Streetbeat News

Labor Issues

X

U.S. Steel has stated in a letter that the Basic Labor Agreement (BLA) grants the United Steelworkers (USW) the right to 45 days' notice of a potential transaction and the right to submit its own transaction bid. However, the BLA does not grant USW or any party it assigns its rights to, the right to prevent a potential transaction with any party.

Portfolio Pulse from Happy Mohamed

August 22, 2023 | 1:37 pm

X

U.S. Steel Corp has communicated to its employees about the ongoing strategic alternatives review process, which was announced on August 13. The company emphasized that any potential buyer would need to recognize the United Steelworkers (USW) as the representative of the company's employees.

Portfolio Pulse from Happy Mohamed

August 22, 2023 | 1:33 pm

DIS

Florida Governor Ron DeSantis has lodged a complaint against Walt Disney Co. (NYSE:DIS) over the 'unethical' perks given to district employees. The complaint alleges that millions of dollars in season passes and discounts provided by Disney to governing district employees are unethical. The feud between Disney and DeSantis started a year ago over the 'Don't Say Gay' law passed by Florida. Disney's shares rose 0.30% to $86.44 in premarket trading on Tuesday.

Portfolio Pulse from Shanthi Rexaline

August 22, 2023 | 12:56 pm

DKS

Dick's Sporting Goods Inc (NYSE:DKS) shares dropped over 19% following a Q2 FY23 earnings miss. Q2 sales grew 3.6% Y/Y to $3.22 billion, missing the analyst consensus of $3.23 billion. The company also reported a contraction in gross profit margin and operating margin, and a 32.3% Y/Y fall in operating income. Adjusted EPS of $2.82, down 23% Y/Y, missed the analyst consensus of $3.81. The company reduced its FY23 adjusted EPS outlook and cut positions at its customer support center to streamline costs.

Portfolio Pulse from Lekha Gupta

August 22, 2023 | 11:48 am

AAL

American Airlines Group has reached an agreement with the Allied Pilots Association that includes enhancements such as retroactive pay for January-April. The company anticipates an expense of approximately $230 million related to this retroactive pay, which will be reflected in its Q3 results.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 11:34 am

TSLA

Colin Campbell, a key engineering figure at Tesla Inc (NASDAQ:TSLA), is leaving the company after 17 years to join Redwood Materials, a company founded by Tesla’s co-founder and former CTO, J.B. Straubel. Campbell played a significant role in Tesla's growth and was part of the team that developed Tesla’s first electric sports car, the Roadster. His move follows the recent departure of Tesla's CFO, Zachary Kirkhorn.

Portfolio Pulse from Ramakrishnan M

August 22, 2023 | 7:51 am

DKS

Dick's Sporting Goods has laid off 250 employees from its corporate workforce, according to Bloomberg. The move is part of the company's restructuring efforts.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 6:12 am

ROIVW

Presidential candidate Vivek Ramaswamy predicts a US recession in 2024, based on historical indicators such as the inverted yield curve and current labor market conditions. He also highlights the impact of inflation, with goods being 16%-20% more expensive than in 2020. Ramaswamy is known in the biotech space, having founded Roivant Sciences (NASDAQ:ROIVW) and Myovant Sciences.

Portfolio Pulse from AJ Fabino

August 21, 2023 | 9:55 pm

UAVS

AgEagle Aerial Systems has received a notice from its CFO, Nicole Fernandez-McGovern, stating that she has been terminated for 'Good Reason'. The company is currently discussing the period of time she will remain in her role as CFO.

Portfolio Pulse from Happy Mohamed

August 21, 2023 | 8:23 pm

AEYE

AudioEye's Chief Operating Officer, Dominic Varacalli, has mutually agreed to terminate his employment with the company. The termination is effective as of August 18, 2023, according to a Transition and Separation Agreement.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 8:20 pm