Yellow (NASDAQ:YELL) stock is falling on Wednesday after the struggling U.S. trucking company received a Nasdaq delisting notice!
The notice from the Nasdaq Exchange means that shares of YELL stock will stop trading when markets open on Aug. 16, 2023. According to a filing from Yellow, it doesn’t plan to appeal this decision.
This delisting notice comes after Yellow voluntarily filed for Chapter 11 bankruptcy protection earlier this week. As a result of that filing, the company is no longer compliant with Nasdaq Listing Rules 101, 5110(b) and IM-5101-1. The company said in its bankruptcy filing that it expected the delisting and even said then it wouldn’t appeal it.
This means that investors likely won’t want to make any investments in YELL stock. The company’s shares may be volatile with gains and losses since its bankruptcy announcement, but that doesn’t mean traders will want to risk investing in a stock about to be delisted.
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In addition to that delisting notice, Yellow announced its earnings for the second quarter of 2023 today. That includes earnings per share of -28 cents and revenue of $1.127 billion. For the record, Wall Street was expecting EPS of -45 cents alongside revenue of $1.3 billion. Also, the company reported EPS of $1.17 and revenue of $1.42 million in Q2 2022.
With all of this news comes some 4 million shares of YELL stock changing hands as of this writing. That’s still below the freight company’s daily average trading volume of 12.3 million shares. Even so, YELL stock is down 18.2% as of Wednesday morning.
Investors looking for more of the most recent stock market news are in the right place!
We have all of the latest stock market stories that traders need to know about on Wednesday! Among that is why shares of Wheels Up (NYSE:UP), Decibel Therapeutics (NASDAQ:DBTX), and DraftKings (NASDAQ:DKNG) stock are on the move today. All of that news is ready to go at the links below!
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On the date of publication, William White did not have (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 Publishing Guidelines.
