Streetbeat News

Labor Issues

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

BB

BlackBerry announced further cost-reduction actions within its Cybersecurity business, including headcount reductions expected to save $27 million annually and other actions for an additional $8 million in savings. Despite a seasonal low in cash for the first fiscal quarter, BlackBerry aims to maintain a positive net cash position throughout the fiscal year and achieve operating cash flow positivity by Q4 FY25.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 10:51 pm

OGEN

Oragenics has announced a mutual separation agreement with CEO Kimberly Murphy, who will remain on the board of directors. Charlie Pope will serve as Executive Chairman, and Michael Redmond has been appointed as Interim Principal Executive Officer, effective February 12, 2024.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 9:44 pm

STRL

Sterling Infrastructure, Inc. (NASDAQ:STRL) announced the planned retirement of CFO Ronald Ballschmiede in 2024. CEO Joe Cutillo praised Ballschmiede's contributions and confirmed a succession plan is in place, ensuring a smooth transition.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 9:25 pm

MSFT

Microsoft Gaming CEO Phil Spencer reassured Xbox employees in a recent meeting that the company will continue producing Xbox consoles, countering rumors of a shift away from console manufacturing. This statement comes amid concerns following recent layoffs and ahead of a business update event. Spencer's comments also address speculation about Xbox's future strategy and potential shifts towards multi-platform gaming.

Portfolio Pulse from Franca Quarneti

February 12, 2024 | 5:14 pm

AMZN

GOOG

META

PINS

SNAP

Snap Inc. (SNAP) stock plummeted nearly a third after Q4 results missed Wall Street expectations and announced a 10% workforce reduction. Despite solid user growth, Snap's revenue per user fell, contrasting with the online ad market recovery seen by Meta Platforms (META), Alphabet (GOOG), and Amazon.com Inc. (AMZN), who reported significant ad revenue growth. Pinterest (PINS) also faced monetization challenges, seeking partnerships with Google and Amazon for improvement. Snap aims to focus on growing its user base and engagement in monetizable markets.

Portfolio Pulse from Upwallstreet

February 12, 2024 | 3:56 pm