Streetbeat News

Labor Issues

CSCO

Cisco Systems Inc. is planning to cut thousands of jobs as part of a restructuring plan aimed at reducing costs and improving efficiency. The move is seen as a response to the changing demands of the market and the need to stay competitive.

Portfolio Pulse from Benzinga Newsdesk

February 09, 2024 | 5:55 pm

SYBX

Synlogic Inc (NASDAQ:SYBX) announced the discontinuation of its Synpheny-3 study for PKU treatment due to unlikely achievement of its primary endpoint, not related to safety concerns. The company plans to evaluate strategic options, including mergers or asset sales, and will reduce its workforce by over 90%. The company's cash balance as of December 31, 2023, was $47.7 million. Shares plummeted 51.31% to $1.67.

Portfolio Pulse from Vandana Singh

February 09, 2024 | 3:53 pm

AMZN

Former Amazon.com Inc recruiter Lindsay Mustain was surprised to find a resume with a full-sized photo of the applicant holding a shotgun. Mustain, now CEO of Talent Paradigm, highlighted the inappropriateness of including such images on resumes, emphasizing that it reflects poor judgment and a lack of understanding of business standards. She advises against including photos on resumes unless for specific professions like modeling or real estate.

Portfolio Pulse from Adam Eckert

February 09, 2024 | 3:39 pm

ASTL

Algoma Steel Group reported an incident at its north casthouse of the blast furnace complex, where slag contacted moisture, impacting twelve workers. Five were hospitalized but have since been released. The incident has not affected the blast furnace's recovery, and the return to full production is on track.

Portfolio Pulse from Benzinga Newsdesk

February 09, 2024 | 2:31 pm

SYBX

Synlogic announced it will discontinue Synpheny-3, cease operations, and reduce its workforce by over 90%, leading to a decrease in its share price.

Portfolio Pulse from Benzinga Newsdesk

February 09, 2024 | 1:45 pm

SPY

USO

U.S. stock markets closed higher on Thursday, with the S&P 500 nearing the 5,000-point mark, driven by positive earnings reports and U.S. employment data. Asian markets also saw gains, while European markets were mixed. Crude oil prices were slightly up, following a 3% jump due to geopolitical tensions. U.S. futures indicated a mixed opening for the next session.

Portfolio Pulse from Akanksha Bakshi

February 09, 2024 | 12:00 pm

ATSG

Pilots of Omni Air, represented by Teamsters Local 1224 and part of Air Transport Services Group, Inc. (NASDAQ:ATSG), have voted to authorize a strike. This decision comes after nearly three years of negotiations for an amended collective bargaining agreement, with progress stalling despite eight months of federally mediated negotiations. This move signals a significant labor dispute within ATSG, affecting not only pilots but also flight attendants and dispatchers.

Portfolio Pulse from Benzinga Newsdesk

February 09, 2024 | 6:19 am

META

Meta Platforms Inc. (NASDAQ:META) is not renewing its lease for seven floors at South Beach Tower in Singapore, following global layoffs and cost-cutting measures. Despite these cutbacks, Meta announced a $50 billion stock buyback and its first quarterly dividend, signaling financial strength. The company also plans to increase employee bonuses after a strong fourth quarter, with revenue up 25% year-over-year to $40.11 billion, surpassing expectations.

Portfolio Pulse from Ananya Gairola

February 09, 2024 | 2:35 am

MSFT

Toys For Bob, the studio behind Crash Bandicoot, Spyro, and Skylanders, is closing its Novato, California office as part of Microsoft Corp.'s acquisition of Activision Blizzard, leading to 1,900 layoffs across the industry. The closure and layoffs, announced at the end of January, are part of Xbox's restructuring efforts of Activision Blizzard. This includes 86 layoffs from Toys for Bob and 76 from Sledgehammer Games. The long-term impact on Toys for Bob is uncertain as the gaming industry undergoes significant changes.

Portfolio Pulse from Franca Quarneti

February 08, 2024 | 10:38 pm

SXT

Sensient Technologies announced that Senior Vice President and CFO Stephen Rolfs plans to retire on June 30, 2024. Tobin Tornehl will be named CFO following Rolfs' retirement.

Portfolio Pulse from Benzinga Newsdesk

February 08, 2024 | 10:25 pm