Yellow Stock Soars 76% as MFN Partners Is Betting Big on Near-Bankrupt Trucking Giant

InvestorPlace2023-08-01

Trucking giant Yellow has laid off 30,000 workers and is on the verge of bankruptcy.But despite these glaring problems, YELL stock is currently surging by impressive margins.This momentum comes from a...

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It’s surging by impressive margins. Yesterday brought news that the former transportation giant would be shutting down and that it would likely be fil","collect":0,"end_time":0,"defaultTopTitle":"investorplace.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"YELL":"Yellow Corporation"},"translate_title":"黄色股票飙升76%，因为最惠国伙伴对濒临破产的卡车运输巨头下大赌注","themeId":"b6251d276d524a92990b019863be720e","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"YELL":1.1},"content_text":"Trucking giant Yellow has laid off 30,000 workers and is on the verge of bankruptcy.But despite these glaring problems, YELL stock is currently surging by impressive margins.This momentum comes from a large-scale investment from hedge fund MFN Partners.Just after ceasing operations, trucking company Yellow isn’t just trending on market news sites. It’s surging by impressive margins. Yesterday brought news that the former transportation giant would be shutting down and that it would likely be filing for bankruptcy as early as today. As of this writing, though, the company has not confirmed any such plans. NPR reports that it would be the largest trucking industry bankruptcy in U.S. history and that it would leave 30,000 workers without jobs. And while it may be tempting to assume that YELL stock is surging on short squeeze momentum, it turns out that there is another force pushing it up. Hedge fund MFN Partners has made a sizable purchase, adding more than three million Yellow shares.Yellow  shares rallied 76.08% in morning trading on Tuesday.What does this mean for the future of this struggling company? Let’s take a closer look at the recent events and assess what investors should be expecting from Yellow.Just after ceasing operations, trucking company Yellow (NASDAQ:YELL) isn’t just trending on market news sites. It’s surging by impressive margins. Yesterday brought news that the former transportation giant would be shutting down and that it would likely be filing for bankruptcy as early as today. As of this writing, though, the company has not confirmed any such plans. NPR reports that it would be the largest trucking industry bankruptcy in U.S. history and that it would leave 30,000 workers without jobs. And while it may be tempting to assume that YELL stock is surging on short squeeze momentum, it turns out that there is another force pushing it up. Hedge fund MFN Partners has made a sizable purchase, adding more than three million Yellow shares.What does this mean for the future of this struggling company? Let’s take a closer look at the recent events and assess what investors should be expecting from Yellow.What’s Happening With YELL StockAs InvestorPlace‘s William White notes, the problems at Yellow began generating headlines last week. Initially, YELL stock plunged as bankruptcy rumors started to circulate. But YELL is up 149% on Monday, and its trajectory suggests that it could rise even further.With bankruptcy looming, the economic outlook for Yellow is far from encouraging. But despite these clear concerns, MFN Partners doesn’t appear to be worried. It is currently the company’s largest institutional investor. Market Beat provides a detailed rundown of the investment, noting that the hedge fund purchased 3,022,488 shares of YELL stock on July 28 for $0.65 per share. The purchase totaled $1,964,617.20 at the time. This brings MFN’s Yellow holdings up to 12,771,943 shares, a total value of $8,301,762.95, as stated in a filing with the U.S. Securities and Exchange Commission (SEC).The outlet also notes MFN isn’t the only financial institution to double down on YELL stock in 2023. As it states:“Several institutional investors have recently modified their holdings of YELL. Rhumbline Advisers grew its position in shares of Yellow by 6.7% in the first quarter. Rhumbline Advisers now owns 64,099 shares of the company’s stock valued at $449,000 after purchasing an additional 4,035 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Yellow by 146.1% in the first quarter. Dimensional Fund Advisors LP now owns 372,490 shares of the company’s stock valued at $2,611,000 after purchasing an additional 221,161 shares during the period.”Also on the list of top institutional investors in mutual fund giant Vanguard Group, which recently increased its YELL stock position by 384,964 shares, according to Whale Wisdom.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1199869712"}