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Labor Issues

PLUG

Plug Power, Inc. (NASDAQ:PLUG) announced plans to cut its annual operational expenses by over $75 million through layoffs, supply chain optimization, and other cost-reduction measures. The company aims to streamline processes and enhance operational efficiency with automation and digital technologies. Despite the layoffs, affected employees will receive severance packages and career transition support. Plug Power also highlighted recent achievements, including the delivery of liquid hydrogen refuelers and the production of liquid green hydrogen at its Georgia plant, marking it as the largest in the U.S. market. Additionally, Plug Power has secured a contract in Europe for a 500 MW electrolyzer project. Shares of Plug Power rose 2.10% to $4.25.

Portfolio Pulse from Nabaparna Bhattacharya

February 14, 2024 | 2:50 pm

SSRM

SSR Mining reported a significant slip at the Çöpler heap leach pad, resulting in nine individuals missing. Operations at the mine are currently suspended as efforts focus on locating the missing workers.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 2:00 pm

PLUG

Plug Power announced a comprehensive initiative to reduce its annual operational expenses by over $75M through operational consolidation, strategic workforce adjustments, and other cost-saving actions.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 12:08 pm

ENGN

enGene announced that CEO Jason Hanson plans to resign due to personal, family, and health reasons. The Board is searching for a successor, and Hanson will serve as a strategic advisor post-transition.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 11:49 am

BCS

Barclays VP, Nazia Lawrence, has filed a lawsuit against Barclays PLC (NYSE:BCS) for racial, religious, and gender discrimination, seeking $290,000 in compensation. Lawrence alleges she was denied promotion despite her qualifications and performance, leading to mental distress and a decline in her performance ratings. The lawsuit also requests further training and a transparent promotion process at Barclays.

Portfolio Pulse from Benzinga Neuro

February 14, 2024 | 6:58 am

LYFT

Lyft (NASDAQ:LYFT) experienced a significant increase in stadium rides by over 35% in 2023, attributed to Taylor Swift and Beyoncé's tours, contributing to impressive Q4 performance. The company underwent restructuring, including layoffs, to drive towards profitability and announced compensation for drivers earning less than 70% of what riders paid. Lyft's partnership with Motional to offer self-driving rides is part of its growth strategy despite concerns around autonomous vehicles.

Portfolio Pulse from Benzinga Neuro

February 14, 2024 | 5:39 am

AAPL

Bart Andre, Apple Inc.'s longest-serving senior industrial designer, is set to retire, signaling a significant shift in the company's design team since Jony Ive's era. Andre, who joined Apple in 1992, has been instrumental in shaping the aesthetic of Apple products for over three decades. His departure follows the recent exit of several top designers, including Colin Burns, Shota Aoyagi, and Peter Russell-Clarke, and precedes the anticipated departure of several long-time software designers. This turnover occurs as Apple introduces new talent and shifts focus under COO Jeff Williams, amidst unrest among staff over cost-cutting and project prioritization. Despite these changes, Apple has reported strong financial performance, with first-quarter earnings and revenue surpassing expectations.

Portfolio Pulse from Ananya Gairola

February 14, 2024 | 1:33 am

CART

Asha Sharma, the COO of Maplebear (Instacart), has announced her resignation effective March 1, 2024. The company currently has no plans to appoint a new COO.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 10:03 pm

CART

On February 9, 2024, Maplebear, known as Instacart, announced a restructuring plan approved by its board, which includes laying off about 250 employees, approximately 7% of its global workforce as of January 31, 2024, according to a recent filing.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 10:01 pm

SPY

Fitch Ratings forecasts that U.S. banks will experience lower expense growth in 2024, which will help mitigate margin pressure. This outlook is partly due to industry-wide job cuts, in addition to potential higher interest rates.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 7:54 pm