Streetbeat News

Labor Issues

MTEM

Molecular Templates Inc (MTEM) announced it will incur approximately $0.1M in pre-tax charges due to a workforce reduction effective April 30. This move aims to extend resources to support ongoing clinical studies for MT-6402, MT-8421, and MT-0169, as per an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 8:26 pm

MTEM

Molecular Templates Inc (MTEM) announced a workforce reduction of approximately 30%, expected to be completed by the end of April 2024, as per an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 8:25 pm

AEL

American Equity Investment Life Holding Co (AEL) announced that Axel André, the Executive Vice President and CFO, has notified the company of his intention to resign, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 8:25 pm

MBIO

Mustang Bio Inc (MBIO) announced a significant workforce reduction of approximately 81%, primarily occurring in April 2024 and expected to be substantially completed in Q2 of 2024. The company is also evaluating all strategic and other alternatives related to its business, as disclosed in an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 8:21 pm

SPR

Spirit Aerosystems has reduced overtime and hiring for certain roles in response to a decrease in Boeing 737 Max production. The company is adjusting its production to match its customer's rate profile. The local union president confirmed that overtime for assembly workers has been cut, indicating a slowdown in shop floor activities.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 7:48 pm

SPY

Fed's Schmid highlighted the ongoing labor market imbalance signaled by wage growth, emphasizing the importance of tolerating interest rate volatility. He advocated for a much smaller Fed balance sheet, arguing that its current size suppresses market rate signals and depresses market rates.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 5:38 pm

AMZN

Amazon.com Inc (NASDAQ:AMZN) is influencing tech sector layoffs with a focus on cost-cutting and AI investment, despite the overall decline in tech layoffs. In 2024, layoffs in the tech sector have decreased, with Amazon contributing significantly to the numbers in the past. The retail industry, including Amazon, has seen varying layoff trends over the years, with Amazon's layoffs totaling 27,000 between November 2022 and March 2023.

Portfolio Pulse from Surbhi Jain

April 12, 2024 | 4:51 pm

WFC

Wells Fargo's CEO announced during a conference call that the company is progressing with its efficiency initiatives, which include reducing headcounts. Additionally, the CEO stated that Wells Fargo expects to repurchase more of its common stock this year compared to 2023.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 2:07 pm

UGI

The Teamsters representing AmeriGas workers have unanimously ratified a new collective bargaining agreement. This development is expected to impact AmeriGas's operations positively by potentially improving labor relations and operational efficiency.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 1:56 pm

PEV

Phoenix Motor Inc. has announced the appointment of Dr. Lewis Liu as its new Chief Operating Officer. This strategic move aims to strengthen the company's operational capabilities and drive future growth.

Portfolio Pulse from Benzinga Newsdesk

April 12, 2024 | 1:03 pm