Streetbeat News

Labor Issues

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

F

RIVN

TSLA

Ford Motor Company is facing regulatory scrutiny over its partnership with Chinese battery manufacturer CATL, labor negotiations that could lead to a strike, and competition in the electric vehicle market against Tesla and Rivian. The regulatory scrutiny is due to concerns that the partnership could compromise national security and increase U.S. dependence on China for electric vehicle supply chains. The labor negotiations could affect wages and benefits for thousands of workers and potentially disrupt Ford's production. Ford is also preparing to compete in the electric pickup market with its F-150 Lightning and upcoming products.

Portfolio Pulse from Mohit Manghnani

September 06, 2023 | 2:26 pm

CVX

Workers at Chevron's Australian LNG facilities will pause their strike action until Friday 6 a.m. local time, according to a union official.

Portfolio Pulse from Happy Mohamed

September 06, 2023 | 1:57 pm

APDN

Applied DNA Sciences, Inc. (NASDAQ:APDN) has appointed Beverly Wolgast as executive director of Quality and cGMP Programs. Wolgast will oversee quality assurance, control, and regulatory compliance across the company's three business segments. She brings over 30 years of experience in the pharmaceutical and biotech industry, including her recent role as Director of CleanCap GMP Manufacturing at TriLink BioTechnologies, a division of Maravai LifeSciences, where she led the manufacture of the BioNTech/Pfizer COVID-19 vaccine.

Portfolio Pulse from Happy Mohamed

September 06, 2023 | 1:20 pm

GM

General Motors (GM) has expressed concerns that the demands of the United Auto Workers union could impact the company's manufacturing momentum. The union's demands include eliminating tiered wages and benefits, pay increases to offset inflation, and matching the salary increases of company executives over the last four years, among others. GM shares are trading lower by 0.24% to $33.20 premarket on the last check Wednesday.

Portfolio Pulse from Nabaparna Bhattacharya

September 06, 2023 | 1:08 pm

ROKU

Roku, Inc. (NASDAQ:ROKU) stock is trading higher after the company announced measures to reduce its year-over-year operating expense growth rate. These include consolidating office space, reviewing its content portfolio, reducing outside services expenses, and slowing headcount expense growth through workforce reduction. The company expects to record a restructuring charge of $45 million - $65 million for the workforce reduction. Roku now expects total net revenue of $835 million - $875 million for Q3, up from the prior $815 million.

Portfolio Pulse from Anusuya Lahiri

September 06, 2023 | 1:05 pm

ROKU

Roku, Inc has announced plans to reduce its workforce by 10% and has raised its third-quarter revenue guidance above consensus. This has led to an increase in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2023 | 12:33 pm

ROKU

Roku Inc has revised its Q3 total net revenue forecast to $835M-$875M, up from the previous estimate of $815M, and above the estimated $829.19M. This comes after the company announced plans for workforce reduction. However, the company expects its total gross profit and net income to be impacted by restructuring and impairment charges, with an adjusted EBITDA in the range of negative $40M to negative $20M.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2023 | 10:14 am

ROKU

Roku has announced plans to implement additional measures to reduce operating expenses, which will include a workforce reduction impacting approximately 10% of its employees, according to a recent filing.

Portfolio Pulse from Benzinga Newsdesk

September 06, 2023 | 10:10 am

F

GM

STLA

Former U.S. President Donald Trump has criticized the Biden administration's push for electric vehicles (EVs), claiming it would lead to the demise of the American auto industry and a shift of production to China. He made these comments as around 146,000 United Auto Workers members faced a strike deadline with three major U.S. automakers—General Motors Co. (NYSE:GM), Stellantis N.V. (NYSE:STLA), and Ford Motor Company (NYSE:F).

Portfolio Pulse from Benzinga Neuro

September 06, 2023 | 12:21 am