Streetbeat News

Labor Issues

NKE

Nike's stock is trading lower following a downgrade by Oppenheimer from Outperform to Perform, alongside news of the company planning to cut over 1,600 jobs to reduce costs.

Portfolio Pulse from Benzinga Newsdesk

February 16, 2024 | 3:52 pm

AMZN

EA

NTGR

RCL

Insiders at Amazon, Royal Caribbean Cruises, NETGEAR, and Electronic Arts have recently sold shares. These sales could indicate various strategic or personal reasons. Amazon announced layoffs at its One Medical and Pharmacy units, NETGEAR issued lower than expected revenue guidance, EA is months away from releasing a college football video game, and Royal Caribbean signed an agreement for a new ship.

Portfolio Pulse from Avi Kapoor

February 16, 2024 | 12:35 pm

NKE

Nike Inc (NYSE:NKE) announced plans to cut approximately 2% of its global workforce, over 1,600 jobs, to reduce costs. The layoffs, which will not affect store and distribution center employees or the innovation team, aim to reallocate resources towards key areas such as running, women's apparel, and the Jordan brand. Despite these cuts, Nike faces challenges, including a slight revenue miss in Q2 FY23 and anticipates up to $2 billion in cost savings over the next three years amidst rising macro headwinds.

Portfolio Pulse from Lekha Gupta

February 16, 2024 | 11:49 am

GOOG

GOOGL

MSFT

Alphabet Inc.'s Google quadrupled a salary offer to retain an employee targeted by Perplexity AI, highlighting the intense competition and talent wars in the AI sector. Despite recent layoffs, Google's move indicates the high value it places on key personnel. This comes as Google faces increasing competition from AI startups like OpenAI, backed by Microsoft, and others aiming to challenge Google Search's dominance.

Portfolio Pulse from Rounak Jain

February 16, 2024 | 11:22 am

GM

Senior Vice President of Autonomous Vehicle Platforms at General Motors Co's (NYSE:GM) autonomous driving unit Cruise has resigned, marking another executive departure since the company suspended operations in the US last year following a pedestrian accident. GM reported a $3.48 billion operating loss at Cruise in 2023, up from $3.24 billion in 2022. Despite these challenges, GM CEO Mary Barra reaffirmed the company's commitment to Cruise, indicating a reduction in spending but continued investment in self-driving technology.

Portfolio Pulse from Anan Ashraf

February 16, 2024 | 7:45 am

F

Ford Motor Co (NYSE: F) is reevaluating its future vehicle production locations due to the financial impact and operational changes stemming from the 2023 UAW strikes. CEO Jim Farley highlighted the significant relationship shift with the UAW and mentioned the company's contemplation on non-US factories. The strikes led to higher wages for Ford workers, potentially affecting margins and future investments. Ford anticipates $2 billion in costs this year, expected to offset the new UAW contract costs. Farley's remarks suggest a possible shift in Ford's manufacturing strategy, which could impact its transition to electric vehicles.

Portfolio Pulse from Chris Katje

February 15, 2024 | 11:50 pm

EFXT

Enerflex has officially appointed Preet Dhindsa as its Senior Vice President and CFO, effective March 1, 2024. Dhindsa has been serving as the interim CFO since October 13, 2023.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 10:17 pm

TNET

TriNet, a provider of HR solutions, announced the retirement of its CEO Burton M. Goldfield and the appointment of Mike Simonds as the new President and CEO. Goldfield's leadership has been pivotal in TriNet's growth, and Simonds, with his experience, is expected to continue this trajectory.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 9:47 pm

TNET

TriNet has announced Mike Simonds as its new President and CEO, effective February 16, 2024, replacing the retiring Burton Goldfield. Goldfield will remain as a special advisor until March 31, 2025. Simonds will also join the TriNet Board of Directors.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 9:17 pm

CLF

DC

HL

RS

X

Morgan Stanley downgraded United States Steel Corporation (X) and Cleveland-Cliffs (CLF), adjusting their price targets. Cleveland-Cliffs announced the indefinite idling of its tinplate production plant in West Virginia due to tariff issues, affecting 900 employees. Reliance Steel & Aluminum Co. (RS), now Reliance Inc., reported strong financial results for 2023, announced acquisitions, and increased its dividend. Hecla Mining Company (HL) reported significant silver reserves and sales, operational improvements, and strong safety performance. Dakota Gold Corp. (DC) saw a significant share purchase by Director Robert Quartermain.

Portfolio Pulse from Austin DeNoce

February 15, 2024 | 8:38 pm