Streetbeat News

Labor Issues

MSFT

SONY

Xbox boss Phil Spencer discussed the closures of several Microsoft gaming studios, including Arkane Austin and Tango Gameworks, as part of broader layoffs affecting around 1,900 staff. Despite the layoffs, Spencer emphasized the need for a sustainable business model and assured continued investment in Xbox. The closures reflect a broader trend of workforce reductions in the gaming industry, with companies like Sony also implementing significant cuts.

Portfolio Pulse from Franca Quarneti

June 10, 2024 | 6:20 pm

JPM

PYPL

JPMorgan Chase has hired former PayPal executive Sri Shivananda as its new Chief Technology Officer, succeeding the retiring A.J. Lang. Shivananda will report to Global CIO Lori Beer.

Portfolio Pulse from Benzinga Newsdesk

June 10, 2024 | 3:43 pm

LYRA

Lyra Therapeutics has announced that it expects to incur charges of approximately $3.9 million to $4.1 million due to a workforce reduction. The majority of these charges are anticipated to be incurred in the second quarter of 2024, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

June 07, 2024 | 8:22 pm

SPY

The USA participation rate for May has decreased to 62.5% from 62.7% in the previous month. This decline may indicate a slight weakening in the labor market.

Portfolio Pulse from Benzinga Newsdesk

June 07, 2024 | 12:32 pm

SSNLF

Samsung Electronics Co. faced its first-ever strike from its largest union over a pay dispute, involving around 28,400 workers. The strike, described as a 'soft start,' could escalate if management remains unresponsive. The core issue is the distribution of bonuses, particularly in the semiconductor division. Despite the strike, Samsung reports no impact on production or management.

Portfolio Pulse from Shivani Kumaresan

June 07, 2024 | 10:37 am

WM

Teamsters Local 50 members at Waste Management have secured an immediate 18% pay increase.

Portfolio Pulse from Benzinga Newsdesk

June 06, 2024 | 7:31 pm

DE

Deere & Co has resolved alleged hiring discrimination claims by the U.S. Department of Labor, agreeing to pay $1.1 million in back wages and interest to affected Black and Hispanic jobseekers.

Portfolio Pulse from Benzinga Newsdesk

June 06, 2024 | 5:09 pm

SPY

Unit Labor Costs for Q1 increased by 4%, which is lower than the estimated 4.7%.

Portfolio Pulse from Benzinga Newsdesk

June 06, 2024 | 12:30 pm

PGY

Pagaya Technologies LTD. (NASDAQ: PGY) has raised its 2024 Adjusted EBITDA guidance to $160M-$200M, an increase of $10M from its previous outlook. The company is implementing operational initiatives expected to reduce annual core operating expenses by approximately $25M, including a workforce reduction. These savings will be partially reinvested in key growth areas.

Portfolio Pulse from Benzinga Newsdesk

June 06, 2024 | 12:04 pm

SPY

US-based employers announced 63,816 job cuts in May, which is a 20% decrease compared to previous months. This reduction in job cuts could indicate a stabilizing job market.

Portfolio Pulse from Benzinga Newsdesk

June 06, 2024 | 11:30 am