Latest news for Tuesday Morning (OTC:TUEMQ) Stock

Tuesday Morning Corp is a retail chain company. It specializes in both domestic and international closeouts of medium to high-end name brand gifts, luxury home textiles, home furnishings, housewares and seasonal decor.

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Tuesday Morning Corp

Stifel analyst Selman Akyol maintains Archrock (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AROC#NYSE">AROC</a>) with a Buy and raises the price target from $23 to $25.

News

Price Target

Analyst Ratings

AROC

Stifel Maintains Buy on Archrock, Raises Price Target to $25

Sunrun (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUN#NASDAQ">RUN</a>), the nation's leading provider of clean energy as a subscription service, is now operating the nation's first vehicle-to-home power plant using a small group of customer-owned bidirectional electric vehicles. In partnership with Maryland's largest utility, Baltimore Gas and Electric Company (BGE), a subsidiary of Exelon Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXC#NASDAQ">EXC</a>), the regulator-approved initiative utilizes all-electric Ford F-150 Lightning trucks to deliver power to owners' homes this summer during peak demand times to support Maryland's power grid.

Global

Sunrun Launches Vehicle-To-Home Grid Support In Maryland Using Ford F-150 Lightning Trucks

Farmers National Banc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FMNB#NASDAQ">FMNB</a>) reported quarterly earnings of $0.33 per share which beat the analyst consensus estimate of $0.32 by 3.13 percent. This is a 19.51 percent decrease over earnings of $0.41 per share from the same period last year.

Earnings

FMNB

Farmers National Banc Q2 EPS $0.33 Beats $0.32 Estimate

Guidance

FLEX

Flex Sees Q2 Revenues Of $6.2B-$6.8B Vs. $6.27B Estimate, Company Sees Adjusted EPS Of $0.52-$0.60 Vs. $0.55 Estimate

<ul>
<li>Agreement establishes Charles River as the preferred partner for Autobahn Labs, leveraging drug discovery and development capabilities to accelerate the translation of academic discoveries into novel therapeutics</li>
<li>Under the agreement, Charles River will make an equity investment in Autobahn Labs</li>
<li>Justin Bryans, Chief Scientific Officer, Discovery at Charles River, named to Autobahn's Board of Directors</li>
</ul>

Charles River And Autobahn Labs Establish Partnership To Accelerate Academic Discoveries Into Novel Therapeutics; Charles River To Make Equity Investment In Autobahn Labs; Chief Scientific Officer Justin Bryans Named To Autobahn's Board Of Directors

Truist Securities analyst Jennifer Demba maintains Zions Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZION#NASDAQ">ZION</a>) with a Hold and raises the price target from $45 to $54.

ZION

Truist Securities Maintains Hold on Zions Bancorp, Raises Price Target to $54

General

LUMN

MSFT

Microsoft And Lumen Announce Partnership For Lumen To Use Microsoft Cloud

Group 1 Automotive Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPI#NYSE">GPI</a>) reported second-quarter FY24 sales growth of 3% year-on-year to $4.696 billion, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/n39925472/group-1-automotive-reports-second-quarter-2024-financial-results" rel="noreferrer noopener">missing the analyst consensus estimate of $4.71 billion.</a>
New vehicle retail sales grew 5.4% to $2.4 billion, Used vehicle sales climbed 0.2% to $1.5 billion and sales of Parts and services increased 2.2% to $574.5 million.
Gross profit for the quarter decreased 1.2% to $766.5 million, and the gross margin compressed 70 basis points to 16.3%.
Operating income plunged 10.9% to $241.1 million and the operating margin contracted 80 basis points to 5.1%.
Adjusted EPS of $9.80 <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">beat the consensus estimate of $9.36</a>.
&#8220;Our U.S. team persevered in the face of adversity this quarter. From extreme weather events in Texas and Oklahoma to the CDK outage, we experienced exemplary teamwork, focused on caring for our communities and team members and serving our valued customers efficiently and effectively. Despite these challenges, the U.S. team produced record quarterly new vehicle, parts and service and F&amp;I revenues,&#8221; said President and CEO Daryl Kenningham.
The <a target="_blank" href="https://www.benzinga.com/news/24/07/39591214/cdk-global-aims-to-restore-car-dealership-systems-after-massive-outage-impacted-15-000-clients-follo" rel="noreferrer noopener">cybersecurity incident experienced</a> by CDK Global temporarily disrupted the company&#8217;s business applications and processes in its U.S. operations that rely on CDK&#8217;s dealers&#8217; systems.
In the second quarter, the company repurchased 149,570 shares at an average price per common share of $307.82, for a total of $46.0 million. The company currently has $204.6 million remaining in its Board-authorized common share repurchase program.
Group 1 held $64.4 million in cash and equivalents as of June-end. Inventories as of June-end increased 20% to $2.36 billion from December-end.
&#8220;Our U.K. team remains focused on the acquisition of Inchcape&#8217;s U.K. retail automotive business planned for&nbsp;Q3&nbsp;2024, and we look forward to the successful completion of the transaction which will further strengthen our U.K. presence through the addition of quality assets with an expanded geographic footprint,&#8221; Kenningham added.
Price Action: GPI shares closed lower by 1.19% at $304.76 on Tuesday.

Equities

Group 1 Automotive Posts Mixed Q2 Earnings Hit By CDK Outage & Adverse Weather Events

Wells Fargo analyst Ken Gawrelski maintains Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) with a Equal-Weight and raises the price target from $187 to $190.

GOOG

GOOGL

Wells Fargo Maintains Equal-Weight on Alphabet, Raises Price Target to $190

National airline of Papua New Guinea&nbsp;is a first-time GTF customer
LONDON, July 24, 2024 /PRNewswire/ -- Farnborough&nbsp;Air Show -- Pratt &amp; Whitney, an&nbsp;RTX (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>) business, and Air Niugini have finalized engine and aftermarket agreements for the GTF engines that will power the airline's fleet of 11 Airbus A220 aircraft. Pratt &amp; Whitney will provide a full suite of support services with a 12-year EngineWise&#xAE; Comprehensive agreement. With this order, Air Niugini becomes a first-time GTF customer.

European Aeronautic Defence And Space Unsponsored

EADSY

RTX's Pratt & Whitney GTF Engines To Power 11 Airbus A220 Aircraft For Air Niugini

Truist Securities analyst Brandon King maintains First Finl Bankshares (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIN#NASDAQ">FFIN</a>) with a Hold and raises the price target from $31 to $39.

FFIN

Truist Securities Maintains Hold on First Finl Bankshares, Raises Price Target to $39

Nuwellis, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NUWE#NASDAQ">NUWE</a>) ("Nuwellis" or the "Company"), a medical technology company focused on transforming the lives of people with fluid overload, today announced that it has entered into a definitive securities purchase agreement with certain institutional investors for the purchase and sale of 469,340 shares of the Company's common stock at a price of $4.24 per share of common stock in a registered direct offering priced at-the-market under Nasdaq rules. &nbsp;
In addition, in a concurrent private placement, the Company will issue to the investors warrants to purchase up to 938,680 shares of common stock. The warrants have an exercise price of $3.99 per share, will be exercisable immediately following the date of issuance and will have a term of five years from the date of issuance.
The closing of the registered direct offering and the concurrent private placement is expected to occur on or about July 25, 2024, subject to the satisfaction of customary closing conditions.

Offerings

NUWE

Nuwellis Announces Pricing Of $2M Offering Of 469,340 Shares Of Common Stock At A Price Of $4.24 Per Share, Priced At-The-Market Under Nasdaq Rules

Biotech

CPRX

Catalyst Pharmaceuticals Enters Exclusive License, Supply And Commercialization Agreement Granting Kye Pharmaceuticals Canadian Rights To AGAMREE For Duchenne Muscular Dystrophy

Truist Securities analyst Brandon King maintains Cathay General (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CATY#NASDAQ">CATY</a>) with a Hold and raises the price target from $38 to $45.

CATY

Truist Securities Maintains Hold on Cathay General, Raises Price Target to $45

Ultragenyx Pharmaceutical Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RARE#NASDAQ">RARE</a>) today announced that the company will share the latest clinical data, regulatory progress and program next steps for GTX-102, its investigational antisense oligonucleotide for Angelman syndrome, on Wednesday, July 24, at the 2024 Angelman Syndrome Foundation (ASF) Family Conference and Research Symposium in Sandusky, Ohio.

RARE

Ultragenyx To Present GTX-102 Angelman Syndrome Program Update At The ASF Family Conference And Research Symposium On Wednesday, July 24, 2024

Flex (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLEX#NASDAQ">FLEX</a>) reported quarterly earnings of $0.51 per share which beat the analyst consensus estimate of $0.41 by 24.39 percent. This is a 10.53 percent decrease over earnings of $0.57 per share from the same period last year. The company reported quarterly sales of $6.31 billion which beat the analyst consensus estimate of $5.90 billion by 7.02 percent. This is a 13.93 percent decrease over sales of $7.34 billion the same period last year.

Earnings Beats

Flex Q1 Adj $0.51 Beats $0.41 Estimate, Sales $6.31B Beat $5.90B Estimate

EV giant Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) is now looking to unveil its dedicated robotaxi product on October 10th, <a href="https://www.benzinga.com/news/24/07/39785823/elon-musk-confirms-delay-in-tesla-robotaxi-unveil-due-to-important-design-change-but-stays-mum-on-ne">two months later</a> than CEO Elon Musk&#8216;s initial timeline.
Robotaxi Unveiling Delay: Musk announced the new date himself on Tuesday at the company&#8217;s second-quarter earnings call. The company delayed the event to make a few important changes aimed at improving the robotaxi and to give itself time to prepare a &#8216;couple of other things&#8217; to showcase at the event, Musk said. 
Autonomous Driving: While the product unveiling is slated for October, it is &#8220;difficult&#8221; to say when the first unsupervised Tesla robotaxi ride would be, Musk said. However, the CEO, known for ambitious timelines, hinted at the possibility of it happening by the end of 2024. 
&#8220;It&#8217;s difficult, obviously, my predictions on this have been overly optimistic in the past,&#8221; Musk said. &#8220;&#8230;based on the current trend&#8230; you could do [it] unsupervised possibly by the end of this year. I would be shocked if we cannot do it next year.&#8221;
Tesla&#8217;s robotaxi is expected to rely on the company&#8217;s full self-driving (FSD) driver assistance technology to enable autonomous driving. The company is currently enhancing the capabilities of FSD towards autonomy and versions of the software that require active driver supervision are already in operation on several Tesla vehicles on U.S. roads. 
Regulatory Approval Concerns: The deployment of robotaxis relies on both technological advancement and regulatory approval. Musk, however, does not believe regulatory hurdles will be a limiting factor for Tesla. 
&#8220;&#8230;if you&#8217;ve got billions of miles that show that in the future unsupervised FSD is safer than human, what regulator could really stand in the way of that? They&#8217;re morally obligated to approve,&#8221; <a href="https://www.benzinga.com/news/24/05/38979185/tesla-breaks-silence-on-vehicle-safety-data-after-a-year-autopilot-boasts-lower-accident-risk-vs-man">Musk said </a>on Tuesday. 
How Will Tesla&#8217;s Robotaxi Fleet Function: Musk expects his company&#8217;s robotaxi fleet to function like a <a href="https://www.benzinga.com/news/24/04/38396288/teslas-robotaxi-to-be-called-cybercab-elon-musk-says-self-driving-fleet-will-be-like-combination-of">combination of Airbnb and Uber</a>. While a certain portion of the fleet will be owned by Tesla, individual customers can also add or subtract their vehicles to the robotaxi fleet at will. As for riders, they can summon a car using the Tesla App, Musk said. 
However, Tesla will not give its vehicles to third parties for autonomous operations, he added. 
&#8220;There&#8217;s an important clause we&#8217;ve put in every Tesla purchase, which is that the Tesla vehicles can only be used in the Tesla fleet. They cannot be used by a third party for autonomy,&#8221; Musk said. 
Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link</a>.
Read More:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39926416/elon-musk-cruise-co-founder-kyle-vogt-slam-gm-for-stopping-origin-av-development-its-just-that-their">Elon Musk, Cruise Co-Founder Kyle Vogt Slam GM For Stopping Origin AV Development: &#8216;&#8230;It&#8217;s Just That Their Technology Is Not At Par,&#8217; Tesla CEO Says</a></li>
</ul>
Image generated using Midjourney

Tech

TSLA

Tesla Robotaxi Unveiling Set For Oct.10: Here Are The Updates From Company CEO Elon Musk On Its Upcoming Product

Wells Fargo analyst Daniel Politzer downgrades Red Rock Resorts (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RRR#NASDAQ">RRR</a>) from Overweight to Equal-Weight and raises the price target from $63 to $64.

Downgrades

Wells Fargo Downgrades Red Rock Resorts to Equal-Weight, Raises Price Target to $64

STGW

Stagwell Acquires Digital Agency Company LEADERS, Financial Terms Not Disclosed

The recent proposal by Elon Musk for Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) to invest $5 billion in Grok parent xAI has garnered support from leading market experts on Wednesday.
What Happened: Wedbush analyst Dan Ives, CNBC&#8217;s &#8220;Mad Money&#8221; host Jim Cramer and popular Tesla investor Sawyer Merritt have expressed their approval of Musk&#8217;s proposal. Cramer responded with an emphatic &#8220;Of course!&#8221; while Ives and Merritt echoed the sentiment with a &#8220;Yes.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Of course! <a href="https://t.co/G3SlJI9V63">https://t.co/G3SlJI9V63</a>
&mdash; Jim Cramer (@jimcramer) <a href="https://twitter.com/jimcramer/status/1816051203878355138?ref_src=twsrc%5Etfw">July 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Yes!! &#x1f4af;&#x1f447; in my view <a href="https://t.co/h8nbLFplsw">https://t.co/h8nbLFplsw</a>
&mdash; Dan Ives (@DivesTech) <a href="https://twitter.com/DivesTech/status/1816064802143515021?ref_src=twsrc%5Etfw">July 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
In a separate poll on X, Merritt commented that Tesla should spend $5 billion on xAI before the valuation rises further. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">xAI, but they need to do it quick before the valuation goes up more.
&mdash; Sawyer Merritt (@SawyerMerritt) <a href="https://twitter.com/SawyerMerritt/status/1815948447322714564?ref_src=twsrc%5Etfw">July 24, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/news/24/07/39880470/elon-musk-pushes-back-optimus-timeline-says-teslas-humanoid-robot-will-hopefully-be-available-for-ot?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Pushes Back Optimus Timeline, Says Tesla&#8217;s Humanoid Robot Will &#8216;Hopefully&#8217; Be Available For Other Companies By 2026</a>
Why It Matters: Musk <a href="https://www.benzinga.com/news/24/07/39922283/elon-musk-is-polling-x-and-asking-if-tesla-should-invest-5b-in-grok-parent-xai-this-is-just-to-test">initiated a poll on X</a>, asking if Tesla should invest $5 billion in xAI. Musk stated that this poll was to &#8220;test the waters&#8221; before Tesla invested in xAI.
xAI, Musk&#8217;s artificial intelligence startup, had seen an <a href="https://www.benzinga.com/markets/equities/24/06/39397562/is-elon-musk-poaching-talent-from-his-own-companies-xai-reportedly-sees-influx-of-former-tesla-e">influx of former Tesla employees.</a> This move stirred up some controversy, with accusations of Musk using Tesla as a talent pool for his other ventures.
In July, Musk&#8217;s xAI initiated the training of the Memphis Supercluster with <a href="https://www.benzinga.com/news/24/07/39881748/elon-musks-xai-flips-the-switch-on-100k-nvidia-h100-gpus-worth-up-to-4b-in-memphis-supercluster-most">100,000 Nvidia H100 GPUs</a>. Musk lauded the teams involved in the launch, calling it the &#8220;most powerful AI training cluster in the world.&#8221;
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39891699/elon-musk-puts-on-dark-maga-laser-eyes-turning-5k-into-1-8m-for-one-lucky-trader?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Puts On &#8216;Dark MAGA&#8217; Laser Eyes, Turning $5K Into $1.8M For One Lucky Trader</a></li>
</ul>
Photo courtesy: Shutterstock
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Analyst Color

Startups

Markets

Dan Ives, Jim Cramer And Sawyer Merritt Back Elon Musk's Plan For Tesla's $5B Investment In Grok Parent xAI

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
<div><img src="https://investorplace.com/wp-content/uploads/2019/09/bankruptcy.jpg" alt='A green road sign reads "Bankruptcy Next Exit" in front of a cloudy blue sky.' width="1600" height="900"><div>Source: Shutterstock</div></div>
Retail drugstore chain Rite Aid (NYSE:<a href="https://investorplace.com/stock-quotes/rad-stock-quote/">RAD</a>) is the latest U.S. company to prepare a bankruptcy filing amid a wave of corporate failures this year.
Indeed, multiple media outlets are reporting that Rite Aid, one of the largest pharmacy chains in America, is <a href="https://www.wsj.com/articles/rite-aid-planning-to-shut-down-hundreds-of-stores-in-bankruptcy-de7967db" target="_blank">planning to file for Chapter 11 bankruptcy protection</a> from its creditors and close as many as 500 retail outlets. The company, which has 2,100 stores nationwide, plans to sell the rest of its retail locations or let creditors take control of them.
This <a href="https://www.nbcnews.com/business/business-news/rite-aid-drugstore-chain-may-sell-500-stores-bankruptcy-plan-rcna117407" target="_blank">bankruptcy plan</a> comes as Rite Aid teeters under $3.3 billion of debt and struggles with declining sales. The company has said that it isn&rsquo;t generating enough cash to service its current debt obligations.
RAD stock has declined more than 90% over the last 12 months and currently trades for around 57 cents per share, putting it deep down on the penny stock league tables.
<h2>Notable Names File for Chapter 11 Bankruptcy</h2>
Rite Aid is the latest in a series of U.S. companies &mdash; notably retailers &mdash; that have filed for Chapter 11 bankruptcy in recent months. Other names that have <a href="https://www.thestreet.com/retailers/another-popular-u-s-retailer-files-an-unexpected-bankruptcy" target="_blank">sought protection from creditors</a> include Bed Bath &amp; Beyond (OTCMKTS:<a href="https://investorplace.com/stock-quotes/bbbyq-stock-quote/">BBBYQ</a>), Party City (OTCMKTS:<a href="https://investorplace.com/stock-quotes/prtyq-stock-quote/">PRTYQ</a>), Tuesday Morning (OTCMKTS:<a href="https://investorplace.com/stock-quotes/tuemq-stock-quote/">TUEMQ</a>) and David&rsquo;s Bridal. Many of these companies overbuilt and overspent during the pandemic, taking on debt only to see their sales slow.
Bankruptcies appear to be accelerating with several smaller companies filing for Chapter 11 in recent days as well, including retailer Noble House, Elmer Buchta Trucking&nbsp;and MV Realty. In August, trucking giant Yellow (OTCMKTS:<a href="https://investorplace.com/stock-quotes/yellq-stock-quote/">YELLQ</a>) also <a href="https://www.reuters.com/business/autos-transportation/us-trucking-firm-yellow-files-bankruptcy-after-loading-up-debt-2023-08-07/" target="_blank">filed for bankruptcy</a>, putting 30,000 employees out of work and sending shockwaves through the stock market.
According to statistics from the Administrative Office of the U.S. Courts, the <a href="https://www.uscourts.gov/news/2023/07/31/bankruptcy-filings-rise-10-percent#:~:text=According%20to%20statistics%20released%20by,year%20ending%20June%2030%2C%202023." target="_blank">number of business bankruptcies</a> filed in America rose 23% in the 12 months ended June 30 of this year.
<h2>Declining Sales and Labor Unrest</h2>
These bankruptcy filings come amid a background of declining consumer spending and <a href="https://www.cnn.com/videos/world/2023/09/17/exp-uaw-labor-union-strikes-intv-logan-091705aseg2-cnni-us.cnn" target="_blank">labor unrest across the country</a>. Unions representing groups as diverse as Hollywood actors and automotive workers are currently walking picket lines throughout the United States. Earlier this year, <a href="https://www.cnn.com/2023/07/15/business/united-airlines-pilots-deal/index.html" target="_blank">airline pilots wrung big concessions</a> from major carriers, with pilots at United Airlines (NASDAQ:<a href="https://investorplace.com/stock-quotes/ual-stock-quote/">UAL</a>) securing pay increases of up to 40% over four years. A major labor strike was <a href="https://www.nbcnews.com/business/business-news/ups-workers-approve-new-contract-hard-fought-pay-safety-gains-rcna100466" target="_blank">narrowly averted</a> at United Parcel Service (NYSE:<a href="https://investorplace.com/stock-quotes/ups-stock-quote/">UPS</a>) this summer.
As workers flex their bargaining muscles, companies are struggling with a decline in consumer spending amid high inflation and elevated interest rates used to lower consumer prices. Costco (NASDAQ:<a href="https://investorplace.com/stock-quotes/cost-stock-quote/">COST</a>) is the latest retailer to note that consumers are <a href="https://www.cnbc.com/2023/09/26/costco-cost-earnings-q4-2023.html" target="_blank">spending less on big-ticket purchases</a> and discretionary items as they focus on essentials such as groceries. Earlier this week, the Conference Board reported that consumer confidence has <a href="https://www.reuters.com/markets/us/us-consumer-confidence-ebbs-september-2023-09-26/" target="_blank">fallen to a four-month low</a> amid rising gas prices and interest rates charged on home mortgages.
The decline in consumer confidence was felt most strongly by people who earn $50,000 or more per year, according to the Conference Board. Many economists are still predicting that the U.S. economy will <a href="https://fortune.com/2023/09/01/recession-2024-likely-corporate-debt-strategist-warns/" target="_blank">fall into a recession in 2024</a>, a development that could lead to more bankruptcy filings among corporate America.
<h2>What&rsquo;s Next?</h2>
Rite Aid is expected to officially file for Chapter 11 bankruptcy in the coming days. That will be bad news for any shareholders who are still holding onto RAD stock. However, Rite Aid is unlikely to be the last well-known company to seek creditor protection this year as consumer spending slows sharply amid a decelerating economy. Expect <a href="https://www.visualcapitalist.com/visualized-u-s-corporate-bankruptcies-on-the-rise/" target="_blank">more companies to go under</a> in the coming months.
On the date of publication, Joel Baglole did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com <a href="https://na01.safelinks.protection.outlook.com/?url=https%3A%2F%2Finvestorplace.com%2Fcorporate%2Finvestorplace-publishing-guidelines%2F&amp;data=05%7C01%7C%7C04c34d215d76473a4eb008db796f525e%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C638237291244010581%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&amp;sdata=%2BYGWj9yNgQgdyF2DC1D1%2BeHsQhIV83fMm46sU8o5dPw%3D&amp;reserved=0" target="_blank">Publishing Guidelines.</a>
<div>
Joel Baglole has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia.
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The post <a href="https://investorplace.com/2023/09/bankruptcy-news-2023-8-companies-that-have-filed-for-ch-11-this-year/">Bankruptcy News 2023: 8 Companies That Have Filed for Ch. 11 This Year</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

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