Streetbeat News

Labor Issues

GME

MSFT

SONY

GameStop's Q1 revenue contracted to $1.24 billion, and its net loss narrowed YoY. The company fired CEO Matthew Furlong without providing a reason and appointed Ryan Cohen as the new executive chairman. GameStop faces intense competition from Microsoft and Sony in the evolving gaming industry.

Portfolio Pulse from Upwallstreet

June 08, 2023 | 2:16 pm

CVNA

DBI

GME

US stocks opened higher with Dow Jones gaining around 50 points. Initial jobless claims surged to 261,000, the highest level since October 2021. Consumer discretionary shares jumped by 0.7%, with Carvana and Designer Brands as top gainers. Real estate shares fell by 1.4%.

Portfolio Pulse from Lisa Levin

June 08, 2023 | 2:10 pm

GS

Goldman Sachs President John Waldron stated that he cannot provide certainty on further job cuts and expects the financing environment to become tougher.

Portfolio Pulse from Benzinga Newsdesk

June 08, 2023 | 1:23 pm

HCP

HashiCorp issued weak guidance and announced an 8% workforce reduction, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

June 08, 2023 | 1:18 pm

GLD

SPY

UUP

The Department of Labor reported a higher-than-expected increase in unemployment claims, raising concerns about the labor market. This marks the third consecutive week of rising initial jobless claims. Market reactions include a drop in the U.S. Dollar Index and a rise in gold prices.

Portfolio Pulse from Piero Cingari

June 08, 2023 | 12:50 pm

HCP

HashiCorp Inc (NASDAQ:HCP) shares are trading lower after reporting Q1 financial results, announcing spending cuts, and an 8% workforce reduction. The company beat revenue and earnings estimates but multiple analysts lowered price targets.

Portfolio Pulse from Adam Eckert

June 08, 2023 | 12:49 pm

OMC

Omnicom Commerce Group (OMC) has announced the appointment of Jacquelyn Baker as CEO, succeeding Sophie Daranyi, effective in August.

Portfolio Pulse from Benzinga Newsdesk

June 08, 2023 | 12:33 pm

SPY

USA continuing jobless claims came in at 1,757K, lower than the estimated 1,800K and the previous figure of 1,794K.

Portfolio Pulse from Happy Mohamed

June 08, 2023 | 12:30 pm

PRGO

Perrigo has appointed Patrick Lockwood-Taylor as its new President and CEO, effective June 30, 2023. Lockwood-Taylor joins the company from Bayer AG.

Portfolio Pulse from Benzinga Newsdesk

June 08, 2023 | 11:41 am

VLN

Valens Semiconductor (NYSE: VLN) has revised its FY23 guidance, cutting revenue outlook and planning to reduce headcount by 15% to improve operational efficiency. The company expects to save around $9 million annually in operating expenses and complete the plan by Q3 2023.

Portfolio Pulse from Lekha Gupta

June 08, 2023 | 11:37 am