Streetbeat News

Labor Issues

MSFT

OpenAI is facing internal turmoil with discussions about the return of ousted co-founder Sam Altman as CEO. Employees have threatened mass resignations, and Microsoft Corp (NASDAQ:MSFT) has hired Altman and Greg Brockman for a new AI research team. Microsoft's CEO Satya Nadella has expressed openness to hiring more OpenAI staff and hinted at potential changes in governance, including a possible board seat for Microsoft.

Portfolio Pulse from Neil Dennis

November 21, 2023 | 7:49 pm

F

Ford Motor Company (NYSE:F) is scaling back its investment in the BlueOval Battery Park Michigan, reducing the number of jobs created from 2,500 to 1,700 and the annual EV production capacity from 400,000 to 230,000 vehicles. The overall investment in the plant is also being cut from $3.5 billion to approximately $2 billion. This adjustment is part of Ford's broader reduction in its EV strategy, which includes delaying $12 billion in spending on battery-powered models. The company cites slower than expected EV adoption as a reason for the re-timing and resizing of investments.

Portfolio Pulse from Nabaparna Bhattacharya

November 21, 2023 | 5:54 pm

DHI

LEN

PHM

TOL

XHB

Despite a slowdown in home sales and high interest rates, homebuilder stocks have outperformed the market in 2023. DR Horton, Lennar Corporation, Toll Brothers, and PulteGroup have seen significant gains. The SPDR Homebuilders ETF also rose. The sector's resilience is attributed to a strong desire for homeownership and limited housing supply. Supply chain issues persist, but housing starts are expected to increase as these ease. The sector's outlook for 2024 is cautiously optimistic, with potential risks from economic slowdown and labor market weakening.

Portfolio Pulse from Neil Dennis

November 21, 2023 | 4:43 pm

HMC

HYMTF

NSANY

TM

Nissan Motor Co Ltd (OTC:NSANY) is set to increase wages for its U.S. manufacturing plant workers by 10%, effective January 8th, following UAW's new contracts with Detroit Three automakers. This will affect around 9,000 U.S. workers and includes the elimination of wage tiers. The move aligns with wage increases by other automakers such as Hyundai (OTC:HYMTF), Toyota (NYSE:TM), and Honda (NYSE:HMC). Over the past three years, Nissan has raised wages by 12%-18.5% at its U.S. plants. NSANY shares dropped 1.38% to $7.87 in the last check.

Portfolio Pulse from Shivani Kumaresan

November 21, 2023 | 4:12 pm

MS

Morgan Stanley Co-President Ted Saperstein has been diagnosed with cancer, as reported by Bloomberg TV. This news may concern investors and stakeholders regarding the leadership stability and future direction of the company.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 3:56 pm

F

Ford Motor Company is scaling back its plans for a $3.5 billion battery plant in Michigan due to disappointing electric vehicle (EV) demand and rising labor costs. The production capacity is being cut by approximately 43% to 20 gigawatt hours per year, and the expected employment is being reduced from 2,500 to 1,700 jobs.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 3:52 pm

GM

General Motors will conduct a business update on November 29 following the ratification of new labor agreements in the United States and Canada, as reported by Reuters citing the automaker.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 1:56 pm

AI

C3.ai Inc (NYSE:AI) shares are recovering after a drop due to reports of job cuts for cost savings. Bloomberg reported that C3.ai fired employees across several departments last week, with the company stating the cuts were performance-related, but sources claim they were for cost reduction. The company had previously made similar cuts six months ago. Despite this, C3.ai is still hiring for strategic areas with 109 open positions. The stock had initially risen over 8% due to an OpenAI management shake-up affecting AI stocks, but fell on the job cut news. Oppenheimer analyst Timothy Horan upgraded C3.ai from Perform to Outperform with a $40 price target, aiding in the stock's recovery.

Portfolio Pulse from Adam Eckert

November 21, 2023 | 1:55 pm

MSFT

The OpenAI internal drama has been humorously likened to the 'Game of Thrones' series, with key figures such as Sam Altman and Mira Murati being compared to characters Jon Snow and Daenerys Targaryen, respectively. Microsoft CEO Satya Nadella, involved in addressing the situation, is likened to Lord Varys. The situation has led to a significant reaction from OpenAI employees, with 747 out of 770 calling for the return of Sam Altman.

Portfolio Pulse from Rounak Jain

November 21, 2023 | 1:55 pm

NIR

Near Intelligence's Restructuring Committee terminated the employment of CFO Rahul Agarwal effective immediately, as per an SEC filing on Nov 20.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 1:37 pm