Streetbeat News

Labor Issues

GS

Goldman Sachs' CEO has stated that the company's investment banking performance is at its lowest in nearly a decade. However, there has been an increase in equity capital markets and M&A dialog. The CEO also expressed satisfaction with the current headcount.

Portfolio Pulse from Happy Mohamed

July 19, 2023 | 1:59 pm

AAL

UAL

American Airlines Group Inc's pilot union has reportedly informed the company that its new contract deal is in jeopardy due to United Airlines Holdings Inc's superior deal. American pilots will vote next week on a new four-year contract that includes a 42% pay raise and other benefits. However, the union claims that United's deal will result in at least a 2% pay gap between United and American pilots.

Portfolio Pulse from Akanksha Bakshi

July 19, 2023 | 1:57 pm

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HITI

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SMG

UNRV

The article reports on recent leadership changes in the US cannabis industry. The Cannabis Regulators Association (CANNRA) has announced new leadership and expanded membership. Maryland Governor Wes Moore has made key appointments to two new cannabis-related agencies. Minnesota is preparing for marijuana legalization with the appointment of a new director for its regulatory agency. The Arkansas Medical Marijuana Commission has a new member. There have been board changes at Decibel Cannabis Company, High Tide Inc., Cresco Labs, Glass House Brands, and Craftport Cannabis Corp. Scotts Miracle-Gro Company has appointed a new board member. Unrivaled Brands, iAnthus Capital Holdings, PharmaCielo, and MedMen Enterprises have also made key appointments.

Portfolio Pulse from Jelena Martinovic

July 19, 2023 | 1:29 pm

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FXI

UBS

Credit Suisse is planning to lay off more than 40 employees in its China Securities Unit, according to Reuters. The move is part of the bank's cost-cutting measures.

Portfolio Pulse from Charles Gross

July 19, 2023 | 10:40 am

TSLA

TWTR

Elon Musk, CEO of Tesla and Twitter, has reportedly laid off approximately 80% of Twitter's staff since purchasing the company for $44 billion last year. Several former employees claim they have not received their promised severance pay and have been left in the dark. Twitter is also facing lawsuits for failing to pay employee bonuses and is experiencing negative cash flow due to a 50% decline in advertising revenue and heavy debt.

Portfolio Pulse from Adam Eckert

July 18, 2023 | 10:00 pm

AAL

UAL

The pilot union of American Airlines has stated that the contract deal with American Airlines is in jeopardy following the pilot deal of United Airlines. The United Airlines pilot deal has altered the playing field and opened the door to improve American's contract deal.

Portfolio Pulse from Charles Gross

July 18, 2023 | 8:52 pm

GTBIF

The Teamsters Union has issued a statement calling on Green Thumb Industries (OTCQX:GTBIF) to address safety concerns following the death of an employee at its cultivation and manufacturing facility. The union has previously filed unfair labor practice charges against GTI, and employees have lodged at least five complaints with the Occupational Safety and Health Administration (OSHA) alleging serious safety and health violations. The union also accuses GTI of violating federal law during a union organizing drive in 2021.

Portfolio Pulse from Nina Zdinjak

July 18, 2023 | 5:25 pm

META

TWTR

Twitter Inc, under Elon Musk's leadership, has reportedly not provided severance pay to its laid-off employees in Ghana, part of Musk's cost-cutting measures. Since Musk's acquisition of Twitter for $44 billion in October, the platform has seen a decline in advertising revenue and continues to generate negative cash flow. Twitter also faces competition from Meta Platforms Inc's Threads platform.

Portfolio Pulse from Anusuya Lahiri

July 18, 2023 | 4:41 pm

YELL

The Central States Board of Trustees has suspended health care benefits and ceased pension accruals for Yellow Corp. workers after the company failed to fulfill its financial obligations. Yellow Corp. owes Central States $50 million, a payment it missed and must make by July 23 to avoid a work stoppage. Teamsters are preparing for a possible strike as early as July 24.

Portfolio Pulse from Happy Mohamed

July 18, 2023 | 4:37 pm

WBD

Warner Bros Discovery Inc (NASDAQ:WBD) shares are trading higher by 3.41% to $12.73 after Goldman Sachs named the stock its top media pick. However, the ongoing SAG-AFTRA union strike could increase production costs and disrupt content production, potentially impacting WBD's profitability, cash flow, and ability to generate revenue.

Portfolio Pulse from Henry Khederian

July 18, 2023 | 3:30 pm