Streetbeat News

Labor Issues

U

Unity Software has announced a reduction in its workforce, leading to a decline in its stock price.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 5:59 pm

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The cannabis industry is experiencing growth, leading to a surge in job opportunities. Key players like Cresco Labs Inc, Acreage Holdings Inc, and Columbia Care Inc. are hiring for various positions. Vangst, a cannabis staffing platform, is also recruiting for roles across the sector. Companies such as Canopy Growth Corp and Jushi Holdings Inc are seeking professionals for specific roles. A ForceBrands report highlights significant salary increases in certain positions and changing benefits trends. New job roles are anticipated to emerge in 2024, reflecting the industry's evolution.

Portfolio Pulse from Joana Scopel

January 09, 2024 | 5:25 pm

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Union Pacific Corp's rail network is experiencing disruptions due to severe winter weather conditions, including heavy snow, blizzards, ice, and power outages across Nebraska, Kansas, and Oklahoma. The inclement weather has also led to road closures, which are affecting the company's ability to transport crews needed to operate trains.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 4:47 pm

KULR

KULR Technology Group Inc. has announced a 15% reduction in its workforce as part of a strategic realignment to focus on servicing recurring aerospace and defense contracts and improving profitability in commercial customer engagements. The company aims to reach operational breakeven by the second quarter of 2024.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 1:47 pm

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Nevro Corp. has announced a restructuring plan that includes laying off 63 employees across corporate, sales and marketing, and operations positions by the end of Q1 2024. The layoffs are primarily targeting internally facing roles within the company.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 1:41 pm

SR

Spire Inc. (NYSE:SR) has appointed Scott Doyle as its new executive vice president and chief operating officer, effective January 15, 2024. Doyle, with over 25 years of utility industry experience, previously served as executive vice president of utility operations at CenterPoint Energy. His expertise in capital deployment, regulatory strategy, and operational leadership is expected to support Spire's 10-year plan focusing on system investments and operational improvements. Doyle also holds board and advisory positions in various industry and educational organizations.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 1:39 pm

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On CNBC's 'Halftime Report Final Trades,' analysts discussed their picks, including Microsoft, BlackRock, the ETFMG Prime Cyber Security ETF, and Goldman Sachs. Microsoft is expected to report good earnings soon but will remove WordPad from Windows 11. BlackRock plans to cut its workforce by 3%, affecting 600 employees. Cybersecurity is seen as a growth area, benefiting HACK. Goldman Sachs faces employee concerns after layoffs and is expected to report earnings of $3.13 per share on revenue of $11.13 billion. Stock prices for these companies and ETF rose in Monday's session.

Portfolio Pulse from Avi Kapoor

January 09, 2024 | 1:35 pm

U

Shares of Unity Software Inc (NYSE:U) are up after the company announced a workforce reduction of about 25%, or 1,800 employees, to focus on its core business for long-term growth. The costs related to the job cuts are not yet estimated but are expected to be largely incurred in Q1 2024. This follows a previous job termination of 3.8% of its workforce in November. Unity's stock price rose 2.62% to $40.00 in premarket trading on Tuesday.

Portfolio Pulse from Lekha Gupta

January 09, 2024 | 1:03 pm

AA

Alcoa Corporation (NYSE:AA) is set to fully curtail production at its Kwinana Alumina Refinery in Western Australia in 2024, starting in Q2 2023. The refinery, operating at 80% capacity since January 2023, will gradually reduce its workforce from 800 to 50 by Q3 2025. The curtailment is due to the refinery's age, costs, and market conditions. Alcoa expects to improve annual earnings by $70 million post-curtailment, despite incurring $40 million in non-cash expenses. Restructuring charges of $180-$200 million will be recorded in Q1 2024, with Alcoa's share at $76-$84 million. Alcoa's stock dropped 1.04% in premarket trading.

Portfolio Pulse from Vandana Singh

January 09, 2024 | 12:37 pm

U

Unity Software Inc. (NYSE:U) is reportedly laying off about 25% of its workforce, affecting around 1,800 employees. This decision is part of Unity's recovery efforts following a difficult period marked by customer backlash over new fees, the departure of CEO John Riccitiello, and missed revenue forecasts. The company previously cut 265 jobs and closed offices in November 2023 as part of a strategic reset. Unity aims to become a leaner and more agile company.

Portfolio Pulse from Benzinga Neuro

January 09, 2024 | 12:12 pm