Streetbeat News

Labor Issues

NET

Cloudflare, Inc. (NYSE:NET) has opened a new headquarters and technical hub in Lisbon, Portugal, to support its expanding EMEA operations. The company plans to significantly grow its workforce in Lisbon, where it has already increased from 14 to over 350 employees since 2019.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2024 | 8:04 am

NYCB

Flagstar Bank, a subsidiary of New York Community Bancorp, is cutting 8% of its workforce as part of a strategic transformation and cost-cutting initiative.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2024 | 6:31 am

AMZN

SPOT

Amazon's AWS CEO, Matt Garman, defends the new five-day in-office policy, suggesting employees opposed to it can seek other jobs. This policy shift has caused dissatisfaction among Amazon employees, contrasting with Spotify's flexible work policy.

Portfolio Pulse from Benzinga Neuro

October 18, 2024 | 1:15 am

NOK

Nokia is cutting 2,000 jobs in China and 350 in Europe as part of its cost-cutting measures. The company aims to save up to 1.2 billion euros by 2026. Despite a 9% rise in Q3 operating profit, Nokia's net sales missed estimates, causing a 4% drop in its share price.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2024 | 5:47 pm

BIIB

SAGE

Sage Therapeutics is undergoing a strategic reorganization, including laying off one-third of its workforce, to support the launch of Zurzuvae and extend its cash runway. The company is focusing on pipeline prioritization and expects a non-recurring charge of $26-28 million. Sage's stock is down 4.81%.

Portfolio Pulse from Vandana Singh

October 17, 2024 | 2:11 pm

AAL

DAL

LUV

UAL

United Airlines reported better-than-expected Q3 results, announced a $1.5 billion share buyback, and improved its industry outlook, leading to a 13.2% stock rally. Delta, Southwest, and American Airlines also saw stock increases. Despite revenue growth, net income fell 15% YoY. The airline faces union criticism over buybacks.

Portfolio Pulse from Upwallstreet

October 17, 2024 | 2:07 pm

SPY

The USA Initial Jobless Claims matched the estimated 241K, showing no deviation from expectations. This is a decrease from the prior 260K claims, indicating a potential improvement in the labor market.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2024 | 12:30 pm

TSLA

Tesla has promoted several key executives, including Omead Afshar, Ashok Elluswamy, Milan Kovac, and Wes Morrill, as part of a leadership shuffle. These changes come after a series of layoffs and departures of senior executives earlier this year.

Portfolio Pulse from Anan Ashraf

October 17, 2024 | 12:15 pm

META

QQQ

SPY

Meta Platforms Inc. has initiated layoffs in departments like WhatsApp, Instagram, and Reality Labs as part of internal reorganizations. These layoffs are smaller and department-specific, aligning with Meta's long-term strategy. Despite the layoffs, Meta's stock has gained over 78% in the last 12 months, and the company continues to focus on AI and hardware product development.

Portfolio Pulse from Anusuya Lahiri

October 17, 2024 | 11:52 am

PPG

PPG Industries plans a cost reduction program with expected annualized pre-tax savings of $175 million, impacting about 1,800 positions mainly in Europe and the US. The program follows agreements to sell certain business units and includes facility closures.

Portfolio Pulse from Benzinga Newsdesk

October 17, 2024 | 11:08 am