Streetbeat News

Labor Issues

AAPL

Apple Inc. (NASDAQ:AAPL) has laid off approximately 100 employees from its services division, affecting teams responsible for the Apple Books app, Apple Bookstore, and Apple News. Despite these layoffs, Apple continues to perform well financially, with a 5% year-over-year revenue increase in its third-quarter earnings.

Portfolio Pulse from Ananya Gairola

August 28, 2024 | 4:06 am

COST

Costco fleet drivers, represented by the Teamsters, have overwhelmingly authorized a strike following a suspension of negotiations affecting over 18,000 workers.

Portfolio Pulse from Benzinga Newsdesk

August 27, 2024 | 8:24 pm

SHAK

Shake Shack plans to close nine company-owned locations in California, Ohio, and Texas by September 25. Despite the closures, the company reaffirms its fiscal Q3 and FY24 guidance. Management is offered positions in nearby locations, and hourly team members are eligible for rehire. The company expects Q3 pretax charges between $28M and $30M.

Portfolio Pulse from Benzinga Newsdesk

August 27, 2024 | 8:22 pm

CMG

Chipotle Mexican Grill (NYSE:CMG) shares rose as the company tests a new menu item, Chipotle Honey Chicken, in select locations. However, the National Labor Relations Board accused Chipotle of withholding pay raises from unionized employees, which could lead to legal challenges.

Portfolio Pulse from Vaishali Prayag

August 27, 2024 | 8:12 pm

DAL

The International Association of Machinists and Aerospace Workers (IAM) has urged Delta Airlines to investigate a fatal tire explosion at its Atlanta facility. The incident involved workers and has raised safety concerns.

Portfolio Pulse from Benzinga Newsdesk

August 27, 2024 | 2:56 pm

DAL

Two workers were killed and one injured at Delta's Atlanta maintenance facility. An investigation is underway, but there is no impact on airport operations.

Portfolio Pulse from Benzinga Newsdesk

August 27, 2024 | 2:42 pm

INTC

Intel board member Tan has resigned due to disagreements over the company's revival plan and AI strategy, including workforce size and contract chip manufacturing approach.

Portfolio Pulse from Benzinga Newsdesk

August 27, 2024 | 2:39 pm

AMD

INTC

IVW

NVDA

VGT

Nvidia's stock surge has significantly reduced employee churn, turning many employees into millionaires. The company's stock grants and AI-driven growth have been key factors. Meanwhile, Intel plans significant workforce reductions.

Portfolio Pulse from Anusuya Lahiri

August 27, 2024 | 12:00 pm

GOEV

Canoo Inc (NASDAQ:GOEV) is relocating its headquarters from California to Texas, following Tesla's similar move in 2021. The company plans to reduce its workforce in California and relocate most employees to Texas or Oklahoma.

Portfolio Pulse from Anan Ashraf

August 27, 2024 | 10:05 am

CMG

SBUX

The National Labor Relations Board has accused Chipotle of unlawfully withholding pay raises from unionized workers in Lansing, Michigan. The NLRB may file a formal complaint unless resolved. This comes amid leadership changes, with CEO Brian Niccol moving to Starbucks.

Portfolio Pulse from Benzinga Neuro

August 27, 2024 | 9:19 am