Streetbeat News

Labor Issues

Deutsche Bank AG (NYSE:DB) announced it will cut 3,500 jobs, primarily in back-office roles, as part of an efficiency drive. This move, representing about 4% of its global workforce, is accompanied by plans for share buybacks and dividends. The bank aims to reassure investors of its recovery, focusing more on its retail division, which has been the main revenue driver since 2023. Despite exceeding Q4 expectations, Deutsche Bank faces challenges, including regulatory scrutiny and a potentially difficult 2024 due to anticipated interest rate cuts.

Portfolio Pulse from Benzinga Neuro

February 01, 2024 | 2:54 pm

CMAX

FBLG

MINM

NRBO

NVIV

REVB

Nasdaq Composite surged over 100 points as U.S. stocks traded higher, with jobless claims rising to 224,000. Minim, NeuroBo Pharmaceuticals, and FibroBiologics saw significant stock increases, while Revelation Biosciences, InVivo Therapeutics, and CareMax experienced declines. The increase in jobless claims and mixed global market responses also highlighted the economic backdrop.

Portfolio Pulse from Avi Kapoor

February 01, 2024 | 2:45 pm

BTCUSD

ETHUSD

FTTUSD

JUPUSD

Bitcoin and Ethereum experienced losses, trading below $43,000 and $2,300 respectively, following an increase in U.S. jobless claims. The global crypto market cap fell to $1.62 trillion, a 24-hour decline of 1%. Ronin was the top gainer, while Jupiter was the biggest loser among cryptocurrencies.

Portfolio Pulse from Avi Kapoor

February 01, 2024 | 2:35 pm

SPY

USA Continuing Jobless Claims reported at 1,898K, exceeding the estimate of 1,840K and the previous figure of 1,828K.

Portfolio Pulse from Benzinga Newsdesk

February 01, 2024 | 1:31 pm

SPY

Initial jobless claims for the week came in at 224,000, surpassing the estimated 213,000. This indicates a higher than expected number of layoffs.

Portfolio Pulse from Benzinga Newsdesk

February 01, 2024 | 1:30 pm

BTCUSD

ETHUSD

Cryptocurrencies like Bitcoin, Ethereum, and Dogecoin fell after the Fed left rates unchanged, signaling a temporary setback. Meanwhile, a new ETF allows investment in major tech stocks, and Binance faces a lawsuit for allegedly aiding terrorists. In the US, market sentiment declined following the Fed's decision, impacting stocks and the Dow. Globally, tensions with Iran and China's cyber activities raise concerns. Economic indicators suggest a looming recession, while in tech, Apple's new products and partnerships draw attention. The electric vehicle sector sees advancements and legal challenges for Tesla.

Portfolio Pulse from Akanksha Bakshi

February 01, 2024 | 1:22 pm

CROX

Crocs, Inc. announced the appointment of Anne Mehlman as EVP & President of Crocs Brand, succeeding Michelle Poole who plans to retire. Mehlman will continue as CFO until a replacement is found, with a search for a new CFO underway.

Portfolio Pulse from Benzinga Newsdesk

February 01, 2024 | 1:02 pm

SPY

The Challenger Job Cuts report for January indicated a total of 82,307 job cuts, highlighting a significant number of layoffs.

Portfolio Pulse from Benzinga Newsdesk

February 01, 2024 | 12:32 pm

IYT

UPS

Economist David Rosenberg cites UPS's Q4 earnings as evidence of a looming recession, challenging the credibility of recent robust GDP data. UPS reported a 7.8% revenue decline and a 31.8% drop in adjusted EPS. CEO Carol Tomé announced a workforce reduction of 12,000 to save costs and explore strategic alternatives for Coyote. The iShares Transportation Average ETF (IYT) fell 1.57% after the Fed's rate decision.

Portfolio Pulse from Shanthi Rexaline

February 01, 2024 | 7:18 am

TAK

Takeda Pharmaceutical Company Limited (NYSE:TAK) has announced that CFO Costa Saroukos will step down on April 1, 2024, to return to Australia. Milano Furuta, currently president of Takeda's Japan Pharma Business Unit, will succeed him. Furuta will also be proposed as a candidate for election to the board of directors.

Portfolio Pulse from Benzinga Newsdesk

February 01, 2024 | 7:02 am