Streetbeat News

Labor Issues

GTBIF

The International Brotherhood of Teamsters filed a complaint alleging that the Professional Technical Union, Local 33 (Pro-Tech 33) is not a bona fide labor organization. The California Agricultural Labor Relations Board (ALRB) ruled in favor of the Teamsters, declaring that any labor peace agreements with ProTech 33 are null and void. This could lead to cannabis companies that signed agreements with ProTech 33 losing their licenses. The Teamsters have been active in the cannabis industry, with recent activities involving Justice Cannabis Company, Growpacker, Amuse, and Green Thumb Industries (OTCQX:GTBIF).

Portfolio Pulse from Vuk Zdinjak

July 12, 2023 | 8:31 pm

STRC

Sarcos is planning to optimize its ongoing operations, which will result in approximately one-fourth of its 300 employees being let go.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 8:07 pm

Ford Motor Co. is planning to negotiate with the United Auto Workers (UAW) union for more flexible electric vehicle (EV) production, according to Bloomberg. The automaker is looking to adapt its production lines to accommodate both EVs and internal combustion engine vehicles.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 6:16 pm

SPY

The Federal Reserve's Beige Book reports that employment has increased modestly, with most districts experiencing job growth. Labor demand remains healthy and wage increases are returning to or nearing pre-pandemic levels in multiple districts.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 6:09 pm

ATVI

AVGO

BRK-A

COIN

COTY

DIS

DPZ

GOOG

HYMTF

IBM

MSFT

NVO

TAK

Disney is considering different strategies for its Star India business, which could include partnering with another company or even selling it. Kim Kardashian is reportedly in negotiations to buy back the minority stake in her beauty company, SKKN BY KIM, from Coty Inc. KPMG is reportedly looking to invest around $2 billion in AI and cloud services across its global business lines over the next five years. CVS's Caremark business experienced a halt in prescription processing. Ark Invest sold 135,152 shares of Coinbase Global Inc. Faraday Future Intelligent Electric flagged errors in its previously issued financial statements. The European Commission has fined Illumina Inc and Grail Inc for implementing their proposed merger before approval. Activision Blizzard Inc stock is trading lower amid reports of a possible new investigation on the Microsoft Corp takeover deal. Broadcom Inc won conditional approval from the European Commission to complete its acquisition of VMware. Domino's Pizza Inc entered a new global agreement with Uber Technologies Inc. Takeda Pharmaceutical Co Ltd is voluntarily withdrawing its marketing application for its dengue vaccine. Google quietly ditched its AI-powered mobile chatbot app, Bubble Characters. Warren Buffett's Berkshire Hathaway stood to make a profit of over $1 billion following the court's decision to allow Microsoft Corp to proceed with its acquisition of Activision Blizzard. IBM is weighing the use of artificial intelligence chips designed in-house to lower the costs of operating a cloud computing service. Novo Nordisk A/S's weight-loss drug, Wegovy, saw a significant drop in adherence compared to what was reported in clinical trials. Microsoft Corp has revealed that a China-based hacking group, Storm-0558, breached email accounts linked to government agencies in Western Europe. Hyundai Motor Company unionized workers at its plants across South Korea reportedly staged the first strike in five years against the government's labor policies.

Portfolio Pulse from Vandana Singh

July 12, 2023 | 1:48 pm

IBM

NVDA

SSNLF

IBM is considering using its in-house AI chips to reduce the costs of its new cloud service, Watsonx. The chips, manufactured by Samsung, are power efficient and could lower cloud service costs. IBM is not aiming to replace Nvidia's semiconductors, but to make AI systems more cost-efficient. IBM also plans to replace nearly 8,000 jobs with AI in the coming years.

Portfolio Pulse from Anusuya Lahiri

July 12, 2023 | 12:54 pm

HYMTF

Hyundai Motor Company's unionized workers in South Korea have gone on strike for the first time in five years, protesting against the government's labor policies. The strike, involving both day-shift and night-shift employees, is in response to proposed labor union reforms and a crackdown on illegal demonstrations. The strike does not involve workers of Hyundai's affiliate Kia Corp.

Portfolio Pulse from Shivani Kumaresan

July 12, 2023 | 10:15 am

ATVI

MSFT

SGAMY

Sega of America, a subsidiary of Sega Sammy Holdings Inc (OTC: SGAMY), has officially unionized following a successful vote by over 200 workers. The unionization aligns with similar efforts at Microsoft Corp (NASDAQ:MSFT) and Activision Blizzard Inc (NASDAQ:ATVI). The workers' demands include higher base pay, improved benefits, and enhanced career advancement prospects.

Portfolio Pulse from Franca Quarneti

July 11, 2023 | 8:51 pm

SFT

Shift Technologies, Inc. has announced a restructuring plan that will reduce its headcount by approximately 34%. The company expects this move to result in annualized SG&A savings of around $14 million.

Portfolio Pulse from Benzinga Newsdesk

July 11, 2023 | 8:06 pm

EWC

NKE

Canada's corporate ethics watchdog has initiated investigations into allegations of Uyghur forced labor in the supply chains and operations of Nike Canada and Dynasty Gold. The news was reported by Reuters citing a statement.

Portfolio Pulse from Benzinga Newsdesk

July 11, 2023 | 5:44 pm