Streetbeat News

Labor Issues

GOOGL

MSFT

NVDA

The Biden administration is set to unveil a significant artificial intelligence (AI) executive order, aiming to regulate the technology. The order will require advanced AI models to undergo assessments before federal use and will ease immigration barriers for highly-skilled workers. The order is expected to be announced two days before an international summit on AI risks. The order will also require federal agencies to assess how they might incorporate AI into their work, focusing on national cyber defenses. The order is expected to build on voluntary commitments signed by 15 companies, including OpenAI, Google, Adobe, and Nvidia.

Portfolio Pulse from Benzinga Newsdesk

October 25, 2023 | 4:05 pm

NFLX

Netflix (NASDAQ:NFLX) reported strong Q3 2023 earnings, driven by its content slate and the introduction of advertising in 12 countries. The company saw a 70% increase in ad plan membership quarter-to-quarter. Netflix expects a more balanced mix of membership and Average Revenue per Member (ARM) growth in the future. However, potential challenges include the ongoing SAG-AFTRA strike impacting content production and spending, and the balance between margin improvement and growth investments.

Portfolio Pulse from Tornado

October 25, 2023 | 3:55 pm

MGM

The Detroit City Council has unanimously passed a resolution in support of striking casino workers at MGM Detroit. The move is expected to put pressure on MGM to resolve the labor dispute.

Portfolio Pulse from Benzinga Newsdesk

October 24, 2023 | 8:29 pm

SNAP

Snap Inc's Chief Operating Officer (COO) has notified the company that he will retire.

Portfolio Pulse from Benzinga Newsdesk

October 24, 2023 | 8:12 pm

AYRWF

CBSTF

CRLBF

VRNOF

Employees at a Las Vegas marijuana shop, The Dispensary, operated by Ayr Wellness Inc (OTCQX:AYRWF), have voted to unionize under the United Food and Commercial Workers Union (UFCW). This follows similar unionization efforts at other cannabis companies across the U.S., including Cannabist Company Holdings Inc (OTCQX:CBSTF) in New Jersey, Cresco Labs Stock (OTC:CRLBF) in Illinois, and Verano Holdings Corp (OTCQX:VRNOF) in Chicago.

Portfolio Pulse from Patricio Liddle

October 24, 2023 | 8:03 pm

KTCC

Keytronic Corporation (NASDAQ:KTCC) has announced its preliminary results for Q1 FY24, expecting to report an EPS of $0.02 and revenue of $147.7M. The company also anticipates Q2 EPS to range between $0.05-$0.10 and revenue between $135M-$145M. The lower than expected earnings are due to unanticipated severance costs from workforce reduction in Mexico and the US. The company also continues to be impacted by the strength of the Mexican Peso and high interest expense.

Portfolio Pulse from Benzinga Newsdesk

October 24, 2023 | 7:50 pm

F

GM

STLA

The United Auto Workers (UAW) union initiated a simultaneous strike against Ford Motor Co (NYSE:F), General Motors (NYSE:GM), and Stellantis NV (NYSE:STLA) on Sept. 15, seeking improved compensation and other benefits. The strike has expanded to include more facilities and now involves over 45,000 workers across 47 locations. The strike is costing GM $200 million a week in lost production, while Ford is losing $44 million a day.

Portfolio Pulse from Anan Ashraf

October 24, 2023 | 7:50 pm

GM

General Motors (GM) has idled another 139 workers in Ohio due to ongoing strikes by the United Auto Workers (UAW) at assembly plants. This is the latest in a series of layoffs by GM as a result of the strikes.

Portfolio Pulse from Benzinga Newsdesk

October 24, 2023 | 6:53 pm

ITW

Illinois Tool Works Inc. (NYSE:ITW) reported Q3 FY23 revenue growth of 0.5% YoY to $4.031 billion, missing the consensus of $4.09 billion. The company lowered its full-year GAAP EPS guidance due to the impact of ongoing automotive industry labor actions. ITW's shares traded lower by 0.21% at $221.99 on last check Tuesday.

Portfolio Pulse from Nabaparna Bhattacharya

October 24, 2023 | 4:47 pm

IONQ

IonQ announced that its co-founder and Chief Scientist, Dr. Chris Monroe, will be leaving the company to return to his academic, research, and policy pursuits. This news has led to a decrease in IonQ's share price.

Portfolio Pulse from Benzinga Newsdesk

October 24, 2023 | 4:31 pm