Streetbeat News

Labor Issues

SPY

Federal Reserve Chairman Jerome Powell stated that nominal wage growth has shown signs of easing, while labor demand continues to exceed supply. He also noted that inflation remains above the target, but has moderated since the middle of last year.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 6:34 pm

SPY

Federal Reserve Chairman Jerome Powell stated that the economy has expanded beyond expectations, with a tight labor market. Supply and demand conditions for labor are balancing better, and job gains remain strong, albeit slower than earlier in the year.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 6:33 pm

CSCO

SPLK

Splunk Inc plans to cut 7% of its global workforce, mainly in the U.S., under a new restructuring plan. The company expects to incur approximately $42 million in charges related to the restructuring. The plan is expected to be completed by April 30, 2024. Cisco Systems, Inc agreed to acquire Splunk for $157 per share in cash, a deal expected to close by the end of the third quarter 2024. Splunk's shares traded lower by 0.27% at $146.77 on the last check Wednesday.

Portfolio Pulse from Anusuya Lahiri

November 01, 2023 | 4:10 pm

SCHW

Charles Schwab Corp. has laid off 5% to 6% of its total workforce, amounting to 1,795 to 2,154 people, as part of its cost-cutting measures and to simplify operations during the integration of its acquisition of TD Ameritrade.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 3:39 pm

TM

Toyota Motor is increasing wages for its U.S. factory workers and reducing the time required for these workers to reach top pay from 8 years to 4 years.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 3:24 pm

SPY

The USA JOLTs job openings for September were reported at 9.553 million, higher than the estimated 9.250 million and the prior figure of 9.497 million.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 2:00 pm

AMZN

INFY

Infosys Limited has urged select employees in entry-to-mid-level roles to attend office ten days a month from November 20. The company recently trimmed its full-year sales forecast and suspended some hiring. Infosys reported Q2 revenue growth of 3.6% YoY to $4.72 billion, beating the consensus of $4.61 billion. The company expects FY24 revenue growth of 1.0% - 2.5% in constant currency vs. consensus $18.71 billion. Infosys' shares traded lower by 0.52% at $16.34 on the last check Wednesday.

Portfolio Pulse from Anusuya Lahiri

November 01, 2023 | 1:33 pm

TTMI

TTM Technologies, Inc. (NASDAQ:TTMI) has announced plans to establish a new high-tech manufacturing facility in New York State. The facility will produce ultra-HDI PCBs and is expected to be the highest-technology PCB manufacturing facility in North America. The project will create an estimated 400 manufacturing and engineering jobs in Central New York and support an equal number of construction jobs. The groundbreaking is anticipated in the first half of 2024, with the project's final scale, scope, and timeline subject to finalizing funding with various stakeholders.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 12:32 pm

F

GM

Morgan Stanley's Adam Jonas warns that investor interest in traditional automakers like Ford Motor Co. and General Motors Co. as a less-expensive alternative to electric vehicle (EV) stocks might be misguided. Both companies have not lived up to expectations in the EV market, with their shares declining significantly over the past month. Despite reaching agreements to end strikes, new contracts constitute additional cost burdens, and rising interest rates threaten demand and transaction prices.

Portfolio Pulse from Benzinga Neuro

November 01, 2023 | 9:21 am

F

GM

STLA

Stellantis (NYSE:STLA) has reportedly weathered the recent United Auto Workers (UAW) strikes better than General Motors (NYSE:GM) and Ford (NYSE:F), with a less significant financial impact. The strikes cost Stellantis less than 750 million euros in total profitability, with a total revenue impact of roughly 3 billion euros. In contrast, GM and Ford announced that the strikes had cost them around $800 million and $1.3 billion, respectively. Despite the financial impact, Stellantis is not planning to adjust its cash or profitability forecasts.

Portfolio Pulse from Benzinga Neuro

November 01, 2023 | 9:14 am