Streetbeat News

Labor Issues

PHM

PulteGroup Inc. (NYSE:PHM) is facing a lawsuit alleging racial discrimination, unfair dismissal, and systemic racism within the company. The lawsuit was initiated by a former employee, Ryan Adams, who claims his dismissal was unjust and attributes it to racial discrimination. The lawsuit also accuses CEO Ryan Marshall of fostering systemic racism within the company and alleges that the company's 'Diversity Board' failed to address discrimination complaints. Adams is seeking more than $25,000 in compensation for each count.

Portfolio Pulse from Benzinga Staff

July 27, 2023 | 7:06 pm

UNP

Benchmark analyst Nathan P. Martin has reiterated a Buy rating on Union Pacific Corporation (UNP), raising the price target to $264 from $230, despite the company's weaker FY23 outlook. UNP's Q2 FY23 operating revenue declined by 5% YoY to $5.96 billion, missing the consensus of $6.12 billion. The company cited softening consumer markets, inflation, one-time labor expense, and increased workforce levels as impacting factors. However, shares were up as the board announced that industry veteran Jim Vena would take over as CEO next month. The analyst lowered the 3Q EPS estimate to $2.83 from $2.97 and the full-year EPS estimate to $10.85 from $11.34.

Portfolio Pulse from Nabaparna Bhattacharya

July 27, 2023 | 7:03 pm

BUD

Anheuser-Busch InBev, the parent company of Bud Light, announced it will lay off about 350 employees, or less than 2% of its corporate staff, across the U.S. The layoffs come as sales of Bud Light have fallen due to conservative boycotts over the company’s partnership with transgender influencer Dylan Mulvaney. The company is also under investigation by Florida Gov. Ron DeSantis over potential breach of shareholder duties related to the partnership.

Portfolio Pulse from Happy Mohamed

July 27, 2023 | 5:27 pm

AAPL

DIS

Disney CEO Bob Iger is reportedly considering selling Disney's assets, with Apple being a potential buyer. Iger's recent comments and actions, including his criticism of the ongoing writers' and actors' strike, suggest he is preparing for a major deal. The sale could include Disney's entertainment assets, but not its theme parks or TV networks. Iger's contract has been extended through 2026, providing enough time for a potential deal.

Portfolio Pulse from Happy Mohamed

July 27, 2023 | 4:53 pm

META

Meta Platforms Inc's CFO, David Wehner, announced that the company plans to hire more technical talent. This move is part of the company's strategy to invest in technology and product development.

Portfolio Pulse from Happy Mohamed

July 27, 2023 | 4:38 pm

NFLX

Netflix has faced criticism for offering a machine learning product manager role with a salary range of $300,000 to $900,000 per year, amid strikes by the Screen Actors Guild of America and the Writers Guild of America demanding higher wages. This controversy coincides with a 12% drop in Netflix's stock value since its peak on July 19th. Despite this, the stock has a year-to-date gain of 41% and there are signs that the downward trend might be slowing down.

Portfolio Pulse from Zaheer Anwari

July 27, 2023 | 3:38 pm

AMZN

Amazon has cut hundreds of zone lead positions at its Amazon Fresh grocery stores as part of a cost reduction plan. The layoffs come amid a year of job cuts in the tech industry, with Amazon having laid off 27,000 workers in 2023. Despite innovations, Amazon Fresh has faced challenges attracting customers. The company is reevaluating its expansion and cutting costs, including layoffs in various divisions and projects.

Portfolio Pulse from Anusuya Lahiri

July 27, 2023 | 1:31 pm

SXT

Sensient Technologies Corporation (NYSE:SXT) announced the retirement of Craig Mitchell, President of Flavors & Extracts Group, effective January 1, 2024. Steve Morris, currently the General Manager, Sweet & Beverage Flavors North America, will succeed Mitchell. Morris has been with Sensient since 2007 and has held various roles within the company. The transition will be carried out over the coming months.

Portfolio Pulse from Happy Mohamed

July 27, 2023 | 1:19 pm

IBM

META

SHOP

Hiring managers from Meta Platforms Inc, IBM, and Shopify Inc shared tips for job applicants. They emphasized the importance of an attention-grabbing cover letter, treating the interview as the first day on the job, a well-designed resume, and viewing job descriptions as wishlists rather than hard requirements.

Portfolio Pulse from Adam Eckert

July 27, 2023 | 1:13 pm

NFLX

Netflix Inc (NASDAQ:NFLX) has offered a $900,000 salary for an AI product manager role amidst ongoing Hollywood strikes. The move has been criticized by actors and writers' unions, who argue that the industry is investing heavily in AI while neglecting actor wages. Disney has also listed job openings for AI-related positions, indicating a growing role for AI in content creation.

Portfolio Pulse from Benzinga Neuro

July 27, 2023 | 10:16 am