Streetbeat News

Labor Issues

M

Macy's, Inc. plans to hire over 31,500 seasonal workers for the holiday season across its Macy's, Bloomingdale's, and Bluemercury stores and distribution centers. The company will hold nationwide hiring events, starting on September 26, with a streamlined application process.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2024 | 8:30 pm

NWTN

NWTN has suspended the production of Rabdan vehicles following a directive from UAE authorities. The company is rebadging 320 vehicles, expects a $17 million inventory impairment, and is reducing its workforce by 57%. NWTN is also exploring new partnerships to navigate these challenges.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2024 | 8:15 pm

NYT

The Communications Workers of America (CWA) announced that the New York Times Tech Guild has authorized a strike, with 95% of its members voting in favor. This development could impact the operations and content production of the New York Times, potentially affecting its stock performance.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2024 | 7:03 pm

BA

Boeing is facing significant challenges as a machinist strike and employee furloughs impact its operations and stock price. The stock is showing strong bearish signals, trading below key moving averages and nearing oversold territory. Investors should prepare for potential further declines.

Portfolio Pulse from Surbhi Jain

September 19, 2024 | 3:44 pm

SPY

The latest report on initial jobless claims in the USA shows a decrease to 219,000, which is below the estimated 230,000 and the previous figure of 231,000. This indicates a stronger labor market than expected.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2024 | 12:30 pm

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WMT

Target Corp has appointed Jim Lee, a veteran from PepsiCo, as its new CFO. This strategic hire comes as Target prepares for the holiday season, aiming to hire 100,000 seasonal workers. The company has also revised its 2024 EPS outlook upwards, supported by a strong Q2 performance.

Portfolio Pulse from Anusuya Lahiri

September 19, 2024 | 11:55 am

BTAI

Bioxcel Therapeutics is reducing its workforce by 15 employees, which constitutes approximately 28% of its total headcount, according to a recent filing.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2024 | 11:40 am

BA

Boeing is facing significant financial challenges due to a machinists union strike, leading to temporary furloughs and pay cuts for executives. The strike could cost Boeing $1 billion weekly, with potential cash burn of $3.5 billion if it extends through September. Boeing is implementing cost-saving measures, including a hiring freeze and reduced spending.

Portfolio Pulse from Benzinga Neuro

September 19, 2024 | 2:48 am

AMZN

Amazon is ending its remote work policy, requiring employees to return to the office full-time starting January. This decision, announced by CEO Andy Jassy, is seen by some former employees as a cost-cutting measure to encourage voluntary resignations, a practice dubbed 'Silent Sacking.' The move is also linked to economic benefits, such as tax breaks and local economic support.

Portfolio Pulse from Stjepan Kalinic

September 18, 2024 | 11:12 pm

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UPS

VCR

XLY

Amazon has announced a $1.50 hourly pay raise for its U.S. fulfillment and transportation workers, increasing the average base wage to $22 per hour. This move represents a $2.2 billion investment in its workforce. The announcement follows similar compensation trends by companies like UPS.

Portfolio Pulse from Michael Juliano

September 18, 2024 | 7:49 pm