Streetbeat News

Labor Issues

SPY

Fed Chair Powell acknowledges uncertainty about the persistence of inflation, noting ongoing labor shortages and the possibility that restrictive monetary policy may need more time to effectively reduce inflation. However, he remains committed to bringing inflation down to the Fed's 2% target.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 2:17 pm

SPY

Fed Chair Powell highlighted the strong performance of the U.S. economy, emphasizing a robust labor market, financially healthy households, and strong consumer spending and business investment.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 2:06 pm

SAIA

Saia Inc. has appointed a new Chief Financial Officer, Batteh, marking a significant leadership change within the company. This move could signal strategic shifts or a reinforcement of the company's current financial strategies.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 11:32 am

VIRX

Viracta Therapeutics has announced the appointment of Michael Faerm as its new Chief Financial Officer. This strategic move aims to strengthen the company's financial leadership as it progresses through its development phases.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 11:05 am

WMT

Walmart Inc. is laying off hundreds of corporate employees and relocating others to its main corporate hubs in Bentonville, Ark., Hoboken, N.J., and Northern California. The move affects employees in Dallas, Atlanta, and Toronto, reducing remote work flexibility and consolidating smaller offices. This is part of Walmart's broader strategy to cut costs and prioritize spending, following the closure of its health clinics and the launch of its private food brand, Bettergoods.

Portfolio Pulse from Benzinga Neuro

May 14, 2024 | 9:56 am

TSLA

Tesla Inc's head of Cybertruck manufacturing, Renjie Zhu, has resigned, joining a series of senior executives leaving amid workforce downsizing. Zhu's departure follows Tesla's announcement of a 10% workforce reduction and comes amidst challenges like declining sales and pricing pressures. Tesla's Q1 revenue fell to $21.3 billion from $23.33 billion a year earlier, marking its first quarterly revenue drop since 2020. Despite these challenges, Tesla's stock closed 2% higher at $171.89 and gained an additional 0.5% after hours.

Portfolio Pulse from Anan Ashraf

May 14, 2024 | 7:26 am

EWU

The U.K. Employment Change for March showed a decrease of 177,000 jobs, which is an improvement compared to the estimated decrease of 215,000 jobs but worse than the previous period's decrease of 156,000 jobs.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 6:07 am

WMT

Walmart is reportedly laying off hundreds of corporate employees and relocating others, with a push for most remote workers to move to offices. This move affects workers in Dallas, Atlanta, and Toronto, directing them to central hubs like Bentonville, Hoboken, or Southern California. Despite these changes, Walmart will allow part-time remote work, provided employees spend most of their time in offices. This decision follows a trend of workforce reduction and automation expansion, with Walmart aiming for 65% of its stores to be automated by fiscal year 2026.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 3:13 am

HSAI

Louis T. Hsieh has resigned from his roles as Global CFO and Board Director of Hesai Group (HSAI) for personal and family reasons, effective immediately. Norman Fan will take over the interim financial and reporting responsibilities.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 9:01 pm

LPA

Logistic Properties of the Americas (LPA) announced leadership changes with Annette Fernandez appointed as COO and Paul Smith as CFO. These appointments come as part of LPA's strategy to strengthen its team in alignment with its next growth phase following its NYSE listing in March 2024.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 8:38 pm