Streetbeat News

Labor Issues

EBAY

eBay's CEO announced a reduction in the company's workforce by approximately 1,000 roles, which is an estimated 9% of its full-time employees. This move is part of a restructuring effort to ensure eBay's long-term success.

Portfolio Pulse from Charles Gross

January 24, 2024 | 12:22 am

SAP

SAP announced a company-wide restructuring program set to take place in 2024, which will affect approximately 8,000 positions. The majority of these positions are expected to be managed through voluntary leave programs and internal re-skilling measures.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 10:24 pm

LUV

Southwest Airlines flight attendants, represented by TWU Local 556, have voted with a 98% majority to authorize a strike. This comes after over five years without a new Collective Bargaining Agreement. The union is demanding equity, equality, respect, industry-leading pay, better scheduling, compensation for ground time, improved commuter policies, and safe accommodations for overnights. The vote is a historic first for the union and indicates strong dissatisfaction with the current treatment by Southwest Airlines management. A strike could occur if federal mediation fails and a cooling-off period elapses.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 7:57 pm

LUV

UAL

Southwest Airlines Co (NYSE:LUV) shares rose by 4% to $31.35, likely due to positive industry sentiment following United Airlines Holdings Inc's better-than-expected Q4 financial results. Additionally, Southwest Airlines pilots secured a new labor deal with a 50% pay increase over five years, after negotiations since September 2020. United Airlines reported earnings of $2 per share, above the $1.70 estimate, with quarterly sales of $13.60 billion, slightly above the $13.54 billion consensus.

Portfolio Pulse from Henry Khederian

January 23, 2024 | 4:11 pm

AAPL

AMD

BAC

BTCUSD

BYDDY

NFLX

TCEHY

TTE

Bitcoin has plummeted below $39K, erasing gains since the US spot ETF launch. Shiba Inu's burn rate spikes, and analysts comment on crypto volatility. US stocks brace for earnings reports, with defensive stocks highlighted. JPMorgan is bearish on the S&P 500. US politics feature Trump's comments and potential UAW Biden endorsement. Russia-West tensions rise, and China's economy stumbles but still attracts investors. Apple faces criticism and rolls out updates, while AMD's future is uncertain. Tencent sees workforce cuts but shares surge. BYD challenges Tesla with new electric vehicles. Netflix's studio head departs, and Bank of America lays off bankers in Asia. TotalEnergies expands in offshore energy.

Portfolio Pulse from Akanksha Bakshi

January 23, 2024 | 2:15 pm

CBAN

Colony Bankcorp, Inc. has promoted Derek Shelnutt to the position of Executive Vice President and Chief Financial Officer. This change in executive leadership could signal a strategic shift or a continuation of the company's current financial policies.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 2:08 pm

PLAB

Photronics, Inc. (NASDAQ:PLAB) announced the retirement of CFO John Jordan, effective February 23, 2024. Jordan has been with the company since 2017 and contributed to its global expansion and capital allocation strategy. Eric Rivera, with the company since 2016 and currently the chief accounting officer, will serve as interim CFO upon Jordan's retirement. Rivera has extensive experience in accounting and financial reporting, including previous roles at IBM and Thompson Reuters.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 2:01 pm

LUV

Southwest Airlines Co (NYSE:LUV) pilots have agreed to a new labor deal with a 50% pay increase over five years, including an immediate 29.15% raise. The $12 billion contract was approved by 93% of pilots, amidst industry-wide efforts to attract and retain pilots post-pandemic. Despite the positive labor development, analyst David Vernon downgraded Southwest's rating due to broader industry challenges, including recent flight cancellations.

Portfolio Pulse from Benzinga Neuro

January 23, 2024 | 1:10 pm

BAC

Bank of America Corporation (NYSE:BAC) has laid off around 20 bankers in Asia, primarily in Hong Kong, amid stock market downturns in China and Hong Kong. The layoffs follow the company's mixed Q4 financial results with a 10% year-over-year revenue decline. CEO Brian Moynihan remains optimistic about the recovery of commercial loan demand and downplays the risk of a commercial real estate market crash.

Portfolio Pulse from Nabaparna Bhattacharya

January 23, 2024 | 12:26 pm

DLTH

Duluth Holdings Inc., known as Duluth Trading Company, announced Heena Agrawal as the new Senior Vice President and Chief Financial Officer, effective February 12, 2024. Duluth Trading is a lifestyle brand offering a range of apparel and accessories.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 10:47 am