Streetbeat News

Labor Issues

AEON

MRIN

SGBX

SPT

VAXX

WOW

U.S. stocks saw significant gains with the Dow Jones surging over 400 points following the release of April's job report, which showed a lower-than-expected addition of 175,000 nonfarm payrolls. The unemployment rate slightly increased to 3.9%. Notably, Safe & Green Holdings Corp. (SGBX) shares soared 70% after announcing a delivery to a quick-service restaurant, Vaxxinity, Inc. (VAXX) surged 33% post-delisting announcement, and WideOpenWest, Inc. (WOW) gained 29% after a purchase proposal. Conversely, AEON Biopharma, Inc. (AEON) plummeted 51% due to disappointing trial results, Sprout Social, Inc. (SPT) fell 30% after reporting poor revenue, and Marin Software Incorporated (MRIN) dropped 19% due to a revenue decline.

Portfolio Pulse from Avi Kapoor

May 03, 2024 | 1:44 pm

LYFT

UBER

The Massachusetts Supreme Court is deliberating on whether Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT) drivers should be classified as independent contractors or employees, a decision that could significantly impact the companies' business models and financial liabilities. This case is part of a larger national debate on gig workers' rights, with implications for the gig economy at large. The outcome could affect Uber and Lyft's operations and costs, especially as they face a civil lawsuit for misclassification of drivers and potential changes in employment classification rules by the U.S. Department of Labor.

Portfolio Pulse from Benzinga Neuro

May 03, 2024 | 1:15 pm

RIVN

Rivian has announced the hiring of Javier Varela as its new Chief Operating Officer (COO). This strategic move aims to strengthen the company's operational capabilities as it scales up production and expands its market presence.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 1:05 pm

SPY

UUP

The U.S. labor market in April showed signs of cooling, with nonfarm payrolls and wage growth both missing expectations. This has led to increased optimism for potential interest rate cuts later this year, impacting Treasury yields, the U.S. dollar index, and futures on U.S. major averages positively.

Portfolio Pulse from Piero Cingari

May 03, 2024 | 12:37 pm

SPY

The Participation Rate for April was reported at 62.7%, indicating the percentage of the working-age population that is part of the labor force. This metric is crucial for investors as it provides insights into the labor market's health, potentially influencing market sentiment and monetary policy decisions.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 12:31 pm

SPY

The U6 unemployment rate for April increased to 7.4% from 7.3% in the previous month.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 12:31 pm

SPY

The USA unemployment rate for April was reported at 3.9%, slightly higher than the estimated 3.8% and the previous month's 3.8%.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 12:30 pm

VGK

The unemployment rate in the Eurozone remained steady at 6.5% for March, indicating stability in the job market despite economic challenges.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 9:10 am

CCEP

DEO

Coca-Cola Europacific Partners (CCEP) announced the resignation of CFO Nik Jhangiani, who will join Diageo plc (DEO) as CFO in Autumn 2024. CCEP is in the process of searching for Jhangiani's successor, while Lavanya Chandrashekar will step down from Diageo's Executive Committee and Board to make way for Jhangiani.

Portfolio Pulse from Benzinga Newsdesk

May 03, 2024 | 7:03 am

NSC

The Brotherhood of Locomotive Engineers and Trainmen (BLET) General Chairmen, representing members at Norfolk Southern Corporation (NYSE:NSC), criticized CEO Alan Shaw for his attacks on labor discussions, labeling them as unfounded and desperate. They accused Shaw of misrepresenting discussions with Ancora nominees and the record of Jim Barber, an Ancora nominee with a positive history of union relations at UPS. The BLET leaders, who initially supported Shaw, have shifted their support to Ancora and its nominees due to Shaw's inconsistent strategies and attacks on labor.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 9:42 pm