Streetbeat News

Labor Issues

SONO

Sonos announced a reduction in force involving approximately 7% of its employees, estimating that it will incur $11M-$14M of restructuring and related charges.

Portfolio Pulse from Benzinga Newsdesk

June 14, 2023 | 12:10 pm

ALLO

Allogene Therapeutics announced the departure of CFO Eric T. Schmidt. The company has started searching for a replacement, and Schmidt will remain with the company until August 2, 2023, to support Q2 financial reporting and ensure a smooth transition.

Portfolio Pulse from Benzinga Newsdesk

June 14, 2023 | 12:02 pm

LOGI

Logitech International SA (NASDAQ:LOGI) announced the departure of its CEO, Bracken Darrell, effective June 13, 2023. Guy Gecht, a non-executive board member, will serve as interim CEO. Logitech reported Q4 FY23 revenue of $960.1 million and adjusted EPS of $0.50, both beating consensus estimates. LOGI shares are trading lower by 9.47% at $57.85 premarket.

Portfolio Pulse from Lekha Gupta

June 14, 2023 | 9:48 am

LOGI

Logitech shares are trading lower following the announcement of its CEO departure on Tuesday.

Portfolio Pulse from Benzinga Newsdesk

June 14, 2023 | 9:47 am

SBUX

TGT

Starbucks denies union claims of banning Pride displays in its US stores amidst allegations from Starbucks Workers United. The accusations come after other brands like Target faced backlash over similar issues. Starbucks maintains that there has been no change in policy and continues to support LGBTQ+ employees.

Portfolio Pulse from Benzinga Newsbot

June 14, 2023 | 2:48 am

UNFI

United Natural Foods (UNFI) announced a regional restructuring plan to drive efficiency and enable a customer-centric strategy and transformation plan, following previous leadership changes.

Portfolio Pulse from Benzinga Newsdesk

June 13, 2023 | 8:31 pm

LOGI

Logitech's President and CEO Bracken Darrell is resigning to pursue another opportunity, with board member Guy Gecht appointed as interim CEO. Darrell will remain with the company for a month to ensure a smooth transition.

Portfolio Pulse from Benzinga Newsdesk

June 13, 2023 | 8:11 pm

WMT

Walmart plans to build its first owned and operated case-ready beef facility in Olathe, Kansas, opening in 2025. The facility is expected to create over 600 jobs and will package and distribute Angus cuts from Sustainable Beef LLC to serve stores across the Midwest.

Portfolio Pulse from Shivani Kumaresan

June 13, 2023 | 4:52 pm

HCC

Warrior Met Coal (NYSE:HCC) has raised its FY23 guidance following the end of a labor strike, with an expected increase in sales volumes by 8%. The company now anticipates coal sales of 7.1-7.7 million short tons and coal production of 6.8-7.4 million short tons.

Portfolio Pulse from Lekha Gupta

June 13, 2023 | 4:27 pm

ACI

KR

The merger between Albertsons Companies Inc (NYSE:ACI) and Kroger Co (NYSE:KR) faces opposition from customers and unions, including the International Brotherhood of Teamsters and the United Food and Commercial Workers International Union. Concerns include employee protection, price increases, and reduced accessibility to food.

Portfolio Pulse from Lekha Gupta

June 13, 2023 | 3:13 pm