Streetbeat News

Labor Issues

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

KWR

Quaker Houghton announced the appointment of Tom Coler as CFO effective June 10, 2024, succeeding Shane Hostetter. Hostetter will leave to pursue other opportunities but will remain until August 4, 2024, for a smooth transition. CEO Andy Tometich praised both Coler's financial leadership and Hostetter's contributions to the company's growth and strategic initiatives.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 12:54 pm

SPY

The latest report shows that continuing jobless claims have come in at 1.785 million, slightly below the estimated 1.79 million.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 12:30 pm

SPY

US initial jobless claims came in at 231K, higher than the estimated 212K, indicating potential labor market cooling.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 12:30 pm

ATNF

180 Life Sciences announced the resignation of James N. Woody as CEO and board member, and Dr. Jonathan Rothbard as Chief Scientific Officer, both on May 7, 2024.

Portfolio Pulse from Benzinga Newsdesk

May 09, 2024 | 12:09 pm

X

Nippon Steel remains committed to its $14.9 billion acquisition of US Steel (NYSE:X) despite political and union challenges. The deal, facing bipartisan opposition and antitrust scrutiny in the US, is expected to close by late 2024. Nippon Steel has assured no job losses or plant shutdowns, with a $1.4 billion capital spending commitment and no layoffs through at least 2026.

Portfolio Pulse from Benzinga Neuro

May 09, 2024 | 11:57 am

MSFT

OpenAI CEO Sam Altman expressed concerns about AI's potential to cause economic upheaval through job displacement and broader socioeconomic changes. Despite the lack of a noticeable economic impact from GPT-4, Altman warns that failing to address AI's implications could have massive consequences. His views reflect a broader concern among tech leaders about AI and job displacement, with studies and experts highlighting the increasing adoption of AI in workplaces and its potential to impact up to 40% of global jobs.

Portfolio Pulse from Rounak Jain

May 09, 2024 | 10:37 am

AAPL

VGT

XLK

Apple Inc.'s unionized retail store in Towson, Maryland, is considering a strike amid ongoing negotiations over pay, overtime, and other labor practices. The International Association of Machinists & Aerospace Workers, representing the store, plans to vote on a strike, which could disrupt Apple's image. This follows a report of unfair labor practices by Apple and a separate unionization vote in New Jersey. Apple's stock, part of ETFs like VGT and XLK, has risen over 6% in the past year.

Portfolio Pulse from Shivani Kumaresan

May 09, 2024 | 9:52 am

TSLA

Bloomberg reports that Tesla Inc. is increasing job cuts in China due to a sales slowdown, particularly affecting its Gigafactory in Shanghai. This move comes as Tesla faces challenges in maintaining its growth momentum in the world's largest auto market.

Portfolio Pulse from Charles Gross

May 09, 2024 | 9:19 am

TSLA

Tesla Inc.'s head of product launches, Rich Otto, has resigned, joining a series of senior executive departures amid company-wide layoffs and cost-cutting measures. Tesla announced a 10% workforce reduction last month, affecting an estimated 14,000 employees, reflecting challenges such as declining sales and pricing pressures. For Q1, Tesla reported a revenue decline to $21.3 billion from $23.33 billion a year earlier, and a 55% drop in net profit to $1.13 billion. Tesla's stock is down nearly 30% year-to-date.

Portfolio Pulse from Anan Ashraf

May 09, 2024 | 5:45 am