Streetbeat News

Labor Issues

WRAP

Wrap Technologies announced a reduction in its labor force by 30%, aiming to streamline operations and improve financial efficiency. This significant cut could indicate a strategic shift or financial pressures within the company.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 2:06 pm

Estee Lauder's shares increased following the announcement of surpassing Q2 financial expectations and initiating a restructuring program aimed at reducing 3 to 5 percent of its workforce by June 30, 2023.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 1:46 pm

MAC

Macerich announced Jackson Hsieh will become President and CEO on March 1, 2024, succeeding Thomas O'Hern who will retire but remain as an advisor until June 30, 2024, for a smooth transition.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 12:06 pm

DTC

Solo Brands, Inc. (NYSE:DTC) announced the appointment of Laura Coffey as CFO and Michael McGoohan as Chief Growth Officer and EVP. Coffey, with over 25 years of retail experience, previously served as CFO for The Vitamin Shoppe. McGoohan's role is a new position aimed at leading commercial operations and strategic growth. Both will report to CEO Christopher Metz.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 11:53 am

DIA

GLD

QQQ

SPY

USO

On February 2nd, U.S. stock markets closed higher, driven by strong earnings and a positive January jobs report. Asian markets were mixed, with Japan's Nikkei 225 up and China's Shanghai Composite down. European markets traded higher, while commodities like crude oil and gold fell. U.S. futures indicated a lower opening for the next session.

Portfolio Pulse from Akanksha Bakshi

February 05, 2024 | 11:51 am

Estée Lauder announces a profit recovery plan for fiscal years 2025 and 2026, including a restructuring program that will reduce its workforce by 3-5% as of June 30, 2023. The plan aims to improve gross margin and expense base, expecting to yield annual gross benefits of $350 million to $500 million before taxes.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 11:50 am

AAPL

AMZN

CAT

MCD

META

TSN

VRTX

U.S. stocks closed higher, with the S&P 500 hitting a new record high, driven by investor optimism following strong tech earnings and positive jobs data. Meta Platforms and Amazon posted significant gains after reporting better-than-expected financial results. Apple also exceeded earnings expectations. The U.S. economy added more jobs than anticipated in January, with the unemployment rate holding steady. Most sectors in the S&P 500 saw gains, except for utilities and real estate. Investors are looking forward to earnings from Tyson Foods, McDonald's, Caterpillar, and Vertex Pharmaceuticals.

Portfolio Pulse from Avi Kapoor

February 05, 2024 | 8:19 am

ICLN

TSLA

Short-seller Jim Chanos criticized Tesla CEO Elon Musk's proposal for a carbon tax as a measure against climate change, labeling Musk as 'Subsidy King' and 'new darling of the Right'. Musk advocates for a carbon tax to combat climate change, citing a $5.3 trillion annual carbon subsidy per the IMF. Chanos, known for his bets against Tesla and Enron, recently closed his hedge fund. The debate highlights differing views on addressing climate change and the role of electric vehicles and renewable energy.

Portfolio Pulse from Shanthi Rexaline

February 05, 2024 | 6:24 am

WBA

Walgreens has announced a partnership with colleges of pharmacy to address key issues facing the pharmacy profession, such as staffing challenges and declining pharmacy school enrollment. This collaboration aims to advance the profession and ensure a steady pipeline of qualified pharmacists.

Portfolio Pulse from Benzinga Newsdesk

February 05, 2024 | 6:03 am

SPY

In a CBS' 60 Minutes interview, Federal Reserve Chair Jerome Powell stated that progress is being made on inflation control. He mentioned the possibility of the Federal Reserve acting sooner if there are signs of labor market weakness or a convincing reduction in inflation.

Portfolio Pulse from Charles Gross

February 05, 2024 | 12:12 am