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Labor Issues

TSLA

Tesla Inc (NASDAQ:TSLA) shares dropped over 4.75% following reports of a planned workforce reduction of 10% to 20% and the departure of key executives Drew Baglino and Rohan Patel. The news adds to the negative sentiment around Tesla amid slowing demand and cost-cutting measures. Analyst Dan Ives from Wedbush highlighted the importance of Tesla's upcoming earnings call for addressing investor concerns and providing clarity on the company's future direction. Tesla's stock has fallen approximately 34% year-to-date.

Portfolio Pulse from Adam Eckert

April 15, 2024 | 7:27 pm

TSLA

Tesla, Inc. (NASDAQ:TSLA) experienced a 4% stock decline amid rumors of potential layoffs affecting up to 20% of its workforce and pre-earnings jitters. The market's reaction reflects concerns over Tesla's first-quarter delivery miss and the recent price cut for its full self-driving software subscription. Technical indicators suggest a strong bearish trend, with the stock trading below its key moving averages and other bearish signals such as a negative MACD and an RSI indicating oversold conditions. With Tesla's Q1 2024 earnings report approaching, investors are advised to exercise caution.

Portfolio Pulse from Surbhi Jain

April 15, 2024 | 6:14 pm

RIVN

TSLA

Rivian Automotive, Inc. (RIVN) shares have declined over 18% in the past five days, influenced by Ford Motor Company's (F) price reduction on its F-150 Lightning models and news of Tesla, Inc. (TSLA) laying off 10% of its workforce. The broader EV market's challenges and heavy trading volume are also impacting RIVN's stock performance. Rivian's annualized stock performance over the past 5 years is -38.13%, and its shares are currently down 6.9% at $8.50.

Portfolio Pulse from Erica Kollmann

April 15, 2024 | 5:53 pm

AAPL

AMZN

GOOG

META

MSFT

NVDA

QQQ

SPY

TSLA

Oil prices are falling due to an Iranian attack on Israel, with minimal damage reported thanks to advance notice. Apple's iPhone shipments fell 10%, and Tesla is laying off 10% of its workforce but cutting its Full Self-Driving subscription price. Positive early trade money flows are seen in Amazon, Alphabet, Meta Platforms, Microsoft, NVIDIA, SPDR S&P 500 ETF Trust, and Invesco QQQ Trust, while negative flows are in Apple and Tesla. The article also discusses the impact of consumer spending and financial conditions on the stock market.

Portfolio Pulse from The Arora Report

April 15, 2024 | 4:08 pm

TSLA

Rohan Patel, a Tesla executive, has confirmed his departure from the company after 8 years, expressing gratitude towards customers, fans, and Elon Musk.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 3:10 pm

EIPX

HJEN

BP p.l.c. (NYSE:BP) is reducing its workforce in the electric vehicle charging business, BP Pulse, by over 10%, focusing on the U.S., Britain, Germany, and China for EV market growth. The company aims to have 100,000 charging points by 2030, despite cutting jobs and reducing operations from 12 countries to four. This move is part of CEO Murray Auchincloss' strategy to concentrate on profitable segments. BP shares slightly fell by 0.03% to $39.43. Investors can also engage with BP through Direxion Hydrogen ETF (NYSE:HJEN) and First Trust Energy Income Partners Strategy ETF (NYSE:EIPX).

Portfolio Pulse from Lekha Gupta

April 15, 2024 | 3:03 pm

TSLA

Bloomberg reporter Ed Ludlow announced on X (formerly Twitter) that Rohan Patel, a key figure at Tesla, has left the company. This departure could have implications for Tesla's future operations and strategic direction.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 2:06 pm

TSLA

USO

Stocks opened higher despite rising tensions in the Middle East, with major indices showing gains. Oil prices dipped, reflected in a decrease in USO. Tesla's stock fell following reports of upcoming layoffs.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 2:02 pm

TSLA

Drew Baglino, a key figure at Tesla, has reportedly resigned from the company, according to Bloomberg reporter Ed Ludlow on X. This departure is said to be a resignation rather than a result of layoffs.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 1:30 pm

HAYW

Hayward Holdings, Inc. (NYSE:HAYW) announced the appointment of Eric Sejourne as Senior Vice President and Chief Global Operations Officer, effective April 15, 2024. Sejourne, with over 30 years of experience in global operations and supply chain management, will oversee all integrated operations activities at Hayward. He succeeds John Collins and aims to enhance Hayward's end-to-end supply chain amidst post-pandemic normalization and ongoing cost inflation. Sejourne joins Hayward from Assa Abloy, where he served as COO of the Americas Division.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 1:12 pm