Streetbeat News

Labor Issues

HCC

An incident occurred at Warrior Met Coal's No. 4 Mine in Brookwood, Alabama, which is currently under investigation. The United Mine Workers of America has commented on the situation.

Portfolio Pulse from Happy Mohamed

August 31, 2023 | 2:48 pm

Dollar General's executive announced during a conference call that the company plans to increase its investment in incremental retail labor from about $100M to $150M this year.

Portfolio Pulse from Happy Mohamed

August 31, 2023 | 2:18 pm

AAL

CPB

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MSFT

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UBS

Goldman Sachs' fintech unit is under scrutiny by U.S. banking regulators due to compliance and risk issues. Microsoft is unbundling its Teams app from its productivity suite due to an EU antitrust probe. UBS recorded a Q2 profit of $29B, largely due to goodwill, and plans to cut 3K jobs in Switzerland. American Airlines flight attendants have voted to authorize a potential strike. Airbus and Korea Aerospace have partnered for mass production of light armed helicopters. Google's Fitbit is facing GDPR violation complaints in multiple countries. Boeing paused operations in South Carolina due to Hurricane Idalia. Campbell Soup, Signet Jewelers, and UBS reported better than expected earnings, while Dollar General, Hormel Foods, and Polestar Automotive reported worse than expected earnings.

Portfolio Pulse from Vandana Singh

August 31, 2023 | 1:57 pm

UBS

UBS Group reported a Q2 EPS of $8.99, up from $0.61 a year ago and $0.32 in Q1 FY23, following its takeover of Credit Suisse. The company's adjusted EPS stood at $(0.01), excluding goodwill of $28.925 billion. Sales increased 7% Y/Y to $9.54 billion, beating the consensus of $8.57 billion. UBS also announced plans for cost savings of at least $10 billion by 2026, starting with the elimination of 3,000 jobs in Switzerland. UBS shares are up 5.10% at $26.58 during the premarket session on the last check Thursday.

Portfolio Pulse from Vandana Singh

August 31, 2023 | 1:19 pm

AAL

American Airlines (NASDAQ:AAL) flight attendants have voted to authorize a potential strike if the company refuses to agree to reasonable contract terms. This comes after the airline's pilots approved a new contract with a substantial salary increase. The Association of Professional Flight Attendants (APFA) warns that ignoring this strike vote could be perilous for the company. AAL shares are trading higher by 0.54% at $14.85 premarket on Thursday.

Portfolio Pulse from Akanksha Bakshi

August 31, 2023 | 1:14 pm

SPY

The US Challenger Job Cuts for August is reported at 75.151K.

Portfolio Pulse from Bill Haddad

August 31, 2023 | 11:33 am

DLTH

Duluth Holdings Inc announced that CFO Dave Loretta will step down on September 15, 2023, to pursue another employment opportunity. The company has initiated a search for a permanent replacement. In the interim, Michael Murphy, the current Chief Accounting Officer, will serve as CFO.

Portfolio Pulse from Benzinga Newsdesk

August 31, 2023 | 10:53 am

SAGE

Sage Therapeutics is planning to reorganize its business operations and pipeline priorities, which includes a workforce reduction of approximately 40%.

Portfolio Pulse from Benzinga Newsdesk

August 31, 2023 | 10:32 am

EWG

VGK

Germany's unemployment change for August was 18K, higher than the estimated 10K and the previous -4K. The unemployment rate for August remained steady at 5.7%, matching estimates but slightly higher than the previous 5.6%.

Portfolio Pulse from Benzinga Newsdesk

August 31, 2023 | 7:58 am

DDS

TWTR

A lawsuit accusing Elon Musk's Twitter, now rebranded as X, of age discrimination during last year's mass layoffs has not been dismissed by a California federal judge. The plaintiff, John Zeman, alleges that X disproportionately laid off older workers after Musk's acquisition. The judge dismissed the claim that X intentionally targeted older workers but allowed Zeman to amend the lawsuit. X faces multiple lawsuits related to the layoffs, including allegations of inadequate notice and adverse impact on workers with disabilities.

Portfolio Pulse from Ananya Gairola

August 31, 2023 | 6:41 am