Streetbeat News

Labor Issues

PARA

WBD

Paramount Global (NASDAQ:PARA) plans to reduce its workforce by approximately 800 employees, or 3% of its total staff, as detailed by CEO Bob Bakish. This move aims to streamline operations and focus on strategic goals, despite the company's streaming service, Paramount+, reporting a $238 million loss in Q3. Paramount is also exploring merger and acquisition opportunities, including discussions with Skydance Media and Warner Bros. Discovery Inc (NASDAQ:WBD). PARA shares dropped 2.05% to $13.14. The company's 200-day moving average is $14.56, suggesting potential future stock movement predictions.

Portfolio Pulse from Anusuya Lahiri

February 13, 2024 | 5:57 pm

PARA

Paramount Global announced it will start the process of laying off employees across the company, including those based in the U.S. by the end of the business day. The layoffs will also affect some of its international offices.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 2:59 pm

DASH

LYFT

UBER

Lyft Inc (NASDAQ:LYFT) is set to report Q4 earnings with expectations of 8 cents EPS and $1.22 billion in revenues. The company faces a bearish technical setup and a planned strike on Valentine's Day by drivers demanding fair pay, which also involves Uber Technologies Inc (NYSE:UBER) and DoorDash (NASDAQ:DASH). Lyft's OBV indicator and averages suggest strong selling pressure, with analysts rating the stock as Neutral with a price target of $11.97.

Portfolio Pulse from Surbhi Jain

February 13, 2024 | 2:08 pm

PARA

Paramount Global has announced a significant reduction in its workforce, laying off approximately 800 employees, as reported by CNBC. This move is part of the company's broader efforts to streamline operations and reduce costs amidst a challenging economic environment.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 2:04 pm

OMF

OneMain Holdings, Inc. (NYSE:OMF) announced the appointment of Jenny Osterhout as CFO and Micah Conrad as COO, effective March 31, 2024. Osterhout, currently Chief Strategy Officer, and Conrad, the current CFO, have been recognized for their contributions to the company's growth and expansion into new products. Conrad will replace Rajive Chadha, who transitions to a Senior Advisor role. The leadership changes are part of OneMain's strategy to continue delivering shareholder value and expanding its product offerings.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 1:35 pm

BB

BlackBerry Ltd (NYSE:BB) is implementing strategic cost-saving measures aimed at achieving $100 million in annualized net profit improvements, building on previous savings of $50 million. The company has already identified and implemented $55 million of this target in the current quarter. BlackBerry is progressing towards operating cash flow positivity by Q4 FY25, having reduced its debt by 45% and maintaining a strong revenue outlook. The company is also streamlining its cost structure, including job cuts and exiting six global office locations, as part of its efforts to enhance profitability and growth.

Portfolio Pulse from Anusuya Lahiri

February 13, 2024 | 1:03 pm

DAY

MCO

Moody's Corporation (NYSE:MCO) has appointed Noémie Heuland as its new Senior Vice President and Chief Financial Officer, effective April 1, 2024. Heuland, with nearly 25 years of experience in financial leadership roles, joins from Dayforce (NYSE:DAY), where she was Executive Vice President and CFO since 2020. Her career also includes a significant tenure at SAP, contributing to its growth and transition to a SaaS business model.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 12:10 pm

FUN

Cedar Fair Entertainment's Valleyfair amusement park announced plans to hire over 1,600 seasonal associates for the 2024 season, with a major hiring event scheduled for February 17-24. This initiative is part of one of the largest recruiting campaigns by Cedar Fair across its parks in the United States and Canada, aiming to fill various roles including ride operators, food and beverage staff, lifeguards, security, and more.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 10:13 am

DASH

LYFT

UBER

Thousands of drivers for Uber Technologies Inc (UBER), Lyft Inc (LYFT), and DoorDash (DASH) plan to strike on Valentine's Day across the U.S. for fair pay. The strike, organized by the Justice For App Workers coalition, aims to address issues such as low earnings, safety concerns, and the risk of deactivation. Uber downplayed the strike's impact, citing that U.S. drivers earned an average of $33 per utilized hour in Q4. Lyft announced a guarantee of weekly earnings for its drivers, a first in the industry. In 2023, Uber drivers' earnings dropped by 17.1%, while Lyft drivers' earnings increased by 2.5%.

Portfolio Pulse from Anan Ashraf

February 13, 2024 | 9:56 am

GM

General Motors Co.'s autonomous vehicle subsidiary, Cruise, has appointed Steve Kenner, a former Ford Motor Co. executive, as its new Chief Safety Officer. This move aims to enhance Cruise's focus on safety, transparency, and accountability, especially after recent safety concerns and financial losses. Kenner, with a background at Uber, Apple, Chrysler, Ford, and most recently Kodiak Robotics, will oversee Cruise's safety management systems. GM CEO Mary Barra reaffirmed the company's commitment to Cruise, indicating plans for reduced spending but continued investment in self-driving technology.

Portfolio Pulse from Anan Ashraf

February 13, 2024 | 6:57 am