Streetbeat News

Labor Issues

SBUX

Starbucks Corp's shares are trading flat after Wedbush analyst Nick Setyan maintained a Neutral rating and raised the price target from $100 to $106. The company's shares have risen by 10% over the past week following better-than-expected Q4 results and comparable sales growth. Starbucks also announced a minimum 3% pay increase for eligible hourly retail employees in the US starting January 1. The company reported an 11.4% YoY sales growth at $9.37 billion in Q4 FY23.

Portfolio Pulse from Henry Khederian

November 06, 2023 | 3:58 pm

NEXI

Neximmune Inc's shares are trading lower due to the company's Board of Directors approving a plan to dissolve the company, pending stockholder approval. The company is also considering ways to maximize its business and asset value. A substantial reduction in the company's workforce has been authorized, with the cost of the reduction yet to be determined. The reduction is expected to be largely finalized by November 2023.

Portfolio Pulse from Henry Khederian

November 06, 2023 | 3:22 pm

NWS

NWSA

The Washington Post has appointed William Lewis, a former head of Dow Jones and Wall Street Journal veteran, as its new CEO and publisher, effective January 2, 2024. The move comes as the Post faces financial sustainability issues, a dip in digital subscribers, and staff reductions. The company aims to revitalize its readership and financial performance under Lewis's leadership. The Post's owner, Jeff Bezos, has expressed his desire for the company to return to profitability.

Portfolio Pulse from Vandana Singh

November 06, 2023 | 1:38 pm

C

Citigroup is considering job cuts of at least 10% in several major businesses as part of CEO Jane Fraser's corporate overhaul, known as 'Project Bora Bora'. The bank, which has been lagging behind its peers, is under pressure to improve its performance. The job cuts, if implemented, would be one of Wall Street's deepest rounds of dismissals in years. An update on the plan and its financial impact will be announced in January along with fourth-quarter earnings.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 1:21 pm

MSFT

Chris Williams, former Vice President of HR at Microsoft, has expressed support for employees holding multiple remote jobs as long as their performance remains unaffected. He argues that the shift to remote work during the pandemic has enabled workers to pursue multiple job opportunities. Williams suggests that employers should prioritize an employee’s performance over their employment status.

Portfolio Pulse from Benzinga Neuro

November 06, 2023 | 12:07 pm

SBUX

Starbucks has announced that eligible U.S. retail hourly partners will receive at least a 3% incremental pay increase, and differentiated pay for eligible tenured partners, effective from January 1.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 11:13 am

GM

General Motors (GM) has reversed its decision to lay off 1,245 workers from its facilities in São Paulo, Brazil, following a ruling by a Brazilian labor court. The labor union, Sindmetal, has hailed the decision as a result of a 13-day strike by the workforce. GM is set to meet with union leaders to confirm the decision. The company recently reported a Q3 FY23 revenue of $44.13 billion, beating the analyst consensus estimate of $43.68 billion.

Portfolio Pulse from Shivani Kumaresan

November 06, 2023 | 10:43 am

TSLA

Tesla Inc. (NASDAQ:TSLA) is increasing wages for its factory workers in Germany amid unionization efforts. The company announced a package of wage increases during CEO Elon Musk's visit to the Berlin Gigafactory. Tesla has been facing pressure from Germany's IG Metall union, which seeks to unionize the plant. A smaller industrial union representing Tesla service workers in Sweden has gone on strike. The United Auto Workers union in the US is also targeting Tesla's factories. Unionizing could significantly increase Tesla's labor costs.

Portfolio Pulse from Benzinga Neuro

November 06, 2023 | 4:26 am

PYPL

TSLA

NYU Stern School of Business Professor Suzy Welch warns that the trend of remote work among younger generations might hinder their chances of reaching executive positions. Her views align with those of her NYU colleague, Professor Scott Galloway, and industry leaders like Tesla CEO Elon Musk and former PayPal executive David Sacks, who have expressed reservations about the effectiveness of remote work.

Portfolio Pulse from Benzinga Neuro

November 06, 2023 | 1:26 am

EWG

TSLA

Tesla has increased wages for its German workers in response to union pressure. This move could potentially increase the company's operating costs.

Portfolio Pulse from Charles Gross

November 06, 2023 | 12:26 am