Streetbeat News

Labor Issues

COLL

Collegium Pharmaceutical announced that Joe Ciaffoni will resign as President and CEO, effective May 24, 2024. Michael Heffernan, the Board Chairman, will serve as interim President and CEO following Ciaffoni's departure.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 8:03 pm

SPY

Fed's Daly commented on the labor market cooling, indicating it as an expected and positive development. This perspective aligns with the Federal Reserve's efforts to manage economic growth and inflation.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 6:44 pm

SPY

Daly comments on mixed economic signals: firms report choosy consumers and stable input prices, with no clear monetary policy direction from the balance sheet. The future economy's path is uncertain, but officials have response plans. Currently, no signs of labor market issues.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 6:16 pm

SPY

UUP

Unemployment claims in the U.S. surged to 231,000 for the week ending May 4, the highest in eight months, surpassing expectations and indicating a weakening labor market. This led to a drop in the U.S. Dollar, as evidenced by a 0.3% decrease in the U.S. Dollar Index (DXY), tracked by the Invesco DB USD Index Bullish Fund ETF (UUP). The market reacted by increasing bets on Federal Reserve rate cuts, with stocks, including the S&P 500 tracked by the SPDR S&P 500 ETF Trust (SPY), slightly rising in response.

Portfolio Pulse from Piero Cingari

May 09, 2024 | 2:44 pm

BIDU

BYDDF

FDIS

TSLA

XLY

Tesla Inc (NASDAQ:TSLA) is undergoing further job cuts in China amid challenges to regain market share in the face of stiff competition and a global slump in EV demand. The layoffs, part of a global initiative to reduce headcount by over 10%, affect various departments at Tesla's Shanghai plant. This comes as Tesla's market share in China drops to 7.5% in Q1 2024 from 10.5% the previous year, despite securing preliminary approval for its driver-assistance system in China. Tesla's stock is trading lower by 0.4% at $173.93.

Portfolio Pulse from Shivani Kumaresan

May 09, 2024 | 2:03 pm

CDLX

CPOP

EMBC

EMKR

SEZL

TIVC

U.S. stocks showed mixed performance with the Dow Jones slightly down and NASDAQ up. Jobless claims rose unexpectedly, affecting market sentiment. Pop Culture Group, Sezzle Inc., and Embecta Corp. saw significant stock price increases following positive financial reports, while Tivic Health Systems, EMCORE Corporation, and Cardlytics faced declines after disappointing financial updates or guidance. The real estate sector led gains, while financial shares dropped.

Portfolio Pulse from Avi Kapoor

May 09, 2024 | 1:47 pm

EWU

RBLX

SPY

US initial jobless claims were higher than expected, indicating potential labor market weaknesses. The Bank of England decided to leave interest rates unchanged, impacting UK economic outlook. Roblox's stock (RBLX) plummeted by 20% due to softer guidance than anticipated, signaling potential concerns for investors about the company's future revenue and growth prospects.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 1:46 pm

BTCUSD

ETHUSD

PENDLEUSD

Ethereum and Bitcoin experienced declines, with Ethereum falling below the $3,000 mark and Bitcoin dropping below $61,000. This movement coincided with an increase in U.S. jobless claims to 231,000, surpassing market expectations. The global crypto market cap also saw a decrease of 1.4%. Akash Network emerged as the top gainer, while Pendle was the biggest loser among cryptocurrencies over the last 24 hours.

Portfolio Pulse from Avi Kapoor

May 09, 2024 | 1:33 pm

DIS

MSFT

NFLX

SONY

TTWO

Microsoft Corp (NASDAQ:MSFT) is closing several video-game studios within its Xbox division as part of a broad cost-cutting strategy, affecting ZeniMax and other subsidiaries. The closures, including Tokyo-based Tango Gameworks, aim to reallocate resources amid a gaming sector experiencing extensive layoffs, with companies like Sony Group Corp (NYSE:SONY), Electronic Arts Inc (NASDAQ:EA), and Take-Two Interactive Software Inc (NASDAQ:TTWO) also reducing workforces. Meanwhile, Walt Disney Co (NYSE:DIS) and Netflix Inc (NASDAQ:NFLX) are increasing their focus on gaming.

Portfolio Pulse from Anusuya Lahiri

May 09, 2024 | 1:21 pm

NSC

Preliminary voting results from the 2024 Annual Meeting indicate that Ancora has successfully secured board seats for its nominees, signaling a significant shift in leadership and strategy for the company. Shareholders showed a lack of support for current board members including Amy Miles, Jennifer Scanlon, and John Thompson, and CEO Alan Shaw received a vote of no confidence with barely 50% support. This development underscores Ancora's ongoing campaign for changes at the company, especially in light of the upcoming government report on the East Palestine derailment and toxic burn.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 12:55 pm