Streetbeat News

Labor Issues

ACGL

Arch Insurance North America, part of Arch Capital Group Ltd. (NASDAQ:ACGL), is set to acquire Allianz's U.S. MidCorp and Entertainment insurance businesses for $450M. The deal includes a $1.4B capital requirement for Arch and involves the transfer of approximately 500 employees. This acquisition aims to expand Arch's presence in the U.S. middle market and enhance its specialty insurance portfolio. The transaction, expected to close in the second half of 2024, is subject to regulatory approvals.

Portfolio Pulse from Benzinga Newsdesk

April 05, 2024 | 1:01 pm

ENPH

David Ranhoff, EVP and Chief Commercial Officer of Enphase Energy, announced his intention to step down effective June 30, 2024, for personal reasons. He will transition to a part-time Commercial Advisor role on July 1, 2024. His responsibilities will be taken over by two senior vice presidents, in line with the company's succession plan. There are no disagreements between Ranhoff and the company.

Portfolio Pulse from Benzinga Newsdesk

April 05, 2024 | 12:44 pm

QQQ

UUP

The U.S. labor market saw significant growth in March, with 303,000 nonfarm payrolls added, surpassing expectations and marking the highest increase in 10 months. This robust job growth dampens hopes for Federal Reserve interest rate cuts. The unemployment rate dropped to 3.8%, and average hourly earnings growth aligned with predictions. The strong jobs report led to a rise in the U.S. dollar index and Treasury yields, while futures on U.S. major averages trended higher.

Portfolio Pulse from Piero Cingari

April 05, 2024 | 12:38 pm

SPY

The Average Hourly Earnings year-over-year for March showed an increase of 4.1%, which was in line with the expectations.

Portfolio Pulse from Benzinga Newsdesk

April 05, 2024 | 12:30 pm

SPY

The USA unemployment rate for March was reported at 3.8%, slightly lower than the estimated 3.9% and the previous month's 3.9%.

Portfolio Pulse from Benzinga Newsdesk

April 05, 2024 | 12:30 pm

SPY

The March Nonfarm Payrolls report showed a significant increase of +303K jobs, surpassing the estimated +212K. This indicates a stronger than expected labor market.

Portfolio Pulse from Benzinga Newsdesk

April 05, 2024 | 12:30 pm

BYRN

Byrna Technologies announces the retirement of CFO David North later this year. North has significantly contributed to Byrna's growth since 2020. The company is seeking a successor through an executive search firm, with North to assist during the transition and continue as an outside consultant.

Portfolio Pulse from Benzinga Newsdesk

April 05, 2024 | 12:05 pm

NSC

Ancora Holdings Group, an equity holder of Norfolk Southern, criticized the company's Board for its process in hiring John Orr as COO, citing failures of diligence and poor judgment. Ancora highlighted the lack of a competitive hiring process, potential undisclosed financial considerations for Orr's hiring, and Orr's lack of experience in Precision Scheduled Railroading. Additionally, Ancora raised concerns about Orr's past workplace behavior and the limited industry endorsement for his appointment.

Portfolio Pulse from Benzinga Newsdesk

April 05, 2024 | 11:21 am

AMZN

ONLN

XLY

Amazon is resuming construction of a 42-story office tower in Bellevue, signaling a shift towards a hybrid work model. The company plans to accommodate over 4,500 employees in the tower, named 'Sonic', and aims to employ 25,000 workers in Bellevue. This move comes as Amazon seeks to reduce its office vacancy rate from 33.8% to 10% by 2029, amidst a broader trend of workforce and office space reduction in the tech industry. Amazon's stock has seen a significant increase, and its performance can impact related ETFs like SPDR Select Sector Fund – Consumer Discretionary (XLY) and ProShares Online Retail ETF (ONLN).

Portfolio Pulse from Anusuya Lahiri

April 05, 2024 | 11:21 am

TDOC

Teladoc shares are trading lower following the announcement that CEO Jason Gorevic will depart from the company.

Portfolio Pulse from Benzinga Newsdesk

April 05, 2024 | 11:20 am