Streetbeat News

Labor Issues

ERIC

Traders are circulating news that Ericsson is planning more layoffs in China in the coming months, indicating a potential restructuring or cost-cutting measure.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 12:40 pm

GOOG

GOOGL

IXP

XLC

Alphabet Inc's Google has initiated another round of job cuts, focusing on the real estate and finance departments as part of its ongoing cost-cutting measures. This move is in response to the economic uncertainties in the tech industry, aiming to streamline operations and align resources with key product initiatives. Despite the layoffs, Google continues to expand internationally and invest in AI, cloud, and hardware, which analysts believe could lead to a re-evaluation of Alphabet's shares. GOOG stock has seen a 49% increase over the last 12 months, with potential exposure through IXP and XLC ETFs.

Portfolio Pulse from Anusuya Lahiri

April 18, 2024 | 12:39 pm

SPY

USA Continuing Jobless Claims reported at 1,812K, slightly below the estimate of 1,818K but above the prior figure of 1,810K.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 12:30 pm

SPY

U.S. initial jobless claims came in at 212,000, matching the previous week's figure and slightly below the estimated 215,000. This indicates a stable labor market.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 12:30 pm

TSLA

Tesla shares are trading lower due to workforce cuts.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 11:20 am

LEV

Lion Electric has announced a workforce reduction affecting about 120 employees, primarily in Canada, focusing on overhead and product development roles. The company asserts this move will not negatively impact its production capacity and expects to have around 1,150 employees after the reduction.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 11:07 am

TSLA

Morgan Stanley analyst Adam Jonas predicts an EV market recession but maintains an 'overweight' rating on Tesla (TSLA) with a $310 price target, citing the company's potential in AI. Despite a valuation of Tesla's core auto business at $62 per share, Jonas believes Tesla will leverage the downturn to strengthen its position. He notes the broader EV slowdown, evidenced by layoffs and revised targets, and anticipates further layoffs at Tesla. Jonas also suggests legacy carmakers will significantly lower their EV ambitions, while Tesla's AI initiatives could enhance its valuation.

Portfolio Pulse from Anan Ashraf

April 18, 2024 | 9:28 am

TSLA

Tesla has reportedly laid off 300 temporary workers in Germany as part of its plan to reduce its global workforce by 10%. The majority of these workers have found employment through a contract partner.

Portfolio Pulse from Charles Gross

April 18, 2024 | 8:56 am

RIVN

Rivian Automotive (NASDAQ:RIVN) is cutting another 1% of its workforce, following Tesla's recent layoffs, as part of its efforts to achieve profitability by the end of the year. The cuts will likely affect support and back-office workers. Despite increasing vehicle deliveries, Rivian continues to face losses and aims for profitability by Q4 2024. Rivian's stock saw a slight increase on Wednesday but dropped in after-hours trading.

Portfolio Pulse from Anan Ashraf

April 18, 2024 | 6:16 am

EWA

Australia reported a Full Employment Change of 27.9K for March, a decrease from the 78.2K reported in the prior period. This indicates a slowdown in employment growth.

Portfolio Pulse from Benzinga Newsdesk

April 18, 2024 | 4:59 am