Streetbeat News

Labor Issues

DMTK

DermTech Inc (NASDAQ:DMTK) shares are trading higher after the company announced a restructuring plan. The plan includes a workforce reduction of 15%, which is expected to result in annualized savings of between $25 million and $30 million. The company believes it has sufficient cash to fund operations into the first quarter of 2025.

Portfolio Pulse from Adam Eckert

June 29, 2023 | 1:57 pm

LYFT

UBER

The California Supreme Court has agreed to hear an appeal on Proposition 22, a ruling that previously favored ride-hailing companies Uber and Lyft by classifying their drivers as contractors rather than employees.

Portfolio Pulse from Benzinga Newsdesk

June 29, 2023 | 1:34 pm

SPY

The initial jobless claims in the USA have dropped to 239K, significantly lower than the estimated 266K and the prior figure of 265K.

Portfolio Pulse from Happy Mohamed

June 29, 2023 | 12:30 pm

EIGR

Eiger BioPharmaceuticals announced its decision to focus on advancing Avexitide in hyperinsulinemic hypoglycemia indications. The company will also explore strategic partnering options in late-stage virology programs and reduce its workforce by 25%.

Portfolio Pulse from Benzinga Newsdesk

June 29, 2023 | 12:11 pm

TCRX

TScan Therapeutics announced that CFO Brian Silver will be leaving the company effective July 21, 2023, to pursue a new opportunity. The company has initiated a search for a new CFO.

Portfolio Pulse from Benzinga Newsdesk

June 29, 2023 | 11:08 am

DIS

KeyBanc Capital Markets analyst Brandon Nispel has downgraded Walt Disney Co. (NYSE:DIS) from Overweight to Sector Weight, citing five reasons. These include high expectations for Disney's domestic Parks, doubts about attendance and per-cap spending trends, potential margin pressure due to Disney's new labor contract in Florida and the accelerated depreciation of the Starcruiser, stalled direct-to-consumer subscriber growth, and structural changes in content. Disney shares were down 0.79% in premarket trading.

Portfolio Pulse from Shanthi Rexaline

June 29, 2023 | 10:37 am

TSLA

The opening of Tesla's Gigafactory in Mexico, initially scheduled for the second half of 2024, has been delayed to the first quarter of 2025 due to logistical challenges. The plant, estimated to cost $10 billion and expected to employ around 7,000 workers, aims to replicate the efficient supply chain model established in Giga Shanghai.

Portfolio Pulse from Benzinga Newsbot

June 29, 2023 | 6:48 am

DIBS

1stdibs.com announced a workforce reduction of 20% to reduce operating costs and realign investment priorities. The company estimates it will incur $1.9 million - $2.2 million in non-recurring restructuring charges, primarily for employee severance and benefits costs, in Q2 2023.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2023 | 9:28 pm

UPS

The Teamsters Union has warned that a strike at United Parcel Service (UPS) is imminent, setting a final offer deadline. This could potentially disrupt UPS's operations and affect its financial performance.

Portfolio Pulse from Charles Gross

June 28, 2023 | 9:02 pm

PLCE

Children's Place has announced a 17% reduction in its salaried workforce, equivalent to 181 positions, as part of its ongoing transformation from a legacy store operating model to a digital-first retailer. The company has also voluntarily terminated its corporate office lease.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2023 | 8:08 pm