Streetbeat News

Labor Issues

LEG

Leggett & Platt has appointed Benjamin Burns as Executive Vice President and CFO, effective June 21, 2023.

Portfolio Pulse from Benzinga Newsdesk

June 22, 2023 | 8:12 pm

UBER

Uber Technologies Inc (NYSE:UBER) is cutting 200 jobs in its recruitment division to streamline costs, impacting less than 1% of its global workforce. This follows the layoff of 150 employees in Uber's Freight earlier this year. The company reported Q1 FY23 revenue growth of 29% YoY to $8.82 billion.

Portfolio Pulse from Lekha Gupta

June 22, 2023 | 4:35 pm

AMZN

META

Generative AI job postings in the US surged by 20% in May, driven by the success of OpenAI's ChatGPT. This increase comes amid mass layoffs at tech companies like Meta Platforms and Amazon. Job portal Indeed reported a significant rise in searches for generative AI jobs.

Portfolio Pulse from Benzinga Newsbot

June 22, 2023 | 3:24 pm

SPY

Federal Reserve Chair Jerome Powell stated that it would be ideal for the labor market to achieve a better balance without unemployment rising, but there is no guarantee this will happen.

Portfolio Pulse from Happy Mohamed

June 22, 2023 | 2:23 pm

NFLX

WBD

Warner Bros. Discovery (WBD) shares are trading lower as the company faces another round of firings, particularly in the cable-TV network. The layoffs affected several cable-TV networks, including Discovery Channel and Food Network. Additionally, WBD is discussing licensing HBO titles to rival Netflix (NFLX) on a non-exclusive basis.

Portfolio Pulse from Anusuya Lahiri

June 22, 2023 | 2:04 pm

DRI

Darden Restaurants' CFO reported that overall labor inflation decreased by approximately 100 basis points from Q3 to Q4 during a conference call.

Portfolio Pulse from Happy Mohamed

June 22, 2023 | 1:56 pm

ACN

EADSY

INTC

NVO

RIDE

SPR

Intel plans to restructure its manufacturing business, aiming for the second-largest foundry spot with projected revenue over $20B. Airbus is working to control A220 jet costs amid pricing pressure from suppliers. The European Medicines Agency raises a thyroid cancer safety signal for Novo Nordisk drugs, including semaglutide. Spirit AeroSystems suspends work at its Kansas plant due to a workers' strike. Accenture reports underwhelming Q3 earnings, and Lordstown Motors founder relinquishes his remaining stake.

Portfolio Pulse from Vandana Singh

June 22, 2023 | 1:30 pm

UUP

The US job market shows signs of cooling as the Department of Labor reports a third consecutive week of higher-than-expected unemployment claims. The dollar index remains steady, while S&P 500 futures contracts trend down.

Portfolio Pulse from Piero Cingari

June 22, 2023 | 1:08 pm

SPY

Continuing jobless claims came in at 1.759 million, lower than the estimated 1.782 million.

Portfolio Pulse from Bill Haddad

June 22, 2023 | 12:31 pm