Streetbeat News

Labor Issues

AAPL

GOOG

An email exchange from the U.S. v. Google (2024) case reveals Google CEO Sundar Pichai's concerns over losing talent to Apple, particularly in the search domain. Pichai requested monthly reports on talent losses to competitors, emphasizing Apple. The document also mentions Google's payment to Apple to remain the default search engine on iPhones, which was $10 billion in 2020 and expected to rise to $15 billion. Additionally, Microsoft's failed attempt to sell Bing to Apple and the ongoing challenges Google faces, including the Gemini scandal and low employee morale, are highlighted.

Portfolio Pulse from Rounak Jain

March 11, 2024 | 9:13 am

IBM

Short-seller Jim Chanos criticized IBM for its rumored job cuts and questioned the company's growth prospects, highlighting AI as both a risk and opportunity for IBM's business model. The Register reported IBM is seeking voluntary redundancies, targeting mainly the Enterprise Operations & Support and Q2C missions, Finance & Operations. IBM's Q4 results showed a 4% revenue growth, and CFO Jim Kavanaugh discussed productivity initiatives and AI-driven efficiencies aiming for $3 billion in cost savings by 2024. IBM's stock closed down 0.30% at $195.95.

Portfolio Pulse from Shanthi Rexaline

March 11, 2024 | 8:12 am

ADP

EQT

TSM

President Joe Biden proposed a tax overhaul targeting billionaires like Elon Musk and Jeff Bezos in his State of the Union address, aiming to invest in various sectors. Fed Chair Jerome Powell provided an optimistic outlook on the U.S. economy, anticipating strong growth and a robust labor market. Asia's emerging markets, led by TSMC and Samsung, are recovering, driven by tech stocks. Natural gas prices surged as EQT Corporation, the largest U.S. producer, cut output. Employment growth in February, as reported by ADP, missed forecasts, indicating a slowdown in the labor market.

Portfolio Pulse from Benzinga Neuro

March 10, 2024 | 11:55 am

AMLX

ASLE

BBAI

JYNT

SGD

WLDN

U.S. stocks showed mixed performance with the Dow gaining over 100 points, while the Nasdaq and S&P 500 fell. AerSale shares plunged after reporting disappointing Q4 results. Nonfarm payrolls exceeded expectations, but the unemployment rate rose slightly. Willdan Group, The Joint Corp., and Safe and Green Development Corporation saw significant stock increases following positive financial news. Conversely, Amylyx Pharmaceuticals, AerSale Corporation, and BigBear.ai Holdings experienced substantial declines after reporting unfavorable outcomes.

Portfolio Pulse from Avi Kapoor

March 08, 2024 | 7:51 pm

PRTS

CarParts.com reported its Q4 financial results and announced a reduction of 150 global roles, leading to a decrease in its share price.

Portfolio Pulse from Benzinga Newsdesk

March 08, 2024 | 6:03 pm

AMLX

BBAI

EGOX

GIFI

GRFS

WLDN

U.S. stocks traded mixed with the Dow Jones up and NASDAQ down. Real estate shares led gains, while consumer staples fell. Nonfarm payrolls exceeded expectations at 275,000 in February. Willdan Group's shares surged 27% after strong Q4 results and a significant contract win. Gulf Island Fabrication and Grifols also saw shares rise on positive financial news. Conversely, Amylyx Pharmaceuticals, Next.e.GO, and BigBear.ai Holdings faced sharp declines due to disappointing trial results and financial performances.

Portfolio Pulse from Avi Kapoor

March 08, 2024 | 5:43 pm

SMH

SNAP

SPY

Market indexes saw gains after the release of February jobs data, with semiconductor stocks continuing their upward trend. Snap Inc. shares also experienced a rise following the US House Committee's approval of a bill aimed at cracking down on TikTok.

Portfolio Pulse from Benzinga Newsdesk

March 08, 2024 | 3:55 pm

IYT

PKB

XLV

XRT

In February, the U.S. saw a significant jobs growth, with the health care sector leading by adding 67,000 jobs, contributing to over a quarter of the total 275,000 jobs created. The Health Care Select Sector SPDR Fund (XLV) has seen an 8% increase this year, reflecting the sector's strong performance. Other notable job growths were in government employment, construction, transportation and warehousing, and retail trade, with respective ETFs like the Invesco Building & Construction ETF (PKB) and the iShares Transportation Average ETF (IYT) also experiencing gains.

Portfolio Pulse from Neil Dennis

March 08, 2024 | 3:20 pm

AIMD

AMLX

BBAI

NXL

PBM

SGD

The Nasdaq Composite gained over 50 points as U.S. stocks traded higher, with significant job additions and mixed economic indicators. Nonfarm payrolls exceeded expectations with 275,000 jobs added in February, although the unemployment rate slightly increased. Companies like Psyence Biomedical, Ainos, and Safe and Green Development saw significant stock increases, while Amylyx Pharmaceuticals, Nexalin Technology, and BigBear.ai Holdings experienced declines.

Portfolio Pulse from Avi Kapoor

March 08, 2024 | 2:42 pm

PARA

SPY

TEAM

The February jobs report showed mixed signals, with a notable increase in nonfarm payrolls but a higher unemployment rate and lower-than-expected wage growth. This has led to increased expectations of Federal Reserve rate cuts, with the market pricing in four cuts by the end of the year. Following the report, stock futures rose slightly, and specific stocks reacted with varying degrees of gains and losses in early trading.

Portfolio Pulse from Piero Cingari

March 08, 2024 | 2:35 pm