Streetbeat News

Labor Issues

SPWR

SunPower Corporation has announced the termination of employment for its EVP and COO, Jennifer Johnston, effective June 7, 2024.

Portfolio Pulse from Benzinga Newsdesk

May 24, 2024 | 1:12 pm

BLBD

Blue Bird Corporation has reached a three-year collective bargaining agreement with the United Steelworkers (USW) Union. The contract aims to provide well-paying jobs and competitive benefits, enhancing Blue Bird's position as a preferred employer.

Portfolio Pulse from Benzinga Newsdesk

May 24, 2024 | 12:02 pm

TSLA

Tesla Inc. (NASDAQ:TSLA) received 5.9 million job applications in 2023, a 64% increase from the previous year, despite reports of poor working conditions and layoffs. The company announced a 10% reduction in its global workforce in April, affecting at least 14,000 workers. Former Tesla AI manager Paril Jain denied claims that CEO Elon Musk has lost the capacity to retain talent, despite several executive departures.

Portfolio Pulse from Anan Ashraf

May 24, 2024 | 12:00 pm

LCID

Lucid Group (NASDAQ:LCID) announced a 6% workforce reduction, cutting 400 jobs to lower costs. The stock gained 3% in pre-market trading following the news. The layoffs are part of a restructuring plan expected to be completed by the end of Q3, with charges between $21 million to $25 million. Despite a significant net loss in Q1, Lucid has $5.03 billion in liquidity to sustain operations until the production of the Gravity SUV in 2025.

Portfolio Pulse from Anan Ashraf

May 24, 2024 | 11:39 am

LCID

Lucid Group announced a restructuring plan to reduce its workforce by approximately 400 employees, or 6%, to optimize operating expenses. The plan is expected to be completed by the end of Q3 2024, with estimated charges of $21 million to $25 million.

Portfolio Pulse from Benzinga Newsdesk

May 24, 2024 | 11:03 am

BA

INTU

MU

TSLA

WDAY

Major U.S. indices closed lower on Thursday, with the Dow Jones, S&P 500, and Nasdaq all ending in the red. Boeing, Intuit, Workday, Micron Technology, and Tesla were notable stocks on investors' radars. Boeing's stock fell due to negative cash flow forecasts and delivery delays. Intuit's stock dipped despite strong earnings due to negative cash flow forecasts. Workday's stock rose slightly but had tumbled earlier due to lower forward guidance. Micron's stock remained stable, and Tesla's stock fell as the company ramped up hiring after mass layoffs.

Portfolio Pulse from Benzinga Neuro

May 24, 2024 | 2:16 am

FDIS

TSLA

XLY

Tesla Inc. (NASDAQ:TSLA) has removed its target to sell 20 million vehicles annually from its latest impact report, indicating a shift in focus towards autonomy. The 2023 report highlights environmental impact, water use, and workforce initiatives but omits diversity metrics. Tesla sold 1.8 million vehicles in 2023 and plans to introduce cheaper models by late 2024. The company is also laying off over 10% of its global workforce to cut costs. Tesla stock has lost more than 7% in the last 12 months, and shares are currently trading lower by 2.91% at $174.87.

Portfolio Pulse from Shivani Kumaresan

May 23, 2024 | 5:57 pm

LYFT

UBER

A new study from the UC Berkeley Labor Center titled 'Gig Passenger and Delivery Driver Pay in Five Metro Areas' has been circulated, focusing on the pay of gig workers in major cities. This could impact the shares of Uber and Lyft.

Portfolio Pulse from Benzinga Newsdesk

May 23, 2024 | 3:28 pm

CRSP

CRISPR Therapeutics (NASDAQ:CRSP) has announced key executive appointments: Naimish Patel, M.D., as Chief Medical Officer effective May 28, 2024, and Julianne Bruno, M.B.A., promoted to Chief Operating Officer effective May 23, 2024.

Portfolio Pulse from Benzinga Newsdesk

May 23, 2024 | 12:17 pm

TSLA

Tesla Inc (NASDAQ:TSLA) has resumed hiring in North America, focusing on autopilot and robotics after recent mass layoffs. The company is looking to add scientists and engineers to its team in Palo Alto, California, to advance its self-driving and AI infrastructure efforts.

Portfolio Pulse from Anan Ashraf

May 23, 2024 | 10:00 am