Streetbeat News

Labor Issues

T

AT&T has successfully ratified labor agreements with the Communications Workers of America (CWA), covering approximately 23,000 employees in the Southeast and West regions. This move underscores AT&T's position as the largest employer of union-represented employees in the U.S. telecommunications industry and highlights its commitment to providing competitive wages and benefits.

Portfolio Pulse from Benzinga Newsdesk

October 21, 2024 | 8:16 am

TSLA

Eric Quinnell, a senior staff engineer at Tesla, has left the company amid a series of executive departures. Tesla has also promoted several executives recently.

Portfolio Pulse from Anan Ashraf

October 21, 2024 | 6:20 am

BA

Boeing has reached a tentative agreement with the International Association of Machinists and Aerospace Workers to end a five-week strike. The deal includes wage increases, retirement benefits, and a ratification bonus. The strike has cost Boeing approximately $1 billion per month and disrupted aircraft production. The union will vote on the proposal on Wednesday.

Portfolio Pulse from Nabaparna Bhattacharya

October 19, 2024 | 5:38 pm

CBUS

Cibus has announced a strategic realignment that includes an immediate reduction of approximately 26 full-time employees. The company estimates incurring around $0.35 million in one-time costs in Q4 2024 related to this workforce reduction, primarily for accrued vacation and severance payments.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2024 | 8:29 pm

NOK

T

VZ

Nokia's stock rebounded on Friday after a disappointing quarterly report. The company reported an 8% decline in net sales, missing estimates, and faced challenges in North America and China. Nokia is focusing on data centers and defense for growth and plans significant job cuts to save costs.

Portfolio Pulse from Anusuya Lahiri

October 18, 2024 | 7:11 pm

NOK

Nokia shares are rebounding after a decline due to disappointing Q3 results. The company plans to cut jobs in China and Europe.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2024 | 4:11 pm

BA

GCAD

SPR

Spirit AeroSystems is implementing a 21-day furlough for 700 employees due to the ongoing Boeing strike, with potential layoffs if the strike continues. The company is taking cost-saving measures, including a hiring freeze and travel restrictions.

Portfolio Pulse from Nabaparna Bhattacharya

October 18, 2024 | 4:07 pm

STLA

Stellantis plans to close and sell its Arizona Proving Grounds as part of cost-cutting measures. The facility, used for vehicle testing, will be shuttered by the end of the year. Stellantis will use Toyota's proving grounds in Arizona starting next year. The decision is part of broader efforts to optimize operations amid financial pressures.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2024 | 3:32 pm

BA

SPR

Spirit Aerosystems is implementing 21-day furloughs for 700 workers on the 767 and 777 programs starting October 28 due to a Boeing strike. If the strike continues beyond November, Spirit plans to enact layoffs and additional furloughs.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2024 | 12:32 pm

META

Meta Platforms Inc. (NASDAQ:META) has terminated 24 employees in Los Angeles for misusing meal credits to purchase non-food items. This action is part of a broader restructuring effort aimed at increasing efficiency across its platforms.

Portfolio Pulse from Rounak Jain

October 18, 2024 | 11:40 am