Streetbeat News

Labor Issues

STLA

UNIFOR, the Canadian labor union, has announced that Stellantis locals have unanimously voted in favor of a tentative agreement. The news was reported by Reuters. No specific details about the agreement were provided.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 6:50 pm

SPY

Minneapolis Fed President Kashkari has stated that the labor market is slowing down. However, he cautioned against overreacting to a single jobs report and emphasized the need to continue monitoring the data. He believes it's too soon to make any definitive conclusions.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 5:58 pm

VHT

XLV

The October nonfarm payrolls report shows an increase of 150,000 jobs and an unemployment rate of 3.9%. However, the report also shows a 33,000-job decline in the motor vehicles and parts manufacturing space due to the UAW strike. If these jobs are added back in, the total exceeds expectations. Job gains were seen in several sectors, with the largest gains in the health care sector. Health care sector-tracking ETFs such as the SPDR Select Sector Fund – Health Care (XLV) and the Vanguard Health Care ETF (VHT) were seen gaining 1.04% and 1.26%, respectively.

Portfolio Pulse from Surbhi Jain

November 03, 2023 | 5:54 pm

TMO

Thermo Fisher Scientific has announced that in 2023, severance actions related to facility consolidations and cost reduction measures will affect about 4% of its workforce. The company has also identified restructuring actions that will result in additional charges of about $65M, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 5:21 pm

AXL

American Axle & Manufacturing Holdings, Inc. (NYSE:AXL) reported Q3 sales of $1.552 billion, beating the analyst consensus. However, the company's adjusted loss per share was $(0.11), missing the analyst consensus. The UAW work stoppage impacted sales by approximately $15 million and adjusted EPS by $0.03. The company has narrowed its FY23 sales guidance to $6.0 billion-$6.1 billion and expects Adjusted EBITDA of $660 million-$685 million.

Portfolio Pulse from Nabaparna Bhattacharya

November 03, 2023 | 4:24 pm

LGF.A

LGF.B

Starz, a premium network and streaming service, is planning to lay off more than 10% of its employees and exit the UK and Australia markets ahead of its separation from Lionsgate's studio in the first quarter. The move is aimed at aligning the organization with growth areas and preparing it for its next chapter as a standalone company. Starz ended last quarter with about 12 million domestic streaming subscribers and about 20 million total customers.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 4:00 pm

BILL

CPS

FOXF

INSG

MCRB

TNON

US stocks traded higher following the release of the October jobs report. The NASDAQ rose 1%, the Dow traded up 0.50%, and the S&P 500 rose 0.85%. The US economy added 150,000 jobs in October, less than the market estimates of 180,000. Tenon Medical, Seres Therapeutics, and Cooper-Standard Holdings saw significant stock increases, while Fox Factory Holding, BILL Holdings, and Inseego Corp saw significant decreases.

Portfolio Pulse from Lisa Levin

November 03, 2023 | 2:02 pm

NEXI

Neximmune Inc's shares are trading lower after the company's Board of Directors approved a plan to dissolve the company, contingent upon stockholder approval. The company is also exploring options to maximize its business and asset value. A significant reduction in the company's workforce has been authorized, with the process expected to be mostly completed by November 2023.

Portfolio Pulse from Henry Khederian

November 03, 2023 | 1:56 pm

SPY

The US unemployment rate for October was reported at 3.9%, slightly higher than the estimated 3.8% and the prior rate of 3.8%.

Portfolio Pulse from Benzinga Newsdesk

November 03, 2023 | 12:31 pm

NIO

Chinese electric vehicle startup Nio, Inc. (NYSE:NIO) plans to cut 10% of jobs in November, targeting 'duplicate' and 'inefficient' jobs. The company will also defer or cut project investments that won't contribute to its financial performance within three years. The news led to a positive reaction from investors, with Nio's stock rising 2.82% in premarket trading.

Portfolio Pulse from Shanthi Rexaline

November 03, 2023 | 12:19 pm