Streetbeat News

Labor Issues

AAPL

BRK

NVDA

PFE

TSLA

XLU

Stocks have surged due to a strong earnings season and despite rising jobless claims. The S&P 500 and Dow Jones saw gains, with the utilities sector, particularly XLU, outperforming. Job market concerns arose with high jobless claims. Berkshire Hathaway reduced its Apple stake, while Apple introduced new iPads. Tesla announced job cuts in China, Pfizer settled Zantac lawsuits, and Nvidia was highlighted as a leader in AI technology.

Portfolio Pulse from Piero Cingari

May 10, 2024 | 8:09 pm

AAPL

Apple Inc is revamping Siri, focusing on improving its conversational abilities, following executives' exposure to OpenAI's ChatGPT. This move is part of a broader AI reorganization aimed at enhancing Apple's competitive edge in the smartphone market. Despite its technological advantages, Apple faces challenges in AI strategy development and talent retention. The updated Siri is expected to debut at Apple's developers conference.

Portfolio Pulse from Henry Khederian

May 10, 2024 | 7:57 pm

BAYRY

GOOG

IBM

INTC

MSFT

NVDA

AI is significantly impacting the pharmaceutical industry, from drug discovery to marketing, with Alphabet Inc's Google DeepMind developing AlphaFold 3, an AI model that predicts the structure of biological molecules. McKinsey reports AI could generate $60 billion-$110 billion annually for the industry, speeding up drug discovery and development. Collaborations like Bayer AG and Google Cloud are developing AI solutions for healthcare. Key players include Nvidia, Intel, IBM, Google, GE, Microsoft, Medtronic, Micron Technology, Amazon Web Services, and Siemens Healthineers.

Portfolio Pulse from Vandana Singh

May 10, 2024 | 6:49 pm

LCID

NKLA

RIVN

Rivian, Lucid, and Nikola are implementing cost-cutting strategies to navigate the 'EV winter,' a period marked by slowed EV market growth. These strategies include workforce reductions, production adjustments, and strategic realignments. Despite current challenges, analysts remain optimistic about the EV market's long-term prospects. Rivian is focusing on efficiency improvements, Lucid on cost of goods sold, and Nikola on optimizing its cost structure for commercial vehicles.

Portfolio Pulse from Nabaparna Bhattacharya

May 10, 2024 | 5:37 pm

TSLA

Elon Musk announced Tesla will invest over $500M in expanding its Supercharger network, contradicting reports of the unit's closure and recent layoffs of about 500 employees. Despite a brief uptick, Tesla's stock fell 2% in morning trading, continuing an 8.8% decline over four sessions. This comes amid broader concerns over layoffs, potential new tariffs on EVs from China affecting Tesla's significant revenue from the region, and increasing competition in the EV market. Tesla's stock has dropped 32.2% this year but saw an 18.7% increase since a 15-month low in April.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 4:04 pm

TSLA

Tesla Inc's Gigafactory in Berlin faced protests from climate activists concerned about forest clearance for factory expansion. The factory preemptively shut down, with Tesla CEO Elon Musk questioning why protestors weren't jailed. Despite attempts, protestors did not breach the factory's defenses. Tesla plans to continue its expansion, with local officials having the final say. The factory closure included a national holiday, with operations expected to resume Monday.

Portfolio Pulse from Chris Katje

May 10, 2024 | 3:48 pm

LCID

Ford Motor Company has announced the hiring of Sherry House, former CFO of Lucid Group, as part of its strategic move to bolster its electric vehicle (EV) business. House, with her extensive experience in the automotive, tech, and startup sectors, is set to join Ford in June and become CFO early next year. This move comes as Ford aims for profitable growth in EVs, software, and services. Meanwhile, Ford's shares dropped by 1.36% following the announcement.

Portfolio Pulse from Nabaparna Bhattacharya

May 10, 2024 | 3:29 pm

RMCF

Rocky Mountain Chocolate Factory's CFO, A. Allen Arroyo, is set to resign on May 17, 2024, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 1:10 pm

NVAX

Novavax has announced during a conference call that, in consultation with the FDA, it will seek emergency use authorization for an updated COVID-19 vaccine targeting the JN.1 variant. Additionally, the company has reduced its workforce by 30% compared to Q1 2023.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 1:07 pm

EQBK

Equity Bancshares, Inc. (NYSE:EQBK) announced the promotion of Richard M. Sems to CEO and Julie A. Huber to COO of Equity Bank, aiming to align the bank for future growth.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 12:32 pm