Streetbeat News

Labor Issues

BRX

Angela M. Aman is set to leave her role as President, CFO, and Treasurer of Brixmor Property Group Inc. (BRX) on January 19, 2024, to become CEO of Kilroy Realty Corporation. Steven Gallagher, currently the Senior VP and Chief Accounting Officer, will take over as interim CFO. The company is considering both internal and external candidates for the permanent position.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 9:16 pm

RLI

RLI Corp. announced the retirement of Jonathan E. Michael as Chairman of the Board, effective at the conclusion of the 2024 Annual Meeting of Shareholders in May. Michael, who has over 40 years of service with RLI and retired as CEO in 2021, led the company through significant diversification and consistent growth. David B. Duclos, with 45 years of industry experience, will succeed Michael as Non-Executive Chairman. Duclos has been a Director since 2017 and is the current lead independent director. The leadership transition is part of the company's established succession plan.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 9:14 pm

DRIV

GM

General Motors' self-driving unit Cruise is laying off 900 workers, a quarter of its workforce, following the departure of top executives and a series of setbacks including an accident, permit suspension, and production halts. The layoffs raise concerns about Cruise's future and the autonomous vehicle sector. Despite this, the Global X Autonomous & Electric Vehicles ETF (DRIV) has risen 18% since September. GM has reportedly reduced funding for Cruise, which plans a cautious return to service starting in one city.

Portfolio Pulse from Neil Dennis

December 14, 2023 | 8:05 pm

LCID

RIVN

Lucid Group, Inc. (NASDAQ:LCID) stock is trading higher, up over 17% in the past month. The Federal Reserve's decision to hold interest rates steady and signal future rate cuts, along with positive retail sales and jobs data, have boosted markets. Lucid has produced nearly 800 cars at its new Saudi Arabian factory and has a deal with the Saudi government for up to 100,000 vehicle purchases over 10 years. The company's trading volume has exceeded its 100-day average, with CFO Sherry House resigning on Monday. Rivian Automotive, Inc. (NASDAQ:RIVN) has announced a deal with AT&T for a pilot program to purchase Rivian EVs.

Portfolio Pulse from Erica Kollmann

December 14, 2023 | 7:25 pm

PRST

Nathan Cook resigned as Interim CFO of Presto Automation on December 13, and the Board appointed Stanley Mbugua as the new Interim CFO on December 14, 2023, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 6:56 pm

ETSY

Etsy Inc (NASDAQ:ETSY) is laying off 11% of its workforce due to a slowdown in consumer spending and increased competition. The company expects to incur $25-30 million in charges, mostly in Q4 2023. Wedbush views the layoffs as prudent given current demand trends and competitive pressures, maintaining a Neutral rating but raising the price target from $60 to $90. Raymond James remains optimistic with an Outperform rating and a price target increase from $70 to $90. KeyBanc maintains a Sector Weight rating and slightly lowers FY24 revenue and EBITDA estimates. ETSY shares dropped 2.42% to $81.94.

Portfolio Pulse from Vandana Singh

December 14, 2023 | 6:24 pm

UAL

United flight attendants, represented by the Association of Flight Attendants-CWA, are demonstrating at 19 airports across the nation. They are demanding a fair contract as the holiday travel season begins, which could impact United Airlines' operations and customer service experience.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 5:26 pm

SDRL

Seadrill Limited (NYSE: SDRL) has announced an organizational change due to the consolidation of its corporate office in Houston, Texas. Executive Vice President and Chief Operating & Technology Officer, Leif Nelson, will not relocate and is leaving the company. Marcel Wieggers has been promoted to Senior Vice President - Operations, reporting to CEO Simon Johnson. Wieggers has been with Seadrill since 2009.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 4:48 pm

TSLA

Nordic institutional investors, managing $1 trillion in assets, have sent a letter to Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk urging the company to recognize collective bargaining agreements for its workforce in Sweden. The investors criticized Tesla for challenging the 'Nordic Model' by preventing mechanics at its Swedish repair shops from signing agreements that include fundamental rights. Danish fund PensionDanmark A/S has divested a $69 million stake in Tesla due to this conflict. The investors have requested a meeting with Tesla's board in early 2024 to discuss the issue. Tesla shares were trading higher by 3.3% to $247.20 at the last check.

Portfolio Pulse from Nabaparna Bhattacharya

December 14, 2023 | 4:41 pm

GM

GM's autonomous vehicle subsidiary, Cruise, is laying off 900 employees, or 24% of its workforce, following a series of safety incidents and regulatory actions. The layoffs primarily affect commercial operations and related corporate functions. This decision comes after Cruise's robotaxi fleet was grounded due to an October accident where a pedestrian was injured, and the company faced subsequent safety probes and leadership changes. Affected employees will receive severance packages, and the company is refocusing on launching a driverless L4 service in one city using the Bolt platform. GM supports Cruise's decision, emphasizing safety and long-term success.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 4:30 pm