Streetbeat News

Labor Issues

DIS

Pixar Animation Studios, owned by Walt Disney Co (NYSE:DIS), is planning to reduce its workforce due to overstaffing after completing certain projects. While TechCrunch reported potential staff reductions of up to 20%, this figure was refuted by a source who stated that the exact number of job cuts has not been finalized. The layoffs are not expected to affect Pixar's theatrical output. Disney CEO Bob Iger's strategy to reduce in-house streaming content and license from third parties has not significantly boosted Disney's stock, which rose only 1.5% in 2023.

Portfolio Pulse from Benzinga Neuro

January 12, 2024 | 7:07 am

AMZN

PLTK

U

The gaming industry is facing a wave of layoffs in 2024, continuing the trend from 2023. Companies like Unity Software Inc, Amazon's Twitch, and Playtika Holding Corp have announced significant job cuts, affecting thousands of employees. Unity plans to cut 1,800 jobs, Twitch is preparing to lay off 500 employees, and Playtika intends to reduce its workforce by 300-400 people.

Portfolio Pulse from Franca Quarneti

January 11, 2024 | 10:33 pm

BTMD

Biote Corp. (NASDAQ:BTMD) has appointed Robert Peterson as its new Chief Financial Officer, effective January 8, 2024. Peterson, with 15 years of experience in the health and wellness industry, will take over from Samar Kamdar, who is leaving to pursue other opportunities but will remain as an advisor during the transition. Peterson's background includes roles at Virbac Corporation and Alcon Laboratories/Novartis Eye Care. CEO Terry Weber expressed confidence in Peterson's ability to drive financial and operational performance and thanked Kamdar for his contributions.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 9:12 pm

SPY

Fed's Goolsbee expresses concerns about the risks of Fed policy overtightening and a rapid deterioration in the labor market. He also indicates a high threshold for altering the Fed's quantitative tightening approach.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 8:43 pm

TSLA

Tesla shares are trading lower following reports that the company plans to increase pay for its US production workers. This news suggests higher operational costs for Tesla, which may concern investors about the impact on the company's profitability.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 4:11 pm

SPY

TSLA

Tesla Inc (NASDAQ:TSLA) announced pay increases for U.S. production associates, material handlers, and quality inspectors, which sent its stock prices down. The exact raise amount was not disclosed. This follows pay increases by other nonunion automakers in the U.S. The United Auto Workers (UAW) has been attempting to organize Tesla and other manufacturers. Tesla has faced labor unrest and criticism from the UAW, and CEO Elon Musk has been critical of unions while emphasizing cost-cutting. Tesla's stock performance last year outpaced the SPDR S&P 500 ETF (SPY), but shares traded lower by 2.12% at $228.91 on Thursday.

Portfolio Pulse from Anusuya Lahiri

January 11, 2024 | 2:58 pm

TSLA

Tesla Inc. has increased the wages for its factory workers in the United States, a move that comes amid growing momentum for unionization efforts by the United Auto Workers (UAW). The pay raise is seen as a strategy to address workers' concerns and potentially mitigate the influence of the UAW, which has been gaining traction among Tesla employees. The decision to boost pay could improve employee satisfaction and retention, while also impacting labor costs for the company.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 2:12 pm

CHPT

ChargePoint Holdings Inc (NYSE:CHPT) announced a reorganization that includes a 12% workforce reduction, aiming for long-term growth. The company expects $14 million in restructuring charges but anticipates $33 million in annual operating expense savings. CEO Rick Wilmer emphasized a focus on execution, operational excellence, and efficiency. ChargePoint has $397 million in cash and equivalents and aims for positive non-GAAP adjusted EBITDA by Q4 2024. The stock rose 3.09% to $2.01 following the news.

Portfolio Pulse from Adam Eckert

January 11, 2024 | 2:10 pm

CHPT

ChargePoint Holdings Inc (NYSE:CHPT) is reducing its global workforce by approximately 12% as part of a strategic reorganization aimed at improving financial performance and fostering sustainable growth. The company anticipates $14 million in restructuring charges but expects to save about $33 million annually in operating expenses. ChargePoint, with $397 million in cash and equivalents at the end of Q3 FY24, is focused on execution, operational excellence, and efficiency, while maintaining its lead in innovation. The company aims to achieve positive non-GAAP adjusted EBITDA in Q4 FY24. CHPT shares fell by 8.92% to close at $1.94 on Wednesday.

Portfolio Pulse from Shivani Kumaresan

January 11, 2024 | 11:42 am

MLNK

MeridianLink, Inc. has announced a 9% reduction in its workforce as part of a realignment affecting the entire organization, with the largest impact in the Technology and R&D departments, according to an 8K filing.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 11:35 am