Streetbeat News

Labor Issues

AMZN

Amazon plans to hire 250,000 employees across the U.S., a significant increase from the 150,000 hired in 2022. The roles will be diverse and available to applicants of all backgrounds and experience levels. The company has opened over 50 new sites in the U.S. this year, creating numerous job opportunities. However, Amazon also laid off 27,000 workers in 2023. AMZN shares traded lower by 2.64% at $136.29.

Portfolio Pulse from Anusuya Lahiri

September 19, 2023 | 4:31 pm

AMZN

Amazon is hiring 250,000 employees across the U.S., including 30,000 in California, for full-time, seasonal, and part-time roles across its operations network. The company has also introduced new benefits, including an emergency savings program and a financial assistance pilot program. Amazon has invested $142 billion in California since 2010, creating over 160,000 direct jobs and supporting an additional 311,000 indirect jobs. The company has also opened over 50 new fulfillment centers, delivery stations, and same-day delivery sites in the U.S. this year.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 4:03 pm

F

GM

STLA

TSLA

WKSP

Worksport Ltd (NASDAQ:WKSP)(NASDAQ:WKSPW) has signed a significant long-term supply agreement with a US automotive aftermarket reseller, which is expected to bring in $16 million in annual sales of its hard-folding and soft-folding covers. The company is also working on introducing the SOLIS solar-powered tonneau cover, integrated with its COR remote battery system. Meanwhile, Tesla Inc (NASDAQ:TSLA) is reportedly close to a technological breakthrough in EV making, while Ford Motor (NYSE:F), General Motors (NYSE:GM) and Stellantis N.V. (NYSE:STLA) are struggling with a strike by the United Auto Workers.

Portfolio Pulse from Upwallstreet

September 19, 2023 | 3:58 pm

CVNA

Carvana Co (NYSE:CVNA) shares are trading lower by 8.5% to $47.54. The shares are pulling back after gaining Monday when Wedbush upgraded the stock from Underperform to Neutral and raised its price target from $40 to $48. The ongoing United Auto Workers (UAW) strike is causing volatility in Carvana shares. The strike could potentially drive used car prices higher, benefiting Carvana's sales and revenues.

Portfolio Pulse from Henry Khederian

September 19, 2023 | 3:52 pm

CMG

Chipotle Mexican Grill Inc. may need to increase its prices when California's $20 per hour minimum wage law comes into effect. The company is considering various strategies to offset the increased labor costs.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 3:26 pm

F

GM

RIVN

STLA

Rivian Automotive, Inc. (NASDAQ:RIVN) shares are trading lower, pulling back after gaining nearly 15% over the last 30 days. The stock's movement is being watched closely amidst the ongoing United Auto Workers (UAW) strike against the Big Three automakers, Ford Motor Company (NYSE:F), General Motors Company (NYSE:GM) and Stellantis (NYSE:STLA). Some believe that non-traditional automakers like Rivian could benefit from the strike. UBS analyst Joseph Spak recently initiated coverage on Rivian with a Neutral rating and a price target of $26.

Portfolio Pulse from Erica Kollmann

September 19, 2023 | 2:56 pm

KNTE

Kinnate Biopharma announced pipeline updates, a reprioritization plan, and corporate restructuring that will reduce the workforce by 70%. Following this announcement, multiple firms downgraded their ratings and respective price targets for the company.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 2:48 pm

AMZN

GOOG

MSFT

TSM

Several major companies have made headlines. Amazon has hired Microsoft's Chief Product Officer, Panos Panay. Google is under scrutiny for allegedly manipulating ad auctions. Taiwan Semiconductor Manufacturing is planning to boost packaging capacity in Arizona. Microsoft has addressed a security incident involving sensitive information exposure on GitHub. Novo Nordisk has partnered with Aspen Pharmacare to produce insulin in South Africa. BeiGene has regained rights to its cancer drug from Novartis. Rocket Lab's 41st mission faced technical issues. The European Commission has approved ViiV Healthcare's HIV prevention drug. AutoZone's Q4 earnings exceeded estimates. BP has appointed Kate Thomson as interim CFO. MGM Resorts may lose out on casino licenses in NYC due to a scandal. Google and the Department of Defense are developing an AI-powered microscope. Apple faces threats from Huawei in China. Google's Bard AI chatbot is being integrated with Gmail, Google Docs, and YouTube. Starbucks is facing a lawsuit over its 'fruit' drinks.

Portfolio Pulse from Vandana Singh

September 19, 2023 | 2:01 pm

KNTE

Kinnate Biopharma Inc (NASDAQ:KNTE) announced pipeline updates, a reprioritization plan, and workforce restructuring to extend the cash runway. The company is prioritizing the exarafenib combination, KIN-8741, and discovery efforts around its CDK4 selective program. Kinnate will pause the development of KIN-7136 and explore strategic alternatives for exarafenib monotherapy and KIN-3248. The company will also reduce its workforce by approximately 70% and take measures to reduce operating expenses. As of June 30, 2023, Kinnate had approximately $204.3 million in cash, cash equivalents and investments.

Portfolio Pulse from Vandana Singh

September 19, 2023 | 1:15 pm

RVNC

Revance Therapeutics Inc has estimated total non-cash impairment charges from goodwill and other assets to be between $80M-$100M. The company anticipates completion of activities, including workforce reduction, by March 31, 2024, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 1:15 pm