Streetbeat News

Labor Issues

AMZN

Amazon.com Inc (NASDAQ:AMZN) has ramped up hiring for its advertising division, Amazon Ads, with over 400 job openings as of December 8, a significant increase from 29 at the beginning of the year. The hiring surge is part of Amazon's strategy to expand its streaming TV ad revenue, targeting small to midsize brands. Salary data from the U.S. Department of Labor for foreign workers reveals a range of compensation for various roles within Amazon Ads.

Portfolio Pulse from Bibhu Pattnaik

December 09, 2023 | 11:08 pm

FSR

KARS

LCID

NIO

RIVN

TSLA

Tesla faced a labor union strike in Sweden, lost a court case against Sweden's postal service, and was excluded from PensionDanmark's investment list due to labor issues. Tesla's China sales dropped year-over-year but increased month-over-month. Lucid Group was removed from the Nasdaq 100 Index and announced changes to its Lucid Air lineup. Nio is considering spinning off its battery unit. Rivian laid off members of its battery-cell development team. Fisker's Ocean SUV was spotted in India, and the company addressed investor concerns over its stock price. The KraneShares Electric Vehicles and Future Mobility Index ETF saw a slight increase on Friday but an overall weekly decline.

Portfolio Pulse from Shanthi Rexaline

December 09, 2023 | 1:58 pm

UPS

UPS has agreed to reinstate approximately 35 specialist and administrative workers at its Centennial hub in Louisville after they were terminated for work UPS claimed should be done by management. The workers had voted to join Teamsters Local 89 in October. Teamsters leadership intervened, resulting in the workers' reinstatement with full back pay, avoiding potential labor action. The agreement also extends to Teamsters Local 705 in Chicago, and the workers will return to their positions on their next scheduled workdays.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 8:56 pm

AAPL

Tang Tan, Apple Inc.'s vice president of product design for the iPhone and smartwatch, is set to leave the company in February. This departure is expected to lead to a reorganization within the hardware engineering group. Tan's exit is not yet public and was reported by sources familiar with the matter.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 8:00 pm

SBUX

Starbucks Corporation (NASDAQ:SBUX) has initiated contact with the union representing its workers to resume bargaining, aiming to improve relations. The union, representing over 9,000 workers at 360 U.S. stores, has been pushing for better pay and working conditions. Starbucks' Chief Partner Officer Sara Kelly has proposed to restart negotiations in January 2024. The company owns nearly 10,000 U.S. locations, with less than 3% unionized. SBUX shares saw a slight increase of 0.23% to $96.66.

Portfolio Pulse from Nabaparna Bhattacharya

December 08, 2023 | 7:19 pm

SBUX

Starbucks Corp. has initiated contact with Workers United, the union representing many of its stores, to resume negotiations and potentially end the ongoing impasse. The company aims to restart discussions with a selection of representative stores in January 2024, as stated by Starbucks Chief Partner Officer Sara Kelly in a letter to the union president. Starbucks is seeking to establish a framework for how future bargaining could be conducted.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 4:49 pm

IYJ

PEJ

XLV

XRT

The U.S. jobs growth in November surpassed expectations with 199,000 new jobs, influenced by the return of striking UAW workers and Hollywood screenwriters and actors. The manufacturing sector saw a net increase of 28,000 jobs, reflecting the return of 30,000 UAW members. Retail sector lost 38,000 jobs, with department stores accounting for half. Healthcare added 77,000 jobs, and leisure and hospitality added 40,000. Equity indices were flat, the dollar rose, and ETFs tracking these sectors showed varied early trade performance.

Portfolio Pulse from Neil Dennis

December 08, 2023 | 4:29 pm

VRNOF

Martin Luther King III spoke at the D.I.C.E. mixer in Las Vegas, advocating for equity and inclusion in the cannabis industry. He emphasized the importance of creating successful businesses and entrepreneurs to combat poverty, racism, and violence. The event was sponsored by Cannabis Workers Rising and featured discussions on labor force empowerment in the Black cannabis community. King expressed support for cannabis workers and the importance of fair treatment. Unionization in the cannabis industry is growing, with Verano Holdings Corp.'s Zen Leaf dispensary workers in Chicago recently voting to join Teamsters Local 777.

Portfolio Pulse from Jelena Martinovic

December 08, 2023 | 3:50 pm

AMD

AUVI

CARR

FSLR

HCP

HON

LULU

PARA

QQQ

RBLX

SPY

UUP

The latest U.S. jobs report showed unexpected strength in the labor market, causing equity futures to fall and the dollar to rally as it dampened speculation about Federal Reserve rate cuts. Non-farm payrolls for November exceeded expectations, and the unemployment rate dropped to 3.7%. Traders adjusted their expectations for rate cuts, with the probability of five cuts by December 2024 decreasing. Nasdaq 100, S&P 500, and Dow futures all fell, while the dollar index rose. Premarket trading saw SPY and QQQ decline, while individual stocks like CARR, HON, RBLX, PARA, LULU, FSLR, AMD, AUVI, and HCP experienced various movements due to specific news related to each company.

Portfolio Pulse from Piero Cingari

December 08, 2023 | 2:07 pm

DELL

Dell Technologies Inc reported that in the first nine months of FY24, it incurred $0.4 billion in severance expenses due to workforce reductions. In comparison, during the same period in FY23, the company recognized $0.2 billion in costs related to its exit from the Russian market.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 1:49 pm