Streetbeat News

Labor Issues

EWA

Australia's Employment Change for December 2022 showed a decrease of 65.1K jobs, significantly underperforming against the estimated increase of 17.6K. This is a stark contrast to the prior month's revised figure of 72.6K job additions.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 5:21 am

EWA

Australia reported a significant drop in employment change for December, with a loss of 106.6K jobs compared to the prior gain of 57.0K. This unexpected decrease could signal economic challenges for the country.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 5:20 am

META

Sheryl Sandberg, former COO of Meta Platforms Inc. (META), is leaving the company's board and will not seek re-election in May. She will continue as an adviser to Meta. CEO Mark Zuckerberg praised her contributions, which were pivotal in Meta's growth in digital advertising, leading to $117 billion in revenue in 2022. Sandberg's departure follows her stepping down as COO in June 2022, succeeded by Javier Olivan. Meta's board expansion continues, and the company has funded Sandberg's security until June 2023.

Portfolio Pulse from Ananya Gairola

January 18, 2024 | 1:09 am

GDRX

GoodRx Holdings Inc announced that the role of Chief Operating Officer, currently held by Raj Beri, will be eliminated. The Board of Directors has removed Beri from the position, effective February 15, 2024, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 8:54 pm

AAL

ALK

BA

DAL

HA

JBLU

LUV

SAVE

UAL

The U.S. Airline Group has urged for immediate measures to tackle the shortage of air traffic controllers and to modernize outdated FAA facilities. This call to action highlights the critical need for infrastructure improvements and staffing solutions to ensure the safety and efficiency of air travel.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 8:26 pm

DASH

GRUB

UBER

DoorDash is increasing delivery fees in New York City for both customers and restaurants due to a recent minimum wage increase for delivery workers to at least $17.96 per hour. The company informed restaurants of higher commission rates, with a maximum of 23% for delivery and 8% for pickup orders, up from 20% and 5% respectively. The fee cap legislation during the pandemic had set these limits. UberEats has added a $2 'New York Courier fee' and both DoorDash and UberEats have moved the tipping option to post-checkout. Grubhub, DoorDash, and UberEats are involved in ongoing litigation against NYC's fee cap rule. DoorDash now pays delivery workers $29.93 per hour or 50 cents per active minute.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 7:57 pm

GOOGL

YouTube, part of Google, is undergoing layoffs affecting the business side, including operations, partnerships, and advertising. This follows over 1,000 layoffs at Google last week and additional cuts in Google's advertising division. Affected YouTube employees have a limited time to find new roles within the company before being offered severance.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 7:38 pm

GCBC

Greene County Bancorp, Inc. announced the retirement of Michelle Plummer, its CFO & COO, effective July 31, 2024. She will remain on the Boards of Directors. Nick Barzee will succeed her as CFO starting August 1, 2024. Barzee, a CPA, joined the company in 2021 and previously worked at KPMG.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 7:36 pm

F

GM

UBS Global Research analyst Joseph Spak downgraded Ford Motor Company (NYSE:F) to Neutral from Buy, maintaining a $12 price target. Spak cited limited upside to Ford's estimates for 2024 and 2025, noting that General Motors Company (NYSE:GM) may have more earnings upside due to its earlier start with the Ultium platform for EVs. Ford's Gen 2 EVs are not expected until 2025/26, and the company faces a significant labor cost headwind from the new UAW contract. Ford's stock price dropped 2.31% to $11.19.

Portfolio Pulse from Nabaparna Bhattacharya

January 17, 2024 | 7:25 pm

SPY

The Fed Beige Book reports that two districts are experiencing a tight labor market, with specific hiring challenges in the Boston and San Francisco Districts for specialty skills such as auto mechanics and experienced engineers.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 7:03 pm