Streetbeat News

Labor Issues

STLA

Stellantis CFO commented during the Wolfe Research Conference Call that the estimate of U.S. labor costs rising by $1 billion is 'way too high'.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 6:28 pm

CSCO

MS

UBER

Retail sales data revealed a significant downturn, surprising investors and indicating a potential shift in consumer spending habits. Uber Technologies Inc (UBER) showcased a notable stock jump due to a buyback announcement, highlighting opportunities beyond the dominant tech stocks, referred to as the 'magnificent seven' (AAPL, AMZN, GOOG, META, MSFT, NVDA, TSLA), and AI sector. The article also touches on national security concerns related to Russia, economic downturns in the U.K. and Japan, and layoffs at Cisco Systems Inc (CSCO) and Morgan Stanley (MS). Additionally, it mentions early trade money flows and investor strategies in response to the current market environment.

Portfolio Pulse from The Arora Report

February 15, 2024 | 4:22 pm

PARA

WBD

Paramount Global (NASDAQ:PARA) shares dropped after Berkshire Hathaway sold about 30.4 million shares. Paramount is exploring a sale or merger, with interest from Warner Bros. Discovery, Inc. (NASDAQ:WBD), Skydance Media, and Byron Allen, and announced a job cut of 800 positions. The stock is trading below its 50-day moving average and has a high short interest of 19.12%. Technical analysis suggests its current price is below the 200-day moving average, indicating a bearish signal.

Portfolio Pulse from Erica Kollmann

February 15, 2024 | 3:42 pm

CSCO

Cisco Systems Inc (NASDAQ:CSCO) shares dropped in premarket trading after the company announced lower-than-expected Q3 and FY24 guidance and a 5% workforce reduction. Despite beating Q2 EPS and sales estimates, Cisco's future revenue and EPS forecasts fall below analyst expectations. The company also plans to incur about $800 million in pre-tax charges due to the layoffs but raised its quarterly dividend by 3%.

Portfolio Pulse from Lekha Gupta

February 15, 2024 | 3:27 pm

SPY

Retail sales in January saw a significant slowdown, contracting by 0.8% month-over-month, while manufacturing indicators from New York and Philadelphia showed signs of recovery. Jobless claims also fell, indicating a stronger labor market. The economic data influenced market expectations, with traders pricing in rate cuts by December 2024. The S&P 500, tracked by SPDR S&P 500 ETF Trust (SPY), experienced a 1% increase in its last session.

Portfolio Pulse from Piero Cingari

February 15, 2024 | 1:42 pm

SPY

USA initial jobless claims for the week came in at 212,000, lower than the estimated 219,000 and the previous week's 220,000. This indicates a stronger labor market than anticipated.

Portfolio Pulse from Benzinga Newsdesk

February 15, 2024 | 1:31 pm

COIN

CSCO

DE

HUBS

USFD

Cisco Systems reported better-than-expected Q2 results but weak full-year 2024 guidance and a workforce cut plan, causing shares to drop. US Foods Holding is expected to report earnings with shares slightly up. Deere & Company's earnings anticipation caused a minor share decrease. HubSpot reported strong Q4 results and FY24 guidance, boosting shares. Coinbase Global is expected to report a quarterly loss, yet shares increased.

Portfolio Pulse from Avi Kapoor

February 15, 2024 | 7:37 am

TSLA

Swedish labor union IF Metall has temporarily relaxed its strike against Tesla Inc. (NASDAQ:TSLA), allowing certain workshops to repair critically damaged Tesla vehicles from Feb. 19 to April 30. This concession is aimed at addressing the needs of repair shops and Tesla owners affected by the strike, but it only applies to independent workshops, not Tesla's own service centers. Repairs are limited to older cars covered by insurance, affecting 5-10% of all Tesla repairs. The strike, which began in late October, seeks to pressure Tesla into negotiations for collective bargaining agreements.

Portfolio Pulse from Anan Ashraf

February 15, 2024 | 6:46 am

GOOG

GOOGL

MSFT

Google has introduced an AI model named Goose to improve code writing efficiency among its employees. Goose, derived from Google's large language model Gemini, is trained on 25 years of Google's engineering expertise and can handle Google-specific technologies and code editing based on natural language prompts. This move is part of Google's broader efficiency drive, which includes job cuts and team reorganizations. Google's finance chief mentioned using AI to streamline operations across Alphabet during the company's recent earnings call. Goose aims to integrate AI into every stage of product development and is currently available to some employees. Additionally, Google is investing in AI skills in Europe and consolidating its AI efforts under the Gemini brand, despite concerns about AI trustworthiness.

Portfolio Pulse from Benzinga Neuro

February 15, 2024 | 5:07 am

HAS

Hasbro Inc (NASDAQ:HAS) reported a $90 million revenue boost from Baldur's Gate 3, a game developed by Larian Studios, under a licensing deal. Despite this success, Hasbro faces a 15% revenue decline and a $1.5 billion loss in 2023, with layoffs of 6,500 workers. The company aims for significant profit growth in 2024 and innovation momentum by 2025, but expects a 3%-5% revenue decrease in Wizards' segment due to the high growth baseline set by Baldur's Gate 3 and other ventures.

Portfolio Pulse from Franca Quarneti

February 15, 2024 | 12:24 am