Streetbeat News

Labor Issues

TM

Toyota is investing $282 million to expand its Huntsville plant in Alabama, creating 350 new jobs. This expansion aims to increase production capabilities.

Portfolio Pulse from Benzinga Newsdesk

June 05, 2024 | 3:16 pm

AAL

JETS

American Airlines' union is preparing for a potential strike and has opened a strike command center, despite flight attendants lacking the legal right to strike.

Portfolio Pulse from Benzinga Newsdesk

June 05, 2024 | 2:13 pm

GOOGL

LLY

Alphabet Inc. has appointed Eli Lilly's CFO, Anat Ashkenazi, as its new CFO, effective July 31, 2024. Ashkenazi will continue her role at Eli Lilly until then. This transition follows Ruth Porat's move to President & Chief Investment Officer of Alphabet and Google. Alphabet's finance unit has been undergoing significant changes, including a restructuring to prioritize AI investments.

Portfolio Pulse from Vandana Singh

June 05, 2024 | 2:11 pm

WMT

Walmart has introduced a new bonus program for its store workers, which can reach up to $1,000 a year. This comes two years after the company ended its quarterly bonuses.

Portfolio Pulse from Benzinga Newsdesk

June 05, 2024 | 1:21 pm

FDIS

NKE

VCR

Nike Inc. (NYSE:NKE) has implemented layoffs at its European headquarters as part of a multiyear cost-cutting strategy aimed at saving $2 billion globally. The layoffs are part of a broader workforce reduction that includes cuts at its main office in Beaverton, Oregon, and its Converse subsidiary in Boston. Despite these measures, Nike reported strong third-quarter revenue and earnings, beating consensus estimates.

Portfolio Pulse from Shivani Kumaresan

June 05, 2024 | 12:45 pm

SPY

The US ADP April payrolls change has been revised from an initial estimate of +192,000 to +188,000. This slight downward revision may indicate a marginally weaker labor market than previously thought.

Portfolio Pulse from Benzinga Newsdesk

June 05, 2024 | 12:16 pm

DE

Deere & Company announced a plan to reduce production and its salaried workforce to align with strategic priorities. The activities related to salaried employees are expected to occur in the third quarter of fiscal year 2024.

Portfolio Pulse from Benzinga Newsdesk

June 05, 2024 | 10:12 am

YEXT

Yext announced a restructuring plan on June 4, which includes a 12% reduction in its workforce. The company expects an incremental restructuring cash charge of approximately $5 million.

Portfolio Pulse from Benzinga Newsdesk

June 04, 2024 | 8:11 pm

AMZN

Amazon's union is seeking to join the Teamsters to strengthen its membership ranks, according to Bloomberg.

Portfolio Pulse from Benzinga Newsdesk

June 04, 2024 | 7:13 pm

BA

UAL

United Airlines (UAL) is scaling back its hiring plans for 2023 due to delays in airplane deliveries from Boeing (BA). The airline initially aimed to hire 13,000 to 15,000 new employees but has revised this target to around 10,000. Despite this, United Airlines still expects to hire a significant number of new employees in 2024. Boeing's production issues have led to a 25% reduction in jet deliveries, impacting United's operational growth and hiring plans. United Airlines reiterated its financial outlook for 2024, expecting adjusted EPS of $3.75 to $4.25 for Q2 and $9 to $11 for the full year.

Portfolio Pulse from Nabaparna Bhattacharya

June 04, 2024 | 5:46 pm