Streetbeat News

Labor Issues

MKSI

MKS Instruments has announced the retirement of Seth H. Bagshaw, the Executive Vice President, Chief Financial Officer, and Treasurer, effective April 1, 2024. The company will likely be looking for a successor to fill Bagshaw's role.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 12:19 pm

SPOT

Spotify Technology S.A. (NYSE:SPOT) CEO Daniel Ek announced a 17% reduction in workforce due to economic slowdown and the need for efficiency. Despite beating Q3 FY23 revenue and EPS estimates, Spotify aims to lower its cost structure. Affected employees will receive severance packages, and the stock has risen 121% YTD. SPOT shares are up 1.43% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

December 04, 2023 | 11:57 am

THRX

Theseus Pharmaceuticals has terminated the employment of its CEO, Timothy P. Clackson, effective December 7. The company's CFO, Bradford D. Dahms, has been named as the new President.

Portfolio Pulse from Charles Gross

December 04, 2023 | 11:35 am

AMZN

An NLRB judge ruled that Amazon (NASDAQ:AMZN) violated federal labor laws at its JFK8 warehouse in New York by interfering with union activities. The ruling follows the historic unionization of JFK8 in April 2022. Amazon must post worker rights notices and compensate a dismissed pro-union employee. The company faces ongoing scrutiny with 240 labor charges in 26 states and continues to challenge the JFK8 unionization. Amazon's stock traded lower by 0.56% in premarket.

Portfolio Pulse from Anusuya Lahiri

December 04, 2023 | 11:25 am

AAPL

Apple Inc. CEO Tim Cook, in a conversation with Dua Lipa, emphasized the importance of collaboration as a key trait for potential employees. Cook's philosophy is that 'one plus one equals three', suggesting that teamwork should create greater outcomes than individual efforts. He indicated that Apple is open to hiring individuals who embody this ethos, including college dropouts and those without coding skills. The company's collaborative spirit was highlighted during the COVID-19 pandemic when Apple was one of the first to bring employees back to in-person work to preserve its culture of collaboration.

Portfolio Pulse from Rounak Jain

December 04, 2023 | 11:16 am

IMPL

Michael Kalb has announced his resignation as CFO of Impel Pharmaceuticals, effective December 31, 2023, as disclosed in an 8K filing.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 11:13 am

BRPHF

PSHZF

TSLA

The weekend news featured significant developments in the tech and finance sectors. Elon Musk and Bill Gates were named as potential buyers for Trump's Mar-a-Lago, with a price tag of up to $1 billion. Galaxy Digital CEO Mike Novogratz expressed a bullish outlook on Bitcoin, anticipating a price surge due to various factors including a potential spot Bitcoin ETF approval. Bill Ackman revealed a $10M investment in Elon Musk's private company, X. A Swedish strike could impact Tesla's labor relations, and Tesla warned that the EV tax credit for two Model 3 versions will drop to $3,750 next year.

Portfolio Pulse from Benzinga Neuro

December 04, 2023 | 10:15 am

SPOT

Spotify (NYSE:SPOT) CEO Daniel Ek announced a workforce reduction of 17% as part of a major restructuring plan. The decision is aimed at aligning the company with future goals and creating a sustainable business model in a challenging economic environment. Despite efforts to reduce costs over the past year, Ek emphasized the necessity of becoming leaner to bridge the gap between financial aspirations and operational costs. Affected employees will receive severance pay, accrued vacation payout, healthcare coverage, immigration support, and career services.

Portfolio Pulse from Benzinga Neuro

December 04, 2023 | 8:27 am

F

GM

STLA

TM

TSLA

The return of United Auto Workers to GM, Ford, and Stellantis is expected to boost US November payrolls by 180,000, a rise from October's 150,000. The unemployment rate is projected to remain at 3.9%, with a 4% increase in average hourly earnings year-over-year. The Federal Reserve is entering a blackout period before their December meeting, with Chair Jerome Powell downplaying rate cut expectations for early 2024. The UAW ended a six-week strike with GM, Ford, and Stellantis, securing a pay raise and cost-of-living allowances, and is now targeting unionization at non-union automakers, including Tesla and Toyota.

Portfolio Pulse from Benzinga Neuro

December 04, 2023 | 7:52 am

DASH

GRUB

UBER

A New York state appeals court has ruled that food delivery companies Uber Technologies Inc. (UBER), DoorDash Inc. (DASH), and Grubhub Inc. (GRUB) must pay their workers a minimum hourly wage of $17.96. The court rejected the companies' attempts to overturn a previous ruling, enforcing the minimum pay rule. The companies expressed disappointment and are considering further actions. Following the news, UBER's stock dropped by 2%, DASH by 1.5%, and GRUB by 1.8%.

Portfolio Pulse from Benzinga Neuro

December 03, 2023 | 4:54 am