Streetbeat News

Labor Issues

MSFT

The Communications Workers of America (CWA) has filed Unfair Labour Practice charges against Lionbridge Technologies, a supplier for Microsoft Corp. (NASDAQ:MSFT), for laying off 160 QA testers involved in union activities. The CWA claims the layoffs were not genuinely project-related and calls on Microsoft to ensure its contractors adhere to its labor standards.

Portfolio Pulse from Franca Quarneti

June 12, 2024 | 6:42 pm

SPY

Fed Chair Powell stated that the labor market is coming into better balance, with strong job growth in April and May and a low unemployment rate.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:34 pm

AMZN

Amazon has won an appeal against a cease-and-desist order related to the firing of a union organizer. The appeals court declared the order an abuse of discretion.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 3:34 pm

AMZN

UBER

VCR

XLY

Amazon faces arbitration claims from 15,800 Flex drivers alleging misclassification as independent contractors. The claims seek recompense for unpaid wages, work-related expenses, and lack of mandated breaks. This highlights ongoing disputes over worker rights in the gig economy.

Portfolio Pulse from Shivani Kumaresan

June 12, 2024 | 2:34 pm

AMZN

A U.S. Appeals Court has vacated an injunction that required Amazon.com to stop discharging employees for attempting to unionize.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 2:27 pm

FDX

FedEx Corp. (NYSE:FDX) plans to cut up to 2,000 jobs in Europe to reduce costs, expecting annual savings of $125-$175 million starting in fiscal 2027. The restructuring will incur pre-tax costs of $250-$375 million through fiscal 2026. Additionally, FedEx's Board approved a 10% increase in the annual dividend rate to $5.52 per share for fiscal 2025.

Portfolio Pulse from Shivani Kumaresan

June 12, 2024 | 1:04 pm

NXPI

SOXX

TSM

VWO

Taiwan Semiconductor Manufacturing Co (TSMC) plans to hire 2,000 employees in Europe through its subsidiary, European Semiconductor Manufacturing Co (ESMC). This move is part of a joint venture with Robert Bosch GmbH, Infineon Technologies AG, and NXP Semiconductors NV. The joint venture aims to build a 12-inch wafer fab in Dresden, with mass production expected by the end of 2027. TSMC has seen significant growth, with a 30% sales increase in May and a 55% stock gain over the last 12 months.

Portfolio Pulse from Anusuya Lahiri

June 12, 2024 | 11:46 am

BA

ITA

PPA

Boeing Co (NYSE:BA) is opening a new aerospace tech hub at Embry-Riddle Aeronautical University in Florida, focusing on military aviation programs. The facility will create around 200 engineering jobs in 2024, with potential for more. Boeing's stock has declined over 16% in the past year.

Portfolio Pulse from Shivani Kumaresan

June 12, 2024 | 10:39 am

BA

Boeing is set to open a new engineering facility in Daytona Beach, Florida, within the Cici & Hyatt Brown Center for Aerospace Technology at Embry-Riddle Aeronautical University. The company plans to hire around 200 engineering jobs this year and expects to nearly double that number in the coming years.

Portfolio Pulse from Benzinga Newsdesk

June 11, 2024 | 7:12 pm

CCI

Crown Castle shares rose by 1.5% following the company's announcement that it will reduce its workforce by 10%.

Portfolio Pulse from Benzinga Newsdesk

June 11, 2024 | 1:41 pm