Streetbeat News

Labor Issues

SONY

A cyber breach at Sony's Insomniac Games has exposed internal challenges, including directives for staff cuts and budget constraints. Insomniac is pressured to reduce 50-75 positions, affecting teams on 'Spider-Man 3' and 'Wolverine'. Other PlayStation studios are also facing cuts, with one studio closure mentioned. 'Spider-Man 2' exceeded its budget by $30 million, highlighting the risks of triple-A game development. Sony's pivot to live service games is under review, with the cancellation of 'The Last of Us' multiplayer game.

Portfolio Pulse from Franca Quarneti

December 21, 2023 | 9:29 pm

COST

Workers at a Costco location in Norfolk, Virginia, have voted in favor of joining Teamsters Local 822. This move indicates a push towards unionization within the company's workforce.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 8:50 pm

STLA

Stellantis NV has reinstated nearly 165 employees to full-time positions after they were previously laid off due to the idling of the Belvidere Assembly Plant.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 4:02 pm

LUV

Southwest Airlines Co (NYSE:LUV) stock is trading higher after announcing a tentative agreement with the Southwest Airlines Pilots Association (SWAPA). The agreement, which will be voted on by nearly 11,000 pilots, is not expected to affect the company's Q4 guidance. Southwest maintains its forecast for operating expenses per available seat mile, excluding certain expenses, to be down 16% to 19% year-over-year. The agreement includes industry-leading pay rates for pilots and quality-of-life enhancements without impacting the previously stated financial guidance.

Portfolio Pulse from Adam Eckert

December 21, 2023 | 3:50 pm

SPY

Thursday's economic data showed a mixed picture with Q3 GDP growth revised down from 5.2% to 4.9%, jobless claims slightly up but below expectations, and the Philly Fed Manufacturing Index declining more than anticipated. Despite this, U.S. equity futures, including S&P 500, Nasdaq, and Dow Jones, reacted positively in premarket trading. The SPDR S&P 500 ETF Trust (SPY) had fallen 1.4% the previous day.

Portfolio Pulse from Piero Cingari

December 21, 2023 | 1:45 pm

MYGN

Myriad Genetics has announced the appointment of Scott Leffler as CFO, effective January 29, 2024. He will succeed Bryan Riggsbee, who will remain as a strategic advisor until March 31, 2024, to ensure a smooth transition.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 1:33 pm

SPY

USA Continuing Jobless Claims came in at 1,865K, slightly below the estimate of 1,888K and the prior figure of 1,866K, indicating a stable labor market.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 1:31 pm

CLOV

Clover Health Investments has announced the departure of its CFO, Scott Leffler, effective January 26, 2024. The company has not yet named a successor.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 1:09 pm

AA

Alcoa Corporation has announced the appointment of Matt Reed as its Executive Vice President and Chief Operations Officer, effective January 1, 2024.

Portfolio Pulse from Benzinga Newsdesk

December 21, 2023 | 12:35 pm

TSLA

Tesla Inc (NASDAQ:TSLA) is recruiting for a Nordic Public Policy Manager and Business Manager in Stockholm while facing a workers' strike in Sweden. The strike, initiated by IF Metall over collective bargaining agreements, has gained support from unions in Norway, Denmark, and Finland. Tesla has not agreed to the union's terms, despite the Model Y being one of Sweden's best-selling models. The union is prepared to sustain the strike for an extended period.

Portfolio Pulse from Anan Ashraf

December 21, 2023 | 11:08 am