Streetbeat News

Labor Issues

AAPL

SONO

Saori Casey, a former Apple Inc. executive, is set to become the CFO of Sonos Inc., replacing Eddie Lazarus who will become the chief strategy officer. Casey's extensive experience at Apple, where she managed financial planning and investor relations, is expected to benefit Sonos as it expands into new markets like headphones. This appointment follows a trend of executive departures from Apple, with other notable figures like Tang Tan and Steve Hotelling also leaving the company.

Portfolio Pulse from Ananya Gairola

January 10, 2024 | 1:50 am

LYFT

UBER

The U.S. Department of Labor has announced a new rule redefining the criteria for classifying workers as employees or independent contractors, which will take effect on March 11. This rule emphasizes the economic dependence of workers on companies and could significantly increase labor costs for industries that rely on contract labor, including Uber and Lyft. The companies have expressed concerns but believe their drivers won't be classified as employees. The rule aims to provide low-income workers with employee protections such as minimum wage and unemployment insurance.

Portfolio Pulse from Michael Cohen

January 09, 2024 | 10:10 pm

APA

Stephen J. Riney has been promoted to President and CFO of APA Corporation. He has been with the company since 2015, serving as the executive vice president and CFO.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 10:04 pm

AA

HYMC

ZKIN

Alcoa Corporation plans to curtail production at its Kwinana Alumina Refinery, reducing its workforce, expecting $70 million in annual improvements but incurring $180-$200 million in restructuring charges. Hycroft Mining announced high-grade silver findings at the Hycroft Mine, with two new silver trends identified. ZK International is expanding into Southeast Asia and the Middle East to meet demand for sustainable infrastructure.

Portfolio Pulse from Austin DeNoce

January 09, 2024 | 9:06 pm

COOP

Mr. Cooper Group has announced the appointment of Mike Weinbach as President, effective February 1, 2024. This strategic leadership change is expected to guide the company through its next phase of growth and operational development.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 9:00 pm

BLK

BlackRock Inc. (NYSE: BLK) is cutting approximately 600 jobs, about 3% of its workforce, in response to rapid changes in the asset management industry. The company is adapting to trends such as the shift towards ETFs and the impact of emerging technologies like AI. Despite these strategic adjustments, BlackRock experienced its first quarterly outflows since 2020, with clients withdrawing $13 billion from actively managed funds. However, it saw an influx of over $186 billion in new ETF assets and $16 billion in index mutual fund assets last year. BlackRock's stock fell 0.6% on the day of the announcement.

Portfolio Pulse from Piero Cingari

January 09, 2024 | 8:52 pm

BLK

BlackRock, the world's largest asset manager, announced it will cut about 3% of its workforce, which equates to roughly 600 jobs, despite expecting a larger headcount by the end of 2024. The cuts are not focused on any single team. BlackRock's shares have underperformed the S&P 500 over the last year, and the company is actively seeking acquisition targets to boost growth. With $9.1 trillion in assets under management at the end of Q3 2023, down from $9.4 trillion, the company faces industry headwinds. BlackRock's fourth-quarter results are due on Friday, and its shares were down 0.5% after the announcement.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 8:43 pm

NCRA

Nocera Inc. (NASDAQ:NCRA) announced a change in its senior leadership. The current COO, Hong-Wen (Howard) Ruan, has retired, and Feng-Hua (Howard) Chen has been appointed as the new COO, effective immediately. Chen brings over 30 years of experience in various fields including financial services and construction. CEO Andy Jin expressed confidence in Chen's leadership abilities and extended gratitude to Ruan for his service.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 8:34 pm

AMD

HPE

JNPR

NVDA

SRPT

U

On Tuesday, Wall Street saw mixed performance with the Nasdaq 100 slightly up and the S&P 500 and Dow Jones down ahead of inflation data and earnings season. Nvidia (NVDA) hit a record high, while Advanced Micro Devices (AMD) also gained. The SPDR S&P 500 ETF (SPY), SPDR Dow Jones ETF (DIA), and Invesco QQQ Trust (QQQ) showed varied movements. Juniper Networks (JNPR) surged on acquisition news by Hewlett Packard Enterprise (HPE), which fell in response. Sarepta Therapeutics (SRPT) continued its rise, and Unity Software (U) dropped after announcing job cuts.

Portfolio Pulse from Piero Cingari

January 09, 2024 | 7:14 pm

RENT

Rent the Runway (RENT) shares are trading higher following the announcement of a workforce reduction and restructuring plan aimed at reducing costs and improving operational efficiency.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 6:09 pm