Streetbeat News

Labor Issues

CANO

Traders are circulating a Twitter post suggesting that Cano Health's removal of all job listings is curious, leading to speculation about operational improvements or other significant changes.

Portfolio Pulse from Happy Mohamed

August 07, 2023 | 6:33 pm

STLA

General Motors (GM) plans to increase its employment numbers in 2024 despite the shift to electric vehicles. This comes amidst contract talks with the United Auto Workers (UAW) union, who are seeking a pay hike of over 40%. Stellantis (STLA) also plans to reward employees for their contributions. GM shares are currently trading higher by 0.51%.

Portfolio Pulse from Nabaparna Bhattacharya

August 07, 2023 | 2:39 pm

UBS

Credit Suisse plans to cut 80% of its Hong Kong-based investment banking staff as part of its integration process with UBS Group AG. This will leave only about 20 bankers out of 100 in Hong Kong. UBS has disclosed a significant reduction in Credit Suisse's workforce, with more than half of the employees facing potential layoffs. UBS shares are trading higher by 0.09% at $21.90 pre-market on the last check Monday.

Portfolio Pulse from Lekha Gupta

August 07, 2023 | 11:20 am

SAGE

Sage Therapeutics is considering resource allocation, including pipeline prioritization and a workforce reorganization, to extend its cash runway. The company expects its operating expenses to decrease in 2024.

Portfolio Pulse from Benzinga Newsdesk

August 07, 2023 | 10:38 am

Credit Suisse is planning to cut 80% of its investment banking staff in Hong Kong, starting this week, as reported by Reuters.

Portfolio Pulse from Charles Gross

August 07, 2023 | 8:42 am

ARTE

Artemis Strategic Investment Corp's CFO, Thomas Granite, has resigned from his position, effective July 31.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 8:23 pm

CRLBF

GTBIF

VRNOF

Illinois' cannabis retailers sold $140 million in weed products in July 2023, setting a new record. The state collected $36 million in tax revenue from Wisconsin residents alone. Governor Pritzker noted that cannabis legalization has resulted in the creation of more than 30,000 jobs in Illinois over the past two years. Major companies in the state's cannabis industry include Cresco Labs Inc, Verano Holdings Corp., Green Thumb Industries, and PharmaCann. Illinois' weed sales reached $1.5 billion in 2022, and 2023 is on track to meet or exceed that record.

Portfolio Pulse from Maureen Meehan

August 04, 2023 | 5:54 pm

SPY

The July jobs report showed a gain of 187,000 jobs, falling short of the expected 200,000, and a drop in unemployment rate to 3.5%. Wages also saw solid growth, increasing by 0.4% month-on-month and 4.4% year-over-year. The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.7% on Friday. Five economists provided their insights on the report, with some expressing optimism and others pointing out areas of concern. The report's implications for the Federal Reserve's future actions were also discussed.

Portfolio Pulse from Piero Cingari

August 04, 2023 | 5:02 pm

AMZN

GOOG

GOOGL

IBM

JPM

PFE

TSLA

A Pew Research Center study found that 19% of American workers are in jobs with high exposure to AI, while 23% are in jobs with low exposure. Workers with a bachelor's degree or more, women, and Asian and White workers were among those who faced the most exposure. High-wage workers were more likely to hold jobs with high exposure to AI. Several publicly-traded companies, including Amazon, JPMorgan Chase, Ford, Tesla, IBM, Pfizer, and Alphabet, could see their workforces significantly impacted by AI.

Portfolio Pulse from AJ Fabino

August 04, 2023 | 4:47 pm

AMZN

EMB

EWW

FDN

GDXJ

NET

NTRA

OLED

TEAM

XLY

The July jobs report showed a healthy U.S. labor market, with 187,000 jobs gained, a jobless rate of 3.5%, and wages increasing at a monthly pace of 0.4% and an annual rate of 4.4%. This led to a decrease in expectations for potential interest rate hikes in September. Five stocks and five ETFs saw substantial price action following the report. Stocks included Atlassian Corp., Natera Inc., Universal Display Corp., Cloudflare, Inc., and Amazon Inc. ETFs included the Consumer Discretionary Select Sector SPDR Fund, VanEck Junior Gold Miners ETF, iShares MSCI Mexico ETF, First Trust DJ Internet Index Fund, and iShares JP Morgan USD Emerging Market Bond ETF.

Portfolio Pulse from Piero Cingari

August 04, 2023 | 3:46 pm