Streetbeat News

Labor Issues

WMT

Walmart Inc (NYSE:WMT) is reportedly asking some of its 16,000 pharmacists across the U.S. to take voluntary pay reduction. The company aims to lower costs by reducing the working hours. This comes after Walmart had raised wages for about 3,700 U.S. pharmacists and over 4,000 opticians in May. Walmart reported second-quarter FY24 sales growth of 5.7% year-on-year to $161.10 billion, beating the analyst consensus estimate.

Portfolio Pulse from Lekha Gupta

August 30, 2023 | 11:55 am

NIO

Nio Inc's CEO, William Li, has explained the company's strategy of hiring salespersons from luxury brands like BMW, Mercedes, and Audi. The move comes as Nio seeks to expand its sales team and channels in China to boost sales growth. The company expects this strategy to support new orders of 30,000 units per month.

Portfolio Pulse from Anan Ashraf

August 30, 2023 | 8:57 am

CLF

Cleveland-Cliffs and United Steelworkers have reached a tentative labor agreement for Northshore Mining operations. The details of the agreement have not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

August 30, 2023 | 6:57 am

AMZN

Amazon's CEO, Andy Jassy, has reaffirmed the company's return-to-office policy, stating that it's 'past time' for employees to adhere to the rule. Despite internal disputes and a petition signed by approximately 30,000 employees, the company remains firm on its stance. Non-compliant employees face 'voluntary resignation'. Jassy also revealed that he had discussions with 60 to 80 other company CEOs about remote work, and most of them preferred to bring employees back to the office.

Portfolio Pulse from Benzinga Neuro

August 30, 2023 | 1:18 am

NDAQ

Nasdaq's CFO, Ann Dennison, who has been in the role since 2021, will remain at the company until the end of the year to ensure a smooth transition.

Portfolio Pulse from Benzinga Newsdesk

August 29, 2023 | 9:00 pm

UPS

The International Brotherhood of Teamsters union and United Parcel Service (UPS) have reached a deal to create more full-time jobs and raise wages. The deal could boost pay and benefits to an average of $170,000 per year. The agreement, ratified by 86.3% of votes, will raise full-time workers' wages to an average of $49 an hour and part-time workers’ wages to at least $21 an hour. The deal also ends mandatory overtime and increases holiday time. UPS cut its full-year guidance due to volume impacts from labor negotiations and costs associated with the agreement.

Portfolio Pulse from Adam Eckert

August 29, 2023 | 8:28 pm

QSI

Quantum-Si (QSI) has announced an organizational restructuring, which includes the termination of approximately 16% of its workforce.

Portfolio Pulse from Happy Mohamed

August 29, 2023 | 8:22 pm

ADBE

ADDYY

CRM

IBM

META

MSFT

US tech companies are increasingly opting for 'reassignment' of employees to different roles within the company, rather than laying them off. This trend is particularly notable among tech giants and retail companies such as Meta Platforms, Microsoft, Adidas, Salesforce, IBM, and Adobe. The shift allows companies to retain their workforce and align it with changing corporate objectives, while avoiding the costs and disruption associated with layoffs.

Portfolio Pulse from AJ Fabino

August 29, 2023 | 7:20 pm

SPKY

SPY

UVXY

The SPDR S&P 500 (NYSE:SPY) surged over 1% higher after data showed U.S. job openings decreased below 9 million for the first time since March 2021, indicating a cooling labor market. This gives investors hope that the Federal Reserve’s rate hike campaign is succeeding, which could lead to a pause next month. The SPY is trading in an uptrend, with the formation of a higher high. The ConvexityShares Daily 1.5x SPIKES Futures ETF (NYSE:SPKY) and ProShares Ultra VIX Short Term Futures ETF (NYSE:UVXY) are also mentioned as options for traders wishing to trade potential volatility.

Portfolio Pulse from Melanie Schaffer

August 29, 2023 | 6:03 pm

WMT

Walmart Inc is reportedly asking its pharmacists to voluntarily take wage cuts and reduce their working hours as a cost-saving measure, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

August 29, 2023 | 5:31 pm