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BHP

FQVLF

First Quantum Minerals (OTCPK: FQVLF) is permanently closing its Ravensthorpe nickel mine in Western Australia, leading to the loss of 330 jobs. The decision comes after months of production suspension and is attributed to ongoing financial losses and the expectation of lower nickel prices. Nickel prices have significantly dropped, influenced by increased production in Indonesia. The closure reflects broader challenges in the nickel mining sector, with BHP's (NYSE:BHP) Nickel West operation also identified as under pressure. The impact of this closure is seen as a negative development for the local community and the nickel mining industry in Western Australia.

Portfolio Pulse from Stjepan Kalinic

April 29, 2024 | 6:54 pm

CMG

JACK

MCD

SHAK

California's minimum wage increase for fast-food workers has led to menu price hikes across the state, with chains like Chipotle, McDonald's, Jack in the Box, and Shake Shack planning to raise prices. This follows a mandated rise in hourly pay to $20 by April, causing a statewide average price increase of 10%, outpacing other regions. Chipotle reported a 6% to 7% price increase at its California locations.

Portfolio Pulse from Shivani Kumaresan

April 29, 2024 | 4:33 pm

STOK

Stoke Therapeutics, Inc. (NASDAQ:STOK) announced the appointment of Thomas Leggett as the new Chief Financial Officer, succeeding Stephen Tulipano. Leggett brings over two decades of experience in financial strategy and operations for life science companies. The company highlighted Tulipano's contributions, including leading Stoke's IPO and a $125M public offering. Stoke is advancing its growth phase, focusing on developing STK-001 for Dravet syndrome, transitioning to a late-stage clinical company.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 12:20 pm

META

Meta's Oversight Board, established in 2019 for content moderation, plans to lay off workers amid criticism for slow decision-making. The cuts aim to optimize operations, focusing on impactful work. Despite the layoffs, Meta reaffirms its commitment to the Board, highlighting its role in content moderation. The Board, funded by Meta, faces challenges in maintaining its governance model's viability. It also seeks to expand its scope beyond Meta, exploring funding opportunities under the EU's Digital Services Act. Meta's investment in the Board totals $280 million since its inception.

Portfolio Pulse from Benzinga Newsdesk

April 29, 2024 | 11:57 am

BKKT

CLVR

PHG

TSLA

Koninklijke Philips N.V. (PHG) shares surged 37.1% in pre-market trading after announcing Q1 results and a $1.1 billion settlement in the US. Other stocks showed significant movement, with Inno Holdings, Ryde Group, and Akanda Corp among the top gainers. Conversely, Bakkt Holdings and Clever Leaves led the pre-market losers following a reverse stock split and delisting announcement, respectively. Tesla also gained attention with a 7.3% increase after announcing layoffs and a price hike for its Model 3 Performance.

Portfolio Pulse from Avi Kapoor

April 29, 2024 | 9:53 am

DPZ

NXPI

TSLA

YUMC

U.S. stock futures are trading higher, with focus on Domino's Pizza, Yum China, Tesla, ON Semiconductor, and NXP Semiconductors due to earnings reports and Tesla's layoffs. Domino's and Yum China are expected to report their quarterly earnings, with analysts predicting specific earnings per share and revenue figures. Tesla is laying off 693 employees in Nevada and raised the price of its Model 3 Performance. ON Semiconductor and NXP Semiconductors are also anticipated to report their earnings, with projections on earnings per share and revenue.

Portfolio Pulse from Avi Kapoor

April 29, 2024 | 6:57 am

BGNE

TER

TSLA

VRT

Last week's top-performing large-cap stocks included Vertiv Holdings Co, Tesla, Inc., Teradyne, Inc., BeiGene, Ltd., Tyler Technologies, Inc., Westinghouse Air Brake Technologies Corporation, Newmont Corporation, Carrier Global Corporation, First Citizens BancShares, Inc., Lattice Semiconductor Corporation, Microchip Technology Incorporated, Deutsche Bank AG, Grupo Aeroportuario Del Sureste, S.A. De C.V., Antero Resources Corporation, and Monolithic Power Systems, Inc. These companies reported significant gains due to various factors such as better-than-expected earnings, guidance raises, regulatory approvals, and strategic workforce reductions.

Portfolio Pulse from Lekha Gupta

April 28, 2024 | 10:18 pm

TSLA

Tesla Inc. (NASDAQ:TSLA) plans to lay off 693 employees in Nevada as part of a global workforce reduction of 10%, totaling about 14,000 jobs, due to falling EV sales and margins. The layoffs, announced on April 15, are part of a broader effort to streamline the company for future growth, according to CEO Elon Musk. This move comes amid disappointing financial results for Tesla, with a 55% drop in net profit and the first quarterly revenue decline since 2020. Despite these challenges, Musk has promised a faster rollout of cheaper EV models.

Portfolio Pulse from Anan Ashraf

April 27, 2024 | 4:01 am

MSFT

Blizzard has canceled BlizzCon 2024, opting for smaller events and participation in trade shows like Gamescom. The decision follows a year of significant changes for Blizzard, including Microsoft's acquisition of the company and leadership shifts. Despite the cancellation, Blizzard plans to bring back BlizzCon in future years. The video game industry is currently facing challenges, highlighted by Microsoft's recent layoffs of 1,900 employees across Activision Blizzard and Xbox.

Portfolio Pulse from Franca Quarneti

April 26, 2024 | 8:41 pm

LHX

In a CNBC interview, L3Harris CEO Chris Kubasik discussed the company's decision to cut 5% of its workforce, stating it was the right move for the business. This strategic decision reflects the company's efforts to streamline operations and improve efficiency.

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 8:40 pm