Streetbeat News

Labor Issues

AAPL

AMD

AMZN

BABA

CALM

META

MSFT

TSLA

Cryptocurrencies Bitcoin, Ethereum, and Dogecoin experienced a crash with $600M in long positions liquidated. In US markets, Cal-Maine reported disappointing Q2 results, and the Fear & Greed Index moved to 'Greed' zone while the Nasdaq fell for the fourth consecutive day. AMD is anticipated to have a 25% upside potential due to 'GenAI'. Microsoft is adding a Copilot key to PCs and laptops. Alibaba faces challenges with a 75% share drop from its 2020 high. Meta's Mark Zuckerberg continues selling shares. Amazon may face competition from TikTok's US e-commerce expansion. Apple settles an iTunes gift card scam lawsuit. US chip stocks fall after a record-breaking 2023. In the EV sector, Tesla's stock dropped by 4%, and Ford adjusted F-150 Lightning prices. Crane Co. acquired Vian Enterprises for $103M, enhancing its aerospace segment. SpaceX faced labor issues, and copper prices are predicted to rise due to renewable energy transitions.

Portfolio Pulse from Akanksha Bakshi

January 04, 2024 | 3:17 pm

DAN

DHI

ITB

KMX

LEN

PHM

QQQ

SPY

Analysts at Nomura predict a 'mild recession' in the second half of 2024, impacting homebuilders and auto stocks due to tight financial conditions. Equity markets have retreated in 2024, with concerns over an economic slowdown affecting corporate earnings. The SPDR S&P 500 ETF (SPY) and Invesco QQQ Trust (QQQ) showed slight pre-market gains after recent losses. Homebuilders like DR Horton (DHI), Lennar (LEN), and Pulte Group (PHM) face risks from high mortgage rates and a potential slowdown in housing markets. The iShares U.S. Home Construction ETF (ITB) also declined after a strong 2023. The labor market is cooling, with potential increases in unemployment rates. Consumer spending is expected to slow, with rising credit card delinquency rates and the resumption of student loan repayments. Auto stocks like CarMax (KMX), Ford Motors (F), and Dana Inc (DAN) have already seen declines in early 2024.

Portfolio Pulse from Neil Dennis

January 04, 2024 | 2:17 pm

CWT

California Water Service Group (NYSE:CWT) has appointed James P. Lynch as the new Senior Vice President, Chief Financial Officer, and Treasurer, effective January 3, 2024. Lynch, with over 22 years of experience in the water utility industry, succeeds interim CFO David B. Healey. Lynch's previous roles include Chief Accounting Officer at SJW Group and Audit Partner at KPMG, LLP. His appointment follows a nation-wide search and is expected to ensure a smooth transition in the company's fiscal year 2023 financial reporting.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 2:11 pm

Definitive Healthcare Corp has announced a restructuring plan to cut operating costs, which includes laying off 154 employees. The plan is expected to be substantially complete by the end of Q2 2024, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 2:10 pm

BABA

PDD

Alibaba's e-commerce arm, Lazada, has begun a new round of layoffs across its Southeast Asian operations, with Singapore experiencing the most significant impact. The layoffs are expected to affect employees at all levels and could number in the hundreds. This move comes during a challenging period for Alibaba, which has seen a 75% drop in its share price since 2020, a $2.8 billion fine for alleged monopolistic practices, and the cancellation of its cloud unit's IPO.

Portfolio Pulse from Benzinga Neuro

January 04, 2024 | 1:44 pm

RWLK

ReWalk Robotics announced a cost optimization plan that includes a 15% reduction in its workforce, which was implemented at the end of 2023.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 1:11 pm

SPY

The number of job cuts announced by U.S.-based employers fell in December to 34,817 from 45,510 in November, indicating a decrease in workforce reductions.

Portfolio Pulse from Charles Gross

January 04, 2024 | 12:44 pm

TSLA

The National Labor Relations Board (NLRB) has accused SpaceX of wrongfully firing eight employees who criticized Elon Musk's tweets, calling him a 'distraction and embarrassment.' The employees' letter claimed Musk's behavior contradicted SpaceX's diversity and workplace conduct policies. The NLRB alleges SpaceX interrogated and threatened employees over the letter. A hearing is set for March 5, unless SpaceX settles. If guilty, SpaceX could face penalties and be required to reinstate the employees with back pay. This adds to Musk's labor-related controversies, including Tesla's recent changes to equity awards and a legal dispute with a former employee.

Portfolio Pulse from Benzinga Neuro

January 04, 2024 | 4:33 am

ASTL

Algoma Steel reported that its operations during Q3 ran as expected. However, the company faced soft demand and pricing issues due to a UAW strike in the previous quarter, which continued to impact results through October. The company expects total steel shipments for the fiscal 2024 third quarter to be approximately 515,000 tons, with Adjusted EBITDA ranging from a loss of $10 million to breakeven.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 10:33 pm

SKYH

Sky Harbour Group Corporation (SKYH) announced that Will Whitesell has joined as COO, replacing Alex Saltzman who has amicably separated from the company. Loren Benedict has joined subsidiary RapidBuilt as chief of operations. Additionally, SKYH updated its construction budget for Dallas Addison Airport Phase 1, increasing the estimate from $25-27 million to $30-32 million.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 10:12 pm