Streetbeat News

Labor Issues

AMZN

GOOG

GOOGL

META

Alphabet Inc's unit, Verily Life Sciences, is intensifying cost-cutting measures after reporting higher-than-expected losses in 2023. The company laid off 15% of its workforce and posted operating losses of $17 million more than projected. Verily is part of Alphabet's Other Bets unit, which has accumulated over $30 billion in losses. Verily's CFO reassured employees that Google would continue to provide necessary funding. Other tech giants like Amazon and Meta Platforms have also trimmed projects with no immediate commercial viability.

Portfolio Pulse from Vandana Singh

August 17, 2023 | 11:54 am

INTC

Intel Corporation (INTC) is planning to cut 89 more positions at its Folsom R&D campus, as reported by Sacramento Inno.

Portfolio Pulse from Charles Gross

August 17, 2023 | 11:37 am

FXI

SPY

STLA

TSLA

US imports of auto parts are under scrutiny due to a law on Chinese forced labor. This could potentially impact several US-listed companies that rely on these imports for their operations.

Portfolio Pulse from Charles Gross

August 17, 2023 | 10:12 am

NAII

Natural Alternatives International (NAI) has announced the temporary closure of its new facility in Carlsbad, California. The closure, which will begin in early October and last until the end of 2023, is expected to have a negative impact on the company's operations and financial condition, particularly in the last quarter of this year and possibly into early 2024.

Portfolio Pulse from Benzinga Newsdesk

August 16, 2023 | 8:22 pm

FDX

YELL

The market is focusing on macro issues as 2Q company earnings come to an end. The Consumer Price Index (CPI) rose from 3.0% to 3.2%, slightly better than expectations. The Producer Price Index (PPI) was up .8% for the last 12 months, but the monthly change was .3%, the highest since last January. Moody's downgraded 10 US banks, focusing on small and medium-sized firms. China's exports were down 14.5% in July, indicating a potential consumer slowdown. FedEx (NYSE:FDX) is proceeding with layoffs and Yellow Corp (NASDAQ:YELL) declared bankruptcy last week.

Portfolio Pulse from Gary Brode

August 16, 2023 | 5:48 pm

MSFT

According to a report by CNBC citing research from Freelancer.com, creative writing is currently the most in-demand freelance job. Despite the increasing adoption of AI, it still requires human oversight and cannot replace creativity. Freelancer.com CEO, Matt Barrie, noted a similar trend in the first quarter of the year with creative design jobs flourishing despite interest for generative AI tripling. The report also indicates that writers on Freelancer.com are charging up to $250 an hour. AI tools like Microsoft-backed ChatGPT can help boost earnings.

Portfolio Pulse from Adam Eckert

August 16, 2023 | 5:23 pm

HMRZF

HNNMY

Hennes & Mauritz AB (OTC:HNNMY) (OTC:HMRZF) is reportedly investigating 20 alleged labor exploitation incidents at its Myanmar-based garment-supplying factories. The allegations include wage reduction and wage theft. The company is facing increased challenges in conducting operations according to its standards and requirements.

Portfolio Pulse from Nabaparna Bhattacharya

August 16, 2023 | 2:28 pm

STLA

The United Auto Workers union members are voting to endorse strikes at General Motors Co (GM), Ford Motor Co (F), and Stellantis NV (STLA) if a new contract deal is not reached. The current contract expires in 30 days. The union is pushing for improved pay and benefits and an end to a two-tier pay system. The automakers are seeking a fair deal that accommodates the shift to electric models.

Portfolio Pulse from Shivani Kumaresan

August 16, 2023 | 10:24 am

LUV

Southwest Airlines and The Transport Workers Union Local 555 (TWU 555) have reached a tentative agreement covering Southwest's 17,120 Ramp, Operations, Provisioning, and Cargo Agents. Details about the agreement and the voting timeline will be shared directly with TWU 555 members.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 9:33 pm

PSX

Phillips 66 (PSX) shares fell by 1.3% in afternoon trading following the company's announcement of a realignment in 2024 that will change the roles of 430 employees and contractors.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2023 | 7:32 pm