Streetbeat News

Labor Issues

CRLBF

CURLF

Greenleaf Compassionate Care Center, a marijuana dispensary in Rhode Island, has filed a lawsuit against a provision of the state's cannabis legalization law that requires retailers to establish labor agreements with their employees. The lawsuit argues that the company was forced to enter into labor peace agreements against its will. Meanwhile, unionizing is becoming a trend among cannabis workers nationwide, with employees at Curaleaf Holdings and Cresco Labs among those joining unions.

Portfolio Pulse from Jelena Martinovic

July 11, 2023 | 2:54 pm

AMZN

APPL

CHTR

KKR

META

MSFT

NYT

RNLSY

UBER

WDFC

Amazon is expected to offer deeper discounts on Prime Day 2023, potentially adding $4 billion - $6 billion of incremental revenue. Apple expands its retail channels in China by opening a store on WeChat. Morgan Stanley hires Marco Caggiano from JPMorgan to lead its M&A division. Meta Platforms' Threads app is estimated to generate $8 billion in annual revenue over the next two years. Charter Communications plans to introduce a new two-tier cable package system. Renault and Geely Automobile form a JV to launch a new powertrain technology company. WD-40 reports better than expected Q3 earnings. New York Times will shut down its sports desk and shift its daily coverage to The Athletic. Uber's CFO Nelson Chai plans to leave the company. KKR is reportedly exploring options for its majority interest in NVC Lighting's China business. Microsoft confirms additional job cuts following the 10,000 layoffs announced in January.

Portfolio Pulse from Vandana Singh

July 11, 2023 | 1:27 pm

SMLR

Semler Scientific, Inc. (NASDAQ:SMLR) has announced the appointment of Renae Cormier as CFO, record quarterly revenues expected for Q2 2023, and a strategic streamlining plan. The company plans to reduce its workforce by 30% by September 15, 2023, which is expected to result in a reduction in quarterly operating expenses of approximately $1.5 million to $2.0 million.

Portfolio Pulse from Happy Mohamed

July 11, 2023 | 12:41 pm

NYT

New York Times Co (NYSE:NYT) announced it will shut down its sports desk and shift its daily sports coverage to The Athletic, a company it acquired last year. The move aims to maximize the newsrooms of both The Times and The Athletic, and provide more sports coverage. Despite the changes, there are no plans for layoffs. The Athletic, which is not yet profitable, has seen a significant increase in paying subscribers, rising to over three million as of March 2023.

Portfolio Pulse from Vandana Singh

July 11, 2023 | 12:27 pm

AAPL

MSFT

MSTR

TSLA

The Federal Reserve officials see the end of the tightening cycle on the horizon after a few more rate hikes. Cathie Wood's Ark invested an additional $3.3M into a chipmaker. Apple's price target has been raised to $200 despite US sales not tracking well. Microsoft plans to cut more jobs after laying off 10,000 employees in January. Jim Cramer prefers Ford's Lightning EV truck over Tesla's Cybertruck. Bitcoin's 2024 halving could benefit MicroStrategy.

Portfolio Pulse from Akanksha Bakshi

July 11, 2023 | 12:06 pm

STLA

The United Auto Workers union has released a report highlighting unsafe working conditions and low wages at the Ultium Cells Lordstown facility in Ohio, a joint venture between General Motors and LG Energy Solution. The report reveals that workers were initially paid a starting wage of $16.5 per hour, despite the plant qualifying for over $1 billion in annual tax credits. The report also highlights health and safety issues, including exposure to toxic fumes. The UAW intends to initiate contract negotiations with Stellantis NV, Ford Motor Co, and GM.

Portfolio Pulse from Anan Ashraf

July 11, 2023 | 11:17 am

GFS

GlobalFoundries announced that Tim Stone will not assume his duties as CFO and will leave the company effective July 11. David Reeder will remain as CFO through the end of the year to support the selection of a new CFO and ensure an orderly transition.

Portfolio Pulse from Benzinga Newsdesk

July 11, 2023 | 11:12 am

NTR

Nutrien has announced a reduction in production at its Cory Potash Mine due to a strike at the Port of Vancouver. This, along with other factors such as the ILWU strike, Portland terminal outage, and lower global potash prices, is expected to cause Nutrien's full-year 2023 Potash adjusted EBITDA to fall below its previous guidance range.

Portfolio Pulse from Benzinga Newsdesk

July 11, 2023 | 10:47 am

NXU

Nxu has reported significant progress towards its 2023 hiring goals, expanding its operations team by 52 individuals and hiring 24 engineers specializing in various disciplines.

Portfolio Pulse from Benzinga Newsdesk

July 11, 2023 | 10:33 am

PVH

PVH Corp. has announced additional headcount reductions under its previously announced streamlining plans. The company expects to incur approximately $50 million of severance expense, primarily in the second quarter of 2023. Further actions are expected in the third quarter of 2023, with all actions expected to be completed by the end of the third quarter.

Portfolio Pulse from Benzinga Newsdesk

July 11, 2023 | 10:14 am