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Labor Issues

ERIC

MEI

XRX

Wall Street's most accurate analysts have provided their views on three high-yielding tech stocks: Xerox Holdings Corporation (XRX), Telefonaktiebolaget LM Ericsson (ERIC), and Methode Electronics, Inc. (MEI). XRX has a dividend yield of 5.93% with mixed analyst ratings and a recent partnership in Peru and Ecuador. ERIC, with a 5.11% yield, received downgrades amid news of its effective anti-corruption compliance program. MEI offers a 4.47% yield, with recent coverage initiations and downgrades, alongside news of its CFO's retirement.

Portfolio Pulse from Avi Kapoor

April 15, 2024 | 12:20 pm

VSTE

Vast Renewables has signed engineering contracts with Afry, FYFE, Primero, and Worley for the front-end engineering design of the VS1 project, a 30MW / 288 MWh CSP plant in Port Augusta, South Australia. The project, leveraging Vast's modular tower CSP v3.0 technology, aims to produce clean, low-cost, dispatchable power and includes over 8 hours of thermal energy storage. It is expected to generate numerous green manufacturing jobs, hundreds of construction jobs, and long-term operational roles.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 12:10 pm

TSLA

Tesla shares are trading lower following reports that the company plans to lay off more than 10% of its workforce.

Portfolio Pulse from Benzinga Newsdesk

April 15, 2024 | 11:41 am

BP

BP's electric vehicle (EV) charging subsidiary is reducing its workforce and scaling back its global expansion plans. This move reflects challenges in the EV charging market and a strategic shift by BP to focus on core markets and operations.

Portfolio Pulse from Charles Gross

April 15, 2024 | 11:17 am

TSLA

Tesla Inc (NASDAQ:TSLA) is reportedly laying off over 10% of its workforce, amounting to at least 14,000 employees, as part of a cost reduction strategy and to eliminate job function duplications, according to a company-wide email from CEO Elon Musk.

Portfolio Pulse from Anan Ashraf

April 15, 2024 | 10:39 am

TSLA

Tesla, Inc. (NASDAQ:TSLA) shares are down in premarket trading, despite broader market optimism. The decline is attributed to rumors of potential large-scale layoffs, with reports suggesting up to 20% of the workforce could be affected. This news comes ahead of Tesla's quarterly results, which are anticipated to underperform following a first-quarter delivery miss. Additionally, Tesla recently halved the subscription price for its full self-driving software. In premarket trading, Tesla shares fell 0.61% to $171.05.

Portfolio Pulse from Shanthi Rexaline

April 15, 2024 | 10:10 am

TSLA

Tesla, Inc. (NASDAQ:TSLA) is reportedly planning to cut its workforce by up to 20%, which could mean tens of thousands of jobs, amid fundamental issues and a stock slump. The company has already reduced shifts for Cybertruck production at the Giga Texas factory and has a history of layoffs and hiring freezes. Tesla's fundamentals have weakened, with slowing EV adoption, price cuts leading to a price war, and management communication issues contributing to its stock being among the worst-performing in the S&P 500. Tesla's stock has dropped about 31% year-to-date.

Portfolio Pulse from Shanthi Rexaline

April 15, 2024 | 3:29 am

TSLA

Tesla is rumored to be preparing for a significant round of layoffs, potentially affecting up to 20% of its workforce, amid a challenging quarter with reduced deliveries and increased inventory. The company has also shortened Cybertruck production shifts at Gigafactory Texas and reduced production at Gigafactory Shanghai. These moves come in the context of broader tech industry layoffs and Tesla's own history of workforce adjustments.

Portfolio Pulse from Benzinga Newsdesk

April 14, 2024 | 11:10 pm

AMZN

SBUX

TSLA

UAW President Shawn Fain criticizes Elon Musk and highlights a resurgence in organized labor across various sectors in the U.S., including Amazon, UPS, Starbucks, and Hollywood. Fain, a key figure in labor movement, has secured significant contracts and aims to expand union influence, even amid political challenges. Musk's opposition to unionization at Tesla is specifically called out, with Fain labeling Musk as problematic for workers.

Portfolio Pulse from Nabaparna Bhattacharya

April 13, 2024 | 5:20 pm

NYCB

New York Community Bancorp, Inc. (NYCB) has announced the immediate appointment of four new executives to its team, aiming to enhance operational capabilities, risk and compliance, and drive growth. Craig Gifford is appointed as CFO, bringing over 30 years of banking experience. Bao Nguyen is named SEVP, General Counsel & Chief of Staff, with a background in financial services law. Scott Shepherd joins as SEVP, Head of Commercial Real Estate Lending, with extensive experience in real estate finance. James Simons is appointed as EVP, Special Advisor to the CEO, bringing over 45 years of banking experience.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 9:50 pm