Streetbeat News

Labor Issues

BYDDF

FAURY

TSLA

Auto parts giant Forvia SE is restructuring its workforce, planning to cut up to 10,000 jobs to save around €500 million annually by 2028. This move is in response to the shift towards electric vehicles (EVs), influenced by EU policies, declining European car sales, and competition from Chinese EV manufacturers. Forvia reported a 10.9% year-over-year increase in 2023 sales, reaching €27.25 billion. The company aims to improve profitability in Europe and reduce reliance on the Chinese market, amidst the automotive industry's challenges in transitioning to EVs. Notably, BYD Co Ltd has overtaken Tesla Inc as the leading global EV seller.

Portfolio Pulse from Vandana Singh

February 20, 2024 | 5:00 pm

BSGM

BioSig Technologies, Inc. (BSGM), a medical technology company, announced a significant reduction in its workforce and a substantial reduction in business operations.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 3:01 pm

ALGT

Allegiant Travel Company (ALGT) has announced a partnership with Berry Aviation to launch the Allegiant Incentive program, aimed at enhancing its pilot recruitment pipeline. This collaboration will provide Allegiant with access to a pool of experienced pilots trained by Berry, supporting the airline's growth by ensuring a steady influx of qualified pilots. The program includes benefits such as training, mentorship, and participation in Allegiant events for pilots meeting specific criteria.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 2:49 pm

SBUX

The Strategic Organizing Center (SOC), a shareholder of Starbucks Corporation (NASDAQ:SBUX), released an investor presentation advocating for board changes at Starbucks. The presentation criticizes the current board's handling of labor issues, resource allocation, and the resulting negative impact on shareholder value. The SOC has nominated three individuals with diverse leadership experience for election to the board, aiming to address these issues and improve the company's approach to labor relations and overall performance.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 2:24 pm

ACB

BGXX

BMY

CWBHF

Several cannabis companies announced executive and board changes, including Aurora Cannabis appointing Simona King as CFO and Cresco Labs promoting Greg Butler to president. Other companies like Rubicon Organics, STIIIZY INC., and Lowell Farms also made significant appointments. Additionally, board changes occurred at Charlotte’s Web Holdings and Bright Green Corporation, among others. These changes reflect ongoing shifts in the cannabis industry's leadership landscape.

Portfolio Pulse from Jelena Martinovic

February 20, 2024 | 2:11 pm

ACB

Aurora Cannabis Inc (NASDAQ:ACB) announced the completion of its share consolidation on a 10 to 1 basis, effective at market open Tuesday. Additionally, Simona King, a former Bristol Myers-Squibb executive, has been appointed as CFO, replacing Glen Ibbott who will step down but remain in an advisory role for a smooth transition. The company's stock is in the spotlight due to these changes.

Portfolio Pulse from Adam Eckert

February 20, 2024 | 1:57 pm

AMZN

CSCO

GOOG

MSFT

NVDA

Cisco Systems Inc (CSCO) announced a 5% workforce reduction, approximately 4,250 jobs, as it enters 2024 alongside tech giants like Alphabet (GOOG), Amazon.com Inc (AMZN), and Microsoft Corporation (MSFT) in making job cuts. Despite expanding its AI and cybersecurity partnership with Nvidia Corporation (NVDA) to focus on data centers, Cisco's positive news was overshadowed by a modest forecast for the current quarter and full year. Cisco's fiscal second quarter saw a 6% YoY revenue decline and a cautious outlook due to macroeconomic challenges and supply chain issues. The company also plans to acquire Splunk to diversify from its networking equipment business.

Portfolio Pulse from Upwallstreet

February 20, 2024 | 1:30 pm

ZVIA

Zevia PBC (NYSE:ZVIA) announced Girish Satya as the new CFO effective February 21, 2024. Satya, with over 20 years of experience, replaces interim CFO Florence Neubauer, who will remain as Senior VP, Finance and Business Transformation.

Portfolio Pulse from Benzinga Newsdesk

February 20, 2024 | 12:29 pm

ODFL

XPO

Truckers supporting Donald Trump, led by a figure known as Chicago Ray, are boycotting delivery routes to New York City in response to a court ruling ordering Trump to pay over $300 million for fraud charges. The movement, gaining traction on social media under #TruckersForTrump, could potentially disrupt NYC's supply chain if it continues to grow. Large trucking companies like XPO Inc and Old Dominion Freight Line Inc could be impacted if the boycott leads to increased rates per mile and supply chain disruptions.

Portfolio Pulse from Aaron Bry

February 19, 2024 | 8:08 pm

META

Mark Zuckerberg, CEO of Meta Platforms Inc. (NASDAQ:META), shared insights into his management style evolution, emphasizing his initial lack of a management style, his vision of being an engineer rather than a founder, and his belief in minimal delegation. He credited his growth to working with experienced individuals like Sheryl Sandberg and highlighted the importance of team dynamics. Zuckerberg also commented on the tech industry's trend towards layoffs and the proposed $7 trillion AI chipmaking plan by OpenAI's CEO, calling it necessary for AI's future.

Portfolio Pulse from Ananya Gairola

February 19, 2024 | 1:42 pm