Streetbeat News

Labor Issues

AMZN

GOOG

GOOGL

META

Amazon has implemented a 'return-to-hub' policy, requiring employees to relocate near their teams' designated 'hub' offices. Those who refuse to comply will have to find a new job internally or leave the company through a 'voluntary resignation'. The policy has sparked internal resistance and petitions for its reversal. Other tech companies like Meta Platforms and Alphabet have also urged employees to resume office work.

Portfolio Pulse from Ananya Gairola

July 22, 2023 | 6:19 am

HRI

URI

Bank of America analyst Sherif El-Sabbahy has downgraded Herc Holdings Inc (HRI) from Buy to Underperform and lowered the price target from $150 to $140 due to the ongoing Hollywood writers’ and actors’ strike. The strike is expected to negatively impact Herc's earnings in the near term, despite the company's rental equipment industry expected to perform well. The analyst favors United Rentals, Inc (URI) as a better representation of the rental sector.

Portfolio Pulse from AJ Fabino

July 21, 2023 | 8:36 pm

CRLBF

GTBIF

Cresco Labs Inc (OTC:CRLBF) has filed a lawsuit against Green Thumb Industries Inc (OTCQX:GTBIF) accusing it of illicitly recruiting its high-level personnel. Cresco alleges that a top-level employee was poached by GTI, in violation of a non-compete clause. The employee in question, Christopher Tonge, developed a unique process for extracting cannabis oil from marijuana plants, which increased revenue and facilitated significant cost savings for Cresco. The lawsuit also alleges that another ex-Cresco employee, now GTI's senior vice president of operations, has been urging other Cresco workers to resign and join GTI.

Portfolio Pulse from Joana Scopel

July 21, 2023 | 8:26 pm

TSLA

The 5th US. Circuit Court of Appeals in New Orleans has decided to reconsider its recent decision that Tesla CEO Elon Musk violated federal labor law by tweeting that employees would lose stock options if they joined a union.

Portfolio Pulse from Happy Mohamed

July 21, 2023 | 7:54 pm

F

Ford Motor Co's (NYSE:F) $3.5 billion battery plant deal with Chinese firm CATL is under investigation by two U.S. House of Representatives committees. The committees are concerned about the potential influence of the Chinese Communist Party over Ford and its implications for U.S. taxpayers. Ford plans to maintain ownership and operation of the plant on U.S. soil, contrasting with competitors that import batteries from China. The committees are also questioning the roles of CATL's Chinese workforce at the Ford plant and CATL's control over entities linked to forced labor allegations.

Portfolio Pulse from Piero Cingari

July 21, 2023 | 7:27 pm

AMZN

Amazon is requiring its corporate workers to return to the office three days a week, signaling a stricter return-to-office stance. The company is urging employees to return to their 'main hubs'.

Portfolio Pulse from Happy Mohamed

July 21, 2023 | 6:54 pm

MERC

Mercer International Inc. (NASDAQ:MERC) has announced a temporary halt in operations at its Celgar pulp mill in Castlegar, BC, from July 29, 2023, to August 28, 2023. The curtailment is due to a significant loss of rail transport capacity resulting from the Vancouver port job action, which has led to a complete halt in railcar circulation, severely impacting the mill's ability to transport pulp.

Portfolio Pulse from Happy Mohamed

July 21, 2023 | 6:31 pm

IIPR

Goodblend Pennsylvania LLC, a subsidiary of Parallel Cannabis, is exiting the medical marijuana market in Pennsylvania due to financial difficulties and a legal dispute with its landlord, Innovative Industrial Properties Inc. (NYSE:IIPR). The company is closing two dispensaries and a processing facility, resulting in the layoff of 76 employees. Parallel also announced a research partnership with the University of Pittsburgh to study the safety and efficacy of medical cannabis.

Portfolio Pulse from Jelena Martinovic

July 21, 2023 | 6:19 pm

UPS

The Teamsters Union has announced that labor talks with United Parcel Service (UPS) will resume on July 25, 2023.

Portfolio Pulse from Happy Mohamed

July 21, 2023 | 4:27 pm

CDXS

Codexis Inc (NASDAQ:CDXS) is discontinuing certain development programs, primarily in Biotherapeutics, and reducing its workforce by 25% to focus on its Enzyme-Catalyzed Oligonucleotide (ECO) Synthesis platform and Pharmaceutical Manufacturing business. The company had $92.1 million in cash as of June 30, 2023, and expects this to fund operations until mid-2026. Codexis is also discontinuing its 50/50 development support of CDX-7108 and is negotiating with Nestlé Health Science S.A. to advance the program.

Portfolio Pulse from Vandana Singh

July 21, 2023 | 4:24 pm