Streetbeat News

Labor Issues

SPOT

Spotify Technology SA (NYSE:SPOT) is ending two podcasts, Heavyweight and Stolen, from its Gimlet Media studio, allowing producers to move the shows elsewhere. The move is part of a strategic shift to focus on licensed content over in-house productions, coinciding with recent job cuts affecting 17% of its workforce. Despite these changes, Spotify's stock has risen 143.4% year-to-date.

Portfolio Pulse from Anusuya Lahiri

December 06, 2023 | 12:35 pm

MSFT

Microsoft Corp. (NASDAQ:MSFT) has undergone a major reshuffle in its security leadership. Igor Tsyganskiy, recently joined from Bridgewater, is appointed as the new Chief Information Security Officer (CISO), replacing Bret Arsenault, who becomes the Chief Cybersecurity Officer. Aanchal Gupta, previously expected to succeed Arsenault, will now be a technical advisor in the Experiences and Devices division. The changes indicate a strategic revamp for the CISO role, aiming to invigorate the division with new leadership.

Portfolio Pulse from Benzinga Neuro

December 06, 2023 | 8:00 am

AMZN

Amazon Inc. (NASDAQ:AMZN) is experiencing a surge in employee resignations, particularly in its Amazon Web Services (AWS) division, due to dissatisfaction with its rigid return-to-office policy. Despite claims from an Amazon spokesperson that attrition rates are at a multi-year low and the policy has boosted energy and collaboration, employees are leaving notes of discontent on internal channels. The policy, which requires staff to work from their team hub at least three days a week, has been controversial since its enforcement earlier in 2023. Employee attrition poses a challenge for AWS amidst slowing growth and missed sales targets.

Portfolio Pulse from Benzinga Neuro

December 06, 2023 | 7:18 am

SPOT

Spotify Technology SA (NYSE:SPOT) saw its shares rise after announcing a 17% workforce cut, part of cost reduction efforts following excessive hiring in 2020 and 2021. Analysts from Morgan Stanley, Macquarie Equity Research, and Key Banc Capital Market have raised their price targets for SPOT, citing a focus on profitability and earnings potential. Morgan Stanley named SPOT a Top Pick and raised the target from $200 to $230, Macquarie raised it from $210 to $232, and Key Banc raised it to $255 from $210. The layoffs are expected to result in annualized cost savings of about €300 million for FY'24.

Portfolio Pulse from Franca Quarneti

December 05, 2023 | 9:17 pm

AAMC

Altisource Asset Management Corporation (AAMC) has announced the departure of its Interim CEO, Danya Sawyer. The company expects to announce a successor within the next 30 days.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 9:08 pm

IGMS

IGM Biosciences, Inc. (NASDAQ:IGMS) is prioritizing its clinical development on DR5 agonist for colorectal cancer and T cell engagers for autoimmune diseases. The company plans to file an IND for IGM-2644 to treat autoimmune diseases and is halting all hematologic oncology clinical development. This strategic refocus includes a workforce reduction of about 22% and is expected to extend the company's cash runway into Q2 2026. The company continues to collaborate with Sanofi on oncology and immunology product candidates.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 9:02 pm

GBNY

Generations Bancorp NY, Inc. (NASDAQ:GBNY) has appointed Angela Krezmer as its new President & CEO, effective November 27, 2023. Krezmer, who has been with the company since 2021 as Chief Financial Officer, will also join the board of directors. She has been serving as interim Principal Executive Officer since October 16, 2023, following the passing of former President & CEO Menzo Case. Krezmer's experience includes roles at Prosper Bank (now Presence Bank) and Fairport Savings Bank.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 4:56 pm

ABNB

Catherine Powell, a key executive at Airbnb, is transitioning to an advisor role and will leave the company next year. Dave Stephenson has been appointed as Airbnb's first-ever Chief Business Officer.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 4:48 pm

BABA

JD

NTES

ByteDance is phasing out its Nuverse gaming division, laying off employees and ending gaming projects by year-end. This follows scale-backs in other sectors like education and VR. Nuverse struggled to compete with Tencent and NetEase in the gaming market, with its game 'Crystal Core' losing momentum. ByteDance will focus on information and e-commerce services, leveraging TikTok's success. ByteDance's revenue growth outpaces Tencent, and its gaming exit may improve its valuation for a potential IPO.

Portfolio Pulse from The Bamboo Works

December 05, 2023 | 4:39 pm

GLD

SPY

TLT

The service sector's activity in November surpassed expectations with the ISM Services PMI rising to 52.7, indicating slight growth. However, job openings fell sharply to 8.733 million in October, the lowest since early 2021, signaling a potential cooling in the labor market. Market reactions included a dip in the U.S. dollar, a rally in long-term Treasury bonds as seen in TLT's 1.5% gain, a surge and then pullback in gold prices affecting GLD, and a marginal increase in stocks with SPY rising by 0.1%.

Portfolio Pulse from Piero Cingari

December 05, 2023 | 3:47 pm