Streetbeat News

Labor Issues

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

FM

First Quantum Minerals has temporarily halted operations at its Ravensthorpe nickel mine in Western Australia due to financial strain and a decline in nickel prices. The company will reduce the mine's workforce by 30% and continue nickel sales from existing stockpiles. Operations will resume once stockpiles are depleted, which may take 18 to 24 months. First Quantum also suspended its dividend and is considering the sale of smaller mines to strengthen its financial position.

Portfolio Pulse from Stjepan Kalinic

January 16, 2024 | 5:36 pm

SPY

Federal Reserve Governor Christopher Waller commented that a 4% wage growth is slightly elevated but not excessively so. His remarks suggest a cautious approach to wage growth, which is a key factor in the Fed's considerations on inflation and monetary policy. Waller's statement may indicate the Fed's ongoing commitment to monitoring wage trends without immediate aggressive policy changes.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 4:44 pm

VXRT

Vaxart's President and CEO Andrei Floroiu has resigned from his position. Michael J. Finney, Ph.D., the Chair of Vaxart, will take over as the Interim CEO.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 2:29 pm

GOOGL

Google is using a special stock compensation pool to retain top AI researchers at its DeepMind unit, countering OpenAI's multimillion-dollar offers. Despite company-wide layoffs, select DeepMind researchers have received restricted stock grants worth millions to prevent talent migration to competitors like OpenAI.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 2:07 pm

STLA

Stellantis NV (NYSE:STLA) is set to lay off approximately 2,250 employees at its Mirafiori facility in Italy due to weak demand, affecting workers involved in the production of the electric Fiat 500 and Maserati models. Additionally, the company will terminate 539 supplemental employees across its U.S. manufacturing units. These layoffs come despite a recent deal with the United Auto Workers, which included wage hikes for temporary workers.

Portfolio Pulse from Anan Ashraf

January 16, 2024 | 12:33 pm

ACRS

Aclaris Therapeutics has announced the immediate departure of CEO, President, and Board Member Douglas Manion. Neal Walker, the company's Chairman, has been appointed as the Interim CEO.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 12:10 pm

OFIX

Orthofix Medical has officially announced that Julie Andrews has assumed the position of Chief Financial Officer (CFO).

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 12:07 pm

ENLT

Clēnera, a subsidiary of Enlight Renewable Energy (ENLT), announced that CEO and co-founder Jason Ellsworth will step down in June 2024. Adam Pishl, co-founder and current COO, will take over as CEO.

Portfolio Pulse from Benzinga Newsdesk

January 16, 2024 | 11:13 am

MGAM

Mobile Global Esports announced the immediate resignation of CFO Kiki Benson on January 11, 2024. The board has appointed Mark J. Keeley as the new CFO on a consultancy basis.

Portfolio Pulse from Charles Gross

January 16, 2024 | 11:12 am