Streetbeat News

Labor Issues

CING

GRI

INBS

MARK

MDVL

MINM

U.S. stocks showed mixed performance with the Dow Jones falling by 150 points and the NASDAQ rising by 0.56%. The U.S. economy added 353,000 jobs in January, surpassing expectations. Intelligent Bio Solutions Inc. (INBS), Minim, Inc. (MINM), and Remark Holdings, Inc. (MARK) saw significant stock price increases, while Cingulate Inc. (CING), MedAvail Holdings, Inc. (MDVL), and GRI Bio, Inc. (GRI) experienced notable declines.

Portfolio Pulse from Avi Kapoor

February 02, 2024 | 2:48 pm

AMZN

META

The U.S. labor market added 353,000 jobs in January, surpassing expectations and indicating strong economic activity. This robust job growth, along with a steady unemployment rate at 3.7% and higher-than-expected wage growth, has impacted market expectations regarding Federal Reserve interest rate policies. Treasury yields increased, and while futures linked to major U.S. stock averages initially rose, the gains were primarily driven by tech giants Meta Platforms Inc. and Amazon.com Inc. following their positive earnings reports.

Portfolio Pulse from Piero Cingari

February 02, 2024 | 1:40 pm

SPY

The USA unemployment rate for January remained steady at 3.7%, which was below the estimated 3.8% and unchanged from the prior month. This indicates a stable job market.

Portfolio Pulse from Benzinga Newsdesk

February 02, 2024 | 1:30 pm

SPY

The January Nonfarm Payrolls report showed an addition of 353,000 jobs, significantly surpassing the estimated 187,000. This indicates a stronger than expected labor market.

Portfolio Pulse from Benzinga Newsdesk

February 02, 2024 | 1:30 pm

AMZN

Amazon (NASDAQ:AMZN) may continue layoffs despite strong Q4 financial results, as CFO Brian Olsavsky emphasizes cost-saving measures and careful investments. The company focuses on areas like AI, grocery, and healthcare, while also implementing significant layoffs in the past year, including in Amazon Pay and marketing divisions.

Portfolio Pulse from Benzinga Neuro

February 02, 2024 | 10:23 am

INTC

Intel Corporation has delayed its $20 billion chip-manufacturing project in Ohio, initially set for next year, to late 2026 due to market challenges and slow government funding. The project, aimed at expanding domestic chip production and reducing reliance on Asian factories, aligns with the Biden administration's $53 billion Chips Act. Despite the delay, Intel remains committed to the project, which is expected to create 3,000 new factory jobs. The delay follows Intel's recent earnings report, which showed a 10% year-over-year revenue increase but disappointing guidance.

Portfolio Pulse from Benzinga Neuro

February 02, 2024 | 1:34 am

CSX

CSX has reached agreements to provide paid sick leave to over 600 employees, expanding its initiative as the first U.S. Class I railroad to offer this benefit to contract workers. The company has negotiated with unions such as BMWED, BRC, SMART-TD, IAM, NCFO, and IBEW, benefiting thousands of workers.

Portfolio Pulse from Benzinga Newsdesk

February 01, 2024 | 8:01 pm

BAC

C

GS

JPM

MS

UBS

WFC

Major Wall Street banks, including Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, UBS Group, and Wells Fargo, are changing their policies to no longer require marijuana and other substance tests for job applicants. This reflects the growing acceptance of cannabis, legal changes, and the need to attract talent in a competitive job market.

Portfolio Pulse from Patricio Liddle

February 01, 2024 | 7:54 pm

OKTA

ZM

Zoom Video Communications, Inc. (NASDAQ:ZM) is reducing its workforce by approximately 150 jobs, less than 2% of its total employees, focusing on realigning its team with strategic goals, particularly in AI, sales, and engineering for 2024 growth. Separately, Okta, Inc. (NASDAQ:OKTA) announced a 7% workforce reduction as part of cost-cutting measures. ZM's stock saw a slight increase of 0.03% to $64.63.

Portfolio Pulse from Nabaparna Bhattacharya

February 01, 2024 | 7:21 pm

AMZN

GOOG

META

MSFT

OKTA

Okta, Inc (NASDAQ:OKTA) announced a restructuring plan involving a 7% workforce reduction, approximately 400 employees, aiming to improve operating efficiencies. The company expects to incur about $24 million in restructuring charges in Q4 fiscal 2024 but reaffirmed its financial guidance for the same period. This move is part of a broader trend in the tech industry, with companies like Alphabet Inc (GOOG, GOOGL), Meta Platforms Inc (META), Microsoft Corp (MSFT), and Amazon.Com Inc (AMZN) also announcing significant layoffs in 2023.

Portfolio Pulse from Anusuya Lahiri

February 01, 2024 | 6:07 pm