Category: Finance News (Page 2 of 333)

A Popular Travel Retailer Now Files For Unexpected Bankruptcy

A popular travel retailer now files for unexpected bankruptcy after experiencing “significant financial difficulty”.

Van’s Aircraft has now announced that it has filed for Chapter 11 bankruptcy protection.

Van’s posted a statement on its website about its Dec. 4 Chapter 11 bankruptcy filing. 

The Aurora, Ore., company, founded 1972, tried to reassure its customers that it would “continue to source, produce, and provide parts, service, and support to our customers. We will also be crating and shipping kit orders.”

The company sells a variety of kits to make airplanes, and many of its customers have never built a plane before.  

“RV kits are very complete. All necessary aluminum forming is done; all welding is completed at the factory. Molded canopies and fiberglass parts are supplied.

All the hardware is included. Most steel parts are powder-coated,” the company writes on its website.

Van’s sells planes that have up to four seats with a variety of capabilities.

Some are optimized for short flights while others have longer ranges or can even be used to perform acrobatics.

In a note to customers posted on its website, Van’s made clear that it has a significant inventory of parts, so it can continue to support built aircraft as well as those being built now.

The company also explained what led to its Chapter 11 petition, filed in U.S. Bankruptcy Court for the District of Oregon.  

“We understand that this situation creates a hardship for everyone involved.

However, without these changes we do not see a viable path forward that would allow Van’s Aircraft to remain in business and support its customers,” the company said in a statement.

Also Read: A US Company Now Declares An Unexpected Bankruptcy

Other Economy News Today

Market News Today - A Popular Travel Retailer Now Files For Unexpected Bankruptcy.
Market News Today – A Popular Travel Retailer Now Files For Unexpected Bankruptcy.

Wells Fargo now warns of massive layoffs for 2024 as the banking giant announces a whopping $1bn severance hit.

So far, Wells Fargo, which has its corporate headquarters in California, has fired approximately 11,300 employees in 2023.

This is equal to nearly 5% of its nearly 230,000 workforce, reports CNBC.

As layoffs continue into 2024, Wells Fargo CEO Charlie Scharf has warned investors the costs could amount to a staggering $1 billion.

However, Scharf did not confirm the number of employees that would be affected by the next round of layoffs.

“We’re looking at something like $750 million to a little less than a billion dollars of severance in the fourth quarter that we weren’t anticipating, just because we want to continue to focus on efficiency,” Scharf told investors during a Goldman Sachs conference in New York.

“Wells Fargo needs to get “more aggressive” managing headcount because employee attrition has slowed this year,” Scharf added.

That expense is an accrual for worker layoffs that Wells Fargo expects to make next year, according to a bank spokeswoman.

The company declined to say how many jobs it will cut, says CNBC.

Wall Street leaders including Scharf and Morgan Stanley CEO James Gorman have said that unusually low attrition among their workers has left them bloated.

The industry has been cutting jobs in the past year as it deals with rising funding costs, a prolonged slump in Wall Street deals and concern over loan losses.

Wells Fargo, the fourth-biggest U.S. bank by assets, was already among the most active in laying off workers this year, thanks in part to its “retrenchment” from the mortgage arena.

The bank has cut about 11,300 jobs so far in 2023, or 4.7% of its workforce, and had 227,363 employees as of September, reports CNBC.

Also Read: A Massive Bank Now Closes Several Branches in Florida

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Market News Today - A Popular Travel Retailer Now Files For Unexpected Bankruptcy.
Market News Today – A Popular Travel Retailer Now Files For Unexpected Bankruptcy.

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Gary Gensler is Now Dodging MMTLP Inquires From Congress

SEC Chair Gary Gensler is now dodging MMTLP inquires from Congress after several letters have been sent without any update or response for the general public.

Congressmember Barbara Lee is the latest member of congress to request answers from Chairman Gensler on MMTLP.

On Monday, December 4, she sent the following letter:

“I am writing regarding an action taken by the Financial Industry Regulatory Authority (FINRA) on META Material’s Series A Preferred Shares (MMTLP).

This has been brought to my attention by a number of my constituents who have expressed concerns with the holding and status of their MMTLP shares.

On December 8th, 2022, FINRA halted trading of MMTLP and announced deletion of the MMTLP symbol five days later.

My constituents have expressed that as a result, they were left without clarity on the future of their investments.

The U.S. Securities and Exchange Commission (SEC) and FINRA have a responsibility to protect investors and safeguard the integrity of our public markets.

Given the financial distress constituents have experienced because of these decisions, I want to ensure that market decisions are being made by regulators in an efficient and transparent manner.

I request that you fully investigate the events surrounding the trading halt of MMTLP and ensure no wrongdoing took place.

Furthermore, I request that you make nay findings publicly available and that you to provide clear guidance to my constituents about what they should expect to occur regarding their current MMTLP holdings and under what timeline they should expect a resolution to take place.

I also ask that you identify any regulatory or legislative gaps that could be addressed to better protect investors and market integrity.”

In November, two letters were sent to both the SEC Chair and FINRA CEO on by two different members of Congress.

As of today, no public announcement has been made by SEC Chairman Gary Gensler on his findings regarding the inquires from Congress and retail investors.

This is a developing story.

Also Read: 40,000 MMTLP Letters Have Now Been Sent to Congress

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Other Market News Today

Market News Today - Gary Gensler is Now Dodging MMTLP Inquires From Congress.
Market News Today – Gary Gensler is Now Dodging MMTLP Inquires From Congress.

A massive group of investors will now occupy FINRA offices and locations across the United States on Friday, December 8.

#OccupyFINRA sheds light on the anniversary of the MMTLP U3 halt that occurred last year, just days before the deletion of the ticker.

Investors have raised awareness of the market injustice that caused families to lose their homes and much worse when their money became trapped.

It’s been nearly a year now with no resolution from U.S. regulators.

Congress has been very proactive thanks to thousands of investors calling their representatives in what has been one of the most organized Main Street events in history.

Last month, Congress member Jared Huffman wrote to Gary Gensler and FINRA CEO Robert Cook describing constituents who are experiencing financial distress as a result of FINRA’s trading halt of MMTLP.

“They [The Constituents] are requesting affirmation that SEC and/or FINRA acted within their regulatory authority and operated under standard practices by issuing the trading halt, and a written response outlining what they can expect to occur with regard to their current holdings, including timelines,” said the Congress member.

Congress member Vicente Gonzalez wrote to SEC Chairman Gary Gensler also requesting answers on the MMTLP fraud.

More than 40,000 letters have been sent to Congress this year, with several of our reports on the matter now being cited by an official Congressional report.

Congress is very well aware of investors’ concerns.

It’s important to note that any protests occurring next month is suggested to remain peaceful and investors should practice safety.

Investors participating in Occupy FINRA can access all FINRA offices and locations here.

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Also Read: A Senator Now Puts Pressure on FINRA Regarding MMTLP

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Market News Today - Gary Gensler is Now Dodging MMTLP Inquires From Congress.
Market News Today – Gary Gensler is Now Dodging MMTLP Inquires From Congress.

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Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

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11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



Wells Fargo Now Warns of Massive Layoffs For 2024

Wells Fargo now warns of massive layoffs for 2024 as the banking giant announces a whopping $1bn severance hit.

So far, Wells Fargo, which has its corporate headquarters in California, has fired approximately 11,300 employees in 2023.

This is equal to nearly 5% of its nearly 230,000 workforce, reports CNBC.

As layoffs continue into 2024, Wells Fargo CEO Charlie Scharf has warned investors the costs could amount to a staggering $1 billion.

However, Scharf did not confirm the number of employees that would be affected by the next round of layoffs.

“We’re looking at something like $750 million to a little less than a billion dollars of severance in the fourth quarter that we weren’t anticipating, just because we want to continue to focus on efficiency,” Scharf told investors during a Goldman Sachs conference in New York.

“Wells Fargo needs to get “more aggressive” managing headcount because employee attrition has slowed this year,” Scharf added.

That expense is an accrual for worker layoffs that Wells Fargo expects to make next year, according to a bank spokeswoman.

The company declined to say how many jobs it will cut, says CNBC.

Wall Street leaders including Scharf and Morgan Stanley CEO James Gorman have said that unusually low attrition among their workers has left them bloated.

The industry has been cutting jobs in the past year as it deals with rising funding costs, a prolonged slump in Wall Street deals and concern over loan losses.

Wells Fargo, the fourth-biggest U.S. bank by assets, was already among the most active in laying off workers this year, thanks in part to its “retrenchment” from the mortgage arena.

The bank has cut about 11,300 jobs so far in 2023, or 4.7% of its workforce, and had 227,363 employees as of September, reports CNBC.

Also Read: A Massive Bank Now Closes Several Branches in Florida

Other Banking News Today

Market News Today - Wells Fargo Now Warns of Massive Layoffs For 2024.
Market News Today – Wells Fargo Now Warns of Massive Layoffs For 2024.

A massive bank is now freezing customer accounts which is prohibiting users from gaining access to their money up to weeks.

The-Sun reports that Bank of America froze several checking accounts due to suspicions of illegal activity.

The Bank of America customer took to Reddit to ask for help regarding their banking situation.

They explained that they have one personal checking account with $40,000 in it, and two business accounts with $800,000 between them both.

They sold their small business for around $1 million earlier in the year.

Their post says that they logged into the Bank of America app and that the “screen is grey-ed out and it says my accounts are frozen” for all accounts.

The Reddit user called Bank of America, and was told that their account is under review and they will receive a letter in the mail or a call soon.

“Its been 2 weeks and 3 days. I call every single day and hear the same thing. I went in personally to the branch – and they say the same thing.”

They came up with a potential reason for the situation: “The only thing I can think of is that I have made a few sports bets by putting money into PayPal from this personal checking account, and when I’ve won money I’ve deposited it from PayPal into the personal checking account.”

Reddit users explained how the accounts were likely under investigation for suspicious activities related to the sports betting, and that the bank legally has to freeze their accounts.

One user wrote: “They are checking your account for illegal activity. I’m not suggesting there is any, but they are looking at your account for that reason.”

Another user suggested the following: “Open a CFPB complaint against BofA and move your money out of a large bank… Go to a credit union, even a larger one like PenFed or DCU. Both are easy to join.”

Also Read: A US Bank is Now Denying Customers Access to Money

Market News Published Daily 📰

Market News Today - Wells Fargo Now Warns of Massive Layoffs For 2024.
Market News Today – Wells Fargo Now Warns of Massive Layoffs For 2024.

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This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

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11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



New Businesses Now Warn of Unexpected Layoffs in Arizona

New businesses now warn of unexpected layoffs in Arizona according to the latest WARN data advising of upcoming job cuts.

It’s important to note that under the Worker Adjustment and Retraining Notification Act, an employer with more than 100 full-time workers must provide a 60-day notice before laying off 50 or more people at a single site.

The latest business to file a WARN act is self-driving truck developer TuSimple, which has advised that a total of 42 employees will be laid off at its Tucson facility.

TuSimple laid off 135 staff in Tucson this exact time just last year.

The company had also previously stated that they were attempting to sell their US operations and focus on the Asia Pacific market, per Market Screener.

Below is a list of companies who have advised of upcoming layoffs in Arizona during this last quarter (Oct – Dec) of the year:

  • TuSimple, Inc. 42 job cuts.
  • FSC Edge Corporation. 1 job cut.
  • Management & Training Corporation (MTC). 86 job cuts.
  • HMSHost. 68 job cuts.
  • Cognizant Technology Solutions U.S. Corporation. 88 job cuts.
  • Erus Energy/Erus Holdings, LLC/Erus Builders, LLC/National Clean Energy, LLC. 58 job cuts.
  • Bealls Inc. 14 job cuts.
  • Cygnus Home Service, LLC. 68 job cuts.
  • La Fonda Restaurant. 20 job cuts.
  • Transdev Services. 829 job cuts.
  • Mobile Health dba Alliance Ambulance of Arizona LLC. 156 job cuts.
  • LECLERC FOODS NUTRITION ARIZONA, LLC. 93 job cuts.
Layoffs in Arizona 2023.
Layoffs in Arizona 2023.

So far in 2023, there has been approximately 3,525 layoffs in Arizona across 72 businesses according to the latest WARN data.

California remains the #1 state with the most layoffs in the country.

In second place is New York followed by Colorado, IllinoisTexasWashington, New Jersey, FloridaMichigan, and Georgia.

Also Read: Massive Layoffs in California Now Underway Prior to Holidays

Other Economy News Today

Market News Today - New Businesses Now Warn of Unexpected Layoffs in Arizona.
Market News Today – New Businesses Now Warn of Unexpected Layoffs in Arizona.

A popular retailer is now at high risk for bankruptcy according to new data compiled from CreditSafe.

Stein Mart’s DBT was 105 as of October 2023.

This means any company providing services/goods to the retailer would have to wait over three months past payment terms before they would receive their first payment,” CreditSafe shared in its Financial & Bankruptcy Outlook Retail Report

“Stein Mart’s owner could be headed for bankruptcy,” the report stated, noting that in March, REV “hired restructuring lawyers, signaling bankruptcy could once again be on the horizon.”

REV has built its business on buying once-popular retail brands and reviving them as online-only stores.

The company now owns Pier 1, Stein Mart, RadioShack, DressBarn, Linens ‘n Things, Modell’s, and a handful of lesser-known names, reports TheStreet.

DBT refers to the number of days it typically takes to pay invoices beyond payment terms.

“Stein Mart has had considerable trouble paying its bills on time. In fact, all its outstanding bills for the last six months (May through October) were delinquent (91+ days). And June was the worst month, with the value of its delinquent bills increasing by 191.66%.”

The risk-measuring firm’s second metric, “risk score,” uses a scale of 1 to 100 to predict the likelihood that a company’s payment performance will become seriously delinquent (91+ days beyond terms) or that the company will go bankrupt within the next 12 months.

“Based on a Wall Street Journal Report, in March 2023, Stein Mart’s parent company Retail Ecommerce Ventures was exploring options to get out of the financial trouble they’re in, including a potential Chapter 11 bankruptcy,” said Ragini Bhalla, head of brand and spokesperson for Creditsafe.

Also Read: A US Company Now Declares An Unexpected Bankruptcy

Market News Published Daily 📰

Market News Today - New Businesses Now Warn of Unexpected Layoffs in Arizona.
Market News Today – New Businesses Now Warn of Unexpected Layoffs in Arizona.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter)InstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.

11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



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