Streetbeat News

Labor Issues

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

TSLA

Tesla Inc. (NASDAQ:TSLA) has reportedly stopped issuing merit-based equity awards to its salaried employees for this year. The company has provided cost-of-living increases and base salary adjustments but excluded the typical stock grants given during annual reviews. The reason for this change has not been disclosed, but it occurs amidst Tesla's cost reduction efforts and global economic concerns expressed by CEO Elon Musk. This decision follows a recent pay raise for hourly workers at the Nevada Gigafactory and reports of challenging working conditions at Tesla.

Portfolio Pulse from Benzinga Neuro

December 20, 2023 | 10:41 am

MSFT

Activision's Quality Assurance (QA) workers are protesting a new return-to-office mandate by Microsoft Corp., which they label as a 'soft layoff.' The ABK Workers Alliance opposes the mandate, which affects QA employees in Minneapolis, Austin, and El Segundo, primarily working on 'Call of Duty.' Activision is offering severance packages to those who leave due to the mandate. The company cites improved efficiency for in-person work, but employees with disabilities or personal circumstances seeking remote work have faced denials or inadequate accommodations. This issue is part of ongoing tensions between Activision Blizzard and its employees, including a discrimination lawsuit in 2021.

Portfolio Pulse from Franca Quarneti

December 19, 2023 | 9:23 pm

ACRS

Aclaris Therapeutics has announced plans to reduce its workforce by approximately 46%, with the reduction process starting immediately and expected to be substantially complete by June 30, 2024.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 9:06 pm

LUV

Southwest Airlines and its pilots' union have reached a preliminary labor agreement after lengthy negotiations, with the last major U.S. airline securing a deal set to provide significant pay raises to aviators. The five-year deal, valued at approximately $12 billion, is pending ratification by the pilots. This follows similar agreements by American, United, and Delta pilots earlier in the year, which included double-digit pay hikes after the pandemic disrupted the industry.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 8:41 pm

CRM

Slack, a business communication platform, is experiencing significant leadership changes as three executives, including the Chief Operating Officer (COO), are departing from the company. This development follows after the acquisition of Slack by Salesforce (CRM). The departure of key executives could signal internal shifts or strategic realignments within Slack, which is now a part of Salesforce's suite of services.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 8:28 pm

ENPH

Enphase Energy announced a restructuring plan that involves reducing its global workforce by approximately 10%, which has led to its shares trading higher.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 7:21 pm

ENPH

Enphase Energy has announced a reduction in its global workforce by approximately 10%, affecting around 350 contractors and employees. This decision is disclosed in an 8-K filing.

Portfolio Pulse from Charles Gross

December 19, 2023 | 7:15 pm

BP

BP Plc (NYSE:BP) is considering internal candidates for its next CEO after Bernard Looney's resignation. The board is focusing on interim CEO Murray Auchincloss and two senior female executives, Carol Howle and Emma Delaney. An internal appointment would support BP's current strategy, emphasizing a transition to renewables and reduced oil and gas output. An announcement is expected in the first quarter of the next year. BP shares are up by 0.65% at $35.35.

Portfolio Pulse from Shivani Kumaresan

December 19, 2023 | 4:37 pm

UFI

Unifi Aviation, a global aviation services leader, has seen its revenue more than double since 2021, becoming North America's largest aviation services company. As it celebrates its five-year anniversary, it has been recognized by Newsweek as one of 'America's Greatest Workplaces for Diversity' for 2024. The company has expanded by acquiring Up & Away, a UK-based aviation services firm, and launching operations in Canada with WestJet at Calgary International Airport. Unifi has also hired nearly 1000 new employees in Canada and expanded its teams in Orlando, San Francisco, and Atlanta.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 3:27 pm