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Labor Issues

AMD

GOOGL

The ADP National Employment Report for January 2024 shows a slowdown in U.S. private sector job growth, with only 107,000 jobs added compared to December's 158,000. Wage growth also decelerated, with job stayers seeing a 5.2% increase and job changers a 7.2% increase, the smallest since May 2021. The services sector added 77,000 jobs, while goods-producing sectors added 30,000. Medium-sized businesses led with 61,000 jobs added. Stocks traded lower due to poor earnings from Alphabet Inc. (GOOGL) and Advanced Micro Devices Inc. (AMD). Investors await the FOMC meeting for monetary policy clues.

Portfolio Pulse from Piero Cingari

January 31, 2024 | 3:14 pm

CNXA

LYT

MARK

NVVE

NYCB

POWL

U.S. stocks traded mixed with the Nasdaq Composite down 150 points. Utilities shares rose, while communication services fell. U.S. private sector job growth slowed in January, adding 107,000 jobs versus December's 158,000. Connexa Sports Technologies regained Nasdaq compliance, Lytus Technologies surged after a drop, and Powell Industries rose on strong results and dividend hike. Nuvve Holding, New York Community Bancorp, and Remark Holdings fell sharply due to a public offering, poor results and dividend cut, and a potential unconfirmed deal with Microsoft, respectively.

Portfolio Pulse from Avi Kapoor

January 31, 2024 | 2:42 pm

INVZ

Innoviz Technologies has announced an operational realignment which includes transitioning its InnovizOne product into series production and reducing its workforce by 13%. The company expects these changes to decrease its planned cash outlays for 2024 by $22M-$24M.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 2:11 pm

UPS

United Parcel Service, Inc. (UPS) reported Q4 fiscal 2023 revenue of $24.92 billion, a 7.8% decline from the previous year, missing consensus estimates. Adjusted EPS was $2.47, matching consensus but down from $3.62 in Q4 2022. UPS also announced the dismissal of 12,000 employees and issued FY24 sales guidance below estimates. Following the report, UPS shares dropped 8.2%. Barclays and Raymond James adjusted their price targets on UPS, with Barclays maintaining an Equal-Weight rating and Raymond James maintaining a Strong Buy rating.

Portfolio Pulse from Avi Kapoor

January 31, 2024 | 1:51 pm

GOOG

GOOGL

Alphabet Inc.'s Google anticipates $700 million in severance costs in Q1 2024, a significant reduction from the $2.1 billion spent in 2023. The layoffs, affecting over 1,000 employees, spanned hardware and software departments, including Google Assistant, YouTube, and advertising sales. Google is restructuring to improve cost efficiency, consolidating teams like Nest and Fitbit under the Pixel division, and focusing on organizational efficiency and top engineering talent.

Portfolio Pulse from Rounak Jain

January 31, 2024 | 1:31 pm

SBEV

Splash Beverage Group has appointed Stacy McLaughlin as its new Chief Financial Officer (CFO).

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 1:20 pm

SPY

The ADP Nonfarm Employment Change for January reported an increase of 107,000 jobs, which is below the estimated 145,000. This could indicate a slower growth in employment, potentially affecting investor sentiment and market performance.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 1:15 pm

CVRX

CVRx has announced the appointment of Kevin Hykes as its new President and CEO, effective February 12. The current CEO, Nadim Yared, is set to retire and will also resign from his position on the Board of Directors. Hykes will maintain his role on the Board of Directors after assuming his new position.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 1:02 pm

AAPL

AMZN

PYPL

PayPal Holdings, Inc (NASDAQ:PYPL) is reducing its workforce by 9%, affecting around 2,500 employees. CEO Alex Chriss, who joined in September, is driving changes for greater efficiency and focus, including automation and reduced complexity. Despite launching new AI-driven products and features, PayPal faces competition from Apple Inc (NASDAQ:AAPL) and others. The company's stock dipped slightly in premarket trading. Block Inc (NYSE:SQ) is also cutting staff, while Amazon.com Inc (NASDAQ:AMZN) stopped using Venmo for payments.

Portfolio Pulse from Anusuya Lahiri

January 31, 2024 | 1:01 pm

GPI

Group 1 Automotive (GPI) announced plans to reduce costs in the U.K. during Q1 2024, including a headcount reduction of about 10%. This move is aimed at improving operational efficiency amid market conditions.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 11:10 am