Streetbeat News

Labor Issues

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

TSLA

Elon Musk is reported to have fostered a culture of drug use among senior leaders at Tesla and SpaceX, with directors and board members allegedly participating in drug use. Larry Ellison, a former Tesla director, advised Musk to seek rehabilitation. The allegations raise concerns for SpaceX's government contracts and Tesla's leadership.

Portfolio Pulse from Bibhu Pattnaik

February 04, 2024 | 5:52 pm

BLK

JPM

Financial experts including Bill Gross, BlackRock, and Jamie Dimon provided insights on the U.S. economy, discussing a looming debt crisis, bullish views on U.S. stocks, and potential unemployment rate increases. Gross compared the U.S.'s $34 trillion debt to climate change impacts, predicting inflation due to annual deficits. BlackRock upgraded U.S. stocks to 'overweight', anticipating an economic soft landing and interest rate cuts. Mizuho's Dominic Konstam projected unemployment could double by year-end. Peter Schiff criticized the Federal Reserve's inflation policy, and Dimon warned of a global market 'rebellion' due to U.S. debt levels.

Portfolio Pulse from Benzinga Neuro

February 04, 2024 | 11:08 am

Sweetgreen has announced the appointment of Rossann Williams as its new Chief Operating Officer (COO).

Portfolio Pulse from Benzinga Newsdesk

February 02, 2024 | 9:08 pm

AAPL

AMD

AMZN

GOOGL

META

TSLA

Tech giants experienced mixed earnings, with Alphabet, AMD, and Apple slightly missing expectations, while Meta and Amazon exceeded them. The Fed's Jerome Powell ruled out a March interest rate cut, and the U.S. saw a strong January jobs report. Meta announced its first dividend, Amazon reported significant Q4 revenue growth, and Apple faced challenges in China. Tesla recalled the Cybertruck due to a software issue.

Portfolio Pulse from Piero Cingari

February 02, 2024 | 9:07 pm

QQQ

SPY

TLT

January's jobs report showcased a robust addition of 353,000 non-farm payrolls, significantly surpassing expectations and indicating a strong U.S. labor market. Wage growth also exceeded forecasts, raising concerns over inflation and impacting Federal Reserve policy decisions. The report led to a decrease in the likelihood of near-term Fed rate cuts, affecting Treasury yields and stock market expectations. The iShares 20+ Year Treasury Bond ETF (TLT) saw a decline, while the SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust (QQQ) experienced modest upticks.

Portfolio Pulse from Piero Cingari

February 02, 2024 | 4:40 pm