Streetbeat News

Labor Issues

C

Citigroup plans to lay off a total of 430 workers, according to a WARN notice cited by Reuters. This move is part of the company's broader strategy to streamline operations and reduce costs.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 4:42 pm

BA

UAL

United Airlines is requesting pilots to take unpaid time off due to delays in aircraft deliveries from Boeing, impacting the airline's growth plans and leading to a pause in pilot hiring. The delays are attributed to production problems and a safety crisis at Boeing, affecting United's 2024 forecast and delivery schedule for various Boeing 737 Max models. Boeing's CEO Dave Calhoun announced his departure amid these issues.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 1:58 pm

J

Jacobs Solutions Inc. (NYSE:J) announced Kevin Berryman as the interim CFO, succeeding Claudia Jaramillo. Berryman, a former CFO and current Special Advisor, takes over as Jaramillo departs to pursue other opportunities. The company is searching for a permanent CFO with an executive search firm's help. Jacobs reaffirmed its FY24 outlook, excluding costs from the separation of its CMS and Cyber & Intelligence businesses. The company will discuss FY24 updates and Q2 results on its May 7, 2024, earnings call.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 12:53 pm

AMZN

Amazon.com Inc. (NASDAQ:AMZN) has spent over $3 million in 2023 on consultants to discourage unionization among its delivery network employees. This spending is part of Amazon's broader efforts to resist unionization, despite facing legal challenges, including a ruling by a National Labor Relations Board judge that found the company guilty of violating federal labor laws. Amazon's spending on anti-union activities has decreased compared to the previous two years.

Portfolio Pulse from Rounak Jain

April 01, 2024 | 8:26 am

NE

Noble Corporation has expanded its share capital through new issuances, which includes the vesting of Restricted Stock Units (RSUs) for employees. This move could potentially dilute existing shareholders but also indicates potential growth and investment in its workforce.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 6:34 am

GM

VWAGY

SAIC Motor plans to lay off thousands of employees at its joint ventures with General Motors (GM) and Volkswagen (VWAGY), and at its Rising Auto EV brand. The layoffs aim to cut 30% of staff at SAIC-GM, 10% at SAIC-Volkswagen, and over half at Rising Auto, mainly through stricter performance standards and payouts for low-rated employees. This move comes amid intensifying competition in the Chinese EV market, dominated by BYD Co Ltd and Tesla Inc. SAIC, a Fortune Global 500 company, sold over 5 million vehicles in 2023, including 1.1 million NEVs.

Portfolio Pulse from Anan Ashraf

April 01, 2024 | 6:31 am

AMZN

META

MSFT

TSLA

This week in AI featured major developments from industry leaders like Elon Musk's xAI, Tesla, Meta Platforms, and Microsoft. Musk announced Grok 2, aiming to outperform competitors. Tesla is hiring for its Optimus Humanoid Robot, indicating a potential launch. Zuckerberg is personally recruiting AI talent from Google's DeepMind for Meta. Speculation about an AI bubble involves Nvidia, Amazon, and Microsoft, with warnings from analyst Richard Windsor. Microsoft's stock is predicted to rise due to its AI advancements.

Portfolio Pulse from Benzinga Neuro

March 31, 2024 | 5:16 am

ATAI

META

MNMD

PSIL

TSLA

Beckley Psytech and atai Life Sciences announced positive results from a Phase 2a study of 5-MeO-DMT for Treatment Resistant Depression. Utah hospitals will soon offer psilocybin and MDMA therapy. Elon Musk discussed the benefits of ketamine for depression and its positive impact on investors. Meta is under investigation for potentially facilitating illegal drug sales. MindMed's CEO highlighted LSD's potential in a podcast. Various companies and ETFs are mentioned with their stock performance.

Portfolio Pulse from Lara Goldstein

March 29, 2024 | 4:43 pm

EB

Eventbrite announced it will not replace departing executive Steffan Tomlinson, following restructuring programs in 2020 and 2023 that have led to increased profitability, according to CEO Julia Hartz.

Portfolio Pulse from Benzinga Newsdesk

March 28, 2024 | 6:32 pm

F

Ford is reducing its workforce at the Rogue Electric Vehicle Center by two-thirds due to decreased demand for the F-150 Lightning, shifting focus to smaller, cheaper EVs. The company plans to reallocate 1,400 workers, with no anticipated job losses, and add a third shift at the Michigan Assembly Plant to accommodate the production of other models. This move contrasts sharply with the previous year's hiring spree to meet the high demand for the F-150 Lightning.

Portfolio Pulse from Benzinga Newsdesk

March 28, 2024 | 4:25 pm