Streetbeat News

Labor Issues

KNTE

Kinnate Biopharma has announced a workforce reduction, following which its shares resumed trading.

Portfolio Pulse from Charles Gross

September 18, 2023 | 8:56 pm

X

United States Steel Corp has announced that its Q3 guidance reflects the expected financial impact from the United Autoworkers Union strike. The company's stock symbol is X.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 8:19 pm

X

United States Steel Corporation (NYSE:X) has provided Q3 2023 adjusted net earnings per diluted share guidance of $1.10 to $1.15, higher than the estimated $1.01. The company expects Q3 2023 adjusted EBITDA to be approximately $550 million. The guidance reflects the expected impact of the United Autoworkers union strike and the company's strategic initiatives. The company also expects to end the third quarter with cash on hand of approximately $3 billion.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 8:18 pm

CRM

Salesforce has been recruiting back former executives to help reignite growth. The company has brought back at least eight executives this year, including Ariel Kelman, former marketing executive at Amazon Web Services and Oracle, and Miguel Milano, who led sales in major international markets for Salesforce. The company is revamping its strategy around sales and marketing after cutting 10% of its workforce this year. Salesforce's stock has risen 62% this year, double the gains for the Nasdaq, despite a challenging economy and slowing growth.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 8:14 pm

KNTE

Kinnate Biopharma Inc. (NASDAQ:KNTE) announced pipeline updates, a strategic reprioritization plan, and a workforce restructuring. The company will reduce its workforce by approximately 70% and focus on the development of exarafenib combination, KIN-8741, and its CDK4 selective program. Kinnate will pause the development of KIN-7136 and explore strategic alternatives for exarafenib monotherapy and KIN-3248. The company had approximately $204.3 million in cash, cash equivalents, and investments as of June 30, 2023, which is anticipated to fund operations into at least the second quarter of 2026.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 8:13 pm

HSTO

Histogen has announced that its board has approved a complete liquidation and dissolution of the company, including the distribution of remaining cash to stockholders following an operational winddown. The company has discontinued all clinical development programs and reduced its workforce.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 8:06 pm

AN

AutoNation Inc (NYSE:AN) shares are trading higher by 1.9% amid the UAW launching a historic simultaneous strike. The strike could disrupt new vehicle production, potentially driving used car prices higher. This could benefit AutoNation, potentially driving up sales and revenues, which could lead to a rise in its stock price.

Portfolio Pulse from Henry Khederian

September 18, 2023 | 7:44 pm

VRM

Vroom Inc's shares are trading lower by 4.7% amid volatility in used car retailers due to the UAW launching a historic simultaneous strike. The strike could disrupt new vehicle production, potentially driving used car prices higher. This could benefit Vroom as consumers may turn to the used car market, potentially driving up sales and revenues.

Portfolio Pulse from Henry Khederian

September 18, 2023 | 7:37 pm

STLA

Stellantis N.V. (NYSE:STLA) has proposed a new contract to the United Auto Workers union that could result in the closure of 18 U.S. facilities. The plan aims to modernize the parts and distribution network by closing down 10 'Mopar' parts and distribution centers and merging them into larger, more efficient distribution hubs. The proposal also includes a nearly 21% wage increase over the contract period and an immediate 10% pay hike. Shares of Stellantis were 1.6% lower in a volatile trading session on Monday.

Portfolio Pulse from Piero Cingari

September 18, 2023 | 6:51 pm

STLA

Stellantis has proposed to the United Auto Workers (UAW) union the closure of 18 facilities, including manufacturing plants and its North American headquarters. The proposal is part of ongoing negotiations amid targeted UAW strikes against Stellantis, Ford, and GM. The closures could affect thousands of UAW members and would involve the creation of a new 'modernized' parts and distribution network. The proposal also includes potential new investments and the repurposing of an idled vehicle assembly plant in Illinois.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 6:12 pm