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Labor Issues

GRTS

Gritstone Bio announced a significant workforce reduction of approximately 40%, leading to a decrease in its stock price.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 1:49 pm

NSC

Ancora Holdings Group, LLC and its affiliates (the Investor Group), holding a significant stake in Norfolk Southern Corporation (NYSE:NSC), issued an open letter criticizing the company's leadership and proposing changes. They highlighted CEO Alan Shaw's 37% pay raise despite poor performance, including the East Palestine derailment. The Investor Group nominated eight candidates for the board and proposed a new management team, urging a focus on safety, growth, and value creation. They criticized the current board's actions as serving CEO interests over shareholders and called for a fact-based election contest.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 1:37 pm

CVCO

Cavco Industries faces a strike at its Emlenton, PA manufacturing plant as the collective bargaining agreement with The International Association of Machinists expires. Union employees have elected to strike, with negotiations expected to resume early next week.

Portfolio Pulse from Benzinga Newsdesk

March 01, 2024 | 7:04 am

GRTS

Gritstone Bio announced a significant workforce reduction of approximately 40%, leading to a decrease in its share price.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 10:04 pm

FSR

Fisker Inc (NYSE:FSR) reported a significant increase in Q4 revenue to $200.1 million but also a net loss of $1.23 per share. The company produced 4,789 vehicles and delivered 3,818 in Q4. Despite challenges and a strategic shift to a Dealer Partner model, Fisker faces doubts about its ongoing viability, planning workforce reductions and seeking additional investments. Fisker aims for 20,000 to 22,000 vehicle sales in 2024, with negotiations for a potential large automaker investment ongoing.

Portfolio Pulse from Adam Eckert

February 29, 2024 | 9:45 pm

NYCB

New York Community Bancorp, Inc. (NYCB) announced Alessandro DiNello as the new President and CEO, succeeding Thomas R. Cangemi. Marshall Lux is appointed as Presiding Director of the Board, replacing Hanif "Wally" Dahya. DiNello, previously Executive Chairman, brings over four decades of experience from Flagstar Bank. Lux, joining the Board in 2022, has a diverse background in the financial services industry. The leadership changes aim to support NYCB's transformation into a larger, diversified commercial bank.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 9:31 pm

FSR

Fisker is negotiating with a large automaker for a potential deal that may involve an investment, joint electric vehicle development, and North American manufacturing. The deal's closure is contingent on due diligence and definitive agreements. Fisker also plans to reduce its workforce by about 15%.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 9:27 pm

GRTS

Gritstone bio announced a 40% reduction in its workforce due to a lack of near-term funding, following a delay in the CORAL Phase 2b study which led to the loss of anticipated external funding starting in 1Q 2024.

Portfolio Pulse from Benzinga Newsdesk

February 29, 2024 | 9:14 pm

NFLX

Netflix Inc (NASDAQ:NFLX) has seen a resurgence, reclaiming its position in the streaming industry, partly due to its ad tier rollout, password crackdown, layoffs, and cost-cutting measures. Despite a hiring slowdown, Netflix offers competitive salaries ranging from $72,000 to $1 million, based on nearly 650 work-visa applications. Unlike other tech giants, Netflix doesn't provide performance bonuses but allows employees to choose their compensation mix between cash and stock. Netflix's stock fell 51% in 2022 but rose 65% last year and continues to perform well in 2024.

Portfolio Pulse from Adam Eckert

February 29, 2024 | 8:33 pm

EA

Electronic Arts Inc (NASDAQ:EA) has canceled the development of a Star Wars FPS game featuring a Mandalorian protagonist and laid off about 670 employees, 5% of its workforce, as part of a restructuring effort. The company is shifting focus towards its own IPs and key franchises, including the Star Wars: Jedi, Iron Man, Black Panther, and others. Despite these changes, EA reported positive financial results but expects to incur costs related to the layoffs.

Portfolio Pulse from Franca Quarneti

February 29, 2024 | 7:24 pm