Streetbeat News

Labor Issues

AMZN

UPS

A proposed contract between United Parcel Service, Inc (UPS) and the Teamsters Union could increase hourly wages for UPS employees by $7.50 over the next five years. This could have significant implications for Amazon (AMZN), UPS's largest customer, which pays its delivery drivers significantly less. The Teamsters Union is increasing pressure on Amazon over low pay and working conditions.

Portfolio Pulse from Anusuya Lahiri

August 04, 2023 | 11:36 am

SPR

Spirit AeroSystems Holdings, Inc. (NYSE:SPR) reported Q2 FY23 revenue growth of 8% YoY to $1.36 billion, beating consensus estimates. However, the company's stock plummeted as Q2 adjusted EPS loss expanded to $(1.46) from $(1.21) a year ago, missing consensus estimates. The company also mentioned that the IAM strike will negatively impact its 2023 performance, reducing full-year 737 deliveries and impacting expected revenue, earnings, and cash flow.

Portfolio Pulse from Akanksha Bakshi

August 04, 2023 | 11:35 am

CRM

Salesforce is reportedly cutting more jobs following a 10% reduction earlier this year, according to Bloomberg. The exact number of layoffs is not specified.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 11:34 am

BA

SPR

Spirit Aero's CEO announced that the company is starting to ramp up to 42 737 fuselages per month in August. However, the company won't recover lost manufacturing days from a previous strike. The CEO also mentioned that they continue to see examples of distressed suppliers.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 11:33 am

TSM

The expansion of Taiwan Semiconductor Manufacturing Company's (TSMC) fabs abroad may be hindered by strong labor unions in the US and Europe, according to sources at fab toolmakers.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 11:15 am

ADP

SPY

The US private sector added 324,000 jobs in July, surpassing expectations and demonstrating strong resilience. The growth was primarily driven by small and midsized companies, while large companies reported a decline. The market reacted with adjusted expectations for interest rate hikes and volatility in stocks, with the SPDR S&P 500 ETF Trust (NYSE:SPY) declining by 0.3%.

Portfolio Pulse from Piero Cingari

August 04, 2023 | 11:10 am

XPEV

XPeng Inc. has announced that Xinzhou Wu has resigned from his position as Vice President of Autonomous Driving. Liyun Li will be assuming the role.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 11:09 am

SPY

The ADP Nonfarm Employment Change for July was reported at 324K, significantly higher than the estimated 189K. This positive labor market data could potentially influence the overall market sentiment.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 11:08 am

WRK

WestRock has announced plans to close its Tacoma, Washington paper mill, which employs around 400 people. The decision was driven by high operating costs and the need for significant capital investment. The closure will result in a reduction of approximately 60,000 annual tons of pulp and 25,000 annual tons of specialty grade capacity. Employees will receive severance and outplacement assistance.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 10:36 am

LTCH

Latch, Inc. (NASDAQ:LTCH) has informed Nasdaq that it does not expect to meet its August 4, 2023 deadline for regaining compliance with its periodic filing obligations due to delays in restating its historical financial statements. As a result, Latch anticipates a delisting determination from Nasdaq and a suspension of its securities from trading on Nasdaq. The company expects its securities to be traded on the OTC Expert Market following the suspension. Latch has also commenced a reduction in force of approximately 59% of its full-time employees.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 10:33 am