Streetbeat News

Labor Issues

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

GOOS

Canada Goose announced a reduction in its corporate workforce by approximately 17%, leading to an increase in its share price.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 1:06 pm

GOOS

Canada Goose announces a 17% reduction in its global corporate workforce as part of its ongoing Transformation Program. This move aims to achieve cost savings, simplify the organizational structure, accelerate decision making, and increase efficiencies. The company plans to integrate cross-functional teams and align business activities with its forward strategy.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 1:02 pm

NSC

Ancora Holdings Group, LLC, a significant shareholder of Norfolk Southern Corporation (NYSE:NSC), has announced its intention to nominate seven director candidates for Norfolk Southern's Board at the 2024 Annual Meeting. Ancora aims to implement a leadership strategy to achieve a 57% operating ratio and recapture high-margin growth within 36 months, leveraging the proposed team's extensive experience in transportation and change management. The proposed leadership includes former UPS President of International and COO, Jim Barber, as CEO, and former EVP of Operations at CSX, Jamie Boychuk, as COO. Ancora urges shareholders to vote using the BLUE Proxy Card to elect its slate and advocate for leadership change following Norfolk Southern's crises and underperformance.

Portfolio Pulse from Happy Mohamed

March 26, 2024 | 12:38 pm

DELL

PTF

SRHQ

Dell Technologies Inc (NYSE:DELL) has reduced its workforce as part of a cost-cutting strategy, facing a decline in PC demand and revenue. Despite a 12% revenue drop in its PC division, Dell anticipates growth in this segment for the year. The company also expects challenges from rising input costs and changes in its VMware relationship. Other tech giants like Alphabet, Meta, Microsoft, and Amazon have also announced significant layoffs. Dell's stock has risen 198% in the last 12 months, with exposure through SRHQ and PTF ETFs. DELL shares increased by 1.33% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

March 26, 2024 | 12:24 pm