Streetbeat News

Labor Issues

IPGP

IPG Photonics Corporation (NASDAQ:IPGP) announced the appointment of Mark Gitin as the next CEO effective June 5, 2024. Gitin, with over 30 years in the lasers and optics sector, currently oversees the Photonics Solutions Division at MKS Instruments, Inc. He succeeds Dr. Eugene Scherbakov, a co-founder of IPG, who will remain on the Board and serve as an advisor. The transition is part of IPG's strategic objectives to diversify revenue, invest in growth products, and enhance stockholder value. Dr. Scherbakov has significantly contributed to IPG's growth and strategic repositioning, including shifting manufacturing out of Russia and focusing on key markets.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 12:10 pm

SYY

Sysco Corporation (NYSE:SYY) announced Kevin Hourican's appointment as Chair of the Board, succeeding Edward D. Shirley who stepped down due to health reasons. Hourican will retain his CEO role, emphasizing the company's resilience and strategic growth. Larry Glasscock is appointed Lead Independent Director, with John Hinshaw taking over his previous role in the Corporate Governance and Nominating Committee.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 12:03 pm

TSLA

Tesla Inc (NASDAQ:TSLA) is undergoing significant workforce reductions, with the departure of two more senior executives, Rebecca Tinucci and Daniel Ho, as CEO Elon Musk pushes for a 'hardcore' approach to headcount and cost reduction. This follows the earlier exit of Drew Baglino and Rohan Patel and comes amid broader challenges for Tesla, including declining sales and pricing pressures. Tesla's Q1 revenue fell to $21.3 billion from $23.33 billion a year earlier, with net profit dropping 55% to $1.13 billion. Tesla's stock saw a 15.3% increase on Monday but fell 1.63% in premarket trading, with a year-to-date decrease of 21.9%.

Portfolio Pulse from Anan Ashraf

April 30, 2024 | 11:45 am

CLOD

IGV

ORCL

Oracle Corp. (NYSE:ORCL) has more employees in California than in its Texas headquarters, despite moving there three years ago. Chairman Larry Ellison announced another move to Nashville, citing the city's healthcare sector prominence and quality of life. Despite the headquarters shift, Oracle maintains significant operations in California and has more employees in Missouri following the acquisition of Cerner in 2022. Oracle's stock has gained over 22% in the last 12 months, with exposure through Themes Cloud Computing ETF (NASDAQ:CLOD) and IShares Expanded Tech-Software Sector ETF (BATS:IGV).

Portfolio Pulse from Shivani Kumaresan

April 30, 2024 | 9:52 am

AAPL

GOOG

Apple has reportedly hired dozens of AI experts from Google, establishing a new AI research lab in Zurich, according to Financial Times. This move signifies Apple's aggressive expansion into AI, potentially enhancing its competitive edge in technology and innovation.

Portfolio Pulse from Charles Gross

April 30, 2024 | 9:22 am

GOOG

GOOGL

Google has conducted another round of layoffs, affecting staff within various development teams, as reported by the San Francisco Chronicle. This move is part of the company's ongoing efforts to streamline operations and reduce costs.

Portfolio Pulse from Charles Gross

April 30, 2024 | 9:18 am

EWG

Germany's unemployment rate remained steady at 5.9% for April, indicating stability in the job market.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 7:59 am

EWG

Germany's unemployment change for April was reported at 10K, exceeding the estimated 7K and the previous month's 4K.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 7:58 am

RYAM

Rayonier Advanced Materials Inc. (RYAM) will suspend operations at its Temiscaming High Purity Cellulose plant from July 2, 2024, due to market conditions, high costs, and to improve cash flow and financial performance. The suspension will reduce global HPC production and result in 275 layoffs, but does not affect RYAM's paperboard and high-yield pulp plants.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 8:20 pm

PARA

PARAA

Paramount Global announced that Bob Bakish, the President and CEO, is stepping down from his role as CEO and from the board. This leadership change could signal a strategic shift or management restructuring within the company.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 8:01 pm