Streetbeat News

Labor Issues

GS

SPY

Beth Hammack has been named the new President of the Cleveland Federal Reserve, effective August 21. Hammack previously served as Co-Head of Global Financing at Goldman Sachs. She will replace Loretta Mester, who is retiring on June 30.

Portfolio Pulse from Benzinga Newsdesk

May 29, 2024 | 2:32 pm

DIS

Disney's senior ad sales executive Lisa Valentino has exited amid a restructuring of the advertising sales staff. This move comes during Disney's critical 'upfront' talks with advertisers. Valentino's departure is part of a planned re-alignment and follows her significant contributions to Disney's ad-tech initiatives.

Portfolio Pulse from Benzinga Newsdesk

May 29, 2024 | 2:13 pm

AMD

SSNLF

Samsung is under investigation after two workers at its Giheung chip plant were exposed to radiation. The South Korean Nuclear Safety and Security Commission is probing the incident, and the affected machine has been suspended. This comes amid potential labor unrest and Samsung's recent partnership with AMD.

Portfolio Pulse from Benzinga Neuro

May 29, 2024 | 1:56 pm

XOM

ExxonMobil has reported that approximately 20 workers are on strike at its petrochemical plant in Gravenchon, France. The strike is expected to last until Thursday, and it is currently too early to assess the impact on operations.

Portfolio Pulse from Benzinga Newsdesk

May 29, 2024 | 1:56 pm

AEON

AEON Biopharma, Inc. (NYSE:AEON) announced a strategic reprioritization and cost reduction plan, including a 55% workforce reduction, to extend its cash runway into Q4 2024. The company is evaluating financing options for its late-stage clinical pipeline for ABP-450.

Portfolio Pulse from Benzinga Newsdesk

May 29, 2024 | 12:17 pm

BA

ITA

PPA

Boeing Company (NYSE:BA) and a union representing its firefighters have reached a tentative contract agreement, potentially ending a lockout that began in early May. The agreement will be voted on Thursday, and if approved, firefighters will return to work on Saturday. Boeing's stock has declined over 14% in the past year, and the company is also negotiating with the International Association of Machinists and Aerospace Workers (IAM) for a new contract. Boeing's 737 MAX production has decreased due to intensified FAA inspections. Investors can gain exposure to Boeing via IShares U.S. Aerospace & Defense ETF (BATS:ITA) and Invesco Aerospace & Defense ETF (NYSE:PPA).

Portfolio Pulse from Shivani Kumaresan

May 29, 2024 | 11:45 am

SSNLF

Samsung Electronics' union in South Korea has declared its first-ever strike, demanding higher wages and fair treatment. The strike is set to take place on June 7 and is expected to impact all of Samsung's sites in South Korea. This comes at a challenging time for Samsung, which is facing issues with its AI chips and increased competition from SK Hynix.

Portfolio Pulse from Benzinga Neuro

May 29, 2024 | 10:20 am

CPB

Campbell Soup Company (NYSE:CPB) announced a strategic revamp of its supply chain, including the closure of the Tualatin plant and changes at the Jeffersonville plant, impacting 415 jobs. The company will invest $230 million in newer facilities, creating 210 new roles. CPB shares closed 2.47% lower at $44.22.

Portfolio Pulse from Shivani Kumaresan

May 29, 2024 | 9:59 am

AAL

American Airlines has announced that its Executive Vice President and Chief Commercial Officer, Vasu Raja, will be departing the company in June.

Portfolio Pulse from Benzinga Newsdesk

May 28, 2024 | 8:31 pm

IKNA

Ikena Oncology (IKNA) announced a workforce reduction of approximately 53%. This move is likely aimed at cost-saving measures and streamlining operations.

Portfolio Pulse from Benzinga Newsdesk

May 28, 2024 | 8:18 pm