Streetbeat News

Labor Issues

AMZN

English author and prankster Oobah Butler used Amazon's platform to create a top-selling energy drink named 'Release Energy' using discarded urine bottles allegedly from Amazon delivery drivers. The prank was intended to highlight the intense pressure that Amazon delivery drivers are under, leading to inhumane working conditions. Amazon eventually removed the product listing, stating that safety is a top priority and all products must comply with applicable laws and regulations.

Portfolio Pulse from Rounak Jain

October 20, 2023 | 10:03 am

AMZN

Amazon has updated its return-to-office policy, allowing managers to terminate employees who don’t adhere to the company’s thrice-a-week office attendance requirement. The new guidelines instruct managers to first privately discuss non-compliance with the affected employees. If non-compliance persists, managers are to document the conversation via email and, if necessary, proceed with disciplinary actions, including termination.

Portfolio Pulse from Benzinga Neuro

October 20, 2023 | 4:18 am

F

GM

STLA

TSLA

The United Auto Workers (UAW) union is in discussions with General Motors, Ford Motor, and Stellantis over wage and union representation issues at upcoming electric vehicle battery factories. The dispute is influenced by Tesla and its Chinese counterparts. UAW President Shawn Fain is advocating for a rise in wages at their respective joint-venture battery factories and for UAW to unionize future battery plant employees. Fain is also advocating for a bigger portion of the expected U.S. government subsidies for battery cell manufacturing. Ford Motor announced another round of layoffs in Michigan, affecting an additional 150 workers, due to the ongoing strike led by the UAW.

Portfolio Pulse from Piero Cingari

October 19, 2023 | 9:28 pm

CMCSA

DIS

NFLX

Netflix Inc (NASDAQ:NFLX) reported strong Q3 results, with its biggest quarterly growth since Q2 2020, driven by a surge in subscribers and international content production. Despite the ongoing Hollywood strike, Netflix added 8.8 million subscribers and saw a 7.8% YoY increase in revenue to $8.542 billion. The company also raised prices for some of its subscription plans in the U.S., the U.K, and France. In contrast, The Walt Disney Company (NYSE:DIS) continues to struggle with big losses, labor strikes, and internal issues. Comcast Corporation (NASDAQ:CMCSA) was mentioned as a content provider for Netflix and a competitor to Disney in the streaming market.

Portfolio Pulse from Upwallstreet

October 19, 2023 | 6:35 pm

SPY

Federal Reserve Chairman Jerome Powell stated that the labor market remains tight, but is gradually loosening. He also mentioned that most of the inflation is not due to the job market, but rather demand-driven.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 4:55 pm

SPY

Federal Reserve Chairman Jerome Powell has indicated that the labor market is gradually cooling, with many signs of it getting back into balance. He noted that wage increases are moderating and job openings are weakening, suggesting a new labor market supply.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 4:52 pm

LUV

The Southwest Airlines Pilots Association plans to conduct an informational picket outside of Southwest Airlines' Culture Connection event, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 4:51 pm

AIQ

NOK

SMH

TSLA

TSM

Tesla's stock is in a downtrend due to rising interest rates, despite the company's strong product lineup and competitive pricing. Taiwan Semiconductor's profits fell by 25%, but the company predicts a drop in industry inventory levels, indicating a potential buying opportunity in semiconductors. Two ETFs, Global X Artificial Intelligence & Technology ETF and VanEck Semiconductor ETF, are of special interest. The market is awaiting Fed Chair Powell's speech for clues on monetary policy. Jobless claims are lower than expected, indicating a strong job market. Nokia is laying off 14,000 employees. Money flows are positive in Amazon, Alphabet, Meta Platforms, Microsoft, and NVIDIA, neutral in Apple, and negative in Tesla.

Portfolio Pulse from The Arora Report

October 19, 2023 | 3:29 pm

BEAM

Beam Therapeutics Inc (NASDAQ:BEAM) announced a strategic restructuring and portfolio prioritization, which includes cost reductions expected to extend its operating plan into 2026. The company plans to focus on specific clinical programs and research areas for near-term value creation. This includes prioritizing the development of its sickle cell disease programs and base editor BEAM-302. Beam also plans to reduce its workforce by approximately 20% and incur one-time charges of about $6.6 million related to the headcount reduction. Following the announcement, Beam shares were down 9.38%.

Portfolio Pulse from Adam Eckert

October 19, 2023 | 2:50 pm

CSX

CSX Corporation has ratified a paid sick leave agreement with the SCL property for the Brotherhood of Railroad Signalmen, covering nearly 400 employees. This agreement is part of CSX's ongoing commitment to employee welfare and follows a series of successful negotiations with various railroad unions earlier this year.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 2:24 pm