Streetbeat News

Labor Issues

BFAC

Kristopher Salinger has resigned as the CFO and a Director of Battery Future Acquisition Corp. effective immediately, according to an SEC filing on December 8, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 9:25 pm

UGI

UGI Corporation has announced that Mario Longhi will take over as Interim CEO, following the stepping down of Roger Perreault from his roles as President and CEO. The company has not provided reasons for Perreault's departure or details about the search for a permanent CEO.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 9:16 pm

Boeing Co (NYSE:BA) is reportedly reducing its strategic planning team by half in key divisions to focus on industrial challenges. The company, which faces supply chain disruptions and a $40 billion debt, is realigning its strategy towards operational efficiency. Stephanie Pope was named COO, indicating a potential succession plan for CEO Dave Calhoun. Concerns remain about Boeing's long-term innovation focus. The extent of job cuts is not disclosed, but redundancy notices are expected soon. BA shares are up 0.77% at $250.

Portfolio Pulse from Akanksha Bakshi

December 12, 2023 | 4:43 pm

AAPL

AMZN

GOOGL

HAS

MSFT

QQQ

SPY

The Consumer Price Index (CPI) data released showed a slight increase over consensus, disappointing stock market bulls who anticipated lower inflation numbers. The market's expectation of the Federal Reserve cutting interest rates five times in 2024 is viewed with skepticism by The Arora Report. Epic Games won a lawsuit against Google, putting Google's app store revenues at risk and implying a negative readthrough for Apple. Hasbro announced layoffs due to falling sales, contradicting expectations of strong consumer spending. Early trade money flows were positive for Amazon, neutral for Microsoft, and negative for Apple, Alphabet, Meta, NVIDIA, and Tesla, with mixed flows for SPDR S&P 500 ETF Trust and Invesco QQQ Trust. The Arora Report advises investors to maintain a protection band strategy to balance risks and opportunities.

Portfolio Pulse from The Arora Report

December 12, 2023 | 4:33 pm

LCID

Lucid Motors' stock price is trading lower following the announcement that CFO Sherry House is resigning to pursue other opportunities. The departure of a key executive often raises concerns about the company's financial leadership and strategy, potentially affecting investor confidence.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 3:54 pm

SPY

U.S. Treasury Secretary Janet Yellen stated that inflation is significantly decreasing and she sees no reason why it shouldn't return to the Federal Reserve's target. She also mentioned that the labor market remains robust, albeit showing signs of cooling.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 2:45 pm

NEON

Neonode Inc. (NASDAQ:NEON) is shifting its business strategy to focus entirely on its licensing business, phasing out its Touch Sensor Module (TSM) product business. The company plans to license the TSM technology to strategic partners or outsource it. This decision follows the success in licensing technology, particularly the MultiSensing platform and zForce optical sensing technology. A recent deal with a leading commercial vehicle manufacturer has further validated the company's competitive edge and catalyzed this strategic pivot. Neonode will reallocate resources from the product team to the licensing team and reduce its workforce, mainly affecting consultants and personnel in Sweden.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 2:24 pm

HAS

MAT

Mattel Inc (MAT) and Hasbro Inc (HAS) stocks are trading lower, with Mattel's decline seemingly influenced by Hasbro's announcement of headcount reductions. Hasbro is implementing cost-saving measures, including eliminating 900 positions over the next 18-24 months, expecting $40 million in severance expenses and aiming for $100 million in annual cost savings. Both companies, which are major toymakers, formed a partnership earlier this year for co-branded toys and games.

Portfolio Pulse from Adam Eckert

December 12, 2023 | 2:12 pm

HMC

HYMTF

VWAGY

The United Auto Workers (UAW) union has filed legal charges against Honda Motor Co Ltd (NYSE:HMC), Hyundai Motor Company (OTC:HYMTF), and Volkswagen AG (OTC:VWAGY) for alleged anti-union activities in their U.S. plants. The UAW accuses these automakers of union-busting tactics such as instructing workers to remove union stickers, polling employees on union support, and coercing workers. UAW President Shawn Fain has called out these companies for breaking the law. The UAW is seeking to organize the nonunion auto sector and claims substantial support at Volkswagen's Chattanooga plant. Honda and Hyundai have stated their commitment to employee rights, while Volkswagen has pledged to investigate the claims. HMC shares closed higher by 1.21% at $30.85 on Monday.

Portfolio Pulse from Shivani Kumaresan

December 12, 2023 | 1:31 pm

HAS

Hasbro Inc (NASDAQ:HAS) shares fell after announcing further strategic steps to restructure the company, including a revised organizational structure that will result in the elimination of 900 positions over the next 18 to 24 months. This follows a January 2023 announcement of cutting about 1,000 jobs, which incurred $94 million in expenses. The new job cuts are expected to save approximately $100 million annually, with total expected savings of $350 million to $400 million by the end of 2025. HAS shares dropped 5.3% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

December 12, 2023 | 11:53 am