Streetbeat News

Labor Issues

SPY

The Fed Beige Book reports that seven districts saw little to no change in employment levels, while four districts experienced modest to moderate job growth.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 7:02 pm

GOOG

Cybersecurity skills are in high demand, with 600,000 open positions in the U.S. and 3.5 million globally. The Bureau of Labor Statistics projects a 32% job growth in this sector over the next decade. Alphabet Inc's (GOOG) CMO for the Americas, Lisa Gevelber, highlighted the high demand and noted that these jobs often don't require a college degree but can be accessed through online courses like those offered by Grow with Google. Salaries for cybersecurity roles can reach up to $200,000 annually.

Portfolio Pulse from Adam Eckert

January 17, 2024 | 5:19 pm

CHPT

ChargePoint Holdings, Inc. (NYSE:CHPT) has seen its stock price drop over 20% in the past week following a strategic reorganization announcement, which includes a 12% workforce reduction. The company anticipates $33 million in annual savings and $14 million in restructuring charges. ChargePoint maintains a strong financial position with $397 million in cash and a $150 million undrawn credit facility. The stock is trading below its 50-day moving average and has a high short interest of 22.92%.

Portfolio Pulse from Erica Kollmann

January 17, 2024 | 5:05 pm

AMZN

GOOG

GOOGL

MSFT

Google, part of Alphabet Inc (GOOG, GOOGL), is reducing its ad sales workforce, emphasizing AI and automation. This follows job cuts in various Google units and is in line with tech industry trends towards efficiency and competitiveness. Amazon (AMZN) and Microsoft (MSFT) have also made similar moves. Google's ad sales unit restructuring may lead to reassignments and job cuts. In January, Alphabet planned to cut 12,000 jobs. GOOG shares fell by 1.89% recently.

Portfolio Pulse from Anusuya Lahiri

January 17, 2024 | 2:52 pm

ALSN

Allison Transmission has successfully ratified a new four-year labor agreement with UAW Local 933, covering around 1,600 employees in Indianapolis, Indiana. The contract will last until November 14, 2027, and is seen as a positive step towards the company's growth and employee well-being.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 1:03 pm

CNI

CN, listed as CNI on the NYSE, has reached a tentative four-year agreement with Unifor-affiliated owner-operators contracted with its subsidiary CNTL. The agreement, affecting around 750 owner-operators in Canada, will be in effect until December 31, 2027.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 12:33 pm

ALB

Albemarle Corporation (NYSE:ALB) plans to reduce its capital expenditures for FY24 to $1.6B-$1.8B from $2.1B in FY23. The company aims to cut costs by $95M annually through workforce reduction and decreased contracted services spending. These measures are in response to changing market conditions, especially in the lithium value chain. Albemarle will focus on near-completion projects and defer others, expecting to save over $50M in 2024. A charge will be recorded in Q1 2024 related to these actions.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 11:50 am

TIL

Instil Bio announced a workforce reduction that will delay the reporting of clinical data from its ITIL-306-202 clinical trial, previously expected in 2024. The company anticipates incurring up to $6.1M in restructuring costs according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 10:19 pm

IKT

Inhibikase Therapeutics has appointed Garth Lees-Rolfe as its new Chief Financial Officer (CFO), replacing Joseph Frattaroli. This change in the company's financial leadership could signal a strategic shift or a new phase in its business operations.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 9:12 pm

STLA

Stellantis has temporarily laid off 2,250 employees in Italy and terminated 539 temporary employees in the U.S., leading to a decline in its share price.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 8:42 pm