Streetbeat News

Labor Issues

STLA

TSLA

Stellantis plans to cut 600 interim jobs at its Mulhouse plant in Eastern France. The decision is attributed to the current geopolitical situation and an ongoing price war in the electric vehicle (EV) market. Reuters reported this development citing a union source.

Portfolio Pulse from Benzinga Newsdesk

January 24, 2024 | 6:14 pm

SRAD

Sportradar Group's shares are trading lower after the company announced a new organizational structure, reaffirmed its FY23 and FY24 guidance, and disclosed the resignation of its CFO.

Portfolio Pulse from Benzinga Newsdesk

January 24, 2024 | 5:28 pm

VRM

Vroom Inc (NASDAQ:VRM) stock dropped 13.6% to $0.26 after announcing the discontinuation of its e-commerce operations and the winding down of its used vehicle dealership business. The company's Value Maximization Plan includes halting transactions on its website, liquidating vehicle inventory, stopping vehicle acquisitions, and reducing its workforce to preserve liquidity and maximize stakeholder value.

Portfolio Pulse from Henry Khederian

January 24, 2024 | 4:40 pm

C

Citigroup is reportedly paying laid-off employees in New York through April and will combine their bonus payments with severance packages, according to Reuters citing sources.

Portfolio Pulse from Benzinga Newsdesk

January 24, 2024 | 4:28 pm

EDVMF

Endeavour Mining (OTC:EDVMF) exceeded its 2023 production guidance with 1.1 million ounces of gold and $266 million in shareholder returns. The company is advancing with its Sabodala-Massawa and Lafigue mines, expecting production starts in Q2 2024 and Q2 2023, respectively. Despite positive developments and high gold prices, Endeavour's stock has fallen -23% YTD amid CEO dismissal over misconduct and a strike at the Houndé mine in Burkina Faso, which may affect 2024's production.

Portfolio Pulse from Stjepan Kalinic

January 24, 2024 | 4:17 pm

SRAD

Sportradar's CFO, Gerard Griffin, has announced his departure due to personal reasons, effective May 31, 2024, or sooner if a successor is appointed. Sportradar has begun the search for a new CFO and plans to announce Griffin's replacement before his exit.

Portfolio Pulse from Benzinga Newsdesk

January 24, 2024 | 2:50 pm

RZLT

Rezolute, Inc. (NASDAQ:RZLT), a biopharmaceutical company, has appointed Daron Evans as Chief Financial Officer. Evans brings over 15 years of experience in the life science sector and will support Rezolute's late-stage development. In conjunction with his appointment, Evans received an inducement stock option grant of 275,000 shares at $1.02 per share, vesting over four years, with accelerated vesting if the company is acquired.

Portfolio Pulse from Benzinga Newsdesk

January 24, 2024 | 1:15 pm

GOOGL

Alphabet Inc.'s subsidiary DeepMind Technologies is experiencing departures of top AI scientists forming their own startups, with one rumored to be raising $217 million. Google has also laid off over 1,000 employees, with more cuts expected. Despite these challenges and controversies over recent product launches, Alphabet's stock (NASDAQ:GOOGL) continues to perform well, riding the broader tech rally.

Portfolio Pulse from Caleb Naysmith

January 24, 2024 | 1:03 pm

AMZN

EBAY

WMT

eBay Inc. (NASDAQ:EBAY) announced it will lay off about 9% of its full-time workforce, approximately 1,000 roles, and reduce contracts in the alternate workforce. The company cited that its headcount and expenses have outpaced business growth due to external pressures, including a challenging macroeconomic environment. eBay's operating expenses surged 15% to $1.340 billion in the last reported quarter. The layoffs are part of organizational changes to better meet customer needs globally. eBay faces competition from Amazon (NASDAQ:AMZN), Walmart (NYSE:WMT), and Chinese retailers like Temu and Shein. Despite the layoffs, eBay shares rose by 3.21% to $42.74 in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

January 24, 2024 | 11:25 am

AMZN

Amazon.com Inc (NASDAQ:AMZN) has been fined $35 million by France's CNIL for using an 'excessively intrusive system' to monitor its warehouse employees, violating EU privacy rules. Amazon disputes the findings and may appeal. This adds to the controversies around Amazon's employee management practices, including 'quiet firing' and strict office attendance guidelines.

Portfolio Pulse from Benzinga Neuro

January 24, 2024 | 7:50 am