Streetbeat News

Labor Issues

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

CIEN

COST

CPB

FL

KR

The CNN Money Fear and Greed index indicated a slight improvement in market sentiment, remaining in the 'Greed' zone. U.S. stocks closed higher, with the Dow Jones, S&P 500, and Nasdaq Composite all recording gains. Campbell Soup Company reported better-than-expected Q2 earnings, while Foot Locker's shares plummeted after its Q4 results. The U.S. job market showed growth, but slightly below expectations. Sectors like information technology, utilities, and consumer staples led gains, whereas communication services and consumer discretionary sectors fell. Investors are looking forward to earnings results from The Kroger Co., Costco Wholesale Corporation, and Ciena Corporation.

Portfolio Pulse from Avi Kapoor

March 07, 2024 | 7:53 am

CVCO

Cavco Industries announced the ratification of a collective bargaining agreement at its Emlenton, Pennsylvania plant, resulting in employees returning to work tomorrow.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 10:38 pm

ALG

Alamo Group Inc. (NYSE:ALG) announced the retirement of Richard J. Wehrle, the Executive Vice President, Chief Financial Officer, and Treasurer, effective May 3, 2024. Agnes Kamps, who joined the company on March 6, 2024, from Americas Styrenics, LLC, where she was Vice President and Chief Financial Officer, will succeed him. CEO Jeffery A. Leonard praised Wehrle's 35-year contribution to the company's growth and welcomed Kamps to the leadership team.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 9:33 pm

NYCB

New York Community Bancorp, Inc. (NYCB) announced a significant equity investment exceeding $1 billion from a consortium led by Liberty Strategic Capital, Hudson Bay Capital, and Reverence Capital Partners. The investment is anchored by notable figures such as former U.S. Treasury Secretary Steven Mnuchin. This capital infusion is aimed at bolstering NYCB's balance sheet and liquidity, with the bank planning to add four new directors to its Board, including Mnuchin and former Comptroller of the Currency Joseph Otting, who will also serve as the new CEO. The move is seen as a positive endorsement of NYCB's turnaround strategy and is expected to position the bank for long-term profitability and growth.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 7:13 pm

SPY

Fed Chair Powell discussed the current state of public sector hiring, AI's potential impact on productivity and labor, and the sustainability of current productivity gains. He indicated that the pace of public sector hiring is not a concern for the Fed, and while AI has the capacity to either augment or replace labor, it's uncertain which path it will take. Powell expressed hope that the current productivity gains can be sustained.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 5:54 pm

SPY

Fed Chair Powell attributed last year's strong economic growth to increases in immigration and labor force participation, highlighting their significant contributions to the economy.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 4:14 pm

SPY

The USA JOLTs Job Openings for January reported 8.863 million job openings, slightly above the estimated 8.800 million and slightly below the previous month's 8.889 million.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 3:00 pm

ADP

UUP

In February, U.S. private employment grew by 140,000 jobs, missing forecasts and indicating a slowdown in labor market dynamics. The ADP report showed a slight increase from January's revised 107,000 but fell short of the expected 150,000. This comes ahead of a national jobs report, which is anticipated to show a decrease in non-farm payroll growth. The report highlighted a slowdown in wage growth, with job-stayers and job-changers seeing reduced pay increases. Following the release, the U.S. Dollar Index fell slightly, while U.S. equity futures rose, indicating market expectations of a potential Fed rate cut.

Portfolio Pulse from Piero Cingari

March 06, 2024 | 1:29 pm

APO

SBUX

AlShaya Group, a Starbucks Corp (SBUX) franchisee in the Middle East, plans to lay off over 2,000 employees, 4% of its workforce, due to business setbacks from Gaza war-related boycotts. The layoffs mainly affect Starbucks outlets. Apollo Global Management Inc (APO) is interested in acquiring a stake in AlShaya's Starbucks business. SBUX shares rose 0.47% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

March 06, 2024 | 1:18 pm