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Labor Issues

FRTX

Fresh Tracks Therapeutics has announced that its board has approved a plan of liquidation and dissolution. The company is discontinuing all clinical and preclinical development programs and reducing its workforce.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 8:02 pm

X

United States Steel Corporation (NYSE:X) shares are trading higher following the company's Q3 guidance, which reflects the anticipated impact of the United Autoworkers Union strike on financial results. The company issued EPS guidance between $1.10 and $1.15 and estimated adjusted EBITDA to be approximately $550 million. The stock has risen 34.79% over the past three months, with a significant surge in mid-August after the company rejected an acquisition offer from Cleveland-Cliffs.

Portfolio Pulse from Ryan Gustafson

September 19, 2023 | 7:40 pm

AMZN

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SFIX

TGT

Stitch Fix Inc (NASDAQ:SFIX) reported a 22% YoY revenue drop to $375.8 million for Q4, with a net loss of $28.7 million, a 70% improvement from last year. The annual revenue fell 21% YoY to $1.6 billion, with a net loss of $172 million. The number of active clients dropped 13% YoY. Stitch Fix confirmed it will be shutting its operations in the UK. The company expects further hits, with Q1 revenue expected to decline between 18% and 20%. Amazon.com Inc (NASDAQ:AMZN) announced it will be adding 250,000 U.S. workers. Target Corporation (NYSE:TGT) plans to add 100,000 employees, flat YoY growth. Macy’s Inc (NYSE:M) will be hiring less people compared to last year’s holiday season.

Portfolio Pulse from Upwallstreet

September 19, 2023 | 7:04 pm

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GM

STLA

The Biden administration has decided not to send two key officials to Detroit to help broker a deal between striking autoworkers and the Big Three car companies, Ford, General Motors, and Stellantis. Instead, discussions will be held virtually. The United Auto Workers union has threatened to launch additional strikes if significant progress is not made in negotiations by mid-day Friday.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 6:54 pm

STLA

Stellantis shares are experiencing an increase in trading volume due to the ongoing UAW strikes.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 6:23 pm

KNTE

Kinnate Biopharma Inc (NASDAQ:KNTE) has prioritized its exarafenib combination, KIN-8741, and discovery efforts around its CDK4 selective program, while also implementing a corporate restructuring that reduces its workforce by 70%. Piper Sandler downgraded the stock from Overweight to Neutral with a price target of $4, down from $20. Wedbush also downgraded the stock to Neutral and cut the price target from $14 to $2. Despite these setbacks, William Blair maintains an Outperform rating, citing the company's promising platform for small-molecule kinase inhibitors in precision oncology.

Portfolio Pulse from Vandana Singh

September 19, 2023 | 6:20 pm

HMC

TM

Japanese auto companies' shares are trading higher due to the UAW strikes, which could negatively impact their American competitors.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 6:08 pm

BHC

Bausch Health Companies announced that CFO Tom Vadaketh has resigned from his role, causing the company's shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 6:04 pm

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GM

STLA

The United Auto Workers (UAW) union strikes have entered their fifth day as workers continue to push for higher wages. Stellantis N.V. (NYSE:STLA), Ford Motor Co (NYSE:F), and General Motors Co (NYSE:GM) are the main companies involved. Stellantis COO Mark Stewart says the automakers are doing all they can to reach a deal quickly. The UAW president has set the next deadline for noon on Friday. If 'substantial progress' isn't made toward a fair agreement for all, the strikes will intensify.

Portfolio Pulse from Adam Eckert

September 19, 2023 | 5:35 pm

AMZN

Amazon's hardware division, Lab126, responsible for devices like Kindle and Echo, is facing staff cutbacks, low morale, and a pipeline of devices that may not prove successful. The division has seen mass layoffs and key executive departures, including leader Dave Limp. Amazon is expected to launch refreshed versions of existing products and new devices, including a carbon monoxide detector and a household energy consumption monitor with Alexa built into them. However, Amazon's attempts to monetize Alexa have not been successful, and the company faces competition from AI chatbots from Google and startups like OpenAI. Amazon's CEO, Andy Jassy, has been reducing the company's headcount, resulting in 27,000 job cuts across Amazon.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 5:23 pm