Streetbeat News

Labor Issues

BA

GE

SPR

Boeing Company (NYSE:BA) is reportedly seeking a new CEO from outside the company to lead through its current challenges, including the 737 MAX crisis. Dave Calhoun is set to resign by the end of 2024. The search for a successor is focused on candidates who can address safety improvements, quality concerns, and rebuild trust. Potential candidates include Larry Culp of General Electric Co (NYSE:GE) and Pat Shanahan of Spirit Aerosystems Holdings Inc (NYSE:SPR). Boeing's shares rose 0.56% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

March 26, 2024 | 11:06 am

GOOGL

META

Mark Zuckerberg, CEO of Meta Platforms Inc. (META), is personally recruiting AI talent from Google's DeepMind, offering positions without interviews and higher salaries. This move is part of Meta's strategy to become a leader in AI, including plans to acquire Nvidia GPUs and advocating for open-source AI development. Meanwhile, Google faces AI challenges and concerns about losing key talent. Meta's actions could intensify competition in the AI space between Meta and Google.

Portfolio Pulse from Rounak Jain

March 26, 2024 | 9:16 am

BA

EADSY

Jeffrey Sonnenfeld criticized Boeing CEO Dave Calhoun's handling of the company's crises, suggesting Calhoun should have no role in choosing his successor. Boeing faces scrutiny after safety failures, leading to Calhoun's resignation announcement. Airbus CEO expressed concerns over the negative impact of Boeing's issues on the aerospace industry.

Portfolio Pulse from Benzinga Neuro

March 26, 2024 | 8:43 am

MSFT

Microsoft Corporation (NASDAQ:MSFT) has appointed Pavan Davuluri as the new head of its Windows and Surface division, following the departure of Panos Panay to Amazon.com, Inc. last year. Davuluri, with over 23 years at Microsoft, previously led the Surface silicon and devices division. This reorganization aims to unify the Windows and devices teams to foster a holistic approach towards building systems and devices for the AI era. Mikhail Parakhin, who temporarily led the division, is exploring new opportunities.

Portfolio Pulse from Ananya Gairola

March 26, 2024 | 1:21 am

WBS

Webster Financial announced that Glenn MacInnes plans to retire from his role as Executive Vice President and CFO. He will remain CFO until a successor is appointed and will then serve in an advisory role. Webster Financial has engaged Spencer Stuart for the search of the new CFO.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 8:47 pm

EB

Eventbrite announced that CEO Julia Hartz will take on the additional role of Executive Chair of the Board starting June 6, 2024. Kevin Hartz, the current Executive Chairman, will not seek re-election, and board member Steffan Tomlinson has stepped down immediately. Sean Moriarty will continue as Lead Independent Director.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 8:17 pm

SEB

Seaboard Corporation (NYSE American: SEB) announced Chad Groves as the new President and CEO of Seaboard Foods, effective June 28, 2024, succeeding Peter Brown. Groves, with a strong background in sales, marketing, and innovation, has been with Seaboard Foods since July 2021. Brown, retiring, has led the company since January 2021 with over 30 years in the protein industry.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 8:17 pm

TTWO

Take-Two Interactive Software Inc's (NASDAQ:TTWO) Grand Theft Auto VI faces potential delays, possibly pushing its release from 2025 to 2026 due to internal struggles at Rockstar Games over a return-to-office mandate. Initially announced for PlayStation 5 and Xbox Series in December 2023, the game's development has reportedly fallen behind schedule, leading to concerns about meeting the planned release window. Rockstar's in-office mandate, aimed at ensuring security and quality, has sparked frustration among employees and is cited as a significant factor in the potential delay.

Portfolio Pulse from Franca Quarneti

March 25, 2024 | 7:20 pm

ERIC

FIVG

IDGT

NOK

T

Ericsson (NASDAQ:ERIC) is laying off 1,200 employees in Sweden, 8.6% of its Swedish workforce, due to decreased demand and a cautious approach from mobile service providers. This is part of a broader cost-cutting strategy amid challenges in the European telecom equipment sector. The company had previously announced a pessimistic outlook for 2024 but expects a surge in the latter half due to a $14 billion agreement with AT&T Inc (NYSE:T). Ericsson's stock has gained 8% in the last six months, and exposure to Ericsson can be gained through IShares U.S. Digital Infrastructure And Real Estate ETF (NYSE:IDGT) and Defiance Next Gen Connectivity ETF (NYSE:FIVG).

Portfolio Pulse from Anusuya Lahiri

March 25, 2024 | 4:06 pm

AMD

BA

TSLA

Cryptocurrencies like Bitcoin, Ethereum, and Dogecoin are gaining momentum as analysts predict a positive outlook for the altcoin market and a potential rise in Bitcoin's value to $70K. In the US markets, stocks such as Esperion Therapeutics and Masimo are moving higher in pre-market sessions, despite a fall in investor sentiment. Political developments include potential actions by Trump regarding a bankruptcy trigger and Biden's comments on Trump's golf skills. In technology, AMD and Nvidia show divergent premarket movements, while China plans to replace AMD and Intel chips and Microsoft Windows in state computers. Tesla faces scrutiny over its production and valuation, but also sees developments with its Cybertruck and team. Boeing's labor union seeks a board voice, and Cathie Wood's Ark invests further in Tesla while selling a Bitcoin-linked stock. Other notable mentions include developments in Ukraine, Facebook, Nissan's electrification plans, and energy sector movements.

Portfolio Pulse from Akanksha Bakshi

March 25, 2024 | 12:51 pm