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Labor Issues

CLLS

Cellectis (NASDAQ:CLLS), a clinical-stage biotechnology company, announced the resignation of CFO Bing Wang and the appointment of Arthur Stril as interim CFO. Stril, who joined Cellectis in 2018 and served as Chief Business Officer since 2020, will oversee finance, investor relations, and continue his business development role. The company praised Wang's contributions and expressed confidence in Stril's capabilities to support Cellectis' growth and clinical trials advancement.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 9:35 pm

SPY

The April jobs report is anticipated to show a slight decrease in nonfarm payrolls to 243,000 from March's 303,000, with the unemployment rate expected to remain steady at 3.8%. Economists predict a minor slowdown in average hourly earnings growth year-on-year from 4.1% to 4%. The SPDR S&P 500 ETF Trust (SPY) historically reacts positively to strong jobs reports, with a notable exception in March when an unexpected rise in unemployment led to a negative return.

Portfolio Pulse from Piero Cingari

May 02, 2024 | 4:28 pm

PTON

Peloton shares are trading lower after reporting worse-than-expected Q3 results, announcing a CEO transition, and a 15% global headcount reduction.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 3:29 pm

SPR

Joshua Dean, a former quality auditor at Spirit AeroSystems and Boeing whistleblower, died from a severe infection. Dean had raised concerns about production defects at Spirit AeroSystems, which manufactures parts for Boeing, and was fired in 2022. His death follows another Boeing whistleblower's death by alleged suicide two months prior. Dean had filed complaints with the FAA and the Department of Labor regarding his termination and safety concerns. His case was pending at the time of his death.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 3:24 pm

FDIS

TSLA

XLY

Tesla Inc (NASDAQ:TSLA) has rescinded internship offers due to budget constraints, leaving many students in a difficult position. The company's decision is part of broader cost-cutting measures, including a 10% global workforce reduction announced by CEO Elon Musk. This comes amid concerns over declining electric vehicle sales and high expenditures, with Tesla reporting an 8.5% year-on-year decline in first-quarter deliveries. The company also plans to slow down the expansion of its supercharger network. Despite these challenges, Tesla stock has gained over 12% in the last 12 months, and investors can gain exposure to Tesla through ETFs like the Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) and Fidelity MSCI Consumer Discretionary Index ETF (NYSE:FDIS).

Portfolio Pulse from Shivani Kumaresan

May 02, 2024 | 3:04 pm

CBSTF

CRLBF

VRNOF

Cannabis workers at Sunnyside, a Cresco Labs (OTCQX:CRLBF) subsidiary in River North, Illinois, voted to join Teamsters Local 777. This marks the sixth Cresco location to unionize with Local 777, following successful contract negotiations for five other Illinois locations. The move is part of a broader trend of unionization within the cannabis industry, with successful efforts also noted at Cannabist Company Holdings Inc (CBSTF) in New Jersey, Grassdoor in California, and Verano Holdings Corp (VRNOF) in Chicago.

Portfolio Pulse from Nina Zdinjak

May 02, 2024 | 2:17 pm

FTHI

KOMP

STLA

TSLA

Stellantis NV is shifting its engineering recruitment to lower-cost countries like Morocco, India, and Brazil to counter cheaper Chinese EVs and reduced demand. The move aims to reduce costs amid declining EV demand, a strategy also seen in other Western automakers like Tesla Inc and Volkswagen AG. Stellantis plans to cut jobs, including 400 engineering positions in Michigan, and aims for two-thirds of its engineering workforce in cost-effective regions. Despite a 12% drop in net revenues to $44.6 billion in Q1, Stellantis is launching 25 new models in 2024. Its stock gained 38% in the last 12 months, with exposure through FTHI and KOMP ETFs.

Portfolio Pulse from Anusuya Lahiri

May 02, 2024 | 1:15 pm

PTON

Peloton Interactive, Inc. (NASDAQ:PTON) CEO Barry McCarthy has resigned, and the company announced a 15% reduction in its global workforce due to a demand slump for its fitness products. The company is also scaling back its retail footprint to align spending with revenue and generate sustainable positive free cash flow. McCarthy's departure follows a period of cost-cutting and a pivot towards a software-centric approach amid high inflation and rising borrowing costs. Peloton has revised its full-year forecast for connected fitness subscribers downwards and appointed interim co-CEOs Karen Boone and Chris Bruzzo, with Jay Hoag as the new chairperson of the board.

Portfolio Pulse from Benzinga Neuro

May 02, 2024 | 1:15 pm

HERO

NERD

TTWO

Take-Two Interactive Software Inc (NASDAQ:TTWO), known for the Grand Theft Auto franchise, is closing subsidiaries Roll7 and Intercept Games, impacting 70 jobs, as part of broader layoffs affecting 600 employees. This move is part of a trend in the gaming industry, with companies like Sony, EA, and Microsoft also announcing layoffs. Meanwhile, Disney and Netflix are increasing their investments in gaming. TTWO stock is accessible through ETFs like NERD and HERO.

Portfolio Pulse from Anusuya Lahiri

May 02, 2024 | 1:12 pm

SPY

Initial jobless claims for the week came in at 208,000, lower than the estimated 212,000. This indicates fewer Americans filed for unemployment benefits than expected, suggesting resilience in the labor market.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 12:30 pm