Streetbeat News

Labor Issues

ETSY

Etsy Inc (NASDAQ:ETSY) is laying off about 11% of its workforce, affecting 225 employees, due to a slowdown in consumer spending and increased competition. The company expects to incur $25-$30 million in charges, primarily in Q4 2023. Etsy anticipates a 1-2% decline in Q4 FY23 gross merchandise sales year-over-year, but a 2-3% increase in revenue and an adjusted EBITDA margin of 27%-28%. Etsy's CEO acknowledges the challenging environment and the need for adjustments. The company also announced the departure of CMO Ryan Scott and the appointment of Raina Moskowitz as COO and CMO. Etsy's shares fell 5.19% following the news.

Portfolio Pulse from Vandana Singh

December 13, 2023 | 5:47 pm

LCID

Lucid Group's executive reported that since its opening in September, the Saudi plant has assembled 800 cars. The focus is currently on training local staff to ensure quality and efficiency in production.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 5:47 pm

LVS

This week's investment insights include Peter Schiff's defense of property rights, Moody's potential downgrade of China, Las Vegas Sands' ($LVS) strategic purchase of Sands China stock, new U.S. payroll and jobs data, and the Bank of Japan's interest rate signals. Schiff made a case for Bitcoin property rights, Moody's shifted China's outlook to negative due to economic and debt concerns, and Las Vegas Sands capitalized on discounted gaming assets. U.S. job growth is positive but slowing, and the Bank of Japan's interest rate hints could impact the U.S. stock market.

Portfolio Pulse from Gary Brode

December 13, 2023 | 5:04 pm

TSLA

Tesla, Inc. (NASDAQ:TSLA) is facing labor challenges in Sweden as the Transport Workers' Union has halted waste collection at Tesla's workshops to support mechanics' demands for collective bargaining rights. The union's actions are part of a larger movement involving various worker groups. A strike is threatened for December 24 if Tesla does not agree to a collective bargaining agreement. Additionally, Tesla is dealing with a legal issue where a Swedish appeals court has sent back a case regarding the direct collection of license plates to a lower court for review. Tesla's stock dropped 1.11% to $234.36.

Portfolio Pulse from Nabaparna Bhattacharya

December 13, 2023 | 3:59 pm

TWLO

Twilio Inc. has engaged Qatalyst Partners to advise on defense strategies against activist investors Legion Partners and Anson Funds, who are pushing for the sale of the company or its data and applications business unit, which includes Segment. Despite a 45% gain this year, Twilio's stock is still 84% below its peak from early 2021, and revenue growth has slowed significantly. The company recently announced layoffs, including a 5% reduction in its data and applications unit. Qatalyst, known for M&A advisory, is not indicating a sale of Twilio at this time.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 3:19 pm

AUUD

Auddia Inc. has appointed John Mahoney as its new Chief Financial Officer. Mahoney brings extensive financial experience to the role, which could be beneficial for Auddia's strategic planning and financial operations.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 1:03 pm

KR

Kroger Co (NYSE:KR) is planning to increase in-office workdays for its associates starting February next year, transitioning from the remote work model popularized during the COVID-19 pandemic. The change will affect approximately 5,800 employees in Cincinnati and other locations such as North Carolina, Illinois, and Florida, who will be required to return to their assigned offices for three to four days a week. Kroger, which employs nearly 430,000 people, had been encouraging a minimum of two in-office days since June 2021. The company also recently raised the lower end of its FY23 adjusted EPS guidance. Kroger's stock closed lower by 1.86% at $44.25 on Tuesday.

Portfolio Pulse from Shivani Kumaresan

December 13, 2023 | 10:43 am

WLDN

Willdan Group, Inc. announced that CEO Tom Brisbin will retire on December 29, 2023, but will continue as Chairman. Mike Bieber will take over as CEO and join the Board on December 30, 2023. Additionally, CFO Kim Early and General Counsel Micah Chen will be promoted to Executive Vice Presidents on the same date.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 9:43 pm

HTLF

Heartland Financial USA, Inc. (HTLF) has announced the retirement of its CFO Bryan McKeag, effective December 31. Kevin L. Thompson will take over as CFO starting January 1.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 9:36 pm

NUZE

NuZee, Inc. has appointed Randell Weaver as its President and Chief Operating Officer (COO), effective immediately. Weaver, who joined NuZee in August 2023 as Chief Financial Officer (CFO), will retain his CFO role while taking on the new responsibilities for all U.S. operations.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 9:31 pm