Streetbeat News

Labor Issues

AMZN

GOOGL

MSFT

Ex-Amazon employee Brandon Southern explains that recent layoffs in large tech companies like Microsoft, Amazon, Alphabet, and others are due to managers bloating companies to seek promotions. This leads to unnecessary expenses and eventually layoffs to achieve better margins.

Portfolio Pulse from Bibhu Pattnaik

June 03, 2023 | 5:53 pm

PHUN

Phunware has announced the appointment of Troy Reisner as its new CFO, succeeding Matt Aune, effective June 2. Reisner brings extensive experience in finance and operations to the company.

Portfolio Pulse from Benzinga Newsdesk

June 02, 2023 | 8:32 pm

SPY

Unionized dockworkers have slowed or shut down operations at major West Coast ports, including Los Angeles, Long Beach, Oakland, Tacoma, and Seattle, amid contract talks. This may impact supply chains and related companies.

Portfolio Pulse from Happy Mohamed

June 02, 2023 | 7:39 pm

MMV

ONCR

S

U.S. stocks extended gains on Friday, with the Dow Jones gaining around 700 points, NASDAQ rising 1%, and S&P 500 gaining 1.46%. The U.S. economy added 339,000 jobs in May, surpassing market estimates of 190,000. However, the unemployment rate increased to 3.7%. Notable stock movements include MultiMetaVerse Holdings (MMV) surging 188%, SentinelOne (S) dropping 37%, and Oncorus (ONCR) falling 42%.

Portfolio Pulse from Lisa Levin

June 02, 2023 | 6:30 pm

WMT

Walmart CEO Doug McMillon stated during an investor meeting that the company will continue to increase wages, but at a slower pace than before.

Portfolio Pulse from Happy Mohamed

June 02, 2023 | 5:38 pm

UHAL

U-Haul plans to build a new retail, moving, and self-storage center in Bowling Green, Kentucky by May 2025. The facility will include over 750 indoor climate-controlled self-storage rooms, truck and trailer rentals, and other services. This will be the third U-Haul-owned store in Bowling Green, and the company plans to hire at least 14 local team members.

Portfolio Pulse from Benzinga Newsdesk

June 02, 2023 | 4:26 pm

C

Citigroup CEO Jane Fraser announced that the bank will implement expense cuts, some of which will involve personnel changes. The move is part of Citigroup's ongoing efforts to improve efficiency and reduce costs.

Portfolio Pulse from Happy Mohamed

June 02, 2023 | 3:44 pm

FDN

GDX

IGV

MOO

SMH

XRT

The US labor market report showed a surprising gain of 339,000 nonfarm payrolls in May, with significant variations in employment growth between industries. Tech-related industries such as semiconductors, the internet, and software have had strong growth in the last month, while agriculture, mining, and retail have lagged.

Portfolio Pulse from Piero Cingari

June 02, 2023 | 3:10 pm

ONCR

Oncorus announced a workforce reduction plan, cutting approximately 55 employees, causing its shares to trade lower.

Portfolio Pulse from Benzinga Newsdesk

June 02, 2023 | 1:15 pm

CMCSA

NFLX

Netflix shareholders voted against the company's executive pay package in a non-binding vote, following a plea by striking Hollywood writers. The Writers Guild of America West has also written a similar letter to Comcast Corporation, the parent company of NBCUniversal.

Portfolio Pulse from Akanksha Bakshi

June 02, 2023 | 12:39 pm