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Labor Issues

ACRS

Aclaris Therapeutics Inc (NASDAQ:ACRS) reported Phase 2a trial results of ATI-1777 for atopic dermatitis, showing improvement with minimal systemic exposure. The company is advancing ATI-1777 into a Phase 2b trial, with results expected in January 2024. Aclaris is also redirecting its focus to zunsemetinib for potential cancer treatments and reassessing ATI-2138's pathway due to competition in ulcerative colitis. A workforce reduction of 46% is planned to preserve capital following the discontinuation of ATI-450 for immuno-inflammatory diseases. ACRS stock dropped 16.70% to $0.85.

Portfolio Pulse from Vandana Singh

December 20, 2023 | 3:48 pm

LUV

Southwest Airlines Company (NYSE:LUV) pilots have reached an Agreement in Principle (AIP) for a new five-year contract worth $12 billion after over three years of negotiations. The Southwest Airlines Pilots Association (SWAPA) represents over 11,000 pilots. The agreement is pending evaluation by SWAPA's board and a vote by the pilot membership. LUV shares were trading higher by 0.73% at $29.56.

Portfolio Pulse from Lekha Gupta

December 20, 2023 | 3:35 pm

FDX

FedEx Express mechanics and related employees have initiated a campaign to join the Teamsters Union. This move could lead to changes in labor relations and potentially impact operations if it leads to negotiations or disputes.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 3:24 pm

DASH

UBER

Uber Technologies, Inc (UBER) and DoorDash Inc (DASH) have updated their apps in response to New York's new minimum wage mandate for delivery drivers, which sets a base rate of $17.96 per hour. The changes include moving the tipping prompt to after order placement and implementing additional fees to manage costs. Drivers are concerned about the long-term impact on earnings, as tips now make up a smaller percentage of their income. Uber has added a $2 delivery fee, and DoorDash plans to increase prices. Despite higher wages, drivers find the new minimum wage modest compared to living costs in New York. UBER shares traded lower by 0.73% at $61.67.

Portfolio Pulse from Anusuya Lahiri

December 20, 2023 | 3:24 pm

BASFY

BFFAF

BASF SE (OTC:BFFAF) (OTC:BASFY) announced Dr. Markus Kamieth as the new Chairman of the Board of Executive Directors, effective April 25, 2024. He succeeds Dr. Martin Brudermüller. BASF is undergoing restructuring, including carving out divisions and reducing investments by €4 billion to address financial pressures and the German chemical industry's downturn. The industry is not expected to recover before 2025, with some companies permanently shutting down production.

Portfolio Pulse from Anusuya Lahiri

December 20, 2023 | 3:11 pm

MVLA

Movella Holdings has announced the resignation of Ben Lee as President and CEO. Eric Salzman has been appointed as the Interim CEO, effective January 1, 2024. Ben Lee will serve as a consultant for three months to aid in the transition.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 2:02 pm

LIAN

LianBio (NASDAQ:LIAN) announced the resignation of CFO Yi Larson, effective December 19, 2023. Ehong (Maggie) Gu, VP and Head of Global Finance, has been appointed as the Interim CFO. The company expressed gratitude to Larson for her contributions and wished her success in future endeavors.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 1:12 pm

EOSE

Eos Energy Enterprises (EOSE) has partnered with Partner4Work to create a $500K training program aimed at upskilling the current and future workforce for Eos' manufacturing facility in the Mon Valley. This initiative is expected to enhance the skill set of employees, aligning with the company's growth and operational efficiency goals.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 12:44 pm

GIS

General Mills has updated its FY24 outlook, now expecting a 4-5% increase in adjusted operating profit and adjusted EPS in constant currency, a slight decrease from the previously forecasted 4-6% growth. The company anticipates the economic health of consumers, input cost inflation, and supply chain stability to be key factors affecting its performance. General Mills still projects a 5% input cost inflation, largely due to labor inflation affecting sourcing, manufacturing, and logistics.

Portfolio Pulse from Benzinga Newsdesk

December 20, 2023 | 12:07 pm

SBUX

Starbucks Corporation's CEO, Laxman Narasimhan, addressed vandalism at stores following pro-Palestinian comments by Starbucks Workers United amid the Israel-Hamas conflict. The company is trying to halt boycott calls and has distanced itself from the union's remarks. Starbucks filed a lawsuit against the union for trademark infringement in October, emphasizing its stance against hate and violence. SBUX shares dipped slightly in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

December 20, 2023 | 11:27 am