Streetbeat News

Labor Issues

MDRX

Veradigm, a healthcare information technology solutions company, has announced changes in its executive leadership. Greg Garrison has been appointed as the Executive Chairman, while Dr. Shih-Yin Ho steps in as the Interim CEO. Additionally, Lee Westerfield has been named the Interim CFO. These changes come as the company continues to navigate the healthcare IT landscape.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 1:46 pm

QQQ

UUP

The November jobs report showed stronger-than-expected employment growth with non-farm payrolls increasing by 199,000, surpassing the expected 180,000. The unemployment rate also dropped to 3.7%, and average hourly earnings grew by 0.4% month-over-month. These indicators suggest a robust labor market, which could affect the Federal Reserve's interest rate decisions, potentially reducing the likelihood of rate cuts in 2024. Following the report, the U.S. dollar, as tracked by UUP, rallied, while Nasdaq 100 futures fell, and QQQ closed higher the previous day.

Portfolio Pulse from Piero Cingari

December 08, 2023 | 1:39 pm

SPY

The Nonfarm Payrolls report for November showed an addition of 199,000 jobs, surpassing the estimated 180,000. This indicates a stronger than expected labor market, which could influence investor sentiment and market dynamics.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 1:30 pm

TM

TSLA

VWAGY

Over 1,000 employees at the Volkswagen (OTC:VWAGY) plant in Chattanooga, Tennessee, have signed union authorization cards, indicating a push towards unionization led by the United Auto Workers (UAW). This move is part of a larger UAW campaign to unionize the nonunion auto sector in the U.S., which includes major automakers like Tesla (NASDAQ:TSLA), Toyota (NYSE:TM), and others. The UAW's strategy involves publicizing the effort once 30% of workers sign cards, rallying at 50%, and demanding a vote or recognition at 70% support.

Portfolio Pulse from Benzinga Neuro

December 08, 2023 | 11:21 am

RIVN

TSLA

Rivian Automotive Inc (NASDAQ:RIVN) has laid off about 20 employees from its battery cell development team, including Victor Prajapati, a key figure who previously worked at Tesla Inc (NASDAQ:TSLA). The layoffs, which represent less than 8% of the battery team, are part of a shift in focus towards the R2 platform and defined programs, pausing new in-house cell development. Rivian will instead grow its cell chemistry team and work with manufacturing partners. The company reported Q3 revenue of $1.337 billion and a loss of $1.19 per share, beating estimates and raising its full-year production guidance to 54,000 vehicles.

Portfolio Pulse from Anan Ashraf

December 08, 2023 | 8:01 am

STLA

Stellantis NV (NYSE:STLA) is reducing its workforce at Jeep manufacturing facilities in Detroit and Toledo due to California's stringent emissions standards. The company anticipates lower sales of gasoline-powered cars in states adhering to these regulations. Stellantis has criticized California's 2019 agreement with four automakers on fuel economy standards and is preparing for an electric offensive in 2024. The company also recalled over 32,000 Jeep Wrangler 4xe hybrids for potential fire risks, which may affect consumer confidence and sales.

Portfolio Pulse from Benzinga Neuro

December 08, 2023 | 5:38 am

TSLA

Tesla Inc (NASDAQ:TSLA) is facing union pressure in Sweden, with a court ruling in favor of PostNord, allowing them to withhold license plates from Tesla. This is part of a broader conflict over collective bargaining agreements, with unions striking and disrupting Tesla's operations, including vehicle offloading, cleaning, and repair services. Elon Musk has criticized the strike and Tesla has sued PostNord, claiming their employee terms are competitive.

Portfolio Pulse from Anan Ashraf

December 08, 2023 | 3:44 am

CHRS

Coherus BioSciences CFO McDavid Stilwell has resigned to pursue other opportunities. The company plans to appoint an interim Principal Financial Officer by late December 2023 or early January 2024 and is searching for a new CFO.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 10:57 pm

AAL

The CWA-IBT Association has successfully reached an agreement with American Airlines regarding a new contract for 14,000 passenger service employees. This agreement comes after a long period of negotiations and is expected to improve the working conditions and benefits for these employees.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 9:41 pm

FNWD

Finward Bancorp announced that CFO and Treasurer Peymon S. Torabi intends to resign. Robert T. Lowry will take over as Interim CFO and Treasurer starting January 1, 2024.

Portfolio Pulse from Charles Gross

December 07, 2023 | 9:40 pm