Joann Inc. announced today, after weeks of rumors, that it filed for a “prepackaged” Chapter 11 bankruptcy, and that all outstanding shares will be canceled and that holders of the common stock will lose everything – they’ve already lost nearly everything – and that certain creditors, PE firms, and board members will get the restructured company.

Mar 18, 2024
Brick-and-Mortar Meltdown Fells another Retailer: Joann Inc. Files for Bankruptcy 3 Years after IPO
https://wolfstreet.com/2024/03/18/brick-and-mortar-meltdown-fells-another-retailer-joann-inc-files-for-bankruptcy-3-years-after-ipo/

JOAN changed to JOANQ, bankruptcy. Effective March 28,2024 JOANQ will be delisted from the Nasdaq to the OTC:

https://otce.finra.org/otce/dailyList?viewType=Additions

"The Company Parties commenced voluntary cases (the “Chapter 11 Cases”) under chapter 11 of
title 11 of the United States Code (the “Bankruptcy Code”)"

Why is this down with such good news

Apple & Google in Talks for Gemini AI on iPhone, Nvidia’s GTC Conference Today, and Latest News

Source: IH Market News
Apple (NASDAQ:AAPL) – Apple is in discussions with Google to integrate Gemini AI into the iPhone. Additionally, it is considering a partnership with Microsoft and OpenAI for generative features. Moreover, Apple is preparing updates for iOS 18 but is seeking a partner to enhance functionalities. An announcement could be made in June during the Worldwide Developers Conference. Meanwhile, the deal between Apple and Google for the search engine in Safari is under regulatory scrutiny.

Nvidia (NASDAQ:NVDA) – Nvidia‘s annual GTC conference begins on Monday, featuring a keynote by CEO Jensen Huang. The semiconductor company, whose shares have risen 77% in 2024 and 241% in the past 12 months, is expected to unveil new products, including advancements in artificial intelligence. Nvidia‘s shares were up 2.2% in pre-market trading.

Meta Platforms (NASDAQ:META), Boeing (NYSE:BA), and General Electric (NYSE:GE) – A US business delegation, including representatives from companies like Meta, Boeing, and GE Vernova, is visiting Vietnam this week, signaling continued interest following improved relations. The mission includes about 50 companies, according to the US-ASEAN Business Council.

Meta Platforms (NASDAQ:META) – On Monday, Turkey’s competition authority imposed a provisional measure on Meta, aiming to halt data sharing between Instagram and Threads platforms while investigating potential abuse of dominance. Additionally, prosecutors in Virginia, USA, are investigating whether Meta facilitated the illegal sale of drugs on its social media platforms, according to the Wall Street Journal. The FDA is also involved. Meta states it is cooperating with authorities to combat this issue.

Alphabet (NASDAQ:GOOGL) – Google Malaysia apologized for erroneously quoting the exchange rate of the ringgit against the dollar after the country’s central bank denounced the mistake. The BNM stated that the ringgit is undervalued and does not reflect Malaysia’s economic fundamentals.

Taiwan Semiconductor Manufacturing Company (NYSE:TSM) – TSMC is considering establishing advanced packaging capacity in Japan, boosting the local semiconductor industry. Deliberations are at an early stage. One option is to introduce CoWoS technology, currently exclusive to Taiwan, to enhance efficiency.

Super Micro Computer (NASDAQ:SMCI) – Before trading began on Monday, Super Micro Computer, whose shares have soared an impressive 276% this year and 985% in the past 12 months, will be included in the S&P 500 index. Shares of the server manufacturer, which supports artificial intelligence applications, rose in pre-market trading. Additionally, Deckers Outdoor (NYSE:DECK), known for its Ugg footwear and Hoka sneakers, will also join the S&P 500 on Monday.

Reddit – The initial public offering of Reddit is between four and five times oversubscribed, increasing the likelihood of achieving its target valuation of $6.5 billion. While this does not guarantee strong market performance, the demand indicates a possible realization of the price range during the IPO in New York.

Uber Technologies (NYSE:UBER) – Uber agreed to pay $178 million to settle a lawsuit filed by Australian taxi operators and drivers, claiming income loss due to the arrival of the ride-sharing company in the country.

Sony (NYSE:SONY) – Sony halted production of the PSVR2 headset due to excess inventory, raising questions about interest in virtual reality. Sales have declined since its launch, and there is a surplus of over 2 million units.

Logitech International (NASDAQ:LOGI) – Shares of computer peripheral manufacturer Logitech International fell 4.6% in pre-market trading following the announcement of the departure of its Chief Financial Officer. CFO Charles Boynton is leaving for a new career opportunity, with the Swiss-American company affirming its annual outlook. UBS reiterated a sell rating, predicting moderate sales growth in fiscal year 2025.

HashiCorp (NASDAQ:HCP) – According to a Bloomberg report, the infrastructure software company was exploring different alternatives, including the possibility of being acquired. HashiCorp hired a financial advisor to assess interest from potential buyers.

Joann (NASDAQ:JOAN) – Fabric and craft retailer Joann filed for bankruptcy, attributing the inability to sustain debt to a post-pandemic decline in sales. The restructuring includes additional financing and loan extensions. The stores will remain open.

Hertz Global Holdings (NASDAQ:HTZ) – Hertz announced on Friday the appointment of Gil West as its new CEO, effective April 1st, succeeding Stephen Scherr. West, former COO of Delta Airlines (NYSE:DAL) and General Motors (NYSE:GM), will lead the company amid challenges such as high repair costs and weak demand for electric vehicles.

Xpeng (NYSE:XPEV) – Chinese electric vehicle manufacturer Xpeng revealed plans to launch a more affordable brand, entering a highly competitive segment of the EV industry. The models, expected to launch next month, will be priced between 100,000 and 150,000 yuan ($14,000 to $21,000).

Tesla (NASDAQ:TSLA) – Tesla announced on Saturday that it would increase the prices of the Model Y electric vehicles in several European countries on March 22nd by about 2,000 euros ($2,177), following an announcement of a price hike in the US by $1,000 starting April 1st, as disclosed on its website.

UBS Group (NYSE:UBS) – Swiss banking giant UBS will seek merger and acquisition opportunities in the United States in the coming years, its chairman revealed to NZZ newspaper on Sunday. UBS plans to expand its wealth management business in the US through potential mergers and acquisitions within three or four years.

Nasdaq (NASDAQ:NDAQ) – Nasdaq is investigating connectivity issues in its matching engine, without detailing whether trades were affected.

Nuvei Corporation (NASDAQ:NVEI) – Shares of Nuvei surged 14.1% in pre-market trading after the Wall Street Journal reported that the Canadian payment processor, backed by Ryan Reynolds, is in talks with private equity firm Advent International for a potential acquisition. Nuvei stated in a press release that its board formed a special committee to review and consider “expressions of interest received by the company.” Moreover, it confirmed involvement in discussions with third parties about a potential transaction involving multiple voting right shares, including Phil Fayer, founder and CEO of Nuvei.

Haleon plc (NYSE:HLN), Pfizer (NYSE:PFE) – Consumer healthcare company Haleon announced on Monday that its major shareholder, American pharmaceutical company Pfizer, would sell its stake in the company to about 24%, down from its current 32% holding.

PepsiCo (NASDAQ:PEP) – PepsiCo shares rose 1.7% in pre-market trading after receiving an upgrade from Equal Weight to Overweight by Morgan Stanley. The bank also set a new target price of $190 for the beverage and snack company’s shares.

JD.com (NASDAQ:JD), Alibaba (NYSE:BABA), and Baidu (NASDAQ:BIDU) – Shares of Chinese companies posted gains as China’s economy showed signs of recovery. Industrial output grew by 7% year-over-year in the first two months of the year, exceeding expectations.

JOANN Enters into Agreement to Reduce Debt and Receive $132 Million in New Capital and Related Financial Accommodations with Strong Support of Key Financial and Industry Stakeholders

joan, please help

So is this going to stay above $1? the holiday season should help Q3 earnings.

i might have to go to the ER now.

ER tonight, place your bets!

Sewing up gains.. NEW YORK, Feb. 9, 2023 /PRNewswire/ -- Ditto™, a joint venture between JOANN (NASDAQ: JOAN) and SINGER®, launched the first-ever digital pattern projection system for home sewists that combines algorithmic intelligence with digital projection to make patterns paperless, customizable, and adaptable to specific body measurements – all in real time. This system is the first evolution of paper patterns since their invention in 1860. The Ditto platform will feature original Ditto patterns and options from major pattern producers.

"Ditto compresses hours into minutes, eliminating the errors, frustration, and time-consuming reality of traditional patterns," said Filippo Robotti, general manager of Ditto and vice president of strategy at SVP Worldwide. "Most importantly, Ditto is a tool to enable creativity. The same technology that accurately and easily projects patterns gives sewists the ability to customize measurements and modify the designs in just a few clicks – a concept that once seemed impossible."

Ditto allows sewists to get to the fun faster. The system:

Creates a custom fit – Pattern dimensions adjust in real time using measurement inputs, reflecting the reality that no two bodies are the same.
Customizes the design – Changing a neckline or sleeve, or flaring a skirt or pant leg are all possible in a few clicks.
Is accurate – Ditto has unmatched precision. Once calibrated, sewists can trust pattern pieces are accurate and ready to cut. Ditto also has a splicing feature to accurately handle pieces that extend beyond the cutting mat.
Simplifies setup – From box opening to patterning in minutes, no tools, mounting, or engineering degrees are needed.
Includes a digital sewing gallery (i.e., pattern library) – Hundreds of customizable Ditto patterns and more from top brands and indie pattern makers will be available at launch, with more added monthly.
Saves paper and the space to store it
Ditto works by attaching a small digital projector to a tension rod, which is set up vertically between the floor and the ceiling. Using the Ditto app, sewists calibrate the projector to the cutting mat within minutes, then choose a pattern on dittopatterns.com, add their measurements, and customize the design and project. It can be set up and taken down quickly and easily.

In solving the challenges of paper patterns, Ditto™ addresses both a top frustration among sewists – 33% rank patterning tasks as their least favorite part of sewing* – and a sizable market opportunity. There are 35 million active sewists in the U.S. and sewing machine sales continue to grow, adding new consumers who are skewing younger. Meanwhile, sewists are going digital with PDF patterns from indie pattern makers.

Bankruptcy seems imminent