Streetbeat News

Labor Issues

TSLA

Swedish labor expert German Bender warns of significant implications if Tesla Inc (NASDAQ:TSLA) is not challenged by unions in Sweden over collective bargaining agreements. Despite the strike by less than 150 employees, Tesla claims over 90% of its workforce remains, and its terms are competitive. The conflict could set a precedent for other companies in Sweden, where collective agreements are the norm. Tesla's Model Y is a top seller in Sweden, and the strike has threatened vehicle deliveries, prompting CEO Elon Musk to criticize the action.

Portfolio Pulse from Anan Ashraf

December 02, 2023 | 8:39 am

SUAC

Grace Vandecruze has resigned as CFO of Shoulderup Technology Acquisition Corp. effective immediately. The company has not provided any further details regarding the resignation or a successor.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 9:44 pm

PCT

PureCycle Technologies has appointed Jeff Fieler as Interim CFO and announced a workforce reduction of 22 employees, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 9:32 pm

AAL

DAL

LUV

UAL

Southwest Airlines Company (NYSE:LUV) is experiencing a stock rise as it nears a new contract agreement with its pilots' union, potentially increasing salaries for over 11,000 pilots before the holiday season. This news has also positively impacted the shares of Delta Air Lines (NYSE:DAL), United Airlines Holdings (NASDAQ:UAL), and American Airlines Group (NASDAQ:AAL), which have already secured labor agreements with their pilots this year. A successful agreement for Southwest could prevent a potential strike and follows a recent pay raise agreement with its flight attendants' union.

Portfolio Pulse from Nabaparna Bhattacharya

December 01, 2023 | 6:41 pm

SPY

Federal Reserve Chair Jerome Powell noted that consumer spending has remained 'surprisingly strong' but also pointed out that increased credit card use and defaults could indicate a slowdown in spending. He mentioned that as long as unemployment stays low and wages continue to rise, some level of consumer spending is likely to persist.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 5:03 pm

SPY

Federal Reserve Chair Jerome Powell discussed the varying perspectives on how artificial intelligence (AI) affects the economy, particularly in terms of job creation and displacement.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 4:55 pm

PRST

Presto Automation (NASDAQ:PRST) has appointed Kat Hoffman-Flynt as Chief Operating Officer, effective immediately. With over 20 years of experience, she has been with Presto since 2019 and has previously held executive roles at Gordon Biersch Brewery Restaurants and CraftWorks Restaurants & Breweries, Inc. Her focus will be on overseeing operations and ensuring the company meets its goals while delivering excellence to customers.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 2:03 pm

WFC

Wells Fargo & Co (NYSE:WFC) is facing a class-action lawsuit initiated by an employee, Sabrina Perez, for not providing overtime pay to branch workers. The lawsuit alleges that 'senior premier bankers' were misclassified as management, exempting them from overtime pay despite often working extra hours. The lawsuit seeks unspecified damages and legal fees. This comes as Wells Fargo experiences unionization efforts at its Albuquerque branch and another in Alaska, a rare occurrence in the U.S. financial industry where only 1% of workers are unionized. WFC shares are up 0.47% in premarket trading.

Portfolio Pulse from Shivani Kumaresan

December 01, 2023 | 1:25 pm

POST

Post Holdings announced its plan to close its facility in Lancaster, OH by the end of September 2024. The facility currently employs approximately 200 people.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 1:06 pm

VSTO

Vista Outdoor announced the resignation of Gary L. McArthur as Interim CEO. The company has appointed Eric Nyman and Jason Vanderbrink as Co-CEOs. This change in leadership could impact the company's strategic direction and operational efficiency.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 12:38 pm