Streetbeat News

Labor Issues

CCLD

CareCloud has announced that it expects to incur expenses of approximately $0.5M due to a reduction in its workforce. The majority of these expenses, about $0.4M, are expected to be incurred in 2023, with most of the impacted employees leaving the company in Q4 of 2023.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 12:20 pm

CCLD

CareCloud has announced a reduction in its workforce as part of a strategy to align resources with business priorities and improve profitability, according to an SEC 8K filing.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 12:18 pm

ENVX

Enovix Corporation (NASDAQ:ENVX) has announced a strategic realignment of its Fab1 facility in Fremont, shifting its focus from manufacturing to innovation. This move will result in a workforce reduction of approximately 185 personnel, including over 125 contractors, and is expected to save the company around $22 million annually. Due to this shift, Enovix cut off production at approximately 24,000 small cell units in Q3 2023, less than its guidance of 36,000 cells, but expects to recognize approximately $200,000 of total revenue.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 11:41 am

F

GM

STLA

The ongoing United Auto Workers (UAW) strike against Ford Motor Co (F), General Motors (GM), and Stellantis N.V. (STLA) has raised concerns about potential car price hikes. Analysts estimate potential price increases of $3,000 to $5,000 for electric vehicles (EVs) from these automakers. However, Wells Fargo analyst Colin Langan calculated a smaller difference, roughly $1.9 billion annually, or approximately $300 per North American vehicle sold. Ford and GM shares have declined by over 17% and 15% since labor issues began in July, while Stellantis stock has risen by 7%.

Portfolio Pulse from Ramakrishnan M

October 02, 2023 | 9:10 pm

F

Ford Motor Company (F) is temporarily laying off 330 workers in Chicago and Ohio due to the impact of the United Auto Workers (UAW) strike. The layoffs are a direct result of the ongoing labor dispute between the UAW and General Motors.

Portfolio Pulse from Charles Gross

October 02, 2023 | 8:59 pm

DKNG

MGM

PDYPY

PENN

Detroit casino workers have authorized a potential strike if a new contract is not reached by October 16. The strike could affect MGM Grand Detroit, owned by MGM Resorts International, the Hollywood Casino at Greektown, owned by PENN Entertainment, and the MotorCity Casino. The workers are seeking job protection related to a rise in technology, which could put online sports betting and iGaming at the forefront of a strike. This could benefit online platforms like DraftKings and FanDuel. The strike could also negatively impact the state of Michigan and city of Detroit due to loss of tax revenue.

Portfolio Pulse from Chris Katje

October 02, 2023 | 8:54 pm

FOA

Finance Of America Companies' CFO, Johan Gericke, has announced his resignation effective from October 13, 2023. The CEO, Graham A. Fleming, will serve as the interim CFO.

Portfolio Pulse from Charles Gross

October 02, 2023 | 8:50 pm

SBEV

Ronald Wall has resigned as CFO of Splash Beverage Group, with Fatima Dhalla named as Interim CFO, effective from September 28, 2023. Dhalla has previously served as the Interim CFO of the company. The company is actively seeking a new CFO with capital markets and mergers and acquisitions experience.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 8:49 pm

F

GM

STLA

The United Auto Workers (UAW) strike against Ford Motor Company (NYSE:F), General Motors Company (NYSE:GM), and Stellantis (NYSE:STLA) enters its 18th day, with no resolution in sight. The UAW is demanding better pay, shorter work weeks, and improved retirement benefits. Ford CEO Jim Farley expressed frustration at the UAW's refusal to compromise, particularly over the issue of battery plants. The strike has reportedly cost the U.S. economy $3.95 billion.

Portfolio Pulse from Chris Katje

October 02, 2023 | 8:13 pm

JBL

Jabil's board has approved a restructuring plan that includes headcount reductions. The company expects to recognize approximately $300 million in pre-tax restructuring and other related costs over the course of the 2024 fiscal year.

Portfolio Pulse from Benzinga Newsdesk

October 02, 2023 | 8:12 pm