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Labor Issues

CZR

MGM

MGM Resorts International (NYSE:MGM) employees, represented by the Culinary Union, ratified a new five-year contract with a 99% approval rate. This comes amid a strike by MGM workers in Detroit and follows a similar contract ratification with Caesars Entertainment, Inc. (NASDAQ:CZR). The Las Vegas unions had previously negotiated for daily room cleaning and enhanced safety measures. MGM shares saw a premarket increase of 0.70% to $40.14.

Portfolio Pulse from Nabaparna Bhattacharya

November 22, 2023 | 12:57 pm

DCBO

Docebo Inc.'s CEO and Board Member, Claudio Erba, has announced his intention to step down from his roles at the company effective February 29, 2024. This advance notice provides the company with ample time to find a suitable replacement and ensure a smooth transition. The news may lead to uncertainty among investors regarding the company's future leadership and strategic direction.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 12:29 pm

AAPL

AMZN

SBUX

The National Labor Relations Board has filed a complaint against Apple Inc for allegedly violating federal labor laws by withholding new benefits from unionized employees at its Towson, Maryland store. The complaint suggests Apple discriminated against these employees and used the benefits to discourage unionization at other locations. This follows similar accusations against Starbucks Corp for excluding unionized baristas from wage and benefit increases, and comes amidst broader unionization efforts at companies like Amazon.Com Inc.

Portfolio Pulse from Anusuya Lahiri

November 22, 2023 | 9:56 am

CRM

MSFT

Salesforce CEO Marc Benioff has launched a recruitment drive targeting OpenAI talent, offering immediate jobs and comparable pay to join Salesforce's Einstein-Trusted AI research team. The move has elicited a mix of reactions online, with some OpenAI researchers publicly declining the offer. Amidst a staff rebellion at OpenAI, Salesforce's recruitment efforts mirror Microsoft's strategy to attract ChatGPT-parent researchers. The number of OpenAI staff interested in Salesforce's offer is unknown.

Portfolio Pulse from Benzinga Neuro

November 22, 2023 | 7:31 am

CRM

GOOG

GOOGL

MSFT

NVDA

Following the removal of Sam Altman as CEO of OpenAI, competitors like Google (Alphabet Inc), Anthropic, Nvidia, and Salesforce have reported increased interest from customers and potential employees. Google has seen a surge in activity, Cohere has experienced a rise in inquiries, and over 100 customers have reached out to Anthropic. Salesforce's CEO Marc Benioff has invited OpenAI researchers to join his company. This comes after an internal revolt at OpenAI, with reports of employees willing to leave for Microsoft, where Altman is now employed.

Portfolio Pulse from Ananya Gairola

November 22, 2023 | 5:49 am

SQ

Block Inc. (NYSE:SQ) CEO Jack Dorsey is changing the company's performance management by eliminating annual performance reviews and PIPs, aiming to foster a 'culture of excellence'. Dhanji Prasanna has been appointed as the new CTO. Regular evaluations will replace annual reviews, with immediate dismissal for underperforming employees. Despite these changes, Block has seen a 37.5% increase in Bitcoin revenue and a gross profit of $44 million from Bitcoin in Q3, leading to a rise in its share price.

Portfolio Pulse from Benzinga Neuro

November 22, 2023 | 4:48 am

MSFT

Microsoft (NASDAQ:MSFT) is facing internal discontent after announcing the hiring of OpenAI employees with matched compensation. This has caused unrest among existing staff who have experienced job insecurity, layoffs, and salary freezes. The hiring of OpenAI's ex-CEO Sam Altman and President Greg Brockman to lead a new AI research group has added to the perceived disparities. OpenAI's board is struggling to manage a crisis as over 96% of its employees demanded the board's resignation and are ready to quit, potentially following Altman to Microsoft.

Portfolio Pulse from Benzinga Neuro

November 22, 2023 | 3:49 am

SBUX

The Strategic Organizing Center, a coalition of labor unions including the Service Employees International Union, is pushing for three seats on Starbucks' board. This move intensifies the ongoing conflict over worker pay and conditions, as the group aims to influence the company's governance due to perceived oversight failures regarding employee treatment.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 11:10 pm

DIS

Disney has acknowledged that new collective bargaining agreements with the Directors Guild of America, the Writers Guild of America (WGA), and SAG-AFTRA will result in increased costs for the company, according to a Reuters report citing a recent filing.

Portfolio Pulse from Charles Gross

November 21, 2023 | 10:13 pm

DLO

Diego Cabrera Canay, CFO of dLocal Ltd (DLO), has announced his resignation to seek new opportunities. This executive change could influence the company's financial strategies and investor confidence.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 9:10 pm