Streetbeat News

Labor Issues

BLK

BlackRock plans to lay off less than 1% of its workforce as part of budget reallocations to support critical priorities. The company has over 19,000 employees in 35+ countries. Despite the job cuts, the asset manager's headcount is expected to be higher at the end of 2023 than at the beginning of the year.

Portfolio Pulse from Nabaparna Bhattacharya

June 23, 2023 | 4:18 pm

F

UAW President criticizes the Energy Department's $9.2 billion loan for Ford's joint venture battery plants, arguing it undermines the union's efforts to protect jobs.

Portfolio Pulse from Benzinga Newsdesk

June 23, 2023 | 4:04 pm

AMZN

MLKN

TSLA

A PwC survey reveals that 25% of workers are considering a career change due to the 'Great Resignation' and remote work debate. The trend spans across various industries, with 42% of employees planning to demand pay raises. Tesla, MillerKnoll, and Amazon have differing stances on remote work.

Portfolio Pulse from Michael Cohen

June 23, 2023 | 3:11 pm

CVNA

Carvana's stock is trading lower amid reports of former employees accusing automotive reconditioning contractor HyperSport Industries of dishonest dealings, including stealing from Carvana and submitting duplicate invoices. Carvana's stock is down over 90% from its peak and laid off 4,000 employees in 2022.

Portfolio Pulse from Anusuya Lahiri

June 23, 2023 | 2:51 pm

LUV

Southwest Airlines has reached a tentative agreement with its mechanics and related employees, potentially resolving labor issues that have been ongoing for years.

Portfolio Pulse from Benzinga Newsdesk

June 23, 2023 | 1:02 pm

SBUX

TGT

Starbucks unionized stores across the U.S. are expected to strike over Pride month décor after a disagreement between the coffee chain and the union representing baristas. Over 150 stores with about 3,500 workers have decided to participate in the strikes, which could increase to 200 stores by the end of the week.

Portfolio Pulse from Shivani Kumaresan

June 23, 2023 | 12:46 pm

CB

Chubb Limited (NYSE:CB) has appointed Michael O'Donnell as Chief Operating Officer of Global Reinsurance. O'Donnell will continue to have responsibility for the U.S. operations of Chubb Tempest Re while expanding his remit into the strategic and tactical operations of the company's global reinsurance operations.

Portfolio Pulse from Benzinga Newsdesk

June 23, 2023 | 12:31 pm

EVR

GS

INTC

MS

NVDA

QCOM

Goldman Sachs loses investment banker Tammy Kiely to Evercore. Kiely, who was co-head of Goldman's technology investment-banking group, had a role in major semiconductor deals and had clients like Qualcomm, Intel, and Nvidia. In 2023, Evercore also hired Goldman's software banking head Nick Pomponi.

Portfolio Pulse from Anusuya Lahiri

June 23, 2023 | 12:05 pm

ALK

JEPQ

MTZ

ORCL

CNBC's 'Halftime Report Final Trades' featured recommendations for JPMorgan Nasdaq Equity Premium Income ETF (JEPQ), Oracle Corporation (ORCL), Alaska Air Group (ALK), and MasTec, Inc. (MTZ). Oracle recently cut jobs and positions in its health unit, while Alaska Airlines announced a partnership with CLEAR. MasTec posted positive Q1 results but lowered its FY23 earnings outlook.

Portfolio Pulse from Lisa Levin

June 23, 2023 | 12:04 pm

ICPT

The FDA has issued a Complete Response Letter to Intercept Pharmaceuticals' marketing application for obeticholic acid (OCA) for pre-cirrhotic fibrosis due to NASH. Intercept will discontinue NASH-related investment and restructure to focus on rare liver diseases, aiming for profitability in 2024. The company will reduce its workforce by one-third and prioritize a fixed-dose combination of OCA and bezafibrate.

Portfolio Pulse from Vandana Singh

June 23, 2023 | 11:54 am