Streetbeat News

Labor Issues

FSR

GOEV

KARS

LCID

RIVN

TSLA

Tesla faced a challenging week with job cuts, price reductions, and lowered analyst expectations, impacting its stock negatively. Rivian also announced job cuts due to the industry slowdown. Canoo received a 'Buy' rating from Benchmark, while Lucid showcased its 2024 Air Grand Touring with the longest range among US EVs. Fisker announced new dealer partnerships amid bankruptcy concerns. The KraneShares Electric Vehicles ETF saw a decline, reflecting broader market trends and specific company issues in the EV sector.

Portfolio Pulse from Shanthi Rexaline

April 20, 2024 | 1:33 pm

TSLA

Tesla, Inc. (NASDAQ:TSLA) reduced the prices of its Model S, X, and Y vehicles in the U.S. by $2,000, marking a strategy shift that has previously been criticized. This move comes as Tesla faces negative volume growth, with first-quarter deliveries declining year-over-year for the first time since Q2 2020. The price cuts are seen as a response to declining auto gross margins and overall pressure on the EV industry. Tesla also ended its referral program in the U.S. and announced layoffs, including high-profile executives. The company is set to report its first-quarter results soon, with analysts expecting a decrease in earnings per share and revenue compared to the previous year.

Portfolio Pulse from Shanthi Rexaline

April 20, 2024 | 3:57 am

AFJK

Juan Fernandez Pascual has resigned as CEO, Secretary, and Director of Aimei Health Technology. Junheng Xie has been appointed as the new CEO, Secretary, and Director, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

April 19, 2024 | 8:51 pm

BTOG

Bit Origin Ltd announced significant executive changes, including the termination of CFO Xia Wang on Feb 19, and the resignation of CEO and Chairman Lucas Wang on April 10. The current COO has been appointed as the new CEO, Chairman of the Board, and a Director. The company is now searching for a new CFO.

Portfolio Pulse from Benzinga Newsdesk

April 19, 2024 | 8:47 pm

MSFT

Six months following Microsoft's acquisition of Activision Blizzard, Holly Longdale, an executive at World of Warcraft, shared that Microsoft has allowed Blizzard to maintain its autonomy, stating 'There's no one asking us to do anything.' Longdale praised the supportive environment and the opportunities for collaboration with other Microsoft-owned studios. Despite the positive integration, Microsoft's gaming division faced layoffs affecting 1,900 employees and project cancellations. Blizzard also announced a new World of Warcraft expansion, 'The War Within,' generating anticipation.

Portfolio Pulse from Franca Quarneti

April 19, 2024 | 8:32 pm

GTI

Graphjet Technology announced the immediate resignation of CFO Tham Choi Kuen due to health reasons. Aiden Lee Ping Wei, the current CEO, will serve as interim CFO, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

April 19, 2024 | 8:10 pm

BLK

COIN

LMT

TSLA

Tech stocks, particularly in the Nasdaq 100, faced their fourth consecutive week of declines amid inflation and geopolitical concerns. Fed Chair Jerome Powell's stance on interest rates pushed Treasury yields to 5%. Gold prices rose for the fifth week. Concerns over U.S. debt sustainability were highlighted by the IMF. BlackRock and Coinbase launched campaigns on Bitcoin halving. Tesla announced a recall of Cybertruck vehicles and layoffs of over 14,000 employees. Lockheed Martin secured a $17-billion missile defense contract.

Portfolio Pulse from Piero Cingari

April 19, 2024 | 8:10 pm

NKE

Nike announced it will lay off 740 workers at its Oregon headquarters as part of a second wave of mass layoffs, following a previous announcement by CEO John Donahoe of a 2% workforce reduction. The layoffs, which are part of a broader restructuring effort aimed at cutting $2 billion in costs over three years, do not affect Nike's store, distribution center, or U.S. manufacturing facility employees. This move comes amid a sales slump and market share loss to competitors, with Nike projecting only a 1% sales increase for the fiscal year ending May 31 and expecting sales to decline in the following six months before a projected acceleration due to new product launches.

Portfolio Pulse from Benzinga Newsdesk

April 19, 2024 | 6:47 pm

LULU

Lululemon Athletica plans to close a smaller distribution center in Sumner, Washington by the end of 2024, leading to a reduction of just over 100 positions. Some employees will be retained and relocated to other facilities, including a distribution center in the Greater Los Angeles area.

Portfolio Pulse from Benzinga Newsdesk

April 19, 2024 | 6:18 pm

UBS

Deutsche Bank AG (NYSE:DB) has cut its private banking workforce in Asia by ten roles recently, part of a broader effort to eliminate around 60 positions in Singapore and Hong Kong over the past year. This move is aimed at focusing on more profitable markets and addressing underperformance. The cuts have affected relationship managers, including those recruited from Credit Suisse, and employees in product and support functions. The restructuring comes amid a slowdown in China's economy, which has impacted revenues for wealth management firms in the region. UBS Group AG (NYSE:UBS) also reduced about 70 positions in Hong Kong and Singapore. Deutsche Bank's relationship manager headcount in Asia was 241 as of 2022.

Portfolio Pulse from Nabaparna Bhattacharya

April 19, 2024 | 4:41 pm