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Labor Issues

PIRS

Pieris Pharmaceuticals (NASDAQ:PIRS) announced a strategic update following AstraZeneca's decision to terminate their R&D collaboration and discontinue the Phase 2a study for elarekibep. Pieris will focus on new partnerships to advance its therapeutic programs and has initiated a corporate restructuring that will reduce its workforce by 70%. The company has retained Stifel, Nicolaus & Company as its financial advisor to evaluate strategic options, which may include an acquisition, merger, reverse merger, sale of assets, or other transactions.

Portfolio Pulse from Happy Mohamed

July 18, 2023 | 1:17 pm

AMZN

Amazon's in-van surveillance of its drivers is causing outrage as videos start to appear online. The videos, posted on a subreddit for Amazon's delivery service partners (DSP), show constant subject tracking of the drivers. While DSPs cannot watch a live feed, they can request a 'check-in' video that records the driver. This has sparked privacy concerns, with some users calling it dystopian and disturbing. UPS also tried to implement a similar surveillance program but decided against driver-facing cameras following negotiations with the Teamsters union.

Portfolio Pulse from Rounak Jain

July 18, 2023 | 12:42 pm

BAC

Bank of America's CFO has stated that the bank is managing its headcount through attrition, according to a media call.

Portfolio Pulse from Charles Gross

July 18, 2023 | 11:45 am

SPY

Treasury Secretary Yellen has noted disinflation pressures at work as the hiring surge fades. She mentioned that hiring is cooling, rents are subsiding, and supply chains are loosening. Yellen also cautioned against reading too much into the June data.

Portfolio Pulse from Charles Gross

July 18, 2023 | 10:48 am

EWA

Australia's S&P/ASX 200 index fell by 0.20% to end the session at 7,283.80, with seven out of 11 industry sectors finishing in the red. The industrial sector was among the worst performers. The AUD/USD was up 0.13% to 0.6824. Shares of Lendlease fell 4.9% to $8.13 after the company announced plans to cut about 10% of its workforce.

Portfolio Pulse from Benzinga Newsdesk

July 18, 2023 | 7:00 am

DIS

PLTR

T

TSLA

VZ

US stocks traded higher with the Dow Jones gaining 0.22% on Monday. Five stocks drew significant attention: Walt Disney Co, AT&T Inc, Tesla Inc, Verizon Inc, and Palantir. Disney's stock fell due to a SAG-AFTRA strike disrupting the entertainment industry. AT&T's stock also fell after a downgrade from Citigroup due to potential risks related to lead-sheathed cables. Tesla's stock rose after the company announced the production of the first Cybertruck. Verizon's stock fell following a report about hazardous lead substances in underground cable networks. Palantir's stock rose significantly, up nearly 175% year-to-date.

Portfolio Pulse from Benzinga Neuro

July 18, 2023 | 2:13 am

DWAC

The Head of Engineering for Trump Media & Technology Group, a company formerly led by U.S. President Trump, has resigned, according to Reuters.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 8:25 pm

HAS

LGF.A

Lionsgate is reportedly in the lead to acquire Entertainment One, a Hasbro-owned company. Hasbro has been looking to shed all but its core business, and Lionsgate, along with Legendary and GoDigital Media Group, have been bidding for eOne's film and TV assets. Hasbro's plan, announced in January, involves cutting 15% of the company's global workforce this year, or about 1,000 positions. The eOne assets up for sale include all scripted and unscripted TV production, all film production and related global distribution, a 6,500-plus title content library, and Hasbro's interest in eOne's Canadian film and TV business.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 8:02 pm

DIS

EXPE

IAC

NFLX

Barry Diller, chairman of IAC Inc and Expedia Group Inc, suggests that both executives and top-paid actors should take a 25% pay cut to narrow the pay gap in the movie industry. The Writers Guild of America and SAG-AFTRA are on strike, which could have devastating effects on the movie industry if not resolved by September 1. Wedbush analyst Alicia Reese believes the strikes could impact Netflix's Q3, while other studios with struggling streaming platforms could be hit harder. Disney CEO Bob Iger is concerned about the unrealistic expectations of the strikers.

Portfolio Pulse from Anthony Noto

July 17, 2023 | 6:33 pm

TSLA

Tesla plans to double the size of its factory near Berlin, aiming to produce up to one million electric cars a year. This could make it the largest auto manufacturing facility in Germany. The company has applied for approval to expand its existing factory in Brandenburg to increase production capacity for vehicles and batteries. Tesla's Model Y and Model 3 were the bestselling all-electric vehicles in Europe in the first quarter, outpacing Volkswagen's ID.3 and ID.4. However, the expansion plan could face resistance due to environmental concerns.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 6:03 pm