Streetbeat News

Labor Issues

AAPL

AMZN

CRM

GOOG

META

MSFT

Big Tech companies like Amazon, Google, Microsoft, Meta, and Apple, known for their significant cash reserves, are continuing layoffs into the new year, with Amazon and Google announcing more job cuts. These layoffs are part of cost-cutting measures to fund expensive AI initiatives, despite the recovery of online advertising revenues post-pandemic. Microsoft has an early lead in AI due to its partnership with OpenAI, while Amazon and Google are striving to catch up.

Portfolio Pulse from Upwallstreet

January 26, 2024 | 5:52 pm

AXSM

BLK

ENPH

SEDG

Jim Cramer praised BlackRock, Inc. (BLK) for an 'amazing quarter' and recommended buying the stock. The SEC delayed judgment on BlackRock's proposed Ethereum ETF to March 10. Cramer is uncertain about Axsome Therapeutics, Inc. (AXSM) due to the complexity of central nervous system treatments, despite RBC Capital's Outperform rating and $126 price target. Axsome reported preliminary Q4 2023 revenue of $71 million and $204 million for the full year. Cramer finds SolarEdge Technologies, Inc. (SEDG) and Enphase Energy, Inc. (ENPH) 'too hard to own.' SolarEdge announced a 16% workforce reduction, affecting 900 employees. Goldman Sachs maintained a Sell rating on SolarEdge, lowering the price target from $83 to $71. Stock movements included gains for BLK and SEDG, and declines for AXSM and ENPH.

Portfolio Pulse from Avi Kapoor

January 26, 2024 | 2:06 pm

AYX

Alteryx has appointed Kevin Rubin as its Interim CEO, replacing Mark Anderson. Rubin's experience and familiarity with the company's operations are expected to ensure a smooth transition and continued strategic execution.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 2:02 pm

HUT

Hut 8 Mining Corp. has announced that Chief Commercial Officer Matt Prusak is leaving the company as part of a planned transition to Celsius Bitcoin Mining Company. This move is part of a broader strategy as the company adapts to the evolving cryptocurrency mining landscape.

Portfolio Pulse from Benzinga Newsdesk

January 26, 2024 | 11:38 am

AMZN

CRM

GOOG

SAP

Salesforce Inc (CRM) is laying off nearly 700 employees, about 1% of its workforce, as part of cost-cutting measures urged by investors like Elliott Management. Despite this, Salesforce has 1,000 open roles, indicating a strategic realignment rather than a downsizing. The company's stock has risen nearly 80% over the past year. Other tech companies, including Alphabet Inc (GOOG, GOOGL) and SAP SE (SAP), are also restructuring to focus on AI, with Alphabet planning more layoffs. Amazon (AMZN) has made cuts in some divisions while investing in cloud infrastructure for AI in Japan.

Portfolio Pulse from Anusuya Lahiri

January 26, 2024 | 11:34 am

STLA

Italian Prime Minister Giorgia Meloni criticized Stellantis NV for considering moving car production to lower-cost countries. Meloni emphasized that cars branded as 'Italian jewels' should be made in Italy. Stellantis has been advising Italian suppliers to look into investments in Morocco, but the Italian government wants Stellantis to produce a million cars in Italy annually. Stellantis reaffirmed its commitment to Italy, citing billions invested in local development. CEO Carlos Tavares highlighted the need for cost-cutting due to the expensive shift to electric vehicles (EVs) and criticized Italy's rigid EV incentives, which he believes have reduced production at the Mirafiori plant.

Portfolio Pulse from Anan Ashraf

January 26, 2024 | 2:40 am

GDST

Goldenstone Acquisition Ltd announced the resignation of Ray Chen as Chief Financial Officer, effective January 29, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 10:12 pm

HLTH

Cue Health announced a cost reduction plan that includes laying off 151 employees, which is approximately 24% of its global workforce, as per an SEC filing on January 25.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 9:44 pm

LEVI

Levi Strauss & Co (NYSE:LEVI) reported Q4 revenue of $1.64 billion, missing estimates by $0.02 billion, but earnings of 44 cents per share beat estimates by 1 cent. Direct-to-consumer revenues increased by 11%, while wholesale revenues fell by 2%. The company announced a workforce reduction of 10-15% as part of a productivity initiative expected to save $100 million in 2024, with associated restructuring charges of $110-$120 million in Q1. Levi expects 2024 revenue growth of 1-3% and adjusted earnings of $1.15 to $1.25 per share, below estimates of $1.33 per share. Shares fell 2.03% after hours.

Portfolio Pulse from Adam Eckert

January 25, 2024 | 9:41 pm

PRG

PROG Holdings has announced measures to reduce costs, including workforce reductions, termination of certain independent sales agent agreements, and office space consolidation. These actions are expected to yield approximately $15 million in annualized pre-tax savings.

Portfolio Pulse from Benzinga Newsdesk

January 25, 2024 | 9:26 pm