Streetbeat News

Labor Issues

CVAC

CureVac announced an organizational redesign set to be implemented in 2024 to streamline structures and reduce operating costs, including a 'voluntary leaver' program aimed at reducing 150 positions.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 11:17 am

TSLA

Tesla, Inc.'s Vice President of Investor Relations, Martin Viecha, announced his resignation after a 7-year tenure, marking the third high-profile departure from the company in two weeks. This follows the recent layoffs affecting over 10% of Tesla's global workforce and the exits of senior executives Drew Baglino and Rohan Patel. CEO Elon Musk praised Viecha's contributions to Tesla during his tenure.

Portfolio Pulse from Anan Ashraf

April 24, 2024 | 5:20 am

FDX

UPS

United Parcel Service, Inc. (NYSE:UPS) reported a decline in Q1 earnings due to a shipping slump and high labor costs from a new union deal guaranteeing $170,000 salaries for delivery drivers. Despite this, shares rose 2.4% as profits exceeded expectations. UPS also secured a significant contract with the USPS, replacing FedEx Corp (NYSE:FDX) as the primary air cargo service provider, which is expected to support revenue despite ongoing volume declines.

Portfolio Pulse from Natan Ponieman

April 23, 2024 | 9:38 pm

TSLA

Tesla Inc (NASDAQ:TSLA) reported Q1 earnings with revenue of $21.0 billion, missing Wall Street's estimate of $22.15 billion, and EPS of 45 cents, below the consensus of 51 cents. Automotive revenue fell 13% YOY, while services revenue rose 25%. Challenges included an arson attack at Gigafactory Berlin and the Red Sea conflict. Tesla announced job cuts and a focus on profitable growth, including investments in AI and a faster launch of new models. Shares rose 5% in after-hours trading.

Portfolio Pulse from Chris Katje

April 23, 2024 | 8:35 pm

LUMN

Lumen Technologies plans to reduce its workforce by less than 7% through a mix of involuntary and voluntary separations, expecting to incur $90 to $100 million in severance and related costs by Q2 2024, with no significant impairment or exit costs anticipated.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 8:25 pm

TSLA

Wall Street shifts focus to tech earnings, particularly Tesla's, after geopolitical tensions in the Middle East subside. Tesla's stock has suffered due to layoffs and price cuts, indicating a demand slowdown and increased competition. However, Tesla's unique position in self-driving data could influence its earnings outcome. The Nasdaq index faces volatility but remains in an upward trend, with potential for recovery if Tesla's earnings meet expectations.

Portfolio Pulse from Naeem Aslam

April 23, 2024 | 8:14 pm

SPY

The Federal Trade Commission (FTC) has announced a new rule that bans noncompete clauses, which could significantly impact the labor market and potentially affect the competitiveness and operational strategies of companies across various sectors. This rule may lead to increased mobility of skilled workers and could influence innovation and competition dynamics.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 7:22 pm

LHX

U.S. defense contractor L3Harris plans to cut 5% of its workforce this year as a cost-saving measure, according to an email obtained by Reuters.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 6:56 pm

TSLA

Tesla has terminated 6,020 employees across all its factories today, impacting its workforce significantly. This move could have various implications for the company's operations and financial performance in the short term.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 6:51 pm

GM

The United Auto Workers (UAW) announced that Aramark workers, servicing General Motors (GM), will receive retroactive back pay from March 15, the day the previous contract expired. Additionally, the UAW successfully negotiated a reduction in the time required for Aramark workers at GM facilities to reach the top wage rate, marking a significant gain for sanitation workers.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 6:49 pm