Streetbeat News

Labor Issues

UBS

UBS Group AG has reportedly terminated around 70% of the Hong Kong-based staff at Credit Suisse's securities research unit following the integration of operations. This follows UBS's plans to reduce at least 100 positions and axe roles like relationship managers in Hong Kong and Singapore that have been integrated from Credit Suisse. UBS shares are trading lower by 0.84% to $25.96 premarket on the last check Thursday.

Portfolio Pulse from Nabaparna Bhattacharya

September 21, 2023 | 10:46 am

PARA

WBD

Shares of Warner Bros Discovery (WBD) and Paramount (PARA) are trading higher in premarket following reports that Hollywood writers and producers are close to reaching a deal to end their strike. This development could potentially boost the production activities of both companies.

Portfolio Pulse from Charles Gross

September 21, 2023 | 9:18 am

AMZN

MSFT

Microsoft's Chief Product Officer, Panos Panay, has left the company to reportedly join Amazon. His departure comes after recent changes within the Windows and Devices division, budget cuts, and product cancellations. Microsoft had scaled back its division, making significant cuts to the Surface business. An internal poll at Microsoft revealed a significant drop in employee morale and confidence in leadership. Amazon's devices unit has also faced recent cuts that affected its development pipeline.

Portfolio Pulse from Ananya Gairola

September 21, 2023 | 6:27 am

F

GM

STLA

Senator Elizabeth Warren has called for fairer contracts for United Auto Workers (UAW) at General Motors, Ford, and Stellantis, highlighting the companies' substantial profits. This comes amid ongoing strikes by UAW members at these companies over pay hikes and other benefits. The UAW strike underscores the debate over workers’ rights and fair compensation in the face of soaring corporate profits.

Portfolio Pulse from Benzinga Neuro

September 21, 2023 | 1:05 am

F

GM

STLA

Negotiations between the United Auto Workers (UAW) union and the Detroit Big Three automakers, including General Motors (GM), Ford Motor Company (F), and Stellantis NV (STLA), remain at a standstill, leading to strikes. The UAW is demanding increased pay, a shorter work week, and other benefits. GM President Mark Reuss has countered the UAW's allegations of 'poverty wages', stating that GM's current proposal offers a 20% wage increase. Reuss also warned that the strikes could be counterproductive and could potentially impact GM's future, especially as the company transitions to an all-EV future.

Portfolio Pulse from Chris Katje

September 20, 2023 | 8:19 pm

MCOM

Micromobility.com Inc announced that Giulio Profumo has stepped down as one of the company's directors and as CFO, effective September 15, 2023, according to an 8K filing.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 8:18 pm

SCTL

Societal CDMO has announced a corporate restructuring that includes a 9% reduction in its workforce. The company has not provided specific details about the restructuring or the reasons behind it.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 8:06 pm

SPY

Federal Reserve Chair Jerome Powell has stated that real wages are now positive by most measures, indicating that households are in good shape due to a hot labor market and rising wages.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 7:25 pm

AMZN

Amazon plans to hire 250,000 logistics employees in the U.S. ahead of the holiday season, a 67% increase from 2022, signaling strong consumer demand. BofA Securities analyst Justin Post reiterated a Buy rating on Amazon with a price target of 174. The increased labor costs could represent $2.25 billion in Q4, up $1 billion from a year ago. Despite this, Post expects Amazon's Q4'23 gross profit to be up $12 billion Y/Y vs. Q4'22, more than enough to absorb the incremental labor costs.

Portfolio Pulse from Anusuya Lahiri

September 20, 2023 | 7:18 pm

SPY

Federal Reserve Chair Jerome Powell has identified several potential risks to the economy, including strikes, a government shutdown, the resumption of student loan payments, and higher long-term rates. The impact of a strike would depend on its breadth and duration, potentially affecting economic output, hiring, and inflation.

Portfolio Pulse from Benzinga Newsdesk

September 20, 2023 | 7:02 pm