Streetbeat News

Labor Issues

TDOC

Teladoc Health announced the immediate departure of CEO Jason Gorevic. CFO Mala Murthy has been appointed as the acting Chief Executive. This leadership change could signal a strategic shift or response to internal challenges within the company.

Portfolio Pulse from Benzinga Newsdesk

April 05, 2024 | 10:32 am

TSLA

Tesla Inc's executive Rohan Patel emphasized the evolving necessity of EV charging infrastructure at workplaces for employee retention. Highlighting Tesla's role in expanding over 50,000 superchargers globally, Patel's comments reflect the growing importance of workplace charging facilities from an 'amenity' to a 'necessity'. Tesla's initiative to install superchargers at business properties is part of this broader trend, aiming to alleviate range anxiety among potential EV buyers.

Portfolio Pulse from Anan Ashraf

April 05, 2024 | 6:58 am

AAPL

Apple Inc. has conducted its third significant round of layoffs this year, affecting over 600 employees in California. This restructuring follows the termination of its self-driving car and next-generation display projects. The layoffs included 87 employees from a facility focused on advanced screen technologies and 371 from the main car project office in Santa Clara. These cuts mark the end of two major 'moonshot' efforts by Apple, with the car project being scrapped due to executive indecision and escalating costs, and the display program facing engineering and supply chain challenges. Some employees were reassigned, but the majority faced job losses. This move indicates Apple's focus on prioritizing resources and streamlining operations, expected to generate significant cost savings.

Portfolio Pulse from Sudhanshu Singh

April 05, 2024 | 1:30 am

RBLX

Roblox Corp. (NYSE:RBLX) faces criticism for allegedly exploiting young developers by paying them a fraction of their in-game earnings. Roblox Studio head Stefano Corazza defends the platform, presenting it as an opportunity for global employment and income generation. Despite some developers making significant sums, the majority earn much less, with Roblox paying out less than 30% of game earnings to creators.

Portfolio Pulse from Franca Quarneti

April 04, 2024 | 10:04 pm

OLPX

Olaplex Holdings announced that CFO Eric Tiziani will step down on May 3 to pursue another opportunity. Paul Kosturos has been named Interim CFO, and the company has initiated an external search for a new CFO with a leading executive search firm.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 9:22 pm

GME

Gamestop Corp. (GME) and its COO, Nir Patel, have agreed on a separation agreement and mutual release of claims, facilitating Mr. Patel's departure from the company, as per an SEC filing on April 4, 2024.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 8:17 pm

SPY

Fed's Goolsbee warns that maintaining restrictive monetary policies for an extended period could lead to a deterioration in employment levels. This statement suggests a cautious approach to interest rate hikes and monetary tightening to avoid negatively impacting the job market.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 5:16 pm

AMZN

HD

The Biden administration has reportedly urged Amazon (AMZN) and Home Depot (HD) to maintain employment levels in Baltimore, emphasizing the importance of job preservation in the area.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 4:33 pm

EXLS

EXL Service, as reported by the Wall Street Journal, is cutting 800 jobs in a strategic shift towards focusing more on artificial intelligence (AI). This move indicates a significant pivot in the company's operational strategy, aiming to integrate more AI-driven processes and solutions.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 4:22 pm

PBR

CNN Brasil reports that the dismissal of Petrobras CEO Prates is imminent, with BNDES head Mercadante being considered as a potential replacement. This development could signal a shift in leadership and possibly strategy for the state-controlled oil giant.

Portfolio Pulse from Benzinga Newsdesk

April 04, 2024 | 2:40 pm