Streetbeat News

Labor Issues

SPY

The JOLTs Job Openings report for December showed 9.026 million job openings, exceeding the expected 8.75 million and the previous 8.79 million. This indicates a stronger job market than anticipated.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 3:00 pm

AMZN

Amazon has announced that the average pay for its customer fulfillment and operations roles is now over $20.50 per hour, marking a more than 50% increase over the past five years. This update highlights Amazon's commitment to competitive compensation for these positions.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 2:28 pm

TSVT

2Seventy Bio, a biotechnology company, has announced a workforce reduction of approximately 14%. This move is likely part of a restructuring effort to streamline operations and reduce costs. The company, which may be referred to by its ticker symbol TSVT, is taking this step to better position itself for future growth and sustainability.

Portfolio Pulse from Charles Gross

January 30, 2024 | 12:53 pm

HCA

HCA Healthcare announces the retirement of Bill Rutherford, the current Executive Vice President and Chief Financial Officer. Mike Marks, the current Senior Vice President of Finance, is set to succeed Rutherford as the Executive Vice President and CFO, effective May 1, 2024.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 12:41 pm

TSVT

2seventy bio has announced leadership changes with COO Chip Baird being named as the new CEO. Nick Leschly will take on the role of Chairman of the Board. Vicki Eatwell is set to become the CFO, and Jessica Snow will continue as senior vice president, quality and head of operations. Dan Lynch will resign from the Board in June but will remain as an advisor to the company.

Portfolio Pulse from Benzinga Newsdesk

January 30, 2024 | 12:08 pm

BAC

IBM

IBM has issued a directive to its remote managers in the U.S. to either relocate to be within 50 miles of an office or client location and report to work at least three days a week or leave the company. The policy, which tracks office attendance through badge-in data, must be complied with by the start of August. This move reflects CEO Arvind Krishna's belief in the importance of on-site work and comes after IBM's announcement in May to replace nearly 8,000 jobs with AI, primarily in back-office roles. Bank of America Corp has implemented a similar policy regarding office attendance.

Portfolio Pulse from Benzinga Neuro

January 30, 2024 | 7:46 am

TGT

Several Target Corp. employees were fired for allegedly violating an unwritten rule requiring a 15-minute wait before purchasing merchandise. The rule, meant to give customers priority, was not known to the employees, who were terminated after buying Stanley insulated cups amid a buying frenzy. The cups, part of Target's 'Galentine's Collection,' sold out quickly and gained viral attention on TikTok. Despite the incident, Target is considered a top retail idea for 2024 by Goldman Sachs.

Portfolio Pulse from Benzinga Neuro

January 30, 2024 | 5:49 am

AAL

American Airlines plans to lay off 656 workers due to the consolidation of its customer support operations. This move is part of the company's efforts to streamline its operations and improve efficiency.

Portfolio Pulse from Benzinga Newsdesk

January 29, 2024 | 10:17 pm

JBLU

JetBlue Airways has appointed Warren Christie as its new Chief Operating Officer. Christie's extensive experience in the aviation industry, including his previous roles within JetBlue, positions him to lead the airline's operational strategies moving forward.

Portfolio Pulse from Benzinga Newsdesk

January 29, 2024 | 9:33 pm

GM

General Motors Company (NYSE:GM) is set to report Q4 financial results on Jan. 30. Analysts estimate Q4 revenue at $38.97 billion and earnings per share of $1.16. GM has surpassed revenue and earnings estimates for six and five consecutive quarters, respectively. Mizuho Securities upgraded GM from Neutral to Buy with a price target increase from $38 to $42, citing cost reductions and a strategic EV ramp-up. Barclays and Wolfe Research also provided positive ratings, while Redbush Atlantic initiated with a Neutral rating. The UAW strike's impact, cost-saving measures, and EV strategy will be key topics during the earnings call. GM's Bolt was the third bestselling EV in the U.S., with sales up 65.2% year-over-year. GM has opted out of a Super Bowl ad this year, reflecting a cost-saving decision.

Portfolio Pulse from Chris Katje

January 29, 2024 | 9:11 pm