Streetbeat News

Labor Issues

API

Stanley Wei is stepping down from his positions as Chief Strategy Officer and Chief Operating Officer at Agora, Inc. (API). The departure of a high-level executive could lead to short-term uncertainty regarding the company's strategic direction and operational efficiency.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 9:38 pm

CCI

Crown Castle has announced that Jay Brown will retire as President, CEO, and Director on January 16. The board has appointed Anthony Melone as the Interim CEO while they search for a permanent replacement.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 9:38 pm

SPOT

Spotify announces that CFO Paul Vogel will depart on March 31, 2024. The company is seeking an external successor, with VP Ben Kung to take on expanded duties in the interim.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 9:33 pm

LEVI

Levi Strauss & Co. announced that its President & CEO, Chip Bergh, will retire on April 26, 2024. Michelle Gass is set to take over as President & CEO effective January 29, 2024. The transition plan is in place to ensure a smooth change in leadership for the iconic denim company.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 9:32 pm

AAPL

TSLA

Ganesh Venkataramanan, the lead of Tesla, Inc.'s (NASDAQ:TSLA) Dojo supercomputer project, has reportedly left the company. Peter Bannon, a former Apple Inc. (NASDAQ:AAPL) executive, has taken over the project's leadership. The Dojo supercomputer is being developed to process large amounts of data and train autonomous-driving software. Tesla has recently set up hardware for Dojo in Palo Alto, California. TSLA shares were up by 0.92% to $241.56.

Portfolio Pulse from Nabaparna Bhattacharya

December 07, 2023 | 7:24 pm

Citigroup Inc (NYSE:C) CFO Mark Mason announced at the Goldman Sachs conference that the bank's major reorganization will cost approximately $1 billion in restructuring and severance charges, aiming to complete by the end of Q1 next year. The plan includes management downsizing and potential layoffs. Citigroup aims to reduce annual expenses to $51-$53 billion to meet profit targets, excluding a special FDIC assessment of $1.65 billion. The bank forecasts 2023 expenses at $54 billion and revenue at the lower end of previous guidance, around $78 billion. Post-restructuring, Citigroup targets an 11%-12% return on average tangible common shareholders equity in the medium term. Citigroup shares rose 1.67% to $48.66.

Portfolio Pulse from Lekha Gupta

December 07, 2023 | 6:42 pm

AAPL

AMZN

FXY

GLD

GOOG

JPM

META

MSFT

NVDA

QQQ

SLV

SPY

TSLA

USO

The Bank of Japan's (BOJ) potential shift away from yield control is causing significant movement in the yen and impacting global stock markets, including the U.S. The yen's rise is affecting strategies that involve borrowing in yen to invest in U.S. markets. JPMorgan Chase CEO Jamie Dimon expressed a desire to shut down cryptocurrencies if possible. U.S. jobless claims came in slightly below consensus, which may influence the Fed's rate decisions. European GDP contraction supports the expectation of rate cuts. Positive early money flows are seen in major tech stocks, while mixed flows are observed in SPY and QQQ ETFs. Gold and oil are seeing buying interest due to the yen's move. Bitcoin experiences a pullback after recent retail investor enthusiasm. The Arora Report advises investors to maintain a protection band strategy to balance risk and opportunity.

Portfolio Pulse from The Arora Report

December 07, 2023 | 6:00 pm

NIO

NVTS

QCOM

NIO Inc. shares are declining due to reports of further job cuts for cost-cutting and efficiency. The company had previously announced a 10% workforce reduction, and new reports suggest this could increase to 20%-30% in certain departments. NIO's CEO William Li described the layoffs as a necessary response to competition. Concurrently, NIO has launched a smartphone featuring Navitas Semiconductor's GaNFast power ICs and QUALCOMM's Snapdragon 8 Gen 2 chip. The NIO Phone aims to enhance the vehicle-centric mobile interconnection experience for users. NIO's stock fell by 4% to $7.43.

Portfolio Pulse from Nabaparna Bhattacharya

December 07, 2023 | 5:53 pm

TSLA

The head of Tesla's Dojo supercomputer project has left the company, which could be a setback to Tesla's ambitions in developing advanced AI and autonomous driving technologies. The Dojo supercomputer is designed to process vast amounts of data and is a key part of Tesla's plan to achieve full self-driving capabilities. The departure of the project's lead could slow down the progress and affect Tesla's competitive edge in the autonomous driving space.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 5:30 pm

TSLA

The Finnish Transport Workers' Union AKT has announced it will join a Nordic sympathy strike against Tesla, starting a blockade of Tesla vehicles at all Finnish ports on December 20. The action is in support of the ongoing labor dispute involving Tesla.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 5:16 pm