Streetbeat News

Labor Issues

CVS

IHE

JNJ

PFE

RAD

WBA

XLV

Pharmacy employees from CVS Health Corporation and Walgreens Boots Alliance, Inc. protested against insufficient staffing and escalating job demands, compromising the safety of their work environment. The protests, known as 'Pharmageddon', were primarily driven by nonunion workers and have reportedly affected several pharmacy locations. In response, CVS and Walgreens minimized the impact of the protests, with CVS affirming that its operations have continued without notable disruptions. Rite Aid Corporation also stated that it was unaware of plans by its pharmacists to participate in this activity. The unrest could potentially impact related stocks in the pharmaceutical sector, such as Pfizer Inc. and Johnson & Johnson, as well as ETFs like the Health Care Select Sector SPDR Fund and the iShares U.S. Pharmaceuticals ETF.

Portfolio Pulse from Bibhu Pattnaik

November 05, 2023 | 8:48 pm

F

Ford Motor Company (NYSE:F) is laying off approximately 1,600 employees at its Louisville Assembly Plant due to parts-related issues. The layoffs will continue throughout November and will impact the production of the Ford Escape and Lincoln Corsair. The layoffs come after a 41-day strike ended with a tentative agreement on October 25.

Portfolio Pulse from Benzinga Neuro

November 04, 2023 | 3:18 pm

FSR

KARS

NIO

NKLA

RIVN

TSLA

Electric vehicle stocks advanced in the week ending Nov. 3, with key events including Tesla's potential unionization, Rivian hiring a Mercedes-Benz veteran, and Nikola's Q3 loss widening due to a battery fire recall. Fisker shares ended lower for the week due to weakness in the EV market and the departure of its CTO. Nio plans to cut 10% of jobs in November. The KraneShares Electric Vehicles and Future Mobility Index ETF fell 4.25% for the week.

Portfolio Pulse from Shanthi Rexaline

November 04, 2023 | 1:09 pm

TM

TSLA

The United Auto Workers (UAW) union is planning to expand its organizing efforts to Tesla Inc. and Toyota Motor following successful negotiations with Detroit’s “Big Three” automakers. The union's president, Shawn Fain, aims to use the momentum from recent record contracts to bolster the union’s negotiating power and membership. The recent deals include a 25% wage increase, reinstatement of cost-of-living adjustments, enhanced profit-sharing payments, and other significant pay, healthcare, and workplace benefits.

Portfolio Pulse from Benzinga Neuro

November 04, 2023 | 4:15 am

TMUS

The DC Circuit has dismissed T-Mobile's appeal against a ruling that allowed mass union emails. The court found that the company's arguments were moot as the National Labor Relations Board had already ruled in favor of the union's right to send mass emails.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 8:41 pm

CDXS

Codexis Inc has recorded $3.1M in connection with the payment of post-employment benefits to employees impacted by workforce reduction, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 8:34 pm

CPSI

Computer Programs and Systems (CPSI) expects to incur expenses of about $2.5 million related to a reduction in force, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 8:22 pm

CPSI

Computer Programs and Systems (CPSI) has announced a reduction in force that will result in the termination of approximately 2% of the company's workforce. The company expects to realize about $2.4M in annual savings versus current expense levels after the reduction is implemented.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 8:22 pm

CHE

Chemed Corporation's CFO, David P. Williams, has announced his retirement effective December 31, 2023. Williams has been with the company for over three decades and has played a significant role in its economic growth. He will continue to provide guidance to the executive team and the Board of Directors during the transition period and beyond.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 8:19 pm

AAPL

AMD

LLY

NVO

QCOM

The Federal Reserve held interest rates steady, soothing investors and sparking a market rally. Robust earnings reports also boosted investor sentiment. The labor market showed signs of softening, with job gains slowing and unemployment rising. Apple, Advanced Micro Devices, and Qualcomm outperformed expectations, while Novo Nordisk and Eli Lilly beat estimates. Upcoming earnings reports from Vertex Pharmaceuticals, Gilead Sciences, Uber Technologies, Occidental Petroleum, Walt Disney, and Becton Dickinson will be closely watched.

Portfolio Pulse from Piero Cingari

November 03, 2023 | 8:03 pm