Streetbeat News

Labor Issues

TSLA

Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk announced the removal of inventory discounts on Tesla cars in the U.S. to simplify the company's sales system, which he described as 'complex and inefficient'. This change excludes demo or used vehicles. The decision follows recent cost-cutting measures, including laying off 14,000 employees (10% of its global workforce) and the departure of senior executives Drew Baglino and Rohan Patel. Despite these changes, Tesla has avoided price cuts in the U.S. since early 2024, except for a temporary reduction on select Model Y versions in February. Recently, Tesla raised prices on all Model Y versions by up to $1,000.

Portfolio Pulse from Anan Ashraf

April 17, 2024 | 7:53 am

ALGT

Allegiant flight attendants, represented by TWU Local 577, have ratified a new 5-year agreement, approving it with an 89% vote. The contract includes a 20%-41.2% wage increase, with an average increase of 25% upon ratification. More than 1,700 flight attendants are covered by this agreement, which also features improved pay overrides among other enhancements.

Portfolio Pulse from Benzinga Newsdesk

April 17, 2024 | 6:23 am

BYDDF

BYDDY

TSLA

Tesla Inc (NASDAQ:TSLA) faces scrutiny over Elon Musk's management style amid Cybertruck delivery delays, as investor Ross Gerber expresses skepticism. Gerber criticized Musk's focus since purchasing Twitter, suggesting a lack of leadership at Tesla. This criticism follows Tesla's poor Q1 sales performance, which Musk attributed to broader industry challenges, comparing it to BYD Co. Ltd.'s (OTC:BYDDY) (OTC:BYDDF) sales decline. The situation raises questions about Tesla's leadership and strategic direction, amidst layoffs and a focus on the robotaxi project.

Portfolio Pulse from Benzinga Neuro

April 17, 2024 | 3:12 am

TTWO

Take-Two Interactive has announced a cost reduction program that includes eliminating projects and reducing its workforce by 5%. The company expects to incur charges between $160M-$200M but anticipates over $165M in annual savings as a result. This strategic move is detailed in their recent 8-K filing.

Portfolio Pulse from Charles Gross

April 16, 2024 | 9:07 pm

ALG

Alamo Group announced that around 200 unionized workers at its subsidiary Gradall Industries in New Philadelphia, Ohio, have gone on strike due to unsuccessful labor agreement negotiations. The workers are represented by the International Association of Machinists and Aerospace Workers, District Lodge 54, Local Lodge 1285. Alamo Group is actively engaged in negotiations and is committed to reaching a new labor agreement to resume normal operations.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 8:16 pm

SRCL

Warehouse workers at Stericycle's Woonsocket facility have unanimously voted to join Teamsters Local 251, aligning with Teamsters drivers who ratified their first collective bargaining agreement in March 2022. These workers are responsible for processing and disposing of hazardous medical waste.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 7:56 pm

TSLA

Tesla Inc (NASDAQ:TSLA) shares fell to a near-year low due to Cybertruck delivery delays and reports of workforce layoffs, including the departure of key executives Drew Baglino and Rohan Patel. The company faces weakening demand trends and is anticipated to report its first negative free cash flow quarter since 2020. Analysts expect EPS of 53 cents and revenue of $22.605 billion for the upcoming earnings, while GLJ Research analyst Gordon Johnson maintains a Sell rating, lowering the price target from $23.53 to $22.86.

Portfolio Pulse from Adam Eckert

April 16, 2024 | 7:09 pm

AMZN

GOOG

MSFT

Former recruiters from Google and Amazon criticize LinkedIn's 'Open To Work' feature, suggesting it may deter potential employers by signaling desperation. Despite LinkedIn's claim of increased recruiter engagement for users with the banner, opinions on its effectiveness vary. The debate highlights the importance of a well-crafted LinkedIn profile over simply indicating job-seeking status.

Portfolio Pulse from Adam Eckert

April 16, 2024 | 6:56 pm

SPY

Federal Reserve Chair Jerome Powell indicated that broader wage pressures in the economy are gradually moderating. This observation could influence the Fed's future monetary policy decisions, potentially impacting interest rates and market sentiment.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 5:31 pm

SPY

Fed Chair Jerome Powell noted that the labor market is moving towards a better balance, despite its ongoing strength. This observation suggests a potential shift in the economic landscape, which could influence the Federal Reserve's future policy decisions.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 5:31 pm