Streetbeat News

Labor Issues

AMZN

Amazon is shutting down its Amazon Today service, which offered same-day delivery from brick-and-mortar retailers. This move is part of Amazon's broader cost-cutting efforts under CEO Andy Jassy. The service will be mostly shut down by December 2, with full closure by January 24. Approximately 300 employees are affected, with some being laid off. The decision aligns with Amazon's strategy to focus on more cost-effective delivery solutions.

Portfolio Pulse from Benzinga Newsdesk

October 22, 2024 | 7:49 pm

CSX

CSX has secured new five-year tentative collective bargaining agreements with the International Brotherhood of Electrical Workers and National Conference of Firemen & Oilers, and ratified a labor agreement with SMART-TD yardmasters. These agreements aim to improve workplace conditions and efficiency.

Portfolio Pulse from Benzinga Newsdesk

October 22, 2024 | 5:43 pm

NFLX

Netflix has closed its Southern California AAA game studio, Team Blue, less than a year after its formation. This marks a shift in Netflix's gaming strategy, with several high-profile executives departing. The closure is part of broader changes in Netflix's gaming division, including new hires and layoffs.

Portfolio Pulse from Franca Quarneti

October 22, 2024 | 5:41 pm

NFLX

Netflix has decided to halt its plans to develop a high-end video game, opting instead to focus on casual games. This decision led to the layoff of about 30 employees in Southern California, including veterans from major franchises like Halo and God of War.

Portfolio Pulse from Benzinga Newsdesk

October 22, 2024 | 5:34 pm

BA

The Machinists' Union President announced on CNBC that they have not communicated with Boeing's CEO. The vote on the tentative agreement is expected to be close, and if the members reject the deal, the strike will persist.

Portfolio Pulse from Benzinga Newsdesk

October 22, 2024 | 4:48 pm

BA

GE

GE Aerospace CEO Culp expressed hope that Boeing workers will ratify a new labor agreement, allowing operations to resume smoothly. He praised Kelly Ortberg as an excellent choice for Boeing's CEO and emphasized GE's support for Ortberg and Boeing during this labor situation.

Portfolio Pulse from Benzinga Newsdesk

October 22, 2024 | 3:35 pm

GM

General Motors (GM) CEO highlighted significant inflation in parts and labor costs related to warranty claims during a conference call. This could impact GM's financial performance in the short term.

Portfolio Pulse from Benzinga Newsdesk

October 22, 2024 | 12:53 pm

BA

NVDA

SAVE

TSLA

U.S. markets closed mixed with the Dow and S&P 500 declining, ending a six-week winning streak. Nvidia boosted the Nasdaq, while Tesla and other tech stocks slipped. Boeing surged on potential strike resolution, and Spirit Airlines soared after extending its debt refinancing deadline.

Portfolio Pulse from Akanksha Bakshi

October 22, 2024 | 11:29 am

SSNLF

Samsung Electronics is facing challenges as hundreds of its engineers apply for jobs at rival SK Hynix. This comes amid Samsung's struggles in the chip industry, including a forecasted profit shortfall and workforce reductions.

Portfolio Pulse from Ananya Gairola

October 22, 2024 | 8:47 am

META

SFTBF

SFTBY

SNAP

Jellysmack, backed by SoftBank, is restructuring by laying off employees and scaling back its creator program on Meta Platforms. The company is focusing on its content business amid challenges in monetization.

Portfolio Pulse from Benzinga Neuro

October 22, 2024 | 4:59 am