Streetbeat News

Labor Issues

LW

Lamb Weston is implementing a restructuring plan that includes reducing its global workforce by approximately 4%, closing a facility in Connell, Washington, and curtailing production lines in North America. The plan aims to generate $55 million in pre-tax cost savings and reduce capital expenditures by $100 million in fiscal 2025. The company expects to incur pre-tax charges of $200 million to $250 million.

Portfolio Pulse from Benzinga Newsdesk

October 01, 2024 | 9:33 pm

QQQ

RIVN

Rivian Automotive shares fell nearly 7% due to a port workers' strike and escalating Middle East tensions. The strike could impact the auto supply chain significantly, while analysts maintain a positive outlook on Rivian with a 12-month price target of $17.48.

Portfolio Pulse from Erica Kollmann

October 01, 2024 | 8:31 pm

EQT

EQT Corporation plans a 15% workforce reduction, including termination of former executive officers and senior employees of Equitrans. This will result in pre-tax charges of $165M-$185M, with most recorded in Q3 2024. The move aims to cut $80M in annualized costs.

Portfolio Pulse from Benzinga Newsdesk

October 01, 2024 | 8:19 pm

LPLA

LPL Financial Holdings Inc. has terminated its President and CEO, Dan H. Arnold, for violating workplace policies. Rich Steinmeier, the Chief Growth Officer, has been appointed as the Interim CEO.

Portfolio Pulse from Benzinga Newsdesk

October 01, 2024 | 8:01 pm

SPY

The White House emphasizes the importance of both parties in the port workers' strike negotiating in good faith. It supports a meaningful wage increase for port workers and urges USMX to negotiate a fair contract.

Portfolio Pulse from Benzinga Newsdesk

October 01, 2024 | 7:13 pm

BMS

STTK

Shattuck Labs (NASDAQ:STTK) is reorganizing its pipeline, discontinuing its SL-172154 cancer program, and laying off 40% of its workforce. The company will focus on developing SL-325 for inflammatory bowel disease. Despite the changes, Shattuck's cash reserves are expected to fund operations until 2027. The stock fell 42.4% following the announcement.

Portfolio Pulse from Vandana Singh

October 01, 2024 | 4:26 pm

SPY

President Biden emphasizes the importance of collective bargaining in negotiations between USMX and the International Longshoremen's Association. He urges USMX to negotiate a fair contract and states that his administration will monitor for any price gouging by foreign ocean carriers.

Portfolio Pulse from Benzinga Newsdesk

October 01, 2024 | 4:19 pm

CVS

CVS Health plans to reduce its workforce by less than 1%, equating to approximately 2,900 employees, as part of a cost-saving initiative previously announced.

Portfolio Pulse from Benzinga Newsdesk

October 01, 2024 | 4:00 pm

TGT

WMT

XPO

ZIM

The East Coast dockworkers, represented by the International Longshoremen's Association, are on strike after their contract with the U.S. Maritime Alliance expired. The strike could impact logistics companies like ZIM Integrated Shipping Services, A P Moller Maersk, and XPO Inc, as well as retailers Walmart and Target, due to potential supply chain disruptions. The strike is expected to have a modest impact on the U.S. economy, with a potential GDP reduction of 0.5% if prolonged.

Portfolio Pulse from Hayden Buckfire

October 01, 2024 | 3:57 pm

SSNLF

Samsung is reportedly considering reducing its workforce by up to 30% in certain divisions, including sales, marketing, and administration. This move is part of a broader trend of tech layoffs in 2024, with over 100,000 IT jobs cut in the second half of the year.

Portfolio Pulse from Benzinga Newsdesk

October 01, 2024 | 3:27 pm