Streetbeat News

Labor Issues

PARA

RPV

RSPC

Paramount Global (NASDAQ:PARA) is undergoing significant layoffs as part of a restructuring effort to cut costs and improve streaming profitability. The company expects a restructuring charge of $300-$400 million in Q3. PARA stock has lost over 17% in the past year.

Portfolio Pulse from Nabaparna Bhattacharya

September 24, 2024 | 4:16 pm

SPY

Fed's Bowman comments on the chilling effect of litigation risk on regulatory agencies following the Chevron ruling, describing it as a positive influence on preventing overreach. Additionally, Bowman notes the difficulty for the Fed in measuring immigration's impact on the labor market.

Portfolio Pulse from Benzinga Newsdesk

September 24, 2024 | 1:56 pm

PARA

PARAA

Paramount Global is set to begin the second phase of workforce reductions in the US, with 90% of the reductions expected to be completed after today, according to a memo cited by Reuters.

Portfolio Pulse from Benzinga Newsdesk

September 24, 2024 | 1:54 pm

CERO

CERo Therapeutics shares are experiencing a decline following the announcement that the company's CFO will step down.

Portfolio Pulse from Benzinga Newsdesk

September 24, 2024 | 1:40 pm

HSBC

RY

RBC, after acquiring HSBC Canada, has pledged to retain HSBC staff for at least six months. Nearly 80% of former HSBC Canada employees have been placed into jobs, but there are concerns about potential job cuts.

Portfolio Pulse from Benzinga Newsdesk

September 24, 2024 | 1:37 pm

STLA

Stellantis NV is searching for a new CEO to succeed Carlos Tavares, whose contract expires in 2026. The company faces criticism from the U.S. Stellantis National Dealer Council and the UAW union over decision-making and labor practices. Stellantis reported a significant drop in profits and revenue for H1 2024, with a notable decline in U.S. sales.

Portfolio Pulse from Anan Ashraf

September 24, 2024 | 11:13 am

BLUE

Bluebird Bio is restructuring to optimize costs and achieve cash flow break-even by the second half of 2025. This includes a 25% workforce reduction and a 20% cut in cash operating expenses by Q3 2025.

Portfolio Pulse from Benzinga Newsdesk

September 24, 2024 | 11:06 am

VSH

Vishay Intertechnology is implementing restructuring actions, including the closure of three manufacturing facilities and job cuts, to streamline operations and achieve cost savings. The company expects to incur pre-tax cash charges of $38 to $42 million and realize annualized cost savings of at least $23 million by the end of 2026.

Portfolio Pulse from Benzinga Newsdesk

September 24, 2024 | 11:02 am

BA

Boeing's striking workers have rejected the company's 'best and final' pay offer, which included bonuses and enhanced benefits. The union declined to vote on the offer, citing unmet demands and logistical challenges. The ongoing strike is costing Boeing significantly.

Portfolio Pulse from Benzinga Neuro

September 24, 2024 | 9:06 am

STLA

Stellantis NV (NYSE:STLA) has denied allegations by the UAW of failing to keep promises made to workers, including the potential relocation of Dodge Durango production and the non-reopening of the Belvidere plant. The company cites market volatility and industry challenges as reasons for its decisions. Stellantis also reported a significant drop in profits and revenue for the first half of 2024, with a notable decline in U.S. sales.

Portfolio Pulse from Anan Ashraf

September 24, 2024 | 8:27 am