Streetbeat News

Labor Issues

SPY

Fed Chair Powell emphasized the commitment to maintaining a strong economy and labor market while progressing on inflation control. He noted the cooling labor market and flattening food inflation, highlighting the U.S. economy's superior performance among advanced economies.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 4:15 pm

ADP

SPY

The Bureau of Labor Statistics (BLS) is set to release the February jobs report, with economists predicting an addition of 200,000 non-farm payrolls and an unemployment rate holding at 3.7%. The ADP report showed weaker-than-expected private employment growth, adding 140,000 jobs versus the 150,000 forecasted. JPMorgan, Comerica, Wells Fargo, and ING Group provided varied forecasts, generally expecting a slowdown from January's growth. The labor market's performance could influence interest rate expectations, with traders currently anticipating four rate cuts by year-end. The SPDR S&P 500 ETF Trust (SPY) is trading near all-time highs.

Portfolio Pulse from Piero Cingari

March 07, 2024 | 3:22 pm

SPY

The latest report shows that continuing jobless claims have reached 1.906 million, slightly above the estimated 1.889 million. This indicates a minor increase in the number of people continuously claiming unemployment benefits.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 1:30 pm

SPY

The latest report on USA Initial Jobless Claims came in at 217K, exactly matching both the estimates and the previous week's figures.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 1:30 pm

GOOGL

MORN

SBUX

TXRH

Notable insider sales were reported for Alphabet, Starbucks, Texas Roadhouse, and Morningstar. Alphabet's CEO sold shares amid EU regulatory compliance efforts. Texas Roadhouse's insider sale followed strong Q4 earnings. Starbucks faces layoffs in the Middle East due to boycotts, and Morningstar's executive chairman sold shares after reporting increased Q4 results.

Portfolio Pulse from Avi Kapoor

March 07, 2024 | 1:28 pm

ASTE

Astec Industries announces CFO Rebecca A. Weyenberg's immediate step down, with Heinrich Jonker serving as interim CFO. Weyenberg will stay on in an advisory role until April 30, 2024, to aid the transition. The company's Board of Directors has begun searching for a new CFO, employing a nationally recognized search firm to evaluate candidates.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 12:08 pm

CINT

CI&T reported its unaudited fourth quarter 2023 results, with net revenue of R$ 522.6 million, down from R$ 611.8 million in 4Q22. Adjusted EBITDA fell to R$ 103.6 million from R$ 127.4 million in 4Q22, with an EBITDA margin of 19.8%. The company's employee count stood at 6,111, remaining stable compared to the previous quarter.

Portfolio Pulse from Benzinga Newsdesk

March 07, 2024 | 11:52 am

TRP

TC Energy Corporation (NYSE:TRP) is reportedly implementing layoffs as part of its strategy to integrate its natural gas pipeline units, primarily affecting employees in Calgary and Houston. The company aims to improve its balance sheet and reduce debt by selling the Portland Natural Gas System for $1.14 billion. TC Energy recently reported Q4 FY23 results that surpassed estimates and raised its quarterly dividend, with shares closing higher by 0.30% at $40.04.

Portfolio Pulse from Lekha Gupta

March 07, 2024 | 10:35 am

RIVN

Rivian Automotive, Inc. (NASDAQ:RIVN) is set to unveil its R2 platform vehicle, targeting the mid-sized SUV segment with limited EV options beyond Tesla. The event will be held at Laguna Beach, California, and live-streamed globally. The R2, expected to start production in 2026 at Rivian's Georgia plant, aims for a 300-mile range and a 0-60 mph acceleration time of three seconds. Rivian has faced challenges in 2023, including softer demand and production ramp-up issues, leading to significant financial losses and workforce reduction. Despite these challenges, the R2 launch could attract price-sensitive customers and potentially impact Rivian's stock, which has been under pressure.

Portfolio Pulse from Shanthi Rexaline

March 07, 2024 | 9:23 am

AAPL

Apple Inc.'s ambitious car project, known as 'Titan,' has been canceled after a decade of development and billions of dollars invested. Initiated by Steve Jobs, the project faced leadership indecision, technical challenges, and was unable to produce a commercially viable product. Despite exploring partnerships with major automakers and pouring roughly $1 billion annually into Titan, Apple encountered insurmountable technical and economic hurdles, leading to the project's termination and the potential layoff of about 2,000 employees.

Portfolio Pulse from Ramakrishnan M

March 07, 2024 | 7:58 am