Streetbeat News

Labor Issues

UNP

Union Pacific executive stated that the company is closely monitoring the ongoing UAW negotiations and their negative impact on Q4 volumes due to persistent strikes. The company has leveraged a larger workforce to reduce borrow outs to the lowest total of the year and slowed hiring.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 1:10 pm

UNP

Union Pacific executive stated that the company expects similar levels of Q4 paid sick leave expense to those of Q3. The impact of the BLET work rest agreements will primarily be seen through elevated force levels in Q4, as reported by Reuters.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 1:09 pm

BEAM

Beam Therapeutics Inc. (NASDAQ:BEAM) has announced a strategic restructuring and portfolio prioritization to focus on potential near-term value drivers and long-term growth. The company plans to prioritize programs BEAM-101 and ESCAPE for sickle cell disease and BEAM-302 for alpha-1 antitrypsin deficiency. Beam also plans to explore partnership opportunities for continued development of select programs. The restructuring includes a 20% reduction in workforce, which is expected to extend the company's cash runway into 2026.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 12:48 pm

SPY

The initial jobless claims in the USA have come in at 198K, which is lower than the estimated 212K and the prior figure of 211K.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 12:30 pm

TECH

Bio-Techne has announced the appointment of Kim Kelderman as President and CEO, effective from February 1, 2024. He will succeed Chuck Kummeth, who will provide transition support as a Senior Advisor until his retirement on July 1, 2024. Prior to assuming CEO responsibilities, Kelderman will serve as COO from November 1, 2023.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 11:16 am

NOK

Nokia plans to reduce its headcount from 86,000 to between 72,000 and 77,000 by 2026 in an effort to save between €800 million and €1.2 billion. The company aims to increase operational efficiency and reduce costs while maintaining its R&D capacity and commitment to technology leadership.

Portfolio Pulse from Benzinga Newsdesk

October 19, 2023 | 7:34 am

GOOG

GOOGL

Google (NASDAQ:GOOGL) (NASDAQ:GOOG) has laid off dozens from its news team amid increasing scrutiny over the role of online platforms in battling misinformation. The exact number of jobs lost was not disclosed, but a source estimated it to be between 40 and 45. This follows Google's announcement earlier this year of cutting 12,000 jobs across different sectors, impacting approximately 6% of its full-time workforce.

Portfolio Pulse from Benzinga Neuro

October 19, 2023 | 7:02 am

CBUS

Cibus has implemented a strategic realignment, reducing its full-time workforce from 242 to approximately 185. The company expects to incur around $0.5 million in one-time costs related to this reduction, primarily due to accrued vacation and severance payments. The majority of these costs will be incurred in the quarter ending December 31, 2023.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2023 | 9:36 pm

CCI

Crown Castle has announced plans to relocate approximately 1,000 employee positions from various locations across the nation to a centralized location by the end of Q3 2024.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2023 | 8:25 pm

F

GM

STLA

TM

TSLA

The United Auto Workers (UAW) union is striking against Ford Motor Company (F), General Motors Company (GM), and Stellantis NV (STLA) seeking higher pay and better benefits. The strike could benefit non-union automotive companies like Toyota Motors (TM) and Tesla Inc (TSLA) as increased wages for autoworkers could pressure margins and necessitate price increases for the striking companies. UAW President Shawn Fain hinted that Tesla, the only major North American automaker without a union presence, could be the union's future target.

Portfolio Pulse from Chris Katje

October 18, 2023 | 7:11 pm