Streetbeat News

Labor Issues

LASE

Laser Photonics Corp announced that CFO Jade Barnwell resigned on December 20, 2023. Kevin Ploche will take over as the Principal Financial and Accounting Officer until a new CFO is appointed, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 10:32 pm

LTH

Life Time Group Holdings' CFO, Robert Houghton, will resign effective December 31, 2023, and will cease his service on January 5, 2024. Erik Weaver has been appointed as the Interim CFO effective January 1, 2024, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 9:29 pm

BAC

JPM

UBS

WFC

In 2023, major banks including UBS Group AG and Wells Fargo & Co have cut over 60,000 jobs due to declining revenues and industry pressures. UBS's acquisition of Credit Suisse contributed to 13,000 job cuts, while Wells Fargo reduced 12,000 positions. Other banks like Citigroup, Morgan Stanley, Bank of America, Goldman Sachs, and JP Morgan Chase also cut a total of 30,000 staff. The trend reflects cost-cutting measures and a pessimistic outlook for banking jobs in 2024, with banks expected to maintain cautious hiring strategies.

Portfolio Pulse from Anusuya Lahiri

December 26, 2023 | 1:59 pm

AAPL

CDRE

SNTG

TSLA

U.S. stock futures are trading higher, with investor focus on Tesla, Apple, Sentage Holdings, Versus Systems, and Cadre Holdings. Tesla reports over 20,000 car registrations in Sweden despite a workers' strike. Apple is in talks to license content for AI initiatives. Sentage Holdings posts a loss and a significant drop in operating revenue. Versus Systems announces a reverse stock split. Cadre Holdings plans to acquire ICOR Technology.

Portfolio Pulse from Avi Kapoor

December 26, 2023 | 7:32 am

Wayfair CEO Niraj Shah emphasized the importance of hard work, long hours, and a blend of work and life in a year-end memo to employees. Despite reducing its workforce by 5% in 2022, Shah stated that Wayfair is 'back to winning' but highlighted that success requires sustained effort. He also urged fiscal responsibility, sharing a story about reducing costs for ethernet cables. Wayfair's Q3 2023 loss improved year-over-year, but its stock declined by 1.57% on Friday.

Portfolio Pulse from Mehab Qureshi

December 25, 2023 | 3:04 pm

TSLA

Tesla Inc (NASDAQ:TSLA) has achieved over 20,000 vehicle registrations in Sweden this year despite an ongoing workers' strike that is nearing two months. The strike, initiated by IF Metall, is focused on collective bargaining agreements. Tesla has not shown willingness to comply with union demands, maintaining that its terms are fair. The Model Y is one of the best-selling car models in Sweden, and the strike has gained support from unions in neighboring countries.

Portfolio Pulse from Anan Ashraf

December 24, 2023 | 5:49 pm

UBER

Uber Technologies Inc (NYSE:UBER) has seen its stock price surge by 208% since June 2022, reaching $63 on December 15th, 2023. The company implemented a higher minimum wage for drivers in France, ensuring at least 9 euros per trip and a guaranteed income system of 30 euros per hour plus 1 euro per kilometer. This move aligns with potential EU legislation for gig economy worker benefits. Uber's stock has grown 30% in November and 9% in December, with a year-to-date increase of 142%, closing at $61.46 on December 21.

Portfolio Pulse from Zaheer Anwari

December 22, 2023 | 6:50 pm

AAPL

AMZN

BRK.A

DIS

MSFT

NKE

TSLA

Cryptocurrencies like Dogecoin, SHIB, and Solana are experiencing significant market movements. Tesla is recalling 120,000 Model S and X EVs due to door issues. Nike and NetEase stocks moved lower in pre-market trading. US markets are optimistic with Dow jumping over 300 points. US and world politics are active with developments in US-China relations and Trump's potential 2024 run. The US economy sees criticism from Peter Schiff regarding Q3 GDP. In tech, Apple and Microsoft face challenges, while Tencent is hit by new regulations. The EV sector is highlighted by Tesla's recall and bullish predictions. GM recalls Chevrolet Bolt EVs. Amazon and Disney face challenges in communication, while Boeing resumes 787 deliveries to China. US banks may face significant losses in real estate, and Berkshire Hathaway increases its stake in Occidental Petroleum.

Portfolio Pulse from Akanksha Bakshi

December 22, 2023 | 1:35 pm

enCore Energy has announced the resignation of CFO Ms. Mierkey. Dr. Dennis Stover has been named as the interim CFO. A search committee is in the advanced stages of selecting a new CFO, consisting of CEO Paul Goranson, Executive Chairman William Sheriff, and Audit Committee Chair William Harris.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 6:53 am

CHRW

C.H. Robinson Worldwide announced that CFO Mike Zechmeister will be leaving his position. The company is searching for a successor, and Zechmeister will stay until one is found or until May 31, 2024, when he plans to retire.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 9:31 pm