Streetbeat News

Labor Issues

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NBSE

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US stocks traded mostly lower with the Nasdaq Composite falling more than 200 points. Jobless claims declined more than expected to 216,000. Sigma Additive Solutions, Wheeler Real Estate Investment Trust, and American Rebel Holdings saw significant increases in their share prices. Palisade Bio, Sportsman's Warehouse Holdings, and NeuBase Therapeutics saw significant decreases in their share prices.

Portfolio Pulse from Lisa Levin

September 07, 2023 | 1:41 pm

CHPT

ChargePoint Holdings Inc (NYSE:CHPT) reported worse-than-expected Q2 financial results, causing its shares to trade lower. The company's revenue increased 39% YoY to $150.5 million, missing the consensus estimate of $153.24 million. ChargePoint also reported a quarterly loss of 35 cents per share. The company announced a reorganization of its operations, including a 10% workforce reduction, expected to result in annual operating expense savings of $30 million. Following the results, Needham analyst Chris Pierce maintained a Buy rating for ChargePoint but lowered the price target from $13 to $9. Fox Advisors analyst Steven Fox downgraded the stock from Overweight to Equal-Weight.

Portfolio Pulse from Adam Eckert

September 07, 2023 | 1:25 pm

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GM

STLA

The United Auto Workers (UAW) is in contract negotiations with Ford Motor Co (F) and Stellantis (STLA), with existing labor agreements set to expire in a week. UAW President Shawn Fain criticized the automakers for delaying negotiations and expressed the need for substantial progress. The UAW demands include a 20% immediate wage increase, four 5% annual wage increases, pension plans for all workers, shorter workweeks, higher cost-of-living adjustments, conversion of temporary workers to permanent employees, increased profit sharing, and reinstatement of retiree health-care benefits. General Motors (GM) is expected to provide its proposal soon.

Portfolio Pulse from Ramakrishnan M

September 07, 2023 | 12:46 pm

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The Teamsters Local 777 union led a 13-day strike at two Rise Cannabis dispensaries in Illinois, owned by Green Thumb Industries Inc., resulting in a 50% wage increase. The first collective bargaining agreements between Rise and the union members have been ratified. Under the contracts, employers at Rise dispensaries are entitled to wage increases of 18% over the lifetime of the agreement, attendance bonuses, a scheduling policy based on seniority, guaranteed tips and discounts, improved safety standards, and protection against unjust termination or discipline. Similar agreements have been reached in Michigan with Ascend Cannabis Provisions. Meanwhile, suspicious 'labor organizations' in California are under investigation for entering into labor agreements with cannabis companies, including Unrivaled Brands, Inc. and Glass House Brands Inc.

Portfolio Pulse from Jelena Martinovic

September 07, 2023 | 12:40 pm

SPY

The USA Unit Labor Costs for Q2 have been reported at 2.2%, higher than the estimated 1.6% and lower than the prior 4.2%.

Portfolio Pulse from Happy Mohamed

September 07, 2023 | 12:31 pm

SPY

The initial jobless claims for the week were reported at 216K, which is lower than the estimated 234K.

Portfolio Pulse from Benzinga Newsdesk

September 07, 2023 | 12:30 pm

MSFT

Microsoft Corp. has introduced a new employee performance evaluation system, termed 'impact descriptors', which will be used to determine employees' compensations and bonuses. The system is designed to evaluate employees' performance, growth mindset and adherence to Microsoft’s cultural values. This comes after a year when Microsoft froze salaries and reduced budgets for bonuses and stock awards.

Portfolio Pulse from Benzinga Neuro

September 07, 2023 | 9:53 am

LCID

Lucid Motors (NASDAQ:LCID) is planning to expand into the Chinese EV market and introduce mass-market electric vehicle models. The company has not yet established a timeline for this expansion. Lucid is also planning to expand its product range into lower-price categories, with a mid-sized car model potentially unveiled by 2026. This comes amid a difficult period for Lucid, which cut about 18% of its workforce in March due to declining demand and reported increasing net losses for the second quarter.

Portfolio Pulse from Benzinga Neuro

September 07, 2023 | 3:16 am

FUV

Arcimoto and its President Jesse A. Fittipaldi have mutually agreed on separation from the company effective from September 1, 2023, according to a filing.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2023 | 9:00 pm

CHPT

ChargePoint Holdings Inc (NYSE:CHPT) reported Q2 revenue of $150.5 million, missing the consensus estimate of $153.24 million. The company also reported a quarterly loss of 35 cents per share. ChargePoint announced a reorganization of its operations, including a 10% workforce reduction, expected to result in annual operating expense savings of $30 million. The company's shares were down 11.19% after hours.

Portfolio Pulse from Adam Eckert

September 06, 2023 | 8:54 pm