Streetbeat News

Labor Issues

GEO

The U.S. Department of Labor's OSHA cited GEO Group Inc. for failing to provide a safe workplace after a nurse was attacked by an inmate at South Bay Correctional and Rehabilitation Facility. The nurse suffered a facial fracture from the attack. GEO Group was fined $26,787 for serious and other-than-serious violations, including not reporting the incident within 24 hours. The company has a history of a settlement with OSHA over workplace violence and operates 102 facilities nationwide.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 5:40 pm

OTGLY

CD Projekt ADR (OTC:OTGLY) is focusing on the development of 'Polaris,' unofficially known as The Witcher 4, with nearly half of their development staff involved. The team is expected to grow to over 400 by mid-2024. Other projects include 'Sirius,' a Witcher-based game with multiplayer elements, 'Canis Majoris,' another AAA Witcher RPG, and a Cyberpunk 2077 sequel 'Orion.' Additionally, CD Projekt Red is working on an original IP 'Hadar.' Despite technological advancements with Unreal Engine 5, the complexity of these projects may extend development beyond the anticipated three years. The company has also experienced three rounds of layoffs this year, leading to the creation of the Polish Gamedev Workers Union.

Portfolio Pulse from Franca Quarneti

November 30, 2023 | 4:06 pm

F

Ford Motor Company (NYSE:F) has updated its full-year guidance post-UAW strike, projecting an adjusted EBIT of $10.0 billion-$10.5 billion and adjusted free cash flow of $5.0 billion-$5.5 billion. The guidance includes $1.7 billion in lost profits due to the strike, which affected production and vehicle wholesales. The new U.S. labor agreement with the UAW is expected to cost $8.8 billion, with an anticipated cost effect of about $900 per vehicle by 2028. Ford aims to offset this through increased productivity and reduced expenses. The company had generated $4.9 billion in net income and $9.4 billion in adjusted EBIT before the strike's full impact. Ford's shares rose 1.32% to $10.73 in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

November 30, 2023 | 1:48 pm

SPY

USA initial jobless claims came in at 218,000, slightly below the estimated 220,000, and higher than the previous figure of 211,000. This indicates a relatively stable labor market, with minor fluctuations in unemployment claims.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 1:30 pm

NGD

New Gold Inc. has announced the appointment of Keith Murphy as the new Executive Vice President and Chief Financial Officer, effective January 2, 2024. Murphy, who has over 15 years of experience in finance within the mining industry, will succeed Rob Chausse following his retirement at the end of 2023. Murphy has been with New Gold since 2013 and has played a significant role in financial reporting, taxation, and finance for the company.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 1:04 pm

AMZN

GOOG

GOOGL

IBM

META

MSFT

Alphabet Inc.'s Google and Meta Platforms Inc. are the top companies for poaching talent from other tech giants, with 24.15% and 26.51% of their employees respectively coming from competitors. The survey analyzed LinkedIn profiles to determine employee movement within the tech industry. Google has poached the most employees in absolute numbers, with 38,316, primarily from Microsoft and Amazon. Other companies like Salesforce, Nvidia, Adobe, Netflix, and Tesla also hire from tech giants, but at lower rates. IBM hires the least from competitors, focusing on converting interns to full-time roles. Employees leaving Meta often exit the tech industry, possibly due to high pressure or better opportunities elsewhere.

Portfolio Pulse from Rounak Jain

November 30, 2023 | 12:46 pm

AFMD

Angus Smith, CFO of Affimed, and Arndt Schottelius, Chief Scientific Officer, have both announced their intentions to resign from their respective positions. Smith's resignation is effective as of December 31, 2023, while Schottelius plans to step down by the end of May 2024.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 12:06 pm

GEO

Brian Evans has been appointed as the CEO of GEO Group, effective January 1, 2024. He has a long tenure with the company, having served for 23 years, including 14 years as CFO. Shayn March has been appointed as the Acting CFO.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 11:58 am

GEO

GEO Group announced that Jose Gordo will step down as CEO and board member, transitioning to an advisory role effective December 31, 2023. The departure is on mutually agreeable terms.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 11:56 am

F

Ford Motor Company expects the new U.S. labor agreement with the UAW to cost $8.8 billion over the contract's life. The cost effect is estimated to be about $900 per vehicle by 2028, which could reduce Ford's adjusted EBIT margin by 60 to 70 basis points.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 11:56 am