Streetbeat News

Labor Issues

MSFT

OpenAI's superalignment team, focused on long-term AI risks, has disbanded following the departure of key members including Ilya Sutskever and Jan Leike. The team's work will be absorbed into other research efforts within OpenAI. This comes amid recent internal shakeups and the release of a new multimodal AI model, GPT-4o.

Portfolio Pulse from Benzinga Newsdesk

May 17, 2024 | 3:08 pm

BA

ITA

SPR

XAR

Spirit AeroSystems (SPR) is laying off 400-450 employees due to a production slowdown at Boeing (BA), its largest client. The layoffs are linked to quality issues with the 737 MAX jets and delays in Boeing's acquisition of Spirit. Boeing has reduced production rates, impacting Spirit's operations. Spirit's stock has gained over 24% in the last 12 months, and investors can gain exposure through ETFs like XAR and ITA.

Portfolio Pulse from Shivani Kumaresan

May 17, 2024 | 1:40 pm

TSLA

Elon Musk has terminated most of Tesla's Supercharger team following a conflict with a senior executive. Despite the layoffs, Tesla plans to invest over $500 million to expand the Supercharger network. Tesla's stock has dropped 29% this year and is struggling to surpass the $200 mark, crucial for potential recovery.

Portfolio Pulse from Zaheer Anwari

May 17, 2024 | 1:03 pm

APIE

AVIV

TM

Toyota Motor Corp (NYSE:TM) is facing significant production delays at its Tijuana, Mexico plant due to labor shortages and technical problems. These issues have led to multiple stoppages, impacting the production of the Tacoma pick-up truck. The company is working with suppliers to mitigate the impact but is also dealing with other challenges, including a safety test scandal and governance issues. As a result, Toyota has delayed the launch of its electric vehicles in the U.S. by six months. Despite these challenges, Toyota's stock has gained over 51% in the last 12 months.

Portfolio Pulse from Shivani Kumaresan

May 17, 2024 | 12:53 pm

TSLA

Tesla Inc. (NASDAQ:TSLA) is reducing its workforce in Norway by 10% as part of a global restructuring strategy. Affected employees will receive a severance package, and the move aims to streamline the organization for future growth. This could lead to longer wait times and reduced service quality in Norway.

Portfolio Pulse from Benzinga Neuro

May 17, 2024 | 11:53 am

NBHC

National Bank Holdings Corporation announced that Charlie Koch will become the new President of its unit, Bank Midwest, effective June 15. Koch will succeed Nicole Van Denabeele, who has led the team since 2020.

Portfolio Pulse from Benzinga Newsdesk

May 17, 2024 | 10:54 am

CRUS

J

Jacobs has appointed Venk Nathamuni as its new CFO, effective June 3, 2024. Nathamuni previously served as the CFO at Cirrus Logic.

Portfolio Pulse from Benzinga Newsdesk

May 16, 2024 | 9:01 pm

CRUS

Cirrus Logic announced the resignation of CFO Venk Nathamuni, effective May 24, 2024, as he pursues an opportunity outside the semiconductor industry. Ulf Habermann, the Principal Accounting Officer, has been named interim CFO to ensure a smooth transition while a search for a new CFO is conducted.

Portfolio Pulse from Benzinga Newsdesk

May 16, 2024 | 8:46 pm

ERAS

Erasca has announced a reduction in its workforce by approximately 18% as part of a strategic reprioritization. The layoffs primarily affect employees working in drug discovery functions or on deprioritized programs.

Portfolio Pulse from Benzinga Newsdesk

May 16, 2024 | 8:29 pm

BA

SPR

Spirit AeroSystems has announced a workforce reduction in Wichita due to a slowdown in commercial program deliveries. Affected employees will be informed in the coming weeks.

Portfolio Pulse from Benzinga Newsdesk

May 16, 2024 | 6:15 pm