Streetbeat News

Labor Issues

IP

International Paper announced a restructuring plan to cut 650 jobs, incurring $80M-$100M in pre-tax charges in Q3 and Q4 2024, with payouts in Q1 2025. The plan aims to reduce costs and optimize the organizational structure.

Portfolio Pulse from Benzinga Newsdesk

October 21, 2024 | 8:37 pm

SPY

Neel Kashkari from the Federal Reserve discussed the impact of immigration policy on labor market readings and stated that tariffs likely cause a one-time price change rather than ongoing inflation. He emphasized the importance of avoiding a recession and noted signs of labor market weakening, which led to a 50 basis point rate cut. Future rate policy will depend on comprehensive data analysis.

Portfolio Pulse from Benzinga Newsdesk

October 21, 2024 | 6:04 pm

BA

CI

NVDA

TLT

UUP

U.S. stocks fell on Monday due to rising Treasury yields and a stronger dollar, impacting risk sentiment. Despite the downturn, NVIDIA hit record highs. Boeing surged on a labor agreement and new orders, while Cigna fell on merger concerns.

Portfolio Pulse from Piero Cingari

October 21, 2024 | 5:27 pm

AMZN

A group of 133 U.S. House members have signed a letter supporting the Teamsters' demands for Amazon CEO Andy Jassy to address concerns over union-busting and worker misclassification practices. This highlights ongoing labor issues at Amazon.

Portfolio Pulse from Benzinga Newsdesk

October 21, 2024 | 4:29 pm

BA

Boeing Co. (NYSE:BA) reached a preliminary agreement with its striking machinists, proposing a contract with wage increases and bonuses. Union members will vote on Wednesday, the same day Boeing reports its Q3 results. A positive vote could end the strike, benefiting Boeing's new CEO and investors.

Portfolio Pulse from Erica Kollmann

October 21, 2024 | 4:04 pm

ALK

A federal judge in Seattle has ordered Alaska Airlines to rehire a mechanic who was fired for testing positive for cannabis, highlighting the tension between state and federal laws. The court upheld an arbitration decision favoring the mechanic, emphasizing the evolving legal landscape of cannabis use.

Portfolio Pulse from Patricio Liddle

October 21, 2024 | 3:53 pm

DIS

IWD

MS

VUG

Disney has appointed James Gorman as the new Chairman of the Board, effective January 2025, as it searches for a new CEO. The company is facing challenges in its theme parks and has laid off employees, while its stock has declined over 13% in the last six months.

Portfolio Pulse from Anusuya Lahiri

October 21, 2024 | 3:14 pm

NSC

Norfolk Southern has reached a tentative five-year collective bargaining agreement with the International Brotherhood of Electrical Workers, covering 67% of its union workforce. The deal includes enhancements to pay, healthcare, and vacation benefits, pending ratification.

Portfolio Pulse from Benzinga Newsdesk

October 21, 2024 | 3:06 pm

BA

Boeing shares are trading higher following a preliminary agreement with striking machinists to resolve a five-week strike. A vote on the proposal is scheduled for Wednesday.

Portfolio Pulse from Benzinga Newsdesk

October 21, 2024 | 11:28 am

CBUS

Cibus announced restructuring and cost reduction initiatives to optimize its business and cost structure, aiming for $10 million in annual savings and a 20% reduction in monthly cash use by early 2025. The focus is on herbicide-resistant traits in Rice, Soybean platform development, and multi-crop traits.

Portfolio Pulse from Benzinga Newsdesk

October 21, 2024 | 11:02 am