Streetbeat News

Labor Issues

BTCUSD

ETHUSD

Binance, a major cryptocurrency exchange, has laid off over 1,000 employees amid an ongoing investigation by the Department of Justice (DOJ).

Portfolio Pulse from Happy Mohamed

July 14, 2023 | 4:35 pm

AMZN

Amazon has confirmed the layoff of a small number of employees in its Pharmacy division. This comes after the company's largest layoffs in its history, with 18,000 employees let go last fall and earlier this year, and an additional 9,000 in March. The layoffs are part of CEO Andy Jassy's cost-cutting measures across the company in response to an economic downturn and slowing revenue growth.

Portfolio Pulse from Happy Mohamed

July 14, 2023 | 4:19 pm

PARA

PARAA

Paramount Global's (NASDAQ:PARA) (NASDAQ:PARAA) shares are trading lower due to the SAG-AFTRA union strike. The strike could increase production costs and disrupt the production of films, TV shows, and other content, potentially impacting Paramount's profitability, cash flow, and ability to generate revenue. The company's stock price has declined by 3.95% to $16.16.

Portfolio Pulse from Henry Khederian

July 14, 2023 | 3:17 pm

DIS

Walt Disney Co (NYSE:DIS) shares are trading lower by 1.36% due to the SAG-AFTRA union strike. The strike could increase production costs and disrupt content production, potentially tarnishing Disney's brand image and impacting its stock price. The actors union is demanding comprehensive compensation and has concerns about the use of artificial intelligence in scriptwriting.

Portfolio Pulse from Henry Khederian

July 14, 2023 | 3:16 pm

META

TSLA

The rivalry between Tesla CEO Elon Musk and Meta Platforms CEO Mark Zuckerberg is intensifying, with both billionaires competing in terms of employee salaries and social media platforms. Musk's Twitter and Zuckerberg's Threads are in direct competition, with Musk threatening a lawsuit over alleged intellectual property theft. Average annual pay at Tesla ranges from $50,000 to $260,000, while at Meta, salaries range from $100,000 to over $400,000. Musk also offered stock grants to Twitter employees at a $20 billion valuation.

Portfolio Pulse from Adam Eckert

July 14, 2023 | 1:10 pm

AMZN

SBUX

Democratic presidential candidate Marianne Williamson has likened the ongoing Hollywood strikes to union efforts at companies like Amazon and Starbucks. She suggests that these collective actions represent a larger shift in the economic paradigm, potentially overthrowing a system where a few with tremendous capital economically tyrannize those simply struggling to get by.

Portfolio Pulse from Benzinga Neuro

July 14, 2023 | 12:15 pm

AMZN

Amazon's U.S. online sales during the Prime Day shopping event increased by 6.1% to $12.7 billion from last year. The second day of the event saw sales of $6.3 billion, with increased sales of back-to-school items. The average order size rose to $54.05 from $52.26 last year. However, about 900 Amazon workers at a warehouse in Britain are striking over a pay dispute during the Prime Day shopping event.

Portfolio Pulse from Anusuya Lahiri

July 14, 2023 | 11:38 am

AAPL

DIS

NFLX

WBD

Hollywood is experiencing a double strike from the Screen Actors Guild - American Federation of Television and Radio Artists (SAG-AFTRA) and the Writers Guild of America (WGA), causing significant industry disruption. The unions are demanding fair compensation and have expressed concerns over the use of artificial intelligence in scriptwriting. The strikes come as the industry is still recovering from the COVID-19 pandemic. Meanwhile, streaming platforms like Netflix, Apple TV+, HBO/HBO Max, and Hulu are dominating the Emmy Award nominations.

Portfolio Pulse from Michael Cohen

July 13, 2023 | 8:41 pm

CMCSA

DIS

PARA

PARAA

WBD

The board of SAG-AFTRA, the union representing actors and performers in America, has unanimously voted to issue a strike. The news was announced by the union's Chief Negotiator, Duncan Crabtree-Ireland.

Portfolio Pulse from Happy Mohamed

July 13, 2023 | 7:19 pm

CMCSA

ROKU

Benchmark analyst Matthew Harrigan reiterated a Buy rating and a $49 price target for Comcast Corp (NASDAQ:CMCSA). Despite the ongoing strike by SAG and WGA, NBCUniversal, a subsidiary of Comcast, is well-positioned due to its high reality show programming component. The partnership between Roku, Inc (NASDAQ:ROKU) and Comcast's FreeWheel aims to advance ad tech for TV streaming.

Portfolio Pulse from Anusuya Lahiri

July 13, 2023 | 6:57 pm