Streetbeat News

Labor Issues

LUXH

LuxUrban Hotels Inc. (NASDAQ:LUXH) announced the appointment of Robert Arigo as Chief Operating Officer, effective March 15, 2024. Arigo, with 35 years of experience in the hospitality industry, will focus on enhancing operations, customer experience, and revenue opportunities. His previous roles include VP at M&R Hotel Management and Senior Director of Operations at Hersha Hospitality Management. LuxUrban aims to expand and evolve with Arigo's appointment, reflecting its commitment to industry representation and growth.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 1:04 pm

RIVN

Rivian Automotive (NASDAQ:RIVN) plans to eliminate the third shift at its Normal, Illinois plant due to increased efficiency and a subdued production outlook for FY24. The company aims to reassign all hourly employees to the remaining shifts, enhancing shift capacity. This adjustment comes as Rivian projects to manufacture 57,000 vehicles this year, consistent with last year's production. Despite this, Rivian faces financial challenges, reporting a $1.52 billion net loss for Q4 2023, with a per-vehicle loss significantly reduced from the same period in 2022.

Portfolio Pulse from Anan Ashraf

March 06, 2024 | 11:46 am

HMC

MZDAY

TM

Toyota Motor Corp (NYSE:TM) is expected to present a pay hike offer to its workers' union on March 13, amid ongoing wage negotiations without an initial offer. The union seeks a 7.6-month bonus and an undisclosed wage increase. This negotiation is part of Japan's annual spring wage talks, with significant implications for the country's economy and monetary policy. Honda Motor Co Ltd (NYSE:HMC) and Mazda Motor Corp (OTC:MZDAY) have already agreed to wage increases, aligning with Prime Minister Fumio Kishida's push for wage growth to surpass inflation.

Portfolio Pulse from Shivani Kumaresan

March 06, 2024 | 10:43 am

FSR

Fisker Inc (NYSE:FSR) is addressing a negative review of its Ocean SUV by tech YouTuber Marques Brownlee, who called it the worst car he's ever reviewed. A senior Fisker engineer offered to personally fix the vehicle with a software update. Despite producing over 10,000 Ocean vehicles in 2023, Fisker only delivered about 4,900 units. The company reported a preliminary Q4 revenue of $200.1 million, a net loss of $1.23 per share, and announced a 15% workforce reduction due to financial concerns.

Portfolio Pulse from Anan Ashraf

March 06, 2024 | 8:25 am

META

Meta Platforms Inc. (NASDAQ:META) employees are experiencing anxiety over potential layoffs as the company's 'Year of Efficiency' initiative becomes a permanent strategy. Despite recent financial successes, including a record-high stock price and increased bonuses, the fear of job cuts persists. Meta has already reduced its workforce by 22% in the past 18 months, and ongoing reorganizations could lead to further layoffs. Employees are given three months to find new positions within the company or face termination, with those receiving lower performance ratings offered severance to leave without a formal Performance Improvement Plan.

Portfolio Pulse from Ananya Gairola

March 06, 2024 | 5:55 am

AVAV

PLTR

Mark Cuban emphasized the critical importance of understanding AI for success in all aspects of life, from education to employment, including military applications. He highlighted companies like Palantir Technologies, Inc. (PLTR) and AeroVironment, Inc. (AVAV) as examples of firms specializing in AI-based military and security applications. Cuban also discussed the risks of AI, including national security threats, and the need for the U.S. to attract talented individuals to maintain a competitive edge.

Portfolio Pulse from Erica Kollmann

March 05, 2024 | 9:52 pm

MU

SSNLF

TSM

Powerchip Semiconductor Manufacturing Corp (PSMC) is planning to build a $5.3 billion semiconductor plant in Japan in partnership with SBI Holdings, aiming to start production in 2027. The project faces a significant challenge due to a shortage of chip engineers. PSMC plans to transfer over 200 engineers from Taiwan and train young Japanese engineers to overcome this. The initiative could also benefit competitors like Taiwan Semiconductor Manufacturing Co (TSMC), which is also expanding in Japan along with Micron Technology, Inc (MU), and Samsung Electronics Co (SSNLF). TSMC's shares dropped by 2.99% to $134.12.

Portfolio Pulse from Anusuya Lahiri

March 05, 2024 | 6:27 pm

SBUX

The Strategic Organizing Center (SOC), a Starbucks Corporation (NASDAQ:SBUX) shareholder, has withdrawn its director nominations following a breakthrough in labor relations between Starbucks and Workers United. This decision was influenced by a recent agreement aimed at improving collective bargaining, resolving litigation, and facilitating a fair process for worker organization. The SOC views this as significant progress in Starbucks' labor relations strategy, benefiting all stakeholders. Meanwhile, proxy advisory firms ISS and Glass Lewis have recommended voting for Starbucks' director nominees at the upcoming Annual Meeting of Shareholders.

Portfolio Pulse from Shivani Kumaresan

March 05, 2024 | 3:41 pm

RDDT

Reddit's IPO has sparked a polarizing debate among its users, with discussions focusing on concerns over unpaid moderators, lack of user loyalty, financial viability, copyright issues, and the purpose of going public. Some Redditors are considering shorting the stock, citing these issues as potential risks to the company's future success.

Portfolio Pulse from Surbhi Jain

March 05, 2024 | 2:01 pm

SBUX

The Strategic Organizing Center (SOC), a shareholder of Starbucks Corporation (NASDAQ:SBUX), has withdrawn its director nominations following an agreement between Starbucks and Workers United. This agreement, which includes collective bargaining and benefits for employees, is seen as a significant step towards improving Starbucks' labor relations and enhancing shareholder value. The SOC believes this move will allow Starbucks to focus on its new commitments to workers and governance reforms, potentially leading to improved company performance.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 1:37 pm