despite making significant concessions on wages and pension benefits in labor negotiations with the nearly 100-year-old company, which filed for bankruptcy on Sunday. Yellow has blamed the Teamsters' opposition to its internal reorganization efforts for its collapse. The union warned that the bankruptcy could mean they will not receive bargained-for retirement benefits or severance pay. "Corporate bankruptcy legislation in the U.S. is a joke," Teamsters General President Sean O'Brien said in a statement. U.S. bankruptcy law currently prioritizes repayment of up to $15,150 in wages per employee, according to bankruptcy attorney George Singer, who is not involved in Yellow's case.

Persons: Mike Blake, Sean O'Brien, Dick Durbin of, Jerry Nadler, George Singer, Singer, Donald Trump's, Dietrich Knauth, Jamie Freed Organizations: U.S, Brotherhood of Teamsters, Yellow Corp, Teamsters, Congressional, Dick Durbin of Illinois, Employees, Thomson Locations: Mexico, San Diego , California, U.S, York

☆ Yellow Corp asset sale could surpass $1.4 bln - Fox Business
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

That means stock holders will get a payday if significant unsecured debt creditors do not emerge, Fox Business reporter Charles Gasparino said in a post on X social media platform, formerly known as Twitter. Yellow, a dominant player in the "less-than-truckload" segment, filed for Chapter 11 bankruptcy protection on Monday, leaving some 30,000 workers looking for new jobs. read moreThe company blamed the International Brotherhood of Teamsters for the bankruptcy filing. Gasparino said that bidders were lining up for Yellow's assets because the company would be free of Teamsters membership in bankruptcy. Yellow is also likely to seek damages representing its entire enterprise value of $1.5 billion from the Teamsters, Gasparino said.

Persons: Mike Blake, Charles Gasparino, Gasparino, Ananta Agarwal, Shinjini Organizations: U.S, Fox Business, Twitter, International Brotherhood of Teamsters, Teamsters, Thomson Locations: Mexico, San Diego , California, U.S, Bengaluru

☆ Trucking giant Yellow declares bankruptcy after nearly 100 years in business
▼ + stars: | 2023-08-07 | by ( Associated Press | ) www.businessinsider.com time to read: +5 min

Trucking giant Yellow declared bankruptcy and will shut down. The company received a $700 million loan from the federal government in 2020. Trucking company Yellow Corp. has declared bankruptcy after years of financial struggles and growing debt, marking a significant shift for the U.S. transportation industry and shippers nationwide. The Chapter 11 bankruptcy, which was filed Sunday, comes just three years after Yellow received $700 million in pandemic-era loans from the federal government. The Teamsters supported the $700 million loan when it was first announced.

Persons: Darren Hawkins, Sean O'Brien, Yellow, Trump, Bruce Chan Organizations: Teamsters, Morning, Yellow Corp, New England Motor, Former, FedEx, ABF, YRC, Inc, Street, Central States Health, Welfare Fund, U.S, Bankruptcy, Treasury Department, Treasury, Defense Locations: U.S, Nashville , Tennessee, Delaware

☆ US trucking firm Yellow files for bankruptcy after loading up on debt
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Rebecca Cook/File PhotoAug 6 (Reuters) - U.S. trucking firm Yellow Corp (YELL.O) filed for Chapter 11 bankruptcy protection on Sunday, burdened with a heavy debt load after a series of mergers and following tense contract negotiations with the Teamsters Union. The bankruptcy filing in a Delaware court lists estimated assets and liabilities of $1 billion to $10 billion and creditors of more than 100,000. Yellow's bankruptcy filing comes after Teamsters Union said late last month that it was notified that the company was ceasing operations. The company has been in contentious negotiations with the union over an internal restructuring initiative meant to boost efficiency. Yellow, saddled with liabilities from its purchases of Roadway in 2003 and USF in 2005, reported total debt of $1.5 billion last year, according to Refinitiv data.

Persons: Rebecca Cook, Darren Hawkins, Yellow, Donald Trump, Dietrich Knauth, Priyamvada, Juby Babu, Siddharth Cavale, Lisa Baertlein, Sriraj Kalluvila, Dhanya Ann Thoppil Organizations: REUTERS, Yellow Corp, Teamsters Union, YRC, Walmart, Uber, Teamsters, USF, Thomson Locations: Detroit , Michigan, U.S, Delaware, Kansas, New York, Bengaluru, Los Angeles

☆ Mookie Betts (grand slam), Dodgers overpower Padres
▼ + stars: | 2023-08-07 | by ( Field Level Media | ) www.reuters.com time to read: +2 min

[1/50] Aug 7, 2023; San Diego, California, USA; Los Angeles Dodgers starting pitcher Tony Gonsolin (26) throws a pitch against the San Diego Padres during the first inning at Petco Park. Mandatory Credit: Orlando Ramirez-USA TODAY SportsAugust 8 - Mookie Betts capped an eight-run fourth inning with a grand slam to lead the visiting Los Angeles Dodgers to a 13-7 victory over the San Diego Padres on Monday. Los Angeles' eight-run outburst came immediately after the Padres scored five runs in the bottom of the third against Dodgers starter Tony Gonsolin. Two innings later, the Dodgers scored five runs in the sixth off Padres reliever Scott Barlow. San Diego starter Seth Lugo missed badly with three straight pitches before throwing a fastball over the heart of the plate.

Persons: Tony Gonsolin, Orlando Ramirez, Mookie Betts, Betts, Scott Barlow, Luis Campusano, Diego hasn't, Freddie Freeman, Will Smith flied, Max Muncy, David Peralta, Jason Heyward, Enrique Hernandez, James Outman, Miguel Rojas, Xander Bogaerts, Seth Lugo, Hernandez, Rojas, Smith, Muncy, Peralta, Outman, Freeman, Heyward, Ji Man Choi, Trent Grisham, Seong Kim, Fernando Tatis Jr, Tatis, Manny Machado, Campusano, Lugo Organizations: Los Angeles Dodgers, San Diego Padres, USA, Dodgers, Padres, San, The Dodgers, Diego, Muncy, Thomson Locations: San Diego , California, USA, Petco, Los Angeles, San Diego, Campusano

☆ Why tiny homes could be a big deal
▼ + stars: | 2023-08-06 | by ( Matt Turner | ) www.businessinsider.com time to read: +6 min

It's easy to look at these tiny homes as undersized gimmicks, but there are real use cases. Others are leaning on tiny homes to house homeless veterans. Denver changed its zoning laws to make ADU construction easier, allowing two-story units in some parts of the city. Tiny homes won't fix that, but innovation in zoning and construction, taken with recent data pointing to a surge in residential construction, offer reasons for hope. Why tiny homes could be a big dealThis first appeared in the Insider Today newsletter.

Persons: Joyce Higashi, Katie Sandoval, Clark, Maggie, John Randolph, crumbles Karl Maasdam, Lawrence D, Thornton, Rebecca Zisser, Francesca Gino, Gino, she's, Read, Morgan Stanley, Arantza Pena Popo, Who's, James Gorman, Ted Pick, Morgan Stanley copresident, Insider's Hayley Cuccinello, Pick, Andy Saperstein, Ted Pick Big, Tyler Le, Brad Setser, Tess Turner, Stack, coders, — Jasmine Hyman, Doc Martens, Matt Turner, Hallam Bullock, Lisa Ryan Organizations: Service, Harvard, Big Pharma Locations: Wall, Silicon, California, San Jose, New Hampshire, Denver, Austin's, New York City

He'll lose if he doesn't ... Extremism isn't going to get you elected," Bigelow said in an interview, adding that he had communicated these concerns to DeSantis' campaign. DeSantis' campaign finances have come under scrutiny in recent weeks after his campaign said it had let go 38 employees, or over one-third of staff. Bigelow said he agreed with most of DeSantis' policies, however, and that he was "spot on" in his war on "wokeism." Bigelow said he had told DeSantis' campaign manager Generra Peck that DeSantis needed to be more moderate to have a chance. DeSantis' campaign did not respond to queries about Peck and Bigelow.

Persons: Robert Bigelow, Steve Marcus, Ron DeSantis, Bigelow, Donald Trump's, He'll, isn't, DeSantis, I'm, Bryan Griffin, BIGELOW, Douglas Leone, Andy Sabin, Tim Scott, Trump, Generra Peck, Peck, Alexandra Ulmer, Jason Lange, Ross Colvin, Rosalba O'Brien Organizations: Bigelow Aerospace, REUTERS, Reuters, Florida, Las, Trump, PAC, Federal, Commission, DeSantis, Twitter, Thomson Locations: North Las Vegas , Nevada, U.S, Florida, Las Vegas

One listing quickly became two, then a full-fledged property management business, called Be Still Getaways, in 2020. This year, Be Still Getaways is on track to bring in $3 million, according to documents reviewed by CNBC Make It. For the first two and half years of Be Still Getaways, Inlow had to work all three jobs. "I was still working full-time [outside of] Be Still Getaways, and that is how we scale." Here's how Inlow scaled her company, and how she plans to build in more work-life balance as the business grows.

Persons: Jamie Stark Inlow, Inlow, Jamie Inlow's, Mark Petruniak, we'll, Jamie Inlow, Getaways, Sydney Robertson, It's Organizations: University of Virginia, CNBC, Airbnb, Carriage, Carriage House, Cape Charles Locations: Scottsville , Virginia, Virginia, Virginia's

☆ Trucking firm Yellow considers asset sale through bankruptcy filing, Bloomberg reports
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Rebecca Cook/File PhotoAug 4 (Reuters) - Trucking firm Yellow (YELL.O) is considering a sale of assets and real estate through a bankruptcy filing, which may come as soon as this weekend, Bloomberg News reported on Friday, citing people with knowledge of the situation. The company's assets have attracted the interest of a potential financial bidder, the report said adding that the bankruptcy filing could turn into a liquidation. The stock has risen about 253% since the news of a potential bankruptcy that has been driving a retail investor fueled 'meme-stock' rally. The cash-strapped U.S. trucking company had ceased operations and was planning to file for bankruptcy after failing to reorganize and refinance over a billion dollars in debt, the Teamsters Union said on Sunday. Reporting by Manya Saini and Ananta Agarwal in Bengaluru;Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, Manya Saini, Ananta Agarwal, Arun Koyyur Organizations: REUTERS, Bloomberg, Teamsters Union, YRC, U.S, Thomson Locations: Detroit , Michigan, Bengaluru

Chris Gordon, who has worked at Yellow for 17 years, most recently as a truck driver, said he wasn't informed by supervisors or given any notice about his employment status on Monday when he reported for work. Chris Gordon

Persons: Chris Gordon

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