Streetbeat News

Labor Issues

RMBL

RumbleOn's CFO, Blake Lawson, has submitted his resignation but will continue in his role until the company's 2024 Annual Meeting of Shareholders on June 4, 2024, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 5:42 pm

PEP

Teamsters Local 727 members, representing 95% of its workforce at Pepsi, have voted to authorize a strike as their current 3-year agreement with Pepsi expires on April 28. Negotiations for new contracts are also underway with Pepsi Teamsters in Local 673 in Illinois and Local 135 in Indianapolis.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 4:58 pm

DAL

Delta Air Lines announced it will increase the minimum starting wage to $19 an hour for its employees and provide a 5% pay raise to eligible employees worldwide. This move represents an approximately $500 million annual investment in the company's workforce.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 4:06 pm

TCNNF

Federal OSHA experts emphasized the need for safety strategies in the cannabis industry following the first occupational-related cannabis death in Massachusetts. Trulieve (OTCQX:TCNNF) faced a lawsuit after an employee died from asthma exacerbated by workplace exposure. OSHA's webinar highlighted the importance of industry involvement in training and reporting symptoms of occupational allergy. Despite cannabis being federally illegal, OSHA standards still apply to employers in the industry, stressing the need for marking hazardous chemicals and establishing robust health and safety standards.

Portfolio Pulse from Nina Zdinjak

April 22, 2024 | 3:59 pm

RIVN

Rivian Automotive Inc (NASDAQ:RIVN) shares dropped 1.5% to $8.50 amid a broader EV sector downturn, influenced by Tesla's price cuts in the US, Germany, and China. Rivian's recent workforce reduction by 1%, following a previous cut, targets support and back-office staff. The EV sector's decline is also attributed to Tesla laying off about 10% of its workforce. Wall Street analysts rate Rivian as Neutral, with a significant price fall expected by some. Rivian's stock has fallen 47.63% in the past three months, despite a 98.34% revenue increase over the past year.

Portfolio Pulse from Henry Khederian

April 22, 2024 | 3:33 pm

TSLA

Tesla has reportedly eliminated its 'Growth Content' advertising team, consisting of approximately 40 members, according to Bloomberg. This move could indicate a shift in Tesla's marketing strategy or a cost-cutting measure.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 2:36 pm

TSLA

Tesla Inc (NASDAQ:TSLA) is facing a significant downturn, with its stock hitting a new 52-week low of $146.22 on April 19, closing at $147.05. The company is set to report Q1 earnings on April 23, with Wall Street expecting 51 cents in EPS and $21.27 billion in revenues. Challenges include layoffs and a price war in China impacting margins. Despite the bearish trend, analysts have a neutral consensus with a potential upside based on recent ratings.

Portfolio Pulse from Surbhi Jain

April 22, 2024 | 2:21 pm

C

Giacomo Ciampolini, a key figure at Citigroup, is stepping down after an 8-year tenure, as reported by Bloomberg. This departure could signal a shift in leadership dynamics within the company, potentially impacting its strategic direction and investor confidence in the short term.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 12:21 pm

AIG

AIG announced that David McElroy, the Chairman of General Insurance, will retire effective May 1, 2024. McElroy has been with AIG since 2018, serving as CEO of General Insurance before becoming Chairman in January 2024.

Portfolio Pulse from Benzinga Newsdesk

April 22, 2024 | 11:34 am

LUXX

NBCC

NKE

Nike, Inc. (NYSE:NKE) plans to cut approximately 740 jobs at its Oregon headquarters as part of a cost-saving initiative aiming to trim $2 billion in expenses over three years, in response to a projected revenue decline in the first half of fiscal 2025. This follows an earlier announcement of over 1,600 job cuts, about 2% of its workforce. Amid these cuts, Nike is finalizing a significant endorsement deal with WNBA draft first pick Caitlin Clark. The company's stock has lost over 24% in the past year, and investors can gain exposure to NKE through ETFs like NBCC and LUXX.

Portfolio Pulse from Nabaparna Bhattacharya

April 20, 2024 | 7:46 pm