Streetbeat News

Labor Issues

AMZN

BBY

MS

TGT

WMT

Walmart Inc's CEO Doug McMillon discussed the normalization of hiring post-pandemic and the company's effective staffing across the U.S. Walmart raised its minimum wage to $14, following competitors like Target, Amazon, and Best Buy who set theirs at $15. CFO John David Rainey noted challenges in predicting consumer behavior due to economic pressures and observed unusual spending patterns in late October. Despite this, Walmart's long-term strategy remains unchanged. Thanksgiving weekend saw increased consumer spending due to significant discounts, alleviating some concerns about reduced spending. Walmart shares were up 0.27% in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

December 07, 2023 | 1:56 pm

TSLA

Denmark's labor union 3F, currently striking against Tesla Inc. (NASDAQ:TSLA), has been found to have a $58M investment in Tesla through its pension fund, PensionDanmark. Despite the conflict with Tesla over labor agreements in Sweden, 3F's head Jan Villadsen has no immediate plans to divest from Tesla, prioritizing a cautious approach for pension contributors. Tesla's stock remains strong, up over 120% this year, and was trading up 1.16% at $239.37 in Thursday's pre-market.

Portfolio Pulse from Ramakrishnan M

December 07, 2023 | 1:40 pm

SPY

USA Continuing Jobless Claims reported at 1,861K, lower than the estimate of 1,910K and the prior figure of 1,925K.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 1:30 pm

SPY

Initial jobless claims came in at 220,000, slightly below the estimated 222,000, indicating a marginally stronger labor market than expected.

Portfolio Pulse from Bill Haddad

December 07, 2023 | 1:30 pm

IESC

IES (IESC) has announced the promotion of Matthew Simmes to the role of President and Chief Operating Officer. This executive change could signal a strategic shift or continuity in leadership, which may affect the company's operations and future direction.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 12:44 pm

SPY

The number of job cuts announced by U.S. employers rose to 45,510 in November from 36,836 in October, indicating an increase in layoffs.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 12:30 pm

NIO

Bloomberg reported that electric vehicle maker Nio is considering additional job cuts after already reducing its workforce by 10%. The company is facing pressures in the competitive EV market and is looking to streamline operations.

Portfolio Pulse from Charles Gross

December 07, 2023 | 10:06 am

AAPL

Steve Hotelling, a top-level executive at Apple Inc. (NASDAQ:AAPL), known for his work on touch-screen technology, health sensors, and Face ID, is rumored to be leaving the company. His departure is part of a larger executive reshuffling at Apple, which has seen about a dozen vice presidents leave in recent years. Hotelling's responsibilities will be taken over by Alan Gilchrist and Wei Chen, overseeing camera and depth sensor teams and display technologies, respectively. This comes as Apple is focusing on its mixed-reality headset Vision Pro and improving the iPhone purchasing experience in stores.

Portfolio Pulse from Ananya Gairola

December 07, 2023 | 7:38 am

DASH

UBER

DoorDash (NYSE:DASH) and Uber Eats (NYSE:UBER) have stopped allowing tipping at checkout and introduced additional fees for orders in New York City in response to new minimum wage regulations mandating a $17.96 per hour minimum pay for drivers. Customers can now only tip after the order is picked up or completed. DoorDash now pays drivers $29.93 per 'active' hour, excluding wait times for new orders. The NYC Consumer and Worker Protection Department disagrees with the companies' justification for the new fees, stating the changes are the companies' business decisions.

Portfolio Pulse from Benzinga Neuro

December 07, 2023 | 6:25 am

PTON

VZ

Leslie Berland has resigned from her position as Chief Marketing Officer at Peloton Interactive, effective December 31, 2023, according to a filing. The Wall Street Journal reported that Berland has been hired as the new Chief Marketing Officer for Verizon Communications.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 9:58 pm