Streetbeat News

Labor Issues

PMVP

PMV Pharmaceuticals announced a workforce reduction of approximately 30% as part of a strategic prioritization of its PC14586 development and focused discovery research efforts. The company also reported unaudited cash, cash equivalents, and marketable securities of approximately $229 million as of December 31, 2023. The cost savings from the workforce reduction are expected to extend the company's cash runway to the end of 2026.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 9:03 pm

M

Macy's has announced plans to close five of its stores and will cut approximately 2,350 jobs starting January 26, according to the Wall Street Journal. This move is part of Macy's ongoing efforts to streamline its operations and adjust to the changing retail landscape.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 9:01 pm

AMZN

Amazon is conducting layoffs within its 'Buy with Prime' unit, which allows customers to purchase items using their Amazon account and Prime benefits on third-party websites. The exact number of affected employees is not specified in the article. This move could indicate a scaling back or restructuring of the 'Buy with Prime' service, reflecting Amazon's broader efforts to streamline operations and manage costs.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 7:22 pm

AREN

The Arena Group (NYSE:AREN) announced a workforce reduction of over 100 employees as part of a strategic move to transform its business model. The company is dealing with substantial debt and has missed payments recently. These cost-cutting measures are being taken to streamline operations. Concurrently, The Arena Group is negotiating with Bridge Media Networks, LLC, a subsidiary of Simplify Inventions, LLC, for a transaction that includes a significant investment, expected to close in early 2024. Jason Frankl of FTI Consulting has been appointed as Chief Business Transformation Officer to oversee the transition and focus on financial stability and growth.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 6:31 pm

C

GS

Goldman Sachs Group, Inc. (GS) is actively recruiting for its asset and wealth management divisions, following a strong performance in these sectors with a 23% revenue surge in Q4. This comes after a period of layoffs where GS cut 3,200 jobs. Meanwhile, Citigroup, Inc. (C) plans to eliminate 20,000 jobs to save costs and improve performance, with a goal to reduce overall expenses to $51-$53 billion by 2026. GS shares dropped slightly by 0.48% to $375.38.

Portfolio Pulse from Nabaparna Bhattacharya

January 18, 2024 | 4:59 pm

AGFY

ARAV

CELU

LYT

NCAC

PCSA

U.S. stocks traded mixed with the Nasdaq Composite rising over 100 points. The Dow fell 0.33%, while the S&P 500 gained 0.43%. U.S. initial jobless claims dropped to 187,000, below market estimates of 207,000. Information technology shares led gains, while health care shares declined. Agrify Corporation (AGFY) surged 133% after announcing a new facility in California. Lytus Technologies (LYT) and Celularity Inc. (CELU) also saw significant gains. Aravive, Inc. (ARAV), Processa Pharmaceuticals (PCSA), and Newcourt Acquisition Corp (NCAC) experienced notable declines.

Portfolio Pulse from Avi Kapoor

January 18, 2024 | 2:47 pm

SPY

USA Initial Jobless Claims for the week came in at 187,000, significantly lower than the estimated 207,000 and the prior week's 203,000. This indicates a stronger labor market than expected.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 1:30 pm

GOOG

GOOGL

Alphabet Inc's Google has initiated layoffs impacting 100 employees at YouTube, following a previous reduction of over 1,000 workers across various divisions. The layoffs are part of a strategic effort to focus on key product areas and enhance operational efficiency. Affected employees have a 60-day window to find new roles before termination. Google CEO Sundar Pichai indicated that further job cuts may occur throughout 2024 as part of resource allocation decisions. Alphabet plans to eliminate 12,000 positions globally. GOOG shares traded higher by 0.70% in premarket.

Portfolio Pulse from Anusuya Lahiri

January 18, 2024 | 12:21 pm

TGT

Target Corporation has appointed Michael Fiddelke, its CFO since November 1, 2019, as the new COO effective February 4, 2024. Fiddelke will continue his role as CFO until a successor is appointed.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 11:33 am

GOOG

GOOGL

Google CEO Sundar Pichai has informed employees in a leaked memo that more job cuts are expected in 2024 to invest in big priorities and achieve ambitious goals. The company has already laid off over a thousand employees since January 10, and while the upcoming cuts are not as extensive as the 12,000 job cuts from last year, they will continue to impact various departments, including non-hardware teams.

Portfolio Pulse from Benzinga Neuro

January 18, 2024 | 6:48 am