Streetbeat News

Labor Issues

GOOGL

Alphabet Inc.'s X, the company's moonshot technology lab, is laying off staff and seeking external funding for its projects. The lab is restructuring to allow its ventures to spin out as independent startups with support from both Alphabet and outside investors. This move is part of Alphabet's broader strategy to enhance cost-efficiency across its operations.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 4:38 pm

W

Wayfair's stock price has increased following the announcement of a workforce realignment plan last week.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 4:18 pm

M

Macy's Inc (NYSE:M) has rejected a $5.8 billion takeover bid from Arkhouse Management Co LP and Brigade Capital Management LP at $21.00 per share due to concerns over the financing plan's viability and lack of compelling value for shareholders. The Board will not provide due diligence information to the bidders. Macy's is not in sales talks and seeks a buyer with strong financing and a track record in retail buyouts. The company also announced a 13% corporate workforce reduction and the closure of five stores.

Portfolio Pulse from Vandana Singh

January 22, 2024 | 3:18 pm

TLYS

Ed Thomas has retired as President and CEO of Tilly's, effective immediately. He will remain as interim President and CEO until a successor is appointed.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 11:46 am

SEDG

SolarEdge Technologies Inc (NASDAQ:SEDG) shares rose in premarket trading after announcing a 16% workforce reduction to decrease operating expenses and realign with market conditions. The cuts will impact approximately 900 employees, including 500 from manufacturing sites. The company has also ceased manufacturing in Mexico, reduced capacity in China, and ended its light commercial vehicle e-mobility activity. CEO Zvi Lando expressed confidence in the solar market's growth and the company's position. Further details are expected in the earnings release by the end of February 2024. In Q3, SolarEdge's revenue fell 27% Y/Y, missing estimates, and reported a loss per share compared to earnings last year. SEDG shares are up 6.50% at $73.60 in premarket trading.

Portfolio Pulse from Lekha Gupta

January 22, 2024 | 10:40 am

ADM

Archer-Daniels-Midland Company (ADM) has appointed Ismael Roig as Interim Chief Financial Officer. Roig has been with ADM since 2004 and has held various leadership roles. This appointment comes after the ADM Board of Directors decided to place the current CFO, Vikram Luthar, on administrative leave with immediate effect.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 5:58 am

SEDG

SolarEdge Technologies, Inc. is planning to reduce its global workforce by 16% as part of a strategic restructuring effort. This move is aimed at optimizing operations and improving profitability.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 5:57 am

GOOGL

Alphabet Inc.'s Google is facing criticism from employees following layoffs that affected hundreds in the ad sales team and about a thousand from the Pixel, Fitbit, and Nest divisions. Employees, including software engineer Diane Hirsh Theriault and former engineering manager Kenneth Smith, have expressed dissatisfaction with the leadership's vision and communication regarding the layoffs. CEO Sundar Pichai hinted at more potential job cuts in the future. A Google representative stated the company's commitment to investing responsibly and supporting affected employees.

Portfolio Pulse from Bibhu Pattnaik

January 21, 2024 | 7:11 pm

TEF

Telefonica SA (NYSE:TEF) has acquired broadcasting rights for Spain's premier football league matches for $1.4 billion, starting with the 2024-2025 season. The deal covers five games per match-day across three seasons. Telefonica's strategy includes integrating football into its pay-TV packages to retain premium users. The company recently gained exclusive Spanish broadcasting rights for the UEFA Champions League and plans to stabilize Spanish earnings in H2 2023. Telefonica also announced a workforce reduction of about 5,100 jobs by 2026. TEF shares rose by 0.74% to $4.11.

Portfolio Pulse from Anusuya Lahiri

January 19, 2024 | 8:15 pm

SPY

In an interview with FOX Business, Federal Reserve Bank of San Francisco President Mary Daly suggested that early signs of a faltering labor market could lead to adjustments in monetary policy. This statement indicates that the Fed is closely monitoring labor market conditions as part of its decision-making process for future policy changes.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 7:55 pm