Streetbeat News

Labor Issues

TEVA

Teva Pharmaceutical Industries Ltd's CEO, Francis, has informed Reuters that approximately 10% of Teva's staff has been called up to Israeli Army Reserve Duty.

Portfolio Pulse from Benzinga Newsdesk

November 08, 2023 | 5:08 pm

BAYRY

BAYZF

Bayer AG's CEO, Bill Anderson, announced plans to streamline operations by reducing management levels, leading to significant staff reductions. However, he dismissed the idea of splitting the conglomerate into three separate entities. Bayer's Q3 sales fell 8.3% to €10.34 billion, with a net loss of €4.57 billion compared to a profit of €546 million a year ago. The company expects a soft growth outlook and continued challenges to profitability for next year.

Portfolio Pulse from Vandana Singh

November 08, 2023 | 4:15 pm

STLA

President Joe Biden is set to meet with UAW President Shawn Fain to celebrate Stellantis NV's decision to reopen an assembly plant in Illinois. Stellantis has committed to a $3.2 billion battery plant and a $1.5 billion investment in a mid-size truck factory in Illinois, aiming to add 5,000 total U.S. jobs by 2028. The company also plans to invest in Toledo Jeep operations and three Michigan assembly plants.

Portfolio Pulse from Benzinga Neuro

November 08, 2023 | 11:58 am

BIGC

BigCommerce has committed to a restructuring plan in September 2023, which involves reducing its current workforce by approximately 7%. The plan is effective from today.

Portfolio Pulse from Benzinga Newsdesk

November 08, 2023 | 11:15 am

TSLA

Tesla, Inc. (NASDAQ:TSLA) is facing a labor union threat in Sweden, a key European market, as workers at four major ports are striking against the company. The strike is on the verge of expanding to all Swedish ports. IF Metall, a powerful union in Sweden, warned Tesla that it would go on strike if the company did not agree to sign a collective agreement with its striking mechanics. Another union, Fastighets, has said it would not clean Tesla premises in several locations starting Nov. 17. Tesla responded by saying the workers were already being offered equivalent or better agreements.

Portfolio Pulse from Shanthi Rexaline

November 08, 2023 | 7:53 am

SPCE

Virgin Galactic has announced a strategic realignment of the company's resources and a related workforce reduction to support the production of its Delta Class spaceships. The company's senior leadership will share additional details on the third-quarter earnings call, scheduled for November 8, 2023.

Portfolio Pulse from Benzinga Newsdesk

November 08, 2023 | 7:17 am

LYEL

Lyell Immunopharma (NASDAQ:LYEL) reported Q3 2023 financial results, with cash, cash equivalents, and marketable securities amounting to $598.2M as of September 30, 2023. The company has extended its funding of operations into 2027 by prioritizing investment in core clinical candidates and research platform value drivers. It remains on track to release initial clinical data from two clinical-stage product candidates in 2024. The company also announced a 25% reduction in workforce expected to be completed in Q4 2023.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 10:29 pm

GOOGL

Epic Games, the company behind Fortnite and the Epic Games Store, has admitted in court that their digital PC game store is not profitable. Despite its growth and the addition of features and exclusive titles, the store has struggled financially. The company had previously argued that the losses incurred, over $300 million, were part of a strategic plan to expand the store's user base and business. However, as 2023 arrived, it became evident that Epic's strategy had not resulted in profitability. In September, the company laid off 830 employees, approximately 16% of its workforce, citing financial difficulties.

Portfolio Pulse from Franca Quarneti

November 07, 2023 | 7:33 pm

SPY

Federal Reserve official Logan stated that the labor market is still too tight, despite some cooling. He added that tight financial conditions are necessary to bring inflation back to 2%.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 6:38 pm

CNHI

CNH Industrial NV's shares dropped by around 9% following its Q3 FY23 earnings report. The company reported a 2% Y/Y revenue growth to $5.99 billion, missing the consensus of $6.06 billion. Net sales of Industrial Activities were down 1% Y/Y due to a decline in industry demand in Agriculture in South America and EMEA. The company also announced a restructuring program targeting a 5% reduction in salaried workforce cost. The 2023 outlook for its Industrial Activities was modified, with net sales growth of 3%-6% from 8%-11% year on year.

Portfolio Pulse from Lekha Gupta

November 07, 2023 | 5:27 pm