Streetbeat News

Labor Issues

SPR

Spirit AeroSystems, Inc., a subsidiary of Spirit AeroSystems Holdings, Inc. (NYSE:SPR), has proposed a new four-year contract to the Local Lodge 839 of the International Association of Machinists and Aerospace Workers (IAM). The contract includes a total wage increase of 9.5% in the first year and a guaranteed increase of 23.5% over the contract's life. IAM union members will vote on the contract on June 29.

Portfolio Pulse from Happy Mohamed

June 27, 2023 | 9:04 pm

EAR

Eargo has announced a workforce reduction of 32-42%, which will result in non-recurring charges of $5M-$7M.

Portfolio Pulse from Benzinga Newsdesk

June 27, 2023 | 8:51 pm

BA

SPR

Spirit AeroSystems and the International Association of Machinists and Aerospace Workers have reached a tentative agreement on a revised contract. The union workforce at Spirit AeroSystems' plant in Wichita, Kansas will vote on the revised contract offer on Thursday, June 29.

Portfolio Pulse from Happy Mohamed

June 27, 2023 | 7:56 pm

CS

UBS

UBS Group AG is planning major layoffs at Credit Suisse Group AG, which it recently acquired. The layoffs are part of a strategy to cut back on the numbers at Credit Suisse’s loss-making investment bank. UBS also plans to retain the majority of Credit Suisse's private bankers, particularly in the Asia Pacific region. The merger and subsequent layoffs are expected to have a significant impact on the banking sector.

Portfolio Pulse from Benzinga Newsbot

June 27, 2023 | 7:16 pm

CS

Credit Suisse is planning three rounds of job cuts in 2023, with the deepest cuts expected in the trading and investment banking divisions, according to Bloomberg.

Portfolio Pulse from Happy Mohamed

June 27, 2023 | 5:35 pm

CS

UBS

UBS is reportedly preparing to cut more than half of Credit Suisse's workforce, according to Bloomberg.

Portfolio Pulse from Happy Mohamed

June 27, 2023 | 5:33 pm

ILMN

Illumina's shares are trading lower following the company's decision to commence layoffs within its R&D team.

Portfolio Pulse from Bill Haddad

June 27, 2023 | 1:57 pm

SPR

Spirit AeroSystems has presented a new contract offer to the Machinists Union at its plant in Wichita, Kansas. The Machinists Union will hold a stewards' meeting on Tuesday to discuss the new offer.

Portfolio Pulse from Happy Mohamed

June 27, 2023 | 1:47 pm

F

Ford plans to lay off at least 1,000 salaried and contract workers, according to sources cited by the Wall Street Journal.

Portfolio Pulse from Happy Mohamed

June 27, 2023 | 1:46 pm

BIDU

F

GD

HOOD

META

SPCE

WBA

Baidu claims its Ernie Bot outperforms OpenAI's ChatGPT; Meta's WhatsApp Business app reaches 200 million users; Walgreens reports disappointing Q3 earnings. Ford plans layoffs in its engineering sections in the US and Canada. Robinhood cuts 7% of its full-time staff due to reduced customer engagement. General Dynamics and American Rheinmetall compete for a $45B US Army vehicle contract. Virgin Galactic announces the date for its first commercial spaceflight.

Portfolio Pulse from Vandana Singh

June 27, 2023 | 1:27 pm