Streetbeat News

Labor Issues

TSN

Tyson Foods Inc (NYSE:TSN) is permanently closing its pork facility in Perry, Iowa, as part of its strategy to streamline operations amid declining profits. The closure is part of a series of shutdowns affecting thousands of jobs. Despite market challenges, Tyson's pork division saw a profit turnaround in the last fiscal quarter. The Perry plant closure may impact around 1,200 employees, with Tyson encouraging affected workers to consider other positions within the company.

Portfolio Pulse from Shivani Kumaresan

March 12, 2024 | 9:58 am

AMZN

EWU

The GMB Union in the UK has announced new strike dates at two Amazon fulfillment centers, targeting the Coventry location on March 19-20 and the Birmingham location on March 27-28. This action is part of ongoing labor disputes.

Portfolio Pulse from Charles Gross

March 12, 2024 | 8:40 am

EWU

The U.K. Employment Change for January showed a decrease of 21,000 jobs, contrasting with the expected increase of 10,000 jobs and a previous increase of 72,000 jobs. This indicates a downturn in the U.K. job market.

Portfolio Pulse from Benzinga Newsdesk

March 12, 2024 | 7:03 am

MSFT

Microsoft Corp's AI strategy is reportedly becoming overly reliant on its partnership with OpenAI, leading to concerns among insiders. This shift has resulted in the departure of executives and a focus away from in-house AI initiatives towards the Azure OpenAI service. The change has led to a decline in internal services that were part of Azure AI Services, with some services being rebranded or incorporated into other products. This development is amid scrutiny from the European Union over Microsoft's investment in OpenAI and the evolving dynamics in the AI industry.

Portfolio Pulse from Benzinga Neuro

March 12, 2024 | 4:56 am

MSFT

Around 600 Activision quality assurance (QA) workers have formed the largest video game worker union in the US, named Activision Quality Assurance United (AQAU), with support from the Communications Workers of America (CWA). This is the first unionization effort at Activision since its acquisition by Microsoft Corp. (NASDAQ:MSFT). The union, which includes QA workers from Texas, Minnesota, and California, was facilitated by a CWA-Microsoft neutrality agreement from 2022. AQAU aims to negotiate a new contract focusing on pay, benefits, and career development.

Portfolio Pulse from Franca Quarneti

March 12, 2024 | 3:23 am

SPY

The White House projects the unemployment rate to be 4.0% in 2025 compared to the current rate of 3.9%, with a further reduction to 3.8% from 2028 to 2034. These forecasts account for the 'pro-growth' impact of proposed child-care and other initiatives under the Biden administration aimed at increasing labor force participation.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 4:19 pm

UBER

VGK

EU countries have endorsed draft regulations aimed at improving the rights of gig workers, potentially impacting companies like Uber and the broader European market. These rules could lead to increased operational costs for gig economy companies by mandating benefits similar to those of traditional employment.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 2:53 pm

SPY

The USA Conference Board Employment Trends Index for February was reported at 112.29, a decrease from the prior month's 113.18.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 2:00 pm

ISUN

iSun, Inc. (NASDAQ:ISUN), a leading solar energy and clean mobility infrastructure company, announced the appointment of Robert J. Zulkoski as Chief Executive Officer, effective immediately. Jeff Peck, the former CEO, will remain with iSun in a strategic advisory and operational role. The company acknowledges Jeff Peck's contributions to its growth and expresses confidence in Zulkoski's leadership for future success.

Portfolio Pulse from Benzinga Newsdesk

March 11, 2024 | 12:33 pm

SPY

Despite improvements in Americans' assessment of the economy and their personal financial situations, President Joe Biden's approval rating on economic management remains unchanged at 36%. A new poll indicates that 40% of respondents trust former President Trump over Biden (34%) for better economic handling. The U.S. economy has shown growth with a 3.2% GDP increase in 2023 and a robust job market, yet inflation remains a concern. The SPDR S&P 500 ETF Trust (SPY) reached a record high, reflecting economic optimism.

Portfolio Pulse from Shanthi Rexaline

March 11, 2024 | 9:46 am