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Labor Issues

MNTS

Momentus Inc. (NASDAQ:MNTS) shares dropped after the company was not selected for the Tranche 2 Tracking Layer funding by the Space Development Agency. The company expressed substantial doubt about its ability to continue as a going concern, following a 20% reduction in workforce and a significant decrease in cash from $62 million to $10 million year-over-year. Despite discussions with potential strategic partners, no definitive agreements have been reached. Momentus is seeking capital to bridge to profitable commercial production, without which operations may be further reduced or stopped. MNTS shares fell 18.43% to $1.01.

Portfolio Pulse from Nabaparna Bhattacharya

January 12, 2024 | 5:53 pm

C

Citi CEO announced during a conference call that approximately 5,000 managerial positions will be cut as part of a reorganization effort. The bank is also experiencing loss rates returning to pre-pandemic levels, primarily due to customers with lower FICO scores. Despite these challenges, the bank expects to grow its revenue by 4% to 5% over the medium term, excluding the impact of divestitures.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 5:19 pm

BA

DAL

Delta Air Lines President reported a spillover benefit from the grounding of Boeing Max 9 planes in Seattle. During a conference call, it was also mentioned that there are no plans to reduce staffing levels.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 4:05 pm

DAL

Delta Air Lines' CFO announced during a conference call that pilot hiring will be reduced by over 50% compared to last year. This indicates a significant slowdown in the expansion of the airline's workforce, which could be a response to operational adjustments or a shift in market demand.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 3:46 pm

WFC

Wells Fargo's CFO announced during a conference call that the bank anticipates $700 million in merit increases. This statement suggests that Wells Fargo is investing in its workforce, which could be a sign of confidence in its financial stability and growth prospects.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 3:31 pm

C

Citigroup Inc (NYSE:C) reported a Q4 FY23 revenue decline of 3% Y/Y to $17.44 billion, missing consensus estimates. Adjusted EPS of $0.84 beat consensus, while GAAP EPS showed a loss of $(1.16) due to divestiture impacts. Net credit losses increased by 69% Y/Y. The company saw growth in Services, U.S. Personal Banking, and Banking revenue, but declines in Markets and Wealth revenue. Operating expenses rose by 23% Y/Y, and the company reported a net loss of $(1.84) billion. Citigroup plans to cut 20,000 jobs in the medium term after its worst quarter in 15 years. The FY24 revenue outlook is set at $80-$81 billion, above consensus. Citigroup's shares rose by 2.47% to $53.37.

Portfolio Pulse from Anusuya Lahiri

January 12, 2024 | 2:41 pm

C

Citigroup is planning to cut 20,000 jobs following its worst quarterly performance in 15 years. The bank is taking this measure to reduce costs and improve its financial standing.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 1:26 pm

CRI

Carter's, Inc. has announced the retirement of President & COO Brian J. Lynch. CFO Richard F. Westenberger will take on the additional responsibilities of COO. The transition of roles may lead to internal restructuring and could impact the company's operational efficiency in the short term.

Portfolio Pulse from Charles Gross

January 12, 2024 | 12:41 pm

AMZN

SPY

WMT

Audible, an Amazon division, is reducing its workforce by 5% as part of Amazon's broader downsizing effort, which has affected over 27,000 positions. The layoffs are aimed at streamlining operations and maintaining leadership in audio storytelling. Despite the cuts, Audible's CEO remains optimistic about its future growth. Amazon's job cuts also extend to Prime Video, MGM Studios, and Twitch, with Twitch planning to reduce its workforce by 35%. Amazon's stock gained 63% last year, outperforming the SPDR S&P 500 ETF, which gained 20%.

Portfolio Pulse from Anusuya Lahiri

January 12, 2024 | 12:26 pm

GOOG

GOOGL

Alphabet Inc.'s Google has conducted a significant layoff, affecting over 1,000 employees across various departments, including hardware and Google Assistant teams. The layoffs are part of a cost-cutting initiative in response to increased competition in AI, as seen with Microsoft and OpenAI's ChatGPT. Regulatory filings indicate 703 positions cut in California, and a childcare center in Mountain View has been closed.

Portfolio Pulse from Rounak Jain

January 12, 2024 | 9:12 am