Streetbeat News

Labor Issues

YELL

The American Trucking Associations (ATA) has launched a job resource for former employees of Yellow Corporation (YELL). The move is aimed at helping these employees find new employment opportunities within the trucking industry.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 10:03 am

SPY

Fed's Goolsbee comments that the JOLTS data is consistent with a strong labor market transitioning to a more balanced phase. He also mentions that recent FOMC decisions were 'close calls' for him as the Fed manages this transition.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 9:54 am

AAL

The pilot union of American Airlines has approved a revised contract deal for submission to its members for a ratification vote. The voting will begin on August 7.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 9:27 am

WISH

ContextLogic, Inc. (NASDAQ:WISH) announced a plan to reduce its workforce in the US by 41% and non-US workforce by 95 employees. The company expects to realize a run-rate savings of between $43 million and $45 million on an annualized basis starting Q4 this year. WISH shares are trading 4.58% lower at $9.07.

Portfolio Pulse from Erica Kollmann

August 04, 2023 | 9:26 am

WISH

ContextLogic's board has approved a plan to reduce its workforce by 34%, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 9:26 am

SPY

UUP

The US manufacturing sector continues to struggle with a slower-than-expected rebound, with the S&P Global US Manufacturing PMI confirmed at 49 for July 2023, an improvement from June's six-month low of 46.3. The ISM Manufacturing PMI saw a small uptick from 46 in June to 46.4 in July 2023, missing expectations of 46.8. There has also been a decrease in job vacancies, indicating potential softening in the labor market. The SPDR S&P 500 ETF Trust (NYSE:SPY) was down 0.3% and the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP) surged 0.5%.

Portfolio Pulse from Piero Cingari

August 04, 2023 | 9:13 am

WISH

ContextLogic, the parent company of Wish, plans to realize run-rate savings of approximately $43M-$46M annually starting in Q4 of 2023. This includes about 160 employees in the United States, representing about 41% of the company's domestic workforce, and about 95 non-U.S. employees, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2023 | 3:01 pm

WISH

ContextLogic Inc's board has approved a plan to reduce its global workforce by about 255 employees, which represents approximately 34% of its current staff.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2023 | 2:58 pm

CVS

CVS Health Corp is planning to cut approximately 5,000 jobs, mainly in corporate positions, to reduce costs and focus more on healthcare services. The company is implementing various measures such as cutting travel expenses, reducing dependence on consultants and vendors, and leveraging technology to enhance productivity. The layoffs will not affect customer-oriented roles in stores, pharmacies, and clinics.

Portfolio Pulse from Vandana Singh

August 01, 2023 | 2:50 pm

GOOG

GOOGL

Google, a subsidiary of Alphabet Inc., is set to upgrade its Google Assistant with artificial intelligence (AI), which may lead to job cuts within the team. The new AI-powered Google Assistant is expected to be more efficient and competitive, and will coexist with the old version during the transition period. The move is seen as a response to competition from rivals like Samsung's Bixby and Bing Chat.

Portfolio Pulse from Rounak Jain

August 01, 2023 | 2:09 pm