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Labor Issues

MYO

Myomo projects over $5M in Q2 product revenue, surpassing the $5.12M estimate, and forecasts $28M-$30M in FY24 revenue, exceeding the $26.67M estimate. The company is expanding capacity and hiring, aiming for operating cash flow breakeven by Q4 2024, contingent on meeting hiring goals and avoiding supply chain disruptions.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 11:10 pm

AMC

DIS

WBD

Despite a challenging year for Hollywood with a weak box office forecast for 2024, layoffs, and strikes, CEOs of major studios like Disney and Warner Bros. Discovery received significant pay raises. Disney's Bob Iger saw a 110.7% increase in his salary, despite Disney's stock hitting a 10-year low and making 7,000 job cuts. Warner Bros. Discovery's David Zaslav received a 26.5% salary increase, even as the company faced significant layoffs and a stock low in the first quarter of 2024. Both companies, however, reported some financial positives, with Disney's revenues growing by 7% and Warner Bros. exceeding cash flow projections by $1 billion.

Portfolio Pulse from Anthony Noto

May 08, 2024 | 11:08 pm

ANIK

Anika Therapeutics, Inc. (NASDAQ:ANIK) announced the appointment of Steve Griffin as CFO, effective June 3, 2024, succeeding Michael Levitz. Levitz will assist in the transition until December 31, 2024. The leadership change aims to accelerate Anika's pivot to profitability, leveraging Griffin's strategic and financial expertise. Anika, a leader in orthopedics, focuses on hyaluronic acid business and product development in high-opportunity areas.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 9:56 pm

AMC

AMC has announced that its Q2 box office performance will continue to be impacted by the 2023 Hollywood strikes. Despite this, the company remains optimistic about its film lineup for the second half of 2024 and throughout 2025.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 8:27 pm

GM

General Motors (GM) announced it will cease production of the Chevrolet Malibu, a model sold for over 60 years, to focus on electric vehicles (EVs). The company plans to invest $390 million in its Kansas assembly plant for the next-generation Chevrolet Bolt EVs, marking a shift from gasoline-powered cars to EVs and crossovers. The Malibu's discontinuation in November follows the end of the Chevrolet Camaro production last year. GM also plans to temporarily halt Cadillac XT4 production in January 2025, with layoffs expected until production of both the Bolt EV and XT4 resumes later that year.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 7:08 pm

SPY

Fed's Collins remarks that companies are in a good position to handle quicker wage increases, stating that the recent inflation setbacks were anticipated.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 3:50 pm

AAPL

The Communication Workers Of America (CWA) has filed additional labor law violation charges against Apple, alleging the company has engaged in practices that infringe upon workers' rights.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 3:37 pm

FDX

A tornado caused a partial collapse of a FedEx facility in Portage, Michigan, trapping up to 50 employees. All were successfully evacuated with no serious injuries reported. The incident highlights the importance of emergency preparedness and inter-agency cooperation. FedEx is working on contingency plans to mitigate service impacts.

Portfolio Pulse from Aaron Bry

May 08, 2024 | 3:37 pm

MSFT

A study by Microsoft Corp. (NASDAQ:MSFT) and LinkedIn shows a significant adoption of AI in the workplace, with 75% of employees using AI tools. Despite the high usage, over half of the respondents fear job replacement, leading to hesitancy in admitting to using AI for critical tasks. The demand for AI skills has surged, with a 323% increase in technical AI talent demand over eight years. However, a gap in AI training by employers is evident, with only 39% of AI-using employees receiving training. The study highlights the ongoing debate about AI's impact on jobs, with contrasting views from industry leaders.

Portfolio Pulse from Rounak Jain

May 08, 2024 | 2:30 pm

FRME

First Merchants Corporation announced the appointment of Jean L. Wojtowicz as the new Chair of the Board of Directors for both First Merchants Corporation and First Merchants Bank, effective May 7, 2024. She succeeds Charles E. Schalliol, who is retiring after 17 years in the role. Wojtowicz, with 20 years on the board and a background in financial management as the founder and President of Cambridge Capital Management Corporation, is set to focus on navigating the financial landscape to ensure long-term stability and growth for stakeholders.

Portfolio Pulse from Benzinga Newsdesk

May 08, 2024 | 2:03 pm