Streetbeat News

Labor Issues

MAXN

Maxeon Solar Technologies (NASDAQ:MAXN) has announced preliminary Q3 revenue and shipment results, expecting revenues to be in the range of $224 to $229 million, lower than the estimated $316.2 million. The company's performance was impacted by reduced shipments to its largest US customer and a global demand slowdown. Maxeon is taking action to re-engineer its manufacturing capacity and strengthen its business fundamentals. The company also plans to reduce its global workforce by approximately 15% by the end of the year.

Portfolio Pulse from Benzinga Newsdesk

October 10, 2023 | 1:02 pm

NSTG

NanoString Technologies Inc (NSTG) shares surged by over 10% following the disclosure of its Q3 FY23 preliminary results and a reorganization plan aimed at accelerating profitability. The company reported a 63% Y/Y revenue growth to over $48 million, surpassing the consensus of $46.26 million. The company also plans to reorganize its R&D and manufacturing departments, which includes cutting about 110 positions and reducing expenses by over $15 million annually.

Portfolio Pulse from Lekha Gupta

October 10, 2023 | 12:21 pm

SLG

SL Green Realty Corp. has announced that its President, Andrew Mathias, will be leaving the company at the end of his current employment agreement on December 31, 2023.

Portfolio Pulse from Benzinga Newsdesk

October 10, 2023 | 11:57 am

BABA

Alibaba Group Holding Limited (NYSE:BABA) stock is trading higher amid reports of China planning to increase its computing power and considering raising its budget deficit for 2023. Alibaba plans to invest $274 million to aid medium and small-sized merchants during Singles Day. The company is also reintroducing its live-streamed evening gala on Singles Day. Alibaba's president of strategic planning, Chen Long, has resigned, sparking speculations of him starting his own business.

Portfolio Pulse from Anusuya Lahiri

October 10, 2023 | 11:50 am

GM

Canadian union Unifor has initiated a strike against General Motors Co (NYSE:GM) due to unresolved disputes over pension and income support for retired workers. The strike involves approximately 4,280 workers at various GM facilities. Unifor had previously negotiated with Ford Motor Co, General Motors Co, and Stellantis NV for better pay and pensions, and had reached an agreement with Ford. The union is now focusing on GM, seeking an agreement similar to the one with Ford.

Portfolio Pulse from Anan Ashraf

October 10, 2023 | 10:08 am

NSTG

NanoString Technologies, Inc. (NASDAQ:NSTG) reported preliminary Q3 revenue of over $48 million, a 63% YoY increase, beating the consensus estimate of $46.26 million. The company also announced a reorganization to accelerate its path to profitability, which includes eliminating approximately 110 positions and reducing expenses by over $15 million annually.

Portfolio Pulse from Benzinga Newsdesk

October 10, 2023 | 10:03 am

F

GM

STLA

The ongoing United Auto Workers (UAW) strike has led to major layoffs at automobile companies Stellantis N.V. (STLA), General Motors (GM), and Ford Motor Company (F). Stellantis announced an additional 570 layoffs, GM reduced close to 200 staff members, and Ford laid off an extra 70 staff in Michigan. The strike, initiated on September 15, has significantly impacted the operations of these car manufacturers.

Portfolio Pulse from Shivani Kumaresan

October 10, 2023 | 9:53 am

XRPUSD

Bitmain, a Bitcoin ASIC manufacturer, reportedly held back salary payments for September and cut all bonuses and incentives for its staff. However, it later repaid the wages and stated that it only did not pay the performance salary of some people. Ripple's CFO Kristina Campbell announced her exit from the company to join Maven Clinic. This comes after Ripple's legal battle with the U.S. SEC over its sales of the XRP token.

Portfolio Pulse from Khyathi Dalal

October 09, 2023 | 9:54 pm

STLA

Stellantis is laying off an additional 570 workers in Michigan and Indiana due to the impacts of the UAW strike. The layoffs are a direct result of the ongoing labor dispute.

Portfolio Pulse from Charles Gross

October 09, 2023 | 9:51 pm

NFLX

PARA

WBD

The Writers Guild of America has ratified a new three-year contract with Hollywood studios, according to a union statement. The article may mention Netflix (NFLX), Paramount (PARA), and Warner Bros. (WBD).

Portfolio Pulse from Charles Gross

October 09, 2023 | 9:03 pm