Streetbeat News

Labor Issues

Block's CFO has announced that the company expects the pace of hiring to slow down. This could potentially impact the company's growth and operational capabilities.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 2:50 pm

STLA

The United Auto Workers union is demanding a 40% pay increase from Detroit car companies in the next labor contract. This would be the largest pay hike in recent memory.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 2:46 pm

FHN

First Horizon has signed a five-year employment agreement with its Chairman, President, and CEO Bryan Jordan. Jordan has been with the company since 2007, initially serving as CFO before being named President and CEO in 2008.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 2:39 pm

KMI

Teamsters Local 377 members are demanding that Kinder Morgan negotiate a fair contract with better pay. They are prepared for more actions if Kinder Morgan does not get serious at the bargaining table.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 2:09 pm

AMZN

Amazon.com, Inc (NASDAQ:AMZN) is expected to issue Q2 earnings of 34 cents per share on revenues of $131.54 billion. However, the company faces a potential $8 billion problem due to its high employee turnover rate, which was 3.9% in 2020, significantly higher than the industry average. This could deplete the available labor supply in the U.S. in certain areas within a few years. Inefficiencies in Amazon's internal learning and development programs could also have financial implications for the company.

Portfolio Pulse from AJ Fabino

August 04, 2023 | 2:06 pm

The Bear Cave Research has issued a short report on XP Inc (NASDAQ:XP), a Brazilian investment services company, highlighting several issues that could potentially lead to the company's downfall. The report points out problems such as infuriated brokers, a broken sales culture, and meddling management. Negative reviews on Glassdoor also indicate dissatisfaction among employees. XP Inc's business model heavily relies on its network of Independent Financial Advisors, which is currently under scrutiny.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 1:37 pm

AMZN

CRM

META

MSFT

TWLO

Salesforce, Inc. (NYSE:CRM) is planning further job cuts beyond the previously announced 10% reduction, as part of its focus on profitability. The recent layoffs affected about 50 sales and customer success roles in Ireland. This is separate from the companywide reduction announced in January. Salesforce's Tableau unit was hit hardest in the company's largest-ever round of job cuts. Other tech companies, including Microsoft Corp (NASDAQ:MSFT), Meta Platforms Inc (NASDAQ: META), Amazon.com Inc (NASDAQ: AMZN), and Twilio Inc (NYSE: TWLO), have also undergone significant layoffs in the past year.

Portfolio Pulse from Anusuya Lahiri

August 04, 2023 | 1:36 pm

ADMP

ARAV

BJDX

BPTH

COOK

NEON

US stocks fell with the Dow Jones dropping over 100 points. Initial jobless claims rose by 6,000 to 227,000. Bluejay Diagnostics, Adamis Pharmaceuticals, and Traeger saw their shares rise by 86%, 63%, and 49% respectively. Aravive, Bio-Path Holdings, and Neonode saw their shares drop by 68%, 49%, and 45% respectively. Oil traded up 0.2% while gold traded down 0.3%.

Portfolio Pulse from Lisa Levin

August 04, 2023 | 1:33 pm

SPY

The number of continuing jobless claims remained steady at 1.7 million, in line with estimates.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 1:26 pm

GLD

QQQ

SPY

UUP

The number of Americans filing for unemployment benefits slightly increased last week, reaching 227,000. The ADP employment data for July revealed a substantial rise of 324,000 jobs, surpassing the anticipated 189,000. Futures on the S&P 500 Index and the Nasdaq 100 Index continued to slide in the premarket, down 0.2% and 0.3%, respectively. The SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.32%, while the Invesco QQQ Trust (NASDAQ:QQQ) was down 0.57%. The 10-year Treasury yield surged 6 basis points to 4.15%.

Portfolio Pulse from Piero Cingari

August 04, 2023 | 1:22 pm