Streetbeat News

Labor Issues

AAPL

HNHPF

Foxconn, a subsidiary of Hon Hai Precision Industry Co Ltd and a supplier to Apple Inc, is set to invest $195 million in a new facility in India's Tamil Nadu state. The facility, separate from the current campus where Foxconn assembles Apple's iPhones, will create 6,000 new jobs and is expected to be completed by 2024. This move is part of Foxconn's strategy to diversify operations and reduce exposure to China.

Portfolio Pulse from Anusuya Lahiri

July 31, 2023 | 12:44 pm

AAPL

HNHPF

INDA

Foxconn Chairman announced that the company currently has about 40,000 workers in Chennai, India. Additionally, six or seven buildings are under construction at the Chennai production site.

Portfolio Pulse from Charles Gross

July 31, 2023 | 11:36 am

YELL

Trucking company Yellow Corp has ceased all operations, potentially putting 30,000 jobs at risk, according to a Wall Street Journal report.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2023 | 6:26 am

FNKO

A reduction in force is expected to result in about $20M-$22M of annualized run rate cash savings.

Portfolio Pulse from Happy Mohamed

July 30, 2023 | 7:00 pm

FNKO

Funko Inc has implemented a workforce reduction expected to affect about 180-200 employees, representing 12-13% of the company's workforce. The company expects to incur charges between $2.4M-$2.8M in connection with the reduction.

Portfolio Pulse from Happy Mohamed

July 30, 2023 | 6:59 pm

AMZN

Amazon.com (NASDAQ:AMZN) has introduced a 'return-to-hub' policy, requiring employees working remotely or in smaller cities to relocate to larger 'hub' cities. The company is offering relocation benefits as part of the policy. Employees who fail to comply will be considered to have 'voluntarily resigned', without severance. Those who get approval to stay in their current location will still have to come into an office three times a week.

Portfolio Pulse from Bibhu Pattnaik

July 30, 2023 | 1:50 pm

LYV

PINS

PLTR

TSLA

Barron's has highlighted several stocks in its weekend review. Pinterest's co-founder and executives sold over 166,000 shares, cashing in $5.1 million, yet analysts remain optimistic about the company. General Motors is facing labor strife, which could present a buying opportunity. Live Nation's stock continues to rise due to strong demand for concerts. Tesla is under investigation in California over its autonomous driving features, and there's controversy over its range per charge. Palantir's stock spiked after an analyst recommended it as a major player in the AI revolution.

Portfolio Pulse from Justin Chan

July 29, 2023 | 9:13 pm

DIS

MSFT

WBD

The latest edition of Benzinga Buzz discusses the success of the 'Barbie' movie released by Warner Bros. Discovery (WBD), which is expected to earn over $600 million in box office proceeds. The article also mentions the ongoing WGA and SAG-AFTRA strikes, with actor Bryan Cranston criticizing Walt Disney (DIS) CEO Bob Iger. Scott Galloway suggests that the strikers should target tech companies like Microsoft (MSFT) instead of studios. Microsoft's recent valuation spike due to AI advancements is also highlighted.

Portfolio Pulse from Anthony Noto

July 29, 2023 | 3:43 pm

MSFT

Internal polls at Microsoft Corporation reveal a significant drop in employee morale and confidence in leadership since the beginning of the year. The percentage of employees witnessing a positive change in Microsoft’s workplace culture fell from 62% in January to 40% in July. Confidence in the effectiveness of organizational leaders also dropped from 75% in January to 59% in July. Less than half of the employees indicated they would stay at Microsoft if offered a similar position elsewhere.

Portfolio Pulse from Benzinga Neuro

July 29, 2023 | 3:38 am

YELL

Trucking company Yellow is reportedly preparing to file for bankruptcy and has laid off a significant portion of its workforce, according to a Wall Street Journal report.

Portfolio Pulse from Benzinga Newsdesk

July 28, 2023 | 7:28 pm