Streetbeat News

Labor Issues

AAPL

AVGO

GOOG

GOOGL

Broadcom Inc (NASDAQ:AVGO) is set to lay off approximately 1,300 VMware Inc. employees in California after acquiring the cloud-computing firm. The $69 billion acquisition was completed on November 22, following approval from China. Broadcom, which supplies chips to Apple Inc (NASDAQ:AAPL) and Alphabet Inc's Google (NASDAQ:GOOG) (NASDAQ:GOOGL), plans to cut jobs at VMware's headquarters starting January 26. The layoffs are part of Broadcom's strategy to streamline operations and cut support roles to reduce costs, while retaining key engineering staff. Broadcom is also considering strategic options for two VMware business units.

Portfolio Pulse from Anusuya Lahiri

December 01, 2023 | 12:12 pm

ACIU

AC Immune SA (NASDAQ:ACIU), a biopharmaceutical company, has announced the appointment of Dr. Madiha Derouazi as Chief Scientific Officer and the promotion of Christopher Roberts from Interim CFO to permanent CFO. Dr. Derouazi will succeed the retiring Dr. Marie Kosco-Vilbois, who will stay on as an expert consultant to facilitate a smooth transition.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 12:05 pm

VFC

VF Corp (NYSE:VFC), owner of North Face, is cutting 500 salaried jobs as part of a new strategy to reduce costs and manage debt amid declining North American sales, particularly due to the underperformance of its Vans brand. The company, facing pressure from activist investors, withdrew its fiscal year guidance in October and initiated a transformation plan. VF Corp employs 33,000 people, with 60% in full-time positions. The job cuts are aimed at providing financial flexibility and positioning the company for long-term growth. VFC shares dropped 2.34% to close at $16.73 on Thursday.

Portfolio Pulse from Shivani Kumaresan

December 01, 2023 | 11:32 am

VFC

VF Corp, the owner of North Face, is laying off 500 employees as part of its ongoing turnaround efforts. The company is facing challenges in its business and is taking steps to streamline operations and reduce costs. This move could affect investor sentiment as it reflects both the difficulties VF Corp is encountering and its commitment to restructuring for better financial health.

Portfolio Pulse from Charles Gross

November 30, 2023 | 10:03 pm

ULTA

Ulta Beauty has announced the promotion of Paula Oyibo to CFO, effective April 1, 2024, as the current CFO, Scott Settersten, is set to retire. This transition is part of the company's long-term succession planning.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 9:08 pm

GOOG

Former employees of YouTube star MrBeast shared insights into the demanding and unpredictable nature of working for the content creator. They described a work environment that required constant readiness for impromptu tasks and executing stunts for videos that often went viral. MrBeast's company is based in Greenville, North Carolina, where he grew up. The article also mentions a former producer's experience negotiating with the Japanese government for a video shoot. Alphabet Inc's YouTube platform, where MrBeast's content is hosted, is indirectly related to the story.

Portfolio Pulse from Adam Eckert

November 30, 2023 | 8:48 pm

MSFT

Tim Stuart, Xbox's CFO at Microsoft Corporation, is optimistic about AI's role in game development, citing its ability to streamline tasks like localization and testing. He suggests AI can democratize game development, allowing anyone to create games. However, there are concerns about AI replacing human jobs and generating content. Microsoft's recent partnership with Inworld AI indicates a move towards AI integration in gaming, despite potential negative impacts.

Portfolio Pulse from Franca Quarneti

November 30, 2023 | 8:26 pm

GM

General Motors Co (NYSE:GM) announced a $10 billion share buyback program and a 33% dividend increase, alongside reissued full-year guidance with lower earnings expectations of $11.7-$12.7 billion, down from $12-$14 billion. The guidance adjustment is due to extra labor costs from a UAW settlement. Goldman Sachs raised GM's price target from $42 to $45 with a Buy rating, emphasizing the need for progress in EVs, software, and autonomy. Wedbush maintained an Outperform rating but lowered its target from $46 to $40.

Portfolio Pulse from Neil Dennis

November 30, 2023 | 6:24 pm

SPY

U.S. Treasury Secretary Janet Yellen expressed that it would be beneficial to have lithium mining in the U.S. if done in an environmentally appropriate manner. She also noted that the labor market is at full employment and the economy continues to grow.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 6:24 pm

AMZN

GOOG

GOOGL

META

MSFT

Major tech companies like Amazon (AMZN), Alphabet (GOOG/GOOGL), Microsoft (MSFT), and Meta Platforms (META) are focusing on cost control and AI, scaling back their workforce despite business growth. This shift from rapid expansion to prioritizing shareholder value and margins involves targeted job cuts and reallocating resources to AI projects. The tech sector has seen significant layoffs, with Google, Meta, Microsoft, and Amazon reducing their workforces by 12,000, 21,000, 10,000, and 27,000 employees respectively. The industry's layoffs have surged to 141,516 in the first half of the year, a stark increase from the previous year's 6,000.

Portfolio Pulse from Anusuya Lahiri

November 30, 2023 | 6:14 pm