Streetbeat News

Labor Issues

MMAT

Meta Materials Inc. (MMAT) announced a significant workforce reduction of approximately 80% due to liquidity challenges and difficulties in securing additional financing. The company is exploring strategic alternatives, including asset divestiture, additional financing, or a potential sale, but faces financial hardship that could lead to facility closures or bankruptcy.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 8:07 pm

WM

Unifor members at Waste Management Canada Corp. initiated a strike on May 2, 2024, according to Reuters. This labor action could impact operations and potentially affect service delivery timelines.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 7:18 pm

FMAO

Farmers & Merchants Bancorp, Inc. (NASDAQ:FMAO) announced Andrew Briggs as the new Chairman of the Board, succeeding Jack Johnson who is retiring due to age requirements. Briggs, with over 40 years in banking and significant community involvement, brings a wealth of experience to FMAO. The company highlights its succession planning and board renewal efforts, with over half of the current board members having joined since 2016. Lars Eller, CEO, praised both Briggs' appointment and Johnson's contributions.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 7:17 pm

USB

U.S. Bancorp (NYSE:USB) has appointed Gunjan Kedia as its new president, a role in which she will oversee the company's three business lines to promote growth and enhance client experiences. Kedia, with over 30 years in financial services, has been with U.S. Bank since 2016, contributing significantly to its growth and diversity efforts. She reports to Andy Cecere, chairman and CEO, and aims to continue driving success across all business lines.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 6:31 pm

CXM

Sprinklr, a customer experience management (CXM) platform provider, has announced a layoff of approximately 3% of its workforce, totaling around 116 employees, as part of a strategic realignment of its customer operations team. This follows a previous reduction of about 4% of its workforce last year. The layoffs are part of the company's efforts to enhance go-to-market efficiencies and customer service. Despite the job cuts, Sprinklr reported a 17% increase in quarterly revenue year-on-year and has shifted to a GAAP operating income from a loss. The company continues to focus on growth areas and plans to hire in prioritized sectors while supporting affected employees through their transition.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 6:22 pm

BA

LUV

Southwest Airlines is planning to offer reduced hours to pilots in response to delays in aircraft deliveries from Boeing, according to sources cited by Reuters.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 6:02 pm

LNG

Cheniere's executives provided updates on India's LNG import records, major plant maintenance schedules, and labor status for expansion projects. India is expected to set monthly records for LNG imports due to lower prices. CFO Zach Davis noted that major maintenance at Cheniere's LNG plant would occur in Q2 and Q3, coinciding with likely lower summer production. CEO Jack Fusco confirmed no labor shortages for the plant expansion project.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 4:18 pm

PTON

Peloton shares are trading higher following the announcement of a CEO transition and a 15% reduction in global headcount.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 3:42 pm

SPY

Fed's Goolsbee comments on the potential risks of the Federal Reserve being overly restrictive for too long, highlighting the importance of considering the employment aspect of its mandate. He notes that current economic indicators remain solid, but warns that shifts in the business cycle, marked by deteriorating credit and rising unemployment, are usually pronounced, though such signs have not been observed yet.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 2:47 pm

SPY

Fed's Bowman highlighted that inflation is expected to stay elevated for an extended period, with a recent uptick observed across various goods and services. Additionally, recent employment reports indicate a persistently tight labor market.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 1:49 pm