Streetbeat News

Labor Issues

CVX

Chevron has announced a $3 billion cost-cutting plan that may involve job cuts in the US. This move is part of the company's efforts to streamline operations and improve financial performance.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2024 | 6:23 pm

SPY

The U.S. economy added only 12,000 jobs in October, significantly missing estimates due to hurricanes, strikes, and election uncertainties. Despite the hiring slowdown, the unemployment rate remained at 4.1%. The weak jobs report increased expectations for Federal Reserve rate cuts, leading to a rally in futures on major U.S. equity indices.

Portfolio Pulse from Piero Cingari

November 01, 2024 | 1:00 pm

AAUKF

BHP

BHP has clarified that its chairman's comments about moving on from the failed $49 billion bid for Anglo American were not a formal withdrawal. The UK Takeover Panel confirmed that BHP's remarks do not constitute an official 'no offer' statement, leaving the door open for a future bid. BHP is focusing on expanding its operations in South America and addressing labor issues in Australia.

Portfolio Pulse from Stjepan Kalinic

November 01, 2024 | 12:29 pm

BA

Boeing has proposed a new contract to end a 7-week strike, offering a 38% wage increase and a $12,000 bonus. The strike has cost Boeing $2 billion and affected production. The proposal will be voted on Monday.

Portfolio Pulse from Benzinga Neuro

November 01, 2024 | 7:17 am

AMZN

HD

A CDC study reveals high cannabis use in the food service and hospitality industries, with implications for workplace policies. Companies like Amazon and Home Depot are adjusting drug testing protocols in response to changing cannabis laws.

Portfolio Pulse from Franca Quarneti

October 31, 2024 | 10:27 pm

SAVE

Spirit Airlines shares are declining following reports of additional pilot furloughs, indicating potential operational challenges for the airline.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2024 | 6:46 pm

SAVE

Spirit Airlines (NYSE:SAVE) is experiencing stock volatility due to financial challenges, leading to pilot furloughs and asset sales. The company aims to save $80 million annually and generate $225 million in liquidity by selling older aircraft. Spirit faces a December deadline to refinance $1.1 billion in bonds, amid speculation of potential bankruptcy following a failed merger with JetBlue.

Portfolio Pulse from Henry Khederian

October 31, 2024 | 6:43 pm

CMPS

Compass Pathways (CMPS) faces delays in its Phase 3 psilocybin trials, leading to a 30% workforce reduction to conserve cash. The company aims to focus on its COMP360 program for treatment-resistant depression, with trial data now expected in 2025 and 2026. Shares fell 23.02% following the announcement.

Portfolio Pulse from Juan Spínelli

October 31, 2024 | 6:30 pm

BA

SPY

The upcoming October jobs report is highly anticipated, with expectations of a slowdown in nonfarm payroll growth due to factors like hurricanes and strikes. Economists predict a decrease from 254,000 jobs in September to 113,000 in October. The Boeing strike and hurricanes are expected to impact the numbers, while government hiring for elections may provide a boost. The unemployment rate is expected to remain at 4.1%, with wages growing at a slower pace. Recent ADP data suggests strong private employment growth, which could indicate a positive surprise in the official report. Previous jobs reports have influenced market sentiment, with the S&P 500 reacting to employment data.

Portfolio Pulse from Piero Cingari

October 31, 2024 | 5:16 pm

MTNB

Matinas Biopharma's shares are declining following the termination of negotiations for global rights to MAT2203 and an 80% workforce reduction.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2024 | 1:05 pm