Streetbeat News

Labor Issues

SPY

USA initial jobless claims came in at 210K, slightly below the estimated 212K and the previous figure of 212K. This indicates a stable labor market.

Portfolio Pulse from Benzinga Newsdesk

March 28, 2024 | 12:30 pm

FINW

Finwise Bancorp has appointed Robert Wahlman as its new Chief Financial Officer, effective immediately. This strategic move could signal a new direction or focus for the company's financial strategies and operations.

Portfolio Pulse from Benzinga Newsdesk

March 28, 2024 | 11:24 am

STLA

Stellantis N.V. (NYSE:STLA) has reached agreements with Italian unions for over 3,000 voluntary layoffs across its facilities in Italy, including Melfi, Pomigliano d’Arco, Termoli, Turin, and Pratola Serra, as part of adapting to industry shifts towards cleaner energy. The layoffs primarily target employees nearing retirement or seeking new opportunities. Despite the workforce reduction, Stellantis is in talks with the Italian government to potentially increase its annual vehicle output in Italy to one million. STLA shares dropped 0.83% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

March 28, 2024 | 10:39 am

EWG

Germany's unemployment change for March was reported at 4K, significantly lower than the estimated 10K and the previous month's 11K. This indicates a stronger than expected labor market in Germany.

Portfolio Pulse from Benzinga Newsdesk

March 28, 2024 | 9:10 am

ALLY

Ally Financial has announced Michael G. Rhodes as its new CEO, effective April 29, 2024. Rhodes, who previously served as CEO of Discover Financial Services, will also join Ally's board of directors. He replaces Jeffrey J. Brown, with Doug Timmerman acting as interim CEO since Brown's departure at the end of January 2024.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 8:15 pm

MSFT

Phil Spencer, CEO of Microsoft's Gaming division, expressed concerns about the gaming industry's challenges, including soaring production costs, reduced creativity due to financial pressures, and market stagnation. He highlighted the difficulty in balancing profit margins with consumer demand and the impact of high game development costs on console exclusivity. Spencer also addressed the broader challenges faced by the industry, including layoffs at Activision Blizzard King, and emphasized his desire for the industry to be a viable career path.

Portfolio Pulse from Franca Quarneti

March 27, 2024 | 6:07 pm

CEIX

CSX

F

GM

RCL

TSLA

The collapse of the Francis Scott Key Bridge, impacting the Port of Baltimore, has caused Tesla, Ford, and GM to seek alternative shipping routes. Ford anticipates a significant impact, while GM expects minimal disruption. European carmakers and cruise operators also anticipate adjustments, with Carnival Corporation forecasting a $10 million negative impact. Coal exporters and rail freight services face challenges, with Consol Energy and CSX Corporation noting potential operational impacts.

Portfolio Pulse from Neil Dennis

March 27, 2024 | 3:07 pm

PIRS

Pieris Pharmaceuticals announced a repositioning plan aimed at optimizing potential milestones and royalties. This includes discontinuing certain R&D efforts and reducing its workforce. The move is designed to streamline operations and focus on the most promising areas of development.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 12:06 pm

TKR

The Timken Company (NYSE:TKR) announced Tarak Mehta as its next president and CEO, effective September 5, 2024, succeeding Richard G. Kyle who will retire but remain on the Board of Directors. Mehta, currently at ABB Ltd., brings 35 years of industry experience, including leadership roles and expertise in organic growth, innovation, and M&A transactions.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 10:59 am

LICY

Li-Cycle Holdings Corp (NYSE:LICY), a lithium-ion battery resource company, announced a workforce reduction of approximately 60 positions, or 17% of its global workforce, as part of its cash preservation plan. The company expects to incur $8.3 million in charges related to the workforce reductions, primarily in cash severance payments over the next twelve months. These measures are anticipated to save about $10 million annually in payroll and benefits. Li-Cycle is transitioning to a centralized management structure to increase efficiencies and has made several executive changes, including appointing Craig Cunningham as interim CFO. LICY shares dropped 4.67% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

March 27, 2024 | 10:45 am