Streetbeat News

Labor Issues

DIS

ESPN, a subsidiary of The Walt Disney Company (DIS), has announced that it will be making decisions based more on overall efficiency than merit. The company also anticipates a small group of job cuts as it negotiates individual contract renewals in the coming months. ESPN has identified cost savings in commentator salaries.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 2:06 pm

LUV

Southwest Airlines Co.'s pilots' union is reportedly moving closer to a possible strike. The union has filed a request with the National Mediation Board to be officially released from mediation, stating that talks began more than three years ago and several critical problems remain unsolved. In May, Southwest pilots overwhelmingly authorized union leaders to call for a strike if the National Mediation Board approves it. LUV shares are trading higher by 0.64% at $36.18 premarket on Friday.

Portfolio Pulse from Akanksha Bakshi

June 30, 2023 | 12:34 pm

BA

SPR

Spirit AeroSystems Holdings, Inc. (NYSE:SPR) will resume operations at its Wichita plant, which produces Boeing Company's (NYSE:BA) narrow-body aircraft and defense and business jet structures. The resumption follows the approval of a four-year contract proposal by the union workers from the International Association of Machinists and Aerospace Workers (IAM) for wage increases and bonuses. The contract includes a total wage increase of 9.5% in the first year, a guaranteed increase of 23.5% throughout the contract, annual bonuses, and cost of living allowances.

Portfolio Pulse from Nabaparna Bhattacharya

June 30, 2023 | 12:21 pm

EWG

F

Ford has secured a major international investor for its Saarlouis plant in Germany, initiating agreements with the Western State of Saarland. This move has the potential to generate approximately 2,500 jobs, according to Martin Sander, Head of Ford Werke.

Portfolio Pulse from Charles Gross

June 30, 2023 | 10:33 am

FLWS

1-800-FLOWERS.COM announced that CEO Christopher McCann will step down due to personal health reasons, effective July 3, 2023. Jim McCann, who served as CEO from inception through 2016, will resume his role as CEO and remain Chairman. Christopher McCann will continue to serve on the Company's Board of Directors and as an officer of various subsidiaries.

Portfolio Pulse from Benzinga Newsdesk

June 29, 2023 | 8:18 pm

BLPH

Bellerophon Therapeutics has decided to reduce its workforce substantially, including its executive officers, in connection with the termination of its REBUILD Phase 3 clinical study of INOpulse for the treatment of fibrotic Interstitial Lung Disease and withdrawal of patients from ongoing INOpulse development programs. The company plans to enter into separation and/or transition agreements with its CEO, VP of Business Operations, and VP of Engineering and Manufacturing.

Portfolio Pulse from Benzinga Newsdesk

June 29, 2023 | 8:13 pm

EIGR

Eiger BioPharmaceuticals Inc has announced a strategic shift towards advancing avexitide in hyperinsulinemic hypoglycemia indications and commercializing Zokinvy for Hutchinson-Gilford progeria syndrome. The company plans to reduce its workforce by 25% and cut spending on its hepatitis delta development program to extend its cash runway until Q4 2024. David Apelian, interim CEO since December 2022, has been appointed as the permanent CEO. Eiger is also considering strategic partnerships for its virology assets.

Portfolio Pulse from Vandana Singh

June 29, 2023 | 5:36 pm

STLA

Stellantis has reportedly put its plants under 'critical status' to boost production ahead of union talks. This has led to a rise in the company's share prices.

Portfolio Pulse from Benzinga Newsdesk

June 29, 2023 | 5:04 pm

STLA

Stellantis N.V. (NYSE:STLA) has instructed union employees at two Michigan factories to work mandatory overtime to boost Jeep SUV production ahead of a potential strike deadline in September. The company is trying to meet high demand for the Wagoneer, Grand Wagoneer, and Jeep Grand Cherokee models, which are currently 17,871 units behind schedule. The news has led to a 3.34% increase in STLA shares.

Portfolio Pulse from Nabaparna Bhattacharya

June 29, 2023 | 2:41 pm

CMCSA

Kayla Tausche, a prominent figure at CNBC for the past decade, is leaving the NBCUniversal-backed business-news outlet. Tausche has covered significant stories such as Facebook's initial public offering and the Murdoch phone-hacking scandal in the U.K. She was named the outlet's senior White House correspondent in 2021.

Portfolio Pulse from Happy Mohamed

June 29, 2023 | 2:02 pm