Streetbeat News

Labor Issues

BA

Boeing Co's CEO, Dave Calhoun, is set to retire at the end of the year amidst ongoing safety and quality control issues. Despite the company's challenges, Calhoun is expected to leave with a retirement package worth millions, including stock, cash, and options. His tenure has been controversial, with criticism from industry leaders and a substantial payout similar to his predecessor's despite the company's performance issues.

Portfolio Pulse from Benzinga Neuro

March 27, 2024 | 7:05 am

TSLA

Tesla Inc (NASDAQ:TSLA) is advancing its humanoid robot project, Optimus, with a new job posting for a 'Service Technical Writer' to create user guides. This move suggests the project is on schedule, with prototypes performing well and a potential public release nearing. CEO Elon Musk has indicated a possibility of shipping some units in 2025, aligning with the current progress.

Portfolio Pulse from Chris Katje

March 26, 2024 | 11:02 pm

GPRO

GoPro announced a workforce reduction of about 4% to cut operating costs and improve operating leverage. The restructuring will cost an estimated $7.5 million, with $2.0 million in cash expenditures in Q1 2024 due to layoffs. The company also plans to reduce office space, leading to impairment charges of approximately $3.3 million in Q1 2024, with $2.2 million of these charges expected through January 2027. These restructuring charges will significantly impact GoPro's GAAP results for Q1 of the fiscal year ending December 31, 2024.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 9:16 pm

LICY

Li-Cycle is restructuring its management, transitioning to a centralized model from a regional structure, aiming for future success and efficiency. Tim Johnston moves to interim non-executive Board Chair, and Conor Spollen is now COO. The company plans to cut about 60 jobs (17% of its workforce) to save $10 million annually. CFO Debbie Simpson is leaving, with Craig Cunningham stepping in as interim CFO.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 8:23 pm

GME

GameStop Corp has implemented cost reduction measures to enhance operational efficiency, including headcount reduction. In fiscal 2023, GameStop exited operations in Ireland, Switzerland, and Austria, leading to a significant decline in SG&A expenses compared to the previous year, mainly due to a $316.3M reduction in labor-related costs and marketing expenses.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 8:23 pm

VNCE

Jack Schwefel has resigned as CEO of Vince Holding, with David Stefko stepping in as Interim CEO. The Board has begun searching for a permanent CEO.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 8:08 pm

BA

DFEN

ITA

Boeing's CEO David Calhoun and chairman Larry Kellner are stepping down amid an investigation into a safety incident. Boeing also announced the departure of Stan Deal, president of the Commercial Airplanes division. Analysts from Benchmark and BofA Securities provided their insights, with Benchmark giving a Buy rating and a $250 price target, while BofA maintains a Neutral rating with a $210 price target. The changes come as Boeing faces delivery concerns and safety issues. Investors can gain exposure to Boeing through IShares U.S. Aerospace & Defense ETF (ITA) and Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN).

Portfolio Pulse from Lekha Gupta

March 26, 2024 | 6:07 pm

VWAGY

Volkswagen AG's employees at the Chattanooga, Tennessee plant will vote on joining the United Auto Workers (UAW) from April 17 through 19. This decision comes after a 'supermajority' of the 4,000 employees signed up with UAW, potentially leading to mandatory recognition and collective bargaining. The Chattanooga plant, being Volkswagen's only U.S. assembly plant without employee representation, marks a significant target for UAW. Volkswagen has expressed support for the election, emphasizing the importance of employee voices.

Portfolio Pulse from Shivani Kumaresan

March 26, 2024 | 2:43 pm

DELL

Dell Technologies' stock price increased following the company's announcement of workforce reduction last year.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 2:04 pm

PG

UL

Unilever PLC (NYSE:UL) announced plans to spin off its ice-cream business, including Ben & Jerry's, cutting 7,500 jobs as part of a cost-savings program, aiming to complete by end of 2025. The move is part of CEO Hein Schumacher's strategy to focus on 30 key brands, aiming for mid-single-digit sales growth and improved margins. Unilever's Q4 results showed a need for further improvement. Meanwhile, competitor Procter & Gamble (NYSE:PG) reported mixed results with volume drops in several segments.

Portfolio Pulse from Upwallstreet

March 26, 2024 | 1:24 pm