Streetbeat News

Labor Issues

AAPL

AMZN

CSCO

GOOG

META

MSFT

RIVN

ROKU

SNAP

SPOT

STLA

Several major companies, including General Motors, Ford Motor, Amazon, Meta Platforms, Alphabet Google, Microsoft, Stellantis, Rivian Automotive, Epic Games, Cisco Systems, Roku, Spotify Technology, and Snap have announced layoffs. The layoffs are attributed to the rise in AI investments and the transition to EVs. However, Apple has resisted the trend and continues to hire, with analysts attributing this to efficient hiring during the pandemic.

Portfolio Pulse from Upwallstreet

October 03, 2023 | 7:06 pm

EWJ

WPP

Advertising giant WPP plans to increase its staff in Japan by 40% as it aims to transform the country into a hub for brand strategy. The move is part of WPP's broader strategy to strengthen its presence in Asia.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 6:25 pm

META.O

Meta Platforms Inc. (META.O) is reportedly planning to lay off employees in its Reality Labs division, specifically the unit focused on creating custom silicon for its metaverse project. The layoffs are expected to occur on Wednesday, according to sources.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 5:54 pm

STLA

Stellantis N.V. (NYSE: STLA) has unveiled plans to produce five new medium-sized models at its Melfi production facility in Italy between 2024 and 2026. The announcement follows a one-day strike at the plant last month due to lack of transparency in the company's plans. The new production will start next year with a DS model, followed by the new Jeep Compass in 2025. Meanwhile, assembly of existing models will phase out between 2024 and 2025.

Portfolio Pulse from Shivani Kumaresan

October 03, 2023 | 5:43 pm

SONY

Naughty Dog, a video game developer owned by Sony Group Corp., is reportedly facing layoffs, primarily affecting around 25 quality assurance contractors working on the multiplayer spin-off of 'The Last of Us'. The project is said to be 'on ice' but not completely canceled. This is part of a broader trend in the video game industry, with other major studios also facing layoffs this year. In addition, Naughty Dog recently released a PC port of The Last of Us 1, which received mixed reviews for performance issues.

Portfolio Pulse from Franca Quarneti

October 03, 2023 | 5:43 pm

DIS

Visual effects (VFX) workers at Walt Disney Pictures have voted to unionize under the International Alliance of Theatrical Stage Employees (IATSE). The move is seen as a significant shift in the industry, as VFX workers have historically been nonunionized. The workers are now set to engage in collective bargaining negotiations with their employer, Walt Disney Pictures. The date for these negotiations has not yet been scheduled.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 5:15 pm

SPY

Atlanta Fed President Bostic has noted signs of balance in the labor market, with slower job growth concentrated in the health care and social assistance industry. Businesses are finding it easier to hire, which could lead to slower wage growth.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 5:07 pm

ALLY

Ally Financial has announced job cuts that will affect less than 5% of its staff, leading to a decrease in its share prices.

Portfolio Pulse from Bill Haddad

October 03, 2023 | 4:37 pm

NFLX

Netflix is reportedly planning to increase its prices after the end of the actors strike, according to a Wall Street Journal report. This news has led to a rise in Netflix's share prices.

Portfolio Pulse from Bill Haddad

October 03, 2023 | 1:59 pm

STLA

TSLA

General Motors (GM) and Ford Motor (F) announced layoffs of 500 workers due to the ongoing UAW strike. Tesla (TSLA) also missed Q3 delivery expectations. The strike has cost GM and Ford $191 million and $145 million respectively, according to JPMorgan. Stellantis (STLA) was spared from the strike due to last-minute concessions.

Portfolio Pulse from Upwallstreet

October 03, 2023 | 1:46 pm