Streetbeat News

Labor Issues

EGRX

Eagle Pharmaceuticals' stock is down following the announcement of a Nasdaq deficiency notice for a late 10-Q filing and the immediate resignation of Founder, President, and CEO Scott Tarriff.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 5:51 pm

BZAMF

BZAM Ltd. reported a 112% YoY increase in Q3 net revenue to CA$21 million, driven by a merger with The Green Organic Dutchman Holdings Ltd. Despite revenue growth, the company experienced a net loss from operations of CA$17 million, up from CA$6.8 million last year. BZAM implemented cost reduction measures, including layoffs and facility consolidations. Shares of BZAMF fell 0.9664% to $0.1178 post-announcement.

Portfolio Pulse from Jelena Martinovic

November 29, 2023 | 2:49 pm

GM

GM's CFO reported that the recent strike resulted in a production loss of 95,000 units, primarily affecting mid-size trucks and large crossovers. Additionally, GM's CEO anticipates that industry sales of electric vehicles (EVs) in the U.S. will exceed 1 million units for the first time this year.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 1:31 pm

VNCE

Vince has announced the appointment of John Szczepanski as its new Chief Financial Officer (CFO), effective January 2, 2024. This strategic move could signal a new direction in financial leadership for the company.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 12:36 pm

EGRX

Scott Tarriff, the founder, President, and CEO of Eagle Pharmaceuticals, has resigned and retired effective immediately. Michael Graves, the Chairman of the company, will take over as Interim Executive Chairman.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 12:32 pm

GBTC

MSTR

Andrew Tate compared Michael Saylor's responsible business practices at MicroStrategy with Sam Bankman-Fried's fraudulent activities at FTX. Tate highlighted Saylor's net-benefit approach to business, contrasting it with Bankman-Fried's 0-benefit strategy, which led to his conviction on fraud charges. Tate also discussed the potential SEC approval of a Bitcoin ETF, mentioning several contenders for the ETF including Grayscale, Ark/21 Shares, Bitwise, BlackRock, VanEck, WisdomTree, Valkyrie, Invesco Galaxy, and Fidelity Wise Origin.

Portfolio Pulse from Mehab Qureshi

November 29, 2023 | 12:04 pm

GBIO

Generation Bio Co. announced a strategic reorganization that will result in a 40% reduction of its workforce. This move is aimed at extending the company's cash runway and focusing resources on its most promising programs. The company is prioritizing its efforts on developing its gene therapy platform and advancing its lead programs into the clinic. The reorganization is expected to provide sufficient funds to support operations into 2024.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 12:00 pm

GM

GM has updated its financial guidance, factoring in an estimated $1.1 billion EBIT-adjusted impact from the UAW strike, primarily due to lost production. The new guidance includes a net income range of $9.1 billion to $9.7 billion, down from the previous $9.3 billion to $10.7 billion. EBIT-adjusted is now expected to be between $11.7 billion and $12.7 billion, a decrease from the earlier $12.0 billion to $14.0 billion forecast. EPS-diluted-adjusted is projected to be $7.20 to $7.70, including the ASR, slightly adjusted from the prior $7.15 to $8.15 range.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 11:42 am

DLTR

GM

Dollar Tree has begun a thorough review of its Family Dollar stores to realign its portfolio with the company's strategic vision. This may involve addressing underperforming stores. Additionally, General Motors (GM) had increased its earnings guidance twice in 2023 but later withdrew it in Q3 due to labor issues.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 11:36 am

TSLA

Marie Nilsson, the head of IF Metall union in Sweden, warns that Tesla Inc's (NASDAQ:TSLA) non-compliance with the Swedish collective agreement model could disrupt traditional labor practices. Despite the ongoing strike involving various workers, Nilsson assures that the union has sufficient funds to continue protesting for an extended period. Tesla maintains that over 90% of its workforce is still in place and claims its employment terms are competitive. The strike, which began in late October, has seen participation from multiple unions and has been criticized by Tesla CEO Elon Musk.

Portfolio Pulse from Anan Ashraf

November 29, 2023 | 8:48 am