Streetbeat News

Labor Issues

DYNT

Brian Baker will assume the roles of Chief Executive Officer at Dynatronics Corp effective October 1, 2023, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

September 28, 2023 | 12:23 pm

STLA

The United Auto Workers (UAW) union is threatening to expand its strike against Detroit carmakers, including General Motors (GM), Ford Motor Co (F), and Stellantis (STLA), if negotiations for new four-year contracts do not progress. The strike has already affected 38 parts-distribution centers owned by GM and Stellantis. To cope with the strike, GM and Stellantis have asked white-collar workers to handle parts shipments. The strike could disrupt service departments by delaying routine maintenance and repair work due to parts shortages.

Portfolio Pulse from Ramakrishnan M

September 28, 2023 | 1:50 am

OSPN

OneSpan (OSPN) has announced that most of its remaining workforce reduction actions are expected to occur over the course of 2024 as several company projects are completed during the year, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 8:30 pm

SPY

STLA

The United Auto Workers (UAW) union has scheduled a new round of bargaining with General Motors (GM) at 4 p.m. If no significant progress is made in the talks, UAW is set to announce new automaker strike targets on Friday at 10 a.m. ET. Fain, presumably a UAW representative, will announce the new strike targets.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 6:07 pm

UNFI

BMO Capital Markets analyst Kelly Bania reiterated a Market Perform on United Natural Foods, Inc. (UNFI), lowering the price target to $13 from $20. UNFI reported Q4 FY23 sales growth of 2% YoY to $7.417 billion, missing the analyst consensus. Bania sees long-term structural headwinds for UNFI, particularly as the grocery environment becomes more competitive and the company's investments in automation weigh on FCF. The analyst also sees a risk that cross-selling wins were aided by supply chain disruptions, and management visibility remains low.

Portfolio Pulse from Nabaparna Bhattacharya

September 27, 2023 | 6:05 pm

AAPL

AMZN

DIS

NFLX

PARA

WBD

Hollywood writers have ended their strike after reaching a deal with The Alliance of Motion Picture and Television Producers (AMPTP), which represents Netflix, Disney, Amazon, Paramount Global, and Warner Bros Discovery. The deal includes an increase in minimum pay, a new residual for streaming based on viewership, and restrictions on the use of artificial intelligence. The contract will last until May 2026. The strike reportedly cost California and other U.S. production hubs at least $5 billion.

Portfolio Pulse from Upwallstreet

September 27, 2023 | 5:09 pm

SNAP

Snap Inc. is discontinuing its AR Enterprise operations, resulting in the loss of 170 jobs. The company found the additional investment required for the segment challenging. The advent of generative AI also made it difficult for Snap to differentiate its offering. However, Snap plans to focus more on its core advertising business and grow its Sponsored AR business on Snapchat. The company's shares are trading higher by 1.7% to $8.48.

Portfolio Pulse from Nabaparna Bhattacharya

September 27, 2023 | 4:41 pm

SNAP

Snap Inc. has decided to wind down its AR Enterprise business due to the significant investment required to grow the enterprise offering for retailers. The company will continue to support its CameraKit partners and the AR platform. However, approximately 170 team members will be laid off. Snap will also focus on growing its Sponsored AR business on Snapchat.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 1:26 pm

AMZN

IBM

META

Amazon's Senior Vice President of Utility Computing, Peter DeSantis, addressed concerns about the company's return-to-office (RTO) policy, pledging to improve communication and handle cases where employees feel pressured to return prematurely. The transition of team members moving closer to a central office is expected to take up to three years. Amazon's RTO policy, announced six months ago, requires employees to work in the office three times a week. Other companies like IBM, Zoom, and Meta have also tightened their remote work policies.

Portfolio Pulse from Anusuya Lahiri

September 27, 2023 | 12:33 pm

DIS

NFLX

PARA

WBD

A tentative labor agreement between Hollywood studios and the Writers Guild of America (WGA) will likely allow studios to continue training AI models using writers' works. This is a relief for Warner Bros. Discovery, Inc (WBD), Paramount Global (PARA), Netflix, Inc (NFLX) and Walt Disney Co (DIS). However, writers will receive credit and compensation for their contributions, even when AI tools are used. This follows a nearly five-month strike and ongoing negotiations with the Alliance of Motion Picture and Television Producers (AMPTP).

Portfolio Pulse from Anusuya Lahiri

September 27, 2023 | 12:25 pm