Streetbeat News

Labor Issues

WHR

Whirlpool announced in its Q1 earnings report plans for workforce reduction starting March 2024, incurring $23M in Q1 with $14M for employee termination and $9M in exit costs. The company anticipates approximately $50M in restructuring charges for FY24.

Portfolio Pulse from Benzinga Newsdesk

April 25, 2024 | 2:16 pm

HMC

Honda announced plans to expand its production capacity with a new battery plant adjacent to its existing facility in Ontario, aiming for a maximum annual capacity of 36 gigawatt hours. This expansion is expected to add 1,000 employees.

Portfolio Pulse from Benzinga Newsdesk

April 25, 2024 | 2:09 pm

SPY

U.S. Treasury Secretary Yellen stated in a Reuters interview that the job market is strong and not a source of inflation. She emphasized the need for more evidence of a sustainable decline in inflation, acknowledging Americans' concerns over the high cost of living. President Biden's priority is to reduce these costs.

Portfolio Pulse from Benzinga Newsdesk

April 25, 2024 | 2:05 pm

STLA

TM

Production at three Stellantis assembly plants in Europe has been halted due to a strike at a supplier, MA France. The affected plants are in Poissy and Hordain, France, and Luton, Britain. The Hordain plant produces vans and mini buses for Stellantis brands and Toyota. MA France is a division of the Italian group CLN, specializing in stamped metal parts.

Portfolio Pulse from Benzinga Newsdesk

April 25, 2024 | 1:56 pm

STLA

VGK

Production at three Stellantis assembly plants in Europe has been halted due to a strike at supplier MA France, affecting plants in Poissy and Hordain, France, and Luton, Britain. The strike concerns plans to move production to Poland. Stellantis is in discussions to resume production.

Portfolio Pulse from Benzinga Newsdesk

April 25, 2024 | 1:52 pm

ETN

Eaton announced investments in manufacturing facilities in Texas and Wisconsin, expected to create over 800 new jobs. This move signifies Eaton's commitment to expanding its manufacturing capacity and workforce in the United States.

Portfolio Pulse from Benzinga Newsdesk

April 25, 2024 | 12:52 pm

SPY

US continuing jobless claims fell to 1.781 million, below the estimated 1.814 million, indicating a stronger labor market than expected.

Portfolio Pulse from Benzinga Newsdesk

April 25, 2024 | 12:31 pm

SPY

USA initial jobless claims for the week came in at 207,000, lower than the estimated 214,000 and the previous week's 212,000. This indicates a stronger labor market than expected.

Portfolio Pulse from Benzinga Newsdesk

April 25, 2024 | 12:30 pm

AMZN

Amazon Inc. (NASDAQ:AMZN) has announced it will pause new U.S. Green Card sponsorships for foreign workers through 2024, extending an initial halt started in 2023. This decision comes amid layoffs and a focus on cost-cutting and investment in artificial intelligence. The PERM process, essential for Green Card applications, has become more complex due to the need to prove laid-off employees cannot fill positions intended for foreign workers.

Portfolio Pulse from Benzinga Neuro

April 25, 2024 | 10:16 am

EWQ

The total number of jobseekers in France for March decreased to 2,812.2K from a revised figure of 2,820.6K in the previous period.

Portfolio Pulse from Benzinga Newsdesk

April 25, 2024 | 10:16 am