Streetbeat News

Labor Issues

SPY

USA initial jobless claims for the week came in at 209,000, lower than the estimated 218,000 and slightly below the previous week's 210,000. This indicates a stronger labor market than expected.

Portfolio Pulse from Benzinga Newsdesk

March 14, 2024 | 12:31 pm

F

FSR

GM

MBGAF

TSLA

VWAGY

The electric vehicle (EV) market is experiencing a slowdown, leading major automakers like Ford, General Motors, Mercedes-Benz, Volkswagen, Jaguar Land Rover, and Aston Martin to adjust their strategies towards offering a mix of gas-powered, hybrid, and fully electric vehicles. Despite a record 1.2 million EV sales in the U.S. last year, the growth rate has not met expectations, prompting a more balanced approach to vehicle offerings. Fisker Inc issued a going-concern warning and announced workforce reductions due to financial struggles, while Tesla remains optimistic about its future, supported by its AI and Full Self-Driving technology.

Portfolio Pulse from Benzinga Neuro

March 14, 2024 | 8:38 am

MTEX

Mannatech, Incorporated (NASDAQ: MTEX) announced the retirement of CEO Alfredo (Al) Bala effective April 1, 2024, and the promotion of Landen Fredrick to President and CEO. Landen, previously President and Chief Operating Officer, has been mentored by Al Bala and is expected to drive operational excellence and execute strategic initiatives.

Portfolio Pulse from Benzinga Newsdesk

March 14, 2024 | 7:00 am

PLTR

Palantir Technologies Inc. (NYSE:PLTR) CEO Alex Karp's public support for Israel has led to an employee exodus, with more expected to leave. The company, known for its defense and intelligence technology, has been involved in providing support to the Israeli military, sparking controversy. Despite this, Palantir's stock has been performing well, closing at $25.00 with a 1.21% increase. Additionally, Palantir recently secured a $178.4 million contract with the U.S. Army.

Portfolio Pulse from Navdeep Yadav

March 14, 2024 | 1:51 am

FSR

Fisker Inc. (NYSE:FSR) shares dropped after hours following a Wall Street Journal report about the company's potential bankruptcy filing. The company, facing over $1 billion in debt and significant losses, has hired restructuring advisers. This news comes after a recent negative review of Fisker's Ocean SUV by tech YouTuber Marques Brownlee and a 15% workforce reduction.

Portfolio Pulse from Erica Kollmann

March 13, 2024 | 9:06 pm

UA

UAA

Under Armour announced Kevin Plank will become President & CEO on April 1, 2024, succeeding Stephanie Linnartz. Mohamed A. El-Erian will be the new Non-Executive Chair of the Board. Linnartz will stay as an advisor until April 30, 2024.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 8:33 pm

SPRB

Spruce Biosciences has announced a strategic shift towards resource prioritization and cost reduction measures, including a significant workforce reduction of approximately 21%. This move is aimed at optimizing the company's operations and financial health.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 8:26 pm

NPSCY

X

President Joe Biden is expected to express concerns over Nippon Steel Corporation's (OTC:NPSCY) $14.9 billion bid to acquire U.S. Steel Corporation (NYSE:X), potentially affecting the deal's progress and U.S.-Japan relations. The statement, anticipated ahead of Japan's Prime Minister's visit, reflects bipartisan opposition and concerns for union jobs and domestic manufacturing. U.S. Steel's shares dropped 12.10% to $41.15.

Portfolio Pulse from Vandana Singh

March 13, 2024 | 6:02 pm

UNH

The Biden administration is investigating UnitedHealth Group due to a cyberattack on its subsidiary, Change Healthcare, which has disrupted health-care payments and likely exposed millions of patients' data. The Department of Health and Human Services (HHS) aims to determine the breach's extent and compliance with HIPAA. The attack, described as the most significant in U.S. health system history, has led to frozen payments, affecting hospitals and doctors' ability to meet payroll. UnitedHealth is under pressure to expedite payments to affected providers, with the White House and lawmakers urging action. UnitedHealth has outlined steps to restore services, but critics argue these efforts are insufficient.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 5:17 pm

TSLA

Elon Musk announced on X that the Tesla Giga Berlin factory is back online, thanking the Tesla team and community support.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 2:23 pm