Streetbeat News

Labor Issues

WBD

Warner Bros. Discovery Inc. (NASDAQ:WBD) shares are trading lower after Rosenblatt Securities maintained a Sell rating on the stock and kept the $10 price target. The company has lowered its 2023 AEBITDA guidance due to the impact of ongoing strikes. However, it raised its 2023 FCF guidance due to strong performance of Barbie and strike-related factors. Risks include the potential loss of NBA media rights in 2025.

Portfolio Pulse from Ryan Gustafson

September 06, 2023 | 8:45 pm

CURV

Torrid Holdings has provided its Q3 and FY24 revenue outlook, expecting Q3 net sales between $242M-$251M and FY24 net sales between $1.08B-$1.115B. This is lower than the estimated $262.13M for Q3 and $1.14B for FY24. The company also anticipates higher labor costs and macroeconomic challenges in the industry in fiscal 2023.

Portfolio Pulse from Happy Mohamed

September 06, 2023 | 8:24 pm

CHPT

ChargePoint has announced a reorganization of its operations, which includes a reduction of its workforce by approximately 10%. The reorganization is expected to result in annual operating expense savings of approximately $30 million.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2023 | 8:20 pm

ISPC

iSpecimen's board has approved an organizational restructuring plan which includes immediate headcount reductions of 20% of the total workforce.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2023 | 8:06 pm

F

The United Auto Workers Union is planning to make a labor contract counteroffer to Ford Motor, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2023 | 6:02 pm

SPY

The Beige Book report indicates that job growth across the nation was subdued, potentially impacting the overall economy.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2023 | 6:02 pm

CHTR

DIS

WBD

Macquarie analyst Tim Nollen maintained an Outperform rating on Warner Bros. Discovery, Inc (NASDAQ:WBD) with a $20 price target. WBD revised its FY23 adjusted EBITDA guidance due to ongoing writers' and actors' strikes. However, the company raised its FY23 FCF guidance due to cash cost savings and the box office success of Barbie. WBD is confident in achieving its target of <4x net debt/EBITDA by year-end FY23. The analyst also noted market anxieties over the state of the linear bundle on Walt Disney Co (NYSE:DIS) and Charter Communications, Inc (NASDAQ:CHTR) carriage dispute. Rosenblatt analyst Barton Crockett reiterated Warner Bros. Discovery with a Sell and a $10 price target.

Portfolio Pulse from Anusuya Lahiri

September 06, 2023 | 5:16 pm

BBY

The weekly report discusses various economic indicators including job openings, housing prices, Best Buy's earnings, payroll data, spending trends, and the jobs report. Job openings have declined to just under 9MM, potentially making it easier for the Federal Reserve to pause rate hikes. Housing prices continue to rise, hitting all-time highs. Best Buy beat earnings expectations but lowered guidance, with comparable store sales down 6.2%. Payroll data showed 177,000 jobs added in August, below expectations. Consumer spending continues to increase, and the jobs report showed 187,000 jobs added in August, above expectations.

Portfolio Pulse from Gary Brode

September 06, 2023 | 4:31 pm

WBD

Warner Bros. Discovery's shares are trading lower following a reduction in its EBITDA outlook due to strikes. Rosenblatt has maintained a Sell rating on the stock.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2023 | 3:13 pm

PARA

PARAA

Paramount Global's CEO, Bob Bakish, stated in a CNBC interview that the company is focused on the ongoing Hollywood strike negotiations.

Portfolio Pulse from Happy Mohamed

September 06, 2023 | 2:53 pm