Streetbeat News

Labor Issues

BYDDF

BYDDY

BYD Co. faces a strike at its Wuxi factory in China as workers protest against a new work schedule that reduces their income. The strike highlights labor issues in China and comes at a time when BYD is expanding its global market presence.

Portfolio Pulse from Benzinga Neuro

May 21, 2024 | 9:19 am

HNI

HNI Corporation announced the closure of its Hickory plant, which is expected to impact approximately 200 production and operations members.

Portfolio Pulse from Benzinga Newsdesk

May 20, 2024 | 8:32 pm

ALG

Alamo Group announced that the strike by unionized workers at its subsidiary, Gradall Industries, has ended. The workers and the company have agreed on a new five-year labor agreement.

Portfolio Pulse from Benzinga Newsdesk

May 20, 2024 | 8:26 pm

SPY

Federal Reserve's Mester stated that labor markets are becoming better balanced, which is expected to put downward pressure on inflation.

Portfolio Pulse from Benzinga Newsdesk

May 20, 2024 | 6:05 pm

DRI

Red Lobster has filed for Chapter 11 bankruptcy protection, aiming to reduce its number of locations and find a buyer. The company faces significant debt, higher labor costs, and escalating rents. Darden Restaurants (NYSE:DRI), which once owned Red Lobster, could be impacted if similar challenges affect its other brands.

Portfolio Pulse from Aaron Bry

May 20, 2024 | 5:52 pm

In a significant development, 289 drivers at Kroger's fulfillment center in Romulus, Michigan, have successfully unionized, joining Teamsters Local 337. This marks the first group of Kroger fulfillment center workers to unionize.

Portfolio Pulse from Benzinga Newsdesk

May 20, 2024 | 5:45 pm

FDIS

TSLA

XLY

Tesla Inc. (NASDAQ:TSLA) is continuing its layoffs, which are expected to last through June, causing low morale among employees. The company has already laid off thousands of workers, including significant cuts in its Supercharger division. This has contributed to a 29% decline in Tesla's share value this year. Investors can gain exposure to Tesla stock via ETFs like Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) and Fidelity MSCI Consumer Discretionary Index ETF (NYSE:FDIS).

Portfolio Pulse from Shivani Kumaresan

May 20, 2024 | 3:56 pm

SPY

Fed Vice Chair Jefferson emphasized the importance of not focusing on a single data point, stating that it's too early to determine if April's CPI marks a new trend, though it is a positive sign. He noted the labor market's resilience and its movement towards better balance, suggesting that job growth can continue alongside disinflation. Jefferson aims for Fed policy to meet both sides of the Fed's mandate.

Portfolio Pulse from Benzinga Newsdesk

May 20, 2024 | 2:57 pm

GME

MSFT

SONY

Sony reported strong Q4 results with a 34% YoY increase in net profit, driven by its gaming and movie businesses. However, Sony plans to lay off 900 employees from its PlayStation division, similar to Microsoft's recent layoffs. GameStop also announced job cuts and a significant drop in Q1 sales. Sony expects a revenue and net profit decline for the next fiscal year but anticipates growth in its gaming and movie business profits.

Portfolio Pulse from Upwallstreet

May 20, 2024 | 2:11 pm

AAPL

AMZN

DIS

SBUX

VOX

Disneyland cast members voted to unionize with the Actors’ Equity Association, potentially impacting Walt Disney Co's operational costs and investor outlook. This trend reflects broader unionization efforts in the U.S., including companies like Apple, Starbucks, and Amazon.

Portfolio Pulse from Anusuya Lahiri

May 20, 2024 | 11:28 am