Streetbeat News

Labor Issues

ALB

BHP

FPOCF

TECK

VALE

At the Prospectors & Developers Association of Canada meeting, mining executives highlighted a 'trust deficit' with the public despite the industry's crucial role in producing metals for the energy transition. Challenges include long permitting times, labor shortages, and cost inflation. Teck Resources Ltd.'s CEO emphasized the need for the mining sector to regain trust by protecting and restoring nature. BHP Group Ltd. and Vale SA discussed the importance of community engagement and ethical sourcing. The industry's value in decarbonization and the need for better promotion were also noted.

Portfolio Pulse from Matt Whittaker

March 23, 2024 | 3:41 pm

DPZ

PZZA

Papa John's CEO Rob Lynch is set to depart on April 30, surprising analysts given his role in the company's recovery. BMO Capital Markets analyst Andrew Strelzik lowered Papa John's (PZZA) price target from $90 to $80, citing leadership changes and competitive pressures. The departure raises questions about the company's future initiatives and performance. Despite near-term challenges, the long-term outlook remains positive, with the company seen as undervalued.

Portfolio Pulse from Shivani Kumaresan

March 22, 2024 | 6:27 pm

AAPL

Apple Inc. has decided to halt its internal project aimed at developing displays for its Watch products, leading to job cuts, as reported by Bloomberg. This move indicates a shift in the company's strategy regarding the manufacturing of critical components for its devices.

Portfolio Pulse from Benzinga Newsdesk

March 22, 2024 | 5:08 pm

STLA

Stellantis is conducting its third round of layoffs in the U.S. within a year, affecting 400 employees. Meetings were held to inform the affected workers, according to sources and internal documents.

Portfolio Pulse from Benzinga Newsdesk

March 22, 2024 | 3:57 pm

TME

Tencent Music Entertainment Group (TME) announced the resignation of Mr. Zhenyu Xie as President, CTO, and board member, effective March 31, 2024. He will serve as a consultant post-resignation. Ms. Min "Shirley" Hu, the CFO, has been appointed as a director effective the same date. The company praised Mr. Xie's contributions and welcomed Ms. Hu's extensive finance and IT experience to the board.

Portfolio Pulse from Benzinga Newsdesk

March 22, 2024 | 2:53 pm

THTX

Theratechnologies announces a phase-down of research activities to focus on its commercial business, leading to a restructuring charge comprising approximately $625,000 in cash charges for severance and other expenses, and about $770,000 in non-cash charges.

Portfolio Pulse from Benzinga Newsdesk

March 22, 2024 | 1:39 pm

BTCUSD

ETHUSD

LULU

Cryptocurrencies like Bitcoin, Ethereum, and Dogecoin show mixed performance amid a decrease in weekly jobless claims. Ripple's CEO comments on SEC's actions against Ethereum and XRP. Lululemon's weak outlook impacts pre-market session alongside Nike. US political tensions rise with Marjorie Taylor Greene's statements. Taiwan's tech surge and China's investigation into PwC over Evergrande fraud affect the global economy. Apple faces an antitrust lawsuit, while Tesla's Cybertruck production ramps up. Air travel costs are expected to rise due to airlines passing on decarbonization expenses. Various companies face legal and market challenges.

Portfolio Pulse from Akanksha Bakshi

March 22, 2024 | 1:13 pm

ALGT

Allegiant (ALGT) and The Transport Workers Union of America, AFL-CIO Local 577 have reached a tentative agreement on a new five-year collective bargaining agreement for Allegiant's 1,700+ flight attendants. The agreement, which is pending ratification, includes significant wage increases, enhanced retirement benefits, and quality of life improvements. This comes after over a year and a half of bargaining, building on a strong positive working relationship between the parties.

Portfolio Pulse from Benzinga Newsdesk

March 22, 2024 | 1:01 pm

TSLA

Mark Cuban defended a social media user's rant about diversity and inclusion, emphasizing understanding and empathy in the workplace. He responded to criticism about hiring practices related to diversity issues. Cuban has previously engaged in discussions with Elon Musk on diversity and inclusion, and despite disagreements, continues to advocate for these values. Cuban's stance on diversity and inclusion was highlighted in a recent MasterClass course.

Portfolio Pulse from Benzinga Neuro

March 22, 2024 | 1:20 am

LUV

Southwest Airlines Co. (NYSE:LUV) has successfully ratified a 5-year collective bargaining agreement with nearly 18,000 of its Ramp, Operations, Provisioning, and Cargo Agents, represented by TWU 555. This agreement, which is the second-largest among the airline's 12 labor contracts, includes compensation increases, a bonus, and provisions for company-paid maternity and parental leaves. This development is part of a broader trend at Southwest, where 10 union-represented workgroups have ratified new agreements since October 2022, covering over 41,000 employees.

Portfolio Pulse from Happy Mohamed

March 21, 2024 | 6:48 pm