Streetbeat News

Labor Issues

APLS

BEAM

Apellis Pharmaceuticals Inc has announced a corporate restructuring plan to catalyze the growth of its flagship products, Syfovre and Empaveli. The company will focus on treating rare kidney disorders and will not initiate new clinical development programs with systemic pegcetacoplan. Research will be focused on retinal and central nervous system diseases. The restructuring includes a reduction of around 225 employees, expected to conclude in Q3 2023, and is projected to save up to $300 million through 2024. Apellis' shares are down 4.65%.

Portfolio Pulse from Vandana Singh

August 29, 2023 | 5:27 pm

SBUX

STLA

UAL

UPS

The U.S. Department of Treasury released a report outlining the economic benefits of unions, stating that they lead to higher wages and better working conditions, benefiting not just union members but also nonunionized companies. The report comes amidst a reinvigorated labor movement across various industries, including United Parcel Service, Inc (UPS), Starbucks Corp (SBUX), United Airlines Holdings Inc (UAL), and Stellantis NV (STLA), which have all dealt with potential strikes and union labor negotiations.

Portfolio Pulse from Aaron Bry

August 29, 2023 | 5:12 pm

LUV

The Southwest Airlines Pilots Association will be conducting its first-ever multi-base informational picket on Thursday, August 31, according to Reuters.

Portfolio Pulse from Happy Mohamed

August 29, 2023 | 4:07 pm

AXLA

BIG

HEI

JOAN

LFVN

NIO

US stocks traded higher with the Nasdaq Composite gaining over 200 points. Job openings fell by 338,000 to 8.827 million in July, the lowest since March 2021. Axcella Health, Big Lots, and LifeVantage Corporation saw their shares rise after positive news, while JOANN, NIO, and HEICO Corporation shares fell due to weak earnings and guidance.

Portfolio Pulse from Lisa Levin

August 29, 2023 | 4:03 pm

SPY

The USA JOLTs job openings for July came in at 8.827 million, lower than the estimated 9.465 million and the prior figure of 9.165 million.

Portfolio Pulse from Happy Mohamed

August 29, 2023 | 2:00 pm

AMC

AMC Entertainment Holdings Inc (NYSE:AMC) is trading at all-time lows despite a 1-10 reverse split. The company's APE shares, introduced by CEO Adam Aron, did not provide the expected boost. The box office is down 15% compared to 2019, and the release calendar is collapsing due to ongoing strikes in Hollywood. The strikes have halted film and television production worldwide, affecting box office revenues. Several high-profile movies and TV shows have announced delays in their release dates. AMC's profitability, which largely depends on its ability to pack theaters with blockbuster movies, is being severely impacted.

Portfolio Pulse from AJ Fabino

August 28, 2023 | 5:26 pm

DIS

Visual Effects (VFX) crews at Walt Disney Pictures have filed with the National Labor Relations Board for an election to unionize, backed by the International Alliance of Theatrical Stage Employees. This follows a similar move by Marvel's VFX crews and marks only the second time in history that VFX professionals have sought unionization. Over 80% of the 18 in-house VFX crewmembers at Walt Disney Pictures have signaled their desire to unionize. If successful, the studio would be required to begin negotiations for a contract covering these workers.

Portfolio Pulse from Happy Mohamed

August 28, 2023 | 4:29 pm

WBD

Warner Bros. Discovery Inc (NASDAQ:WBD) shares are trading higher by 3.3% to $12.68, reversing Friday's weakness. The stock fell due to the ongoing SAG-AFTRA and Writers Guild of America (WGA) strikes and the postponement of the release of 'Dune: Part Two'. The strikes are causing disruptions in film, TV and content production at WBD, potentially affecting revenue generation and overall audience satisfaction. The release date for 'Godzilla x Kong: The New Empire' and an animated 'Lord of the Rings' film have also been postponed.

Portfolio Pulse from Henry Khederian

August 28, 2023 | 2:43 pm

CVX

Chevron Corp (CVX) has received notice of strikes at its liquefied natural gas (LNG) plants in Australia. The strikes could potentially disrupt the company's operations and affect its revenues.

Portfolio Pulse from Happy Mohamed

August 28, 2023 | 12:21 pm

BBWI

Bath & Body Works is planning to hire 30,000 seasonal holiday associates across the United States, Canada, and Puerto Rico. The applications will go live on August 29, 2023.

Portfolio Pulse from Benzinga Newsdesk

August 28, 2023 | 12:04 pm