Streetbeat News

Labor Issues

DASH

DoorDash Inc (NYSE:DASH) has announced major updates to its consumer app and new options for its workers, known as Dashers. The app updates, based on customer feedback, aim to improve convenience and reliability, and include expanded grocery and retail delivery options, a universal search feature, a browse tab, and a multiple carts option. Dashers now have the option to choose how they earn their pay: by offer or by time. The changes are expected to roll out gradually over the next few months.

Portfolio Pulse from Adam Eckert

June 28, 2023 | 5:47 pm

DIS

NFLX

Netflix Inc (NASDAQ:NFLX) is making a comeback as legacy media companies struggle with mounting costs and a Hollywood writers' strike. The Walt Disney Company is facing a decline in its legacy businesses, a loss-making streaming business, and a slumping share price. Netflix, on the other hand, is seeing a surge in shares and is setting the stage for its next phase of content growth by trimming costs and boosting engagement. The ongoing Hollywood strike could benefit Netflix as it continues to produce international content unaffected by the strike.

Portfolio Pulse from Upwallstreet

June 28, 2023 | 2:52 pm

SPY

Federal Reserve Chair Jerome Powell has indicated that more softening in the labor market is needed. This statement could potentially influence the overall market sentiment.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2023 | 1:56 pm

CCI

HOOD

LMT

Richard Saperstein of HighTower Treasury Partners recommended Lockheed Martin Corporation (LMT) due to its 5.5% free cash flow yield. Jenny Harrington of Gilman Hill Asset Management recommended Crown Castle Inc. (CCI) due to its 5.5% yield and expected growth. Josh Brown of Ritholtz Wealth Management mentioned Robinhood Markets, Inc. (HOOD) due to its recent layoffs. CCI reported Q1 revenues of $1.77 billion, beating consensus. Robinhood is cutting about 7% of its full-time staff due to reduced customer engagement.

Portfolio Pulse from Lisa Levin

June 28, 2023 | 12:34 pm

SPR

Spirit AeroSystems and the International Association of Machinists and Aerospace Workers have agreed to a four-year contract proposal, potentially ending the strike at the company's plant in Wichita, Kansas. 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. The new contract terms also include no mandatory weekend overtime and a sign on bonus of $3,000 cash. SPR shares are trading higher by 1.67% to $29.75 in the premarket session.

Portfolio Pulse from Nabaparna Bhattacharya

June 28, 2023 | 12:32 pm

GOOG

GOOGL

Alphabet Inc's Google plans to downsize the workforce at mapping app Waze as it merges its advertising system with Google Ads technology. The company reduced roles focused on Waze Ads monetization as it began transitioning Waze's existing advertising system to Google Ads technology. Google had acquired Waze for about $1.3 billion in 2013 and in December, shared plans to merge Waze and Google Maps teams to consolidate processes. Google's shares traded lower by 0.34% at $118.60 premarket on the last check Wednesday.

Portfolio Pulse from Anusuya Lahiri

June 28, 2023 | 11:56 am

AWX

Avalon Holdings announced the resignation of Bryan P. Saksa as CFO, Treasurer, and Secretary on April 26, 2023. Stefanie Villella, Corporate Controller of Avalon, has been appointed as interim CFO and Treasurer. The company has initiated a search for a new CFO and Treasurer.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2023 | 11:37 am

CS

UBS

UBS is reportedly considering cutting approximately 30% of its combined workforce of 120,000 with Credit Suisse, according to Reuters.

Portfolio Pulse from Charles Gross

June 28, 2023 | 11:32 am

GOOG

GOOGL

Google is cutting jobs at its Waze mapping service as it merges the unit with its own map products. The company is shifting its Waze strategy to include Google ads rather than using a separate ads system, which will result in layoffs. The company aims to create a more scalable and optimized Waze Ads product. The number of jobs to be eliminated was not specified. This follows Google's announcement in January of laying off 12,000 employees, or 6% of its workforce.

Portfolio Pulse from Happy Mohamed

June 27, 2023 | 10:02 pm

NYMX

Nymox Pharmaceutical has terminated the employment of CFO Christopher Riley and COO Randall Lanham. The company is currently searching for a new CFO and is in the process of hiring a general counsel to replace Mr. Lanham.

Portfolio Pulse from Benzinga Newsdesk

June 27, 2023 | 9:21 pm