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Labor Issues

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

GOOG

GOOGL

Google's Chief Privacy Officer, Keith Enright, and Director of Competition Law, Matthew Bye, are leaving the company as part of a restructuring of its privacy and compliance teams. Enright's departure, which shocked employees, comes amid ongoing scrutiny of Google's data handling practices. The company will not replace Enright or Bye but will increase the number of people working on regulatory compliance across the company.

Portfolio Pulse from Benzinga Newsdesk

June 04, 2024 | 4:53 pm

R

Teamsters Local 974 has announced that Ryder Truck Rental workers have overwhelmingly voted to ratify a new collective bargaining agreement.

Portfolio Pulse from Benzinga Newsdesk

June 04, 2024 | 2:50 pm

UAL

United Airlines has resumed hiring pilots, according to a company executive. This move indicates a positive outlook for the airline industry and suggests that United Airlines is preparing for increased travel demand.

Portfolio Pulse from Benzinga Newsdesk

June 04, 2024 | 2:49 pm

UAL

United Airlines is projected to hire close to 10,000 new team members in 2024, according to a company executive.

Portfolio Pulse from Benzinga Newsdesk

June 04, 2024 | 2:39 pm