Streetbeat News

Labor Issues

QCOM

SMH

Qualcomm Inc. (NASDAQ:QCOM) is set to lay off 1,258 employees, primarily in its San Diego and Santa Clara bases, due to dwindling demand for its core product, smartphone chips. The layoffs, which include over 750 engineering positions, are scheduled to begin in mid-December. The company's shares closed the session 0.3% higher despite the news. Year-to-date, the stock has seen a 1% growth, lagging behind the VanEck Semiconductor ETF (NASDAQ: SMH) which has rallied by nearly 47%.

Portfolio Pulse from Piero Cingari

October 12, 2023 | 9:04 pm

OPAL

OPAL Fuels Inc. (NASDAQ:OPAL) announced that its CFO, Ann Anthony, intends to resign to pursue another opportunity. Scott Contino, CFO of the company's sponsor, Fortistar, has been appointed as interim CFO. The company has begun searching for a permanent CFO. Contino has been involved with OPAL Fuels since its inception and previously served as the CFO of its predecessor parent company.

Portfolio Pulse from Benzinga Newsdesk

October 12, 2023 | 8:57 pm

F

Ford Motor Company is reportedly struggling with contract negotiations with the United Auto Workers (UAW) union, indicating it may have reached its maximum limit for financial concessions. The company's shares experienced a 2% drop on Thursday, ending a four-day streak of gains. The ongoing contract talks could potentially impede Ford's future growth and innovation strategies.

Portfolio Pulse from Piero Cingari

October 12, 2023 | 8:53 pm

LC

LendingClub, an online lending marketplace, has announced a cost reduction plan to navigate through the challenging macroeconomic environment. The plan includes a workforce reduction of approximately 14%, or 172 employees.

Portfolio Pulse from Benzinga Newsdesk

October 12, 2023 | 8:13 pm

SPY

Federal Reserve's Collins has stated that there has been limited progress on lowering core service ex-housing inflation. He also sees evidence of labor market rebalancing and remains optimistic that the economy can avoid a recession.

Portfolio Pulse from Benzinga Newsdesk

October 12, 2023 | 8:05 pm

QCOM

Qualcomm has confirmed earlier reports of a workforce reduction program. The company did not disclose the number of employees affected by this decision.

Portfolio Pulse from Benzinga Newsdesk

October 12, 2023 | 7:38 pm

QCOM

Qualcomm has confirmed that its current 'workforce reduction' actions are part of a previously disclosed plan announced in its Q3 earnings call and 10Q filing.

Portfolio Pulse from Benzinga Newsdesk

October 12, 2023 | 7:37 pm

F

Ford's executive has warned that 4,600 workers could face layoffs at other Ford facilities due to the ongoing Kentucky truck strike. This comes after 13,000 layoffs at Ford suppliers. The executive also mentioned that the strike could push the already fragile supply chain towards collapse and that they have reached their limit on economic proposals.

Portfolio Pulse from Benzinga Newsdesk

October 12, 2023 | 7:18 pm

K

Dan Osborn, a union leader who led a strike at the Omaha Kellogg’s plant in 2021, is running for the U.S. Senate as an Independent from Nebraska. He plans to focus on issues such as cutting middle-class taxes, eliminating wasteful spending, removing tax loopholes for multinational corporations, and helping farmers, ranchers, and military service members. Osborn supports the legalization of medical and recreational marijuana, citing the potential tax benefits. He is running against two-term U.S. Sen. Deb Fischer, who opposed adult-use cannabis in 2015.

Portfolio Pulse from Nina Zdinjak

October 12, 2023 | 7:12 pm

F

A Ford executive has stated that a labor deal that does not allow the business to survive is not sensible. The Super Duty line, which accounts for over 10% of auto dealer sales, is under threat due to a strike at the Kentucky Truck plant. This strike will impact profit sharing for the United Auto Workers (UAW).

Portfolio Pulse from Benzinga Newsdesk

October 12, 2023 | 6:42 pm