Streetbeat News

Labor Issues

SPY

Federal Reserve Governor Waller has stated that the labor market is cooling and is nearing the average levels seen before the pandemic, indicating a calming down of the market.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 3:13 pm

CMT

Core Molding Technologies (CMT) anticipates a return to historical seasonality and customer de-stocking in Q4, along with the impact of UAW strikes at customer locations, which is expected to result in sales declines of 15%-20% from Q4 2022. The company targets gross margins in the 17.5% to 18.5% range for fiscal year 2023, and full-year revenues may be down 5% to 10% compared to fiscal year 2022.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 1:57 pm

MMAT

Meta Materials Inc (MMAT) plans to streamline its operations by focusing on three core business lines and spinning off other business lines. The company also intends to eliminate redundancies, including overhead and non-essential workforce, expecting to save approximately $20M-$30M annually. The restructuring is aimed at capturing and preserving additional capital for expenses and R&D focused on core products.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 1:42 pm

ABUS

Arbutus Biopharma Corporation has announced a workforce reduction of 24% effective from November 6, 2023. The reduction will primarily affect the company's research function.

Portfolio Pulse from Benzinga Newsdesk

November 07, 2023 | 12:33 pm

AMZN

Amazon.com, Inc. (NASDAQ:AMZN) is facing a labor dispute as over 1,000 workers at one of its central England warehouses are on strike over wage disagreements. The strike is expected to continue on the following Wednesday and Thursday, as well as on November 24—Black Friday—a crucial day for Amazon's operations. This follows a year of broader industrial unrest across the U.K., with workers demanding higher wages to cope with inflation. Amazon announced last month that the minimum initial wage would increase by at least one pound per hour, with further increases planned for April next year.

Portfolio Pulse from Nabaparna Bhattacharya

November 07, 2023 | 10:59 am

GNS

Genius Group's CFO, Erez Simha, has announced his resignation effective from December 1. The announcement was made on November 2.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 10:39 pm

EWC

STLA

Unifor, the Canadian labor union, has announced that its members at Stellantis facilities in Windsor, Brampton, Etobicoke, Mississauga, and Red Deer have voted to ratify new three-year collective agreements.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 10:22 pm

GV

Visionary Education Technology has terminated the employment of Charlie Penn as COO on October 31, 2023, as part of a restructuring process.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 10:05 pm

TSLA

Jim Cramer predicts a rally for Tesla Inc (NASDAQ:TSLA) stock, expecting it to reach $300 per share, despite a recent 16% drop. Tesla's shares have been under pressure following disappointing financial results in mid-October. However, the company's plans to build a vehicle at its German factory for 25,000 euros ($26,838) and wage increases at Gigafactory Berlin have been positively received. Cramer also dismissed concerns about potential strikes at Tesla, stating that CEO Elon Musk would outsmart UAW president Shawn Fain.

Portfolio Pulse from Adam Eckert

November 06, 2023 | 7:22 pm

TSLA

Tesla's service workers in Sweden have gone on strike, with a meeting scheduled on Monday to negotiate a collective bargaining contract. Concurrently, Tesla has raised wages for its German workers.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 6:42 pm