Streetbeat News

Labor Issues

BYND

Beyond Meat Inc (NASDAQ:BYND) has experienced a 24% stock increase over five days despite a year-to-date decline of over 30%. This surge is attributed to a potential short squeeze, evidenced by a high FINRA short sale volume on Dec. 4. The company recently announced a 19% workforce reduction and faces financial challenges, including a high cash burn rate and declining revenue. Analysts have downgraded BYND and lowered price targets to $5-$7 following its Q3 report. The stock was trading at $8.42 at the time of publication.

Portfolio Pulse from Surbhi Jain

December 05, 2023 | 2:29 pm

SANM

Sanmina Corporation has appointed Jon Faust as its new Executive Vice President and Chief Financial Officer. Faust brings extensive financial leadership experience to the role, which may influence the company's strategic direction and financial performance.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 1:36 pm

EXK

Endeavour Silver Corp. announced Elizabeth Senez as the new CFO effective January 1, 2024, succeeding Christine West who will retire but remain on the Board of Directors. Senez brings over 20 years of experience in finance to Endeavour.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 11:54 am

FOLD

John Crowley, Executive Chairman of Amicus Therapeutics, will step down from his position effective March 4, 2024. Michael Raab, the Lead Independent Director, is set to become the new Chairman.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 11:05 am

TEF

Telefonica SA (NYSE:TEF), a leading Spanish telecom company, plans to cut around 5,100 jobs in Spain by 2026 as part of cost reduction efforts and to adjust to the current market. The company, which has a global workforce of over 103,000, has been streamlining its workforce due to automation and the shift from copper to fiber optic networks. Telefonica reported a third-quarter revenue growth of 11.2% year-over-year and doubled its free cash flow.

Portfolio Pulse from Lekha Gupta

December 05, 2023 | 10:37 am

TSP

TuSimple's Board has authorized an additional restructuring plan, which includes a significant reduction in its US workforce. Approximately 150 employees, constituting 75% of the US workforce and 19% of the global workforce, will be affected according to a recent filing.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 9:27 pm

LSTR

Landstar System, Inc. has announced that Frank A. Lonegro will succeed James B. Gattoni as CEO. The transition is part of a planned succession process, with Gattoni retiring after a long tenure with the company. Lonegro, who has a strong background in finance and leadership, is expected to continue Landstar's growth trajectory and operational success.

Portfolio Pulse from Bill Haddad

December 04, 2023 | 9:10 pm

TVTX

Travere Therapeutics had a successful pre-NDA meeting with the FDA for its drug FILSPARI for treating IgAN. However, there is uncertainty regarding the regulatory path forward for its FSGS treatment. The company is also reducing its workforce by approximately 20% to manage costs.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 9:07 pm

MCK

Teamsters Local 150 members at McKesson's Sacramento warehouse have voted to authorize a strike if a fair contract is not reached by December 10. McKesson has rejected the Teamsters' health care plan proposal, offering an alternative that workers find unaffordable. The union criticizes McKesson for prioritizing stock buybacks over workers' welfare, despite the company's significant revenue growth. A strike could have national implications, affecting supplies to pharmacies, doctors, and the U.S. Department of Veterans Affairs.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 8:56 pm

SPOT

Spotify Technology SA (NYSE:SPOT) saw its stock rise by over 10% following the announcement of a 17% workforce reduction. The stock's positive performance, with a 20% increase over the past month and over 120% year-to-date, is attributed to investor optimism for a leaner, more efficient company. Technical analysis suggests the rally may continue, as indicated by a Golden Cross pattern on the stock's chart, where the 50-day SMA crossed over the 100-day SMA, historically signaling an uptrend.

Portfolio Pulse from Surbhi Jain

December 04, 2023 | 5:05 pm