Streetbeat News

Labor Issues

PFE

Pfizer is set to discontinue some of its operations in Kent, leading to the loss of 500 jobs, as reported by SkyNews.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 3:20 pm

HTBI

HomeTrust Bancshares, Inc. (NASDAQ:HTBI) announced the retirement of Executive Chair Dana L. Stonestreet, effective after the Annual Meeting on November 13, 2023. Richard T. 'Stick' Williams, currently Vice Chair and Lead Director, will succeed him. Stonestreet has been with HomeTrust since 1989, leading its growth from $200 million to $4.7 billion in assets. Williams, a retired Duke Energy executive, joined the HomeTrust Board in 2016 and is recognized for his extensive business experience.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 2:01 pm

RIVN

Rivian Automotive, Inc. (RIVN) received final approval for its $5 billion EV plant in Georgia, two years after its announcement. The Georgia Supreme Court cleared Rivian of legal challenges, allowing the company to proceed with the Stanton Springs North project. The plant will produce more affordable EVs based on the R2 platform, with an expected MSRP of around $40,000. The facility aims to start assembly in 2026, reach an annual output of 400,000 vehicles, and create 7,500 jobs by 2028. Construction is set to begin in early 2024.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:46 pm

UTZ

Utz Brands, Inc. (NYSE:UTZ) announced the appointment of Mitchell Arends as Executive Vice President, Chief Integrated Supply Chain Officer, and Cary Devore as Executive Vice President, Chief Operating and Transformation Officer, effective November 27, 2023. These appointments aim to enhance the company's execution of strategic priorities, including supply chain optimization and integrated business planning. Arends brings over 25 years of supply chain experience from Kraft Heinz, while Devore has been with Utz for over seven years, contributing significantly to its growth and transformation.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:16 pm

TLIS

Talis Biomedical has announced that it is exploring strategic alternatives and implementing a cost reduction plan to preserve cash. The company is reducing its workforce by approximately 90% and consolidating its operations to a single site in Chicago.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 1:11 pm

TCRT

Alaunos Therapeutics is actively exploring strategic alternatives and has reduced its workforce by about 80% to extend its cash runway into Q2 2024. These measures are aimed at streamlining the organization and maximizing financial resources.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 12:34 pm

STLA

Stellantis NV (NYSE:STLA) plans to offer voluntary buyouts to 6,400 U.S. salaried employees, which is about half of its non-union salaried workforce, as part of a cost-cutting initiative during its transition to electric vehicles (EVs) and following a new UAW contract. Employees with at least five years of experience are eligible, and those accepting must leave by year-end. This follows previous buyout offers and a tentative labor agreement after U.S. strikes. Stellantis reported a 7% Y/Y net revenue growth for Q3 FY23 and confirmed a positive outlook.

Portfolio Pulse from Lekha Gupta

November 14, 2023 | 11:44 am

EWU

The U.K. unemployment rate for September remained steady at 4.2%, which was in line with the previous rate and below the estimated 4.3%.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 7:12 am

EWU

U.K. employment change for the 3-month period ending in September showed a decrease of 207,000 jobs, which is worse than the estimated decrease of 198,000 and the prior decrease of 82,000. This indicates a significant worsening in the U.K. job market.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 7:11 am

EWU

The U.K. reported a Claimant Count Change of 17.8K for October, exceeding the estimated 15.0K and higher than the revised prior figure of 9.0K. This indicates a rise in the number of individuals claiming unemployment benefits.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 7:11 am