Streetbeat News

Labor Issues

INTC

NVDA

Intel CEO Pat Gelsinger acknowledges market skepticism as Intel's stock drops significantly, while rival Nvidia's stock surges. Intel faces challenges in its server business and has announced layoffs and potential portfolio cuts. The company is also competing for a U.S. chip subsidy amid scrutiny.

Portfolio Pulse from Benzinga Neuro

August 30, 2024 | 5:19 am

DELL

Dell Technologies anticipates solid top-line growth in the second half of the year despite taking a $328 million charge for workforce reductions in Q2.

Portfolio Pulse from Benzinga Newsdesk

August 29, 2024 | 8:20 pm

UMGNF

WBD

The global music industry saw a 10.2% revenue increase in 2023, reaching $28.6 billion, driven by paid streaming subscriptions. Despite growth, major labels like Universal Music Group and Warner Music Group face layoffs. Challenges include AI and short-form content, with ongoing disputes over artist compensation.

Portfolio Pulse from Franca Quarneti

August 29, 2024 | 6:33 pm

HAP

PWER

SHEL

Shell plans to cut 20% of its oil and gas workforce, impacting offices in Houston, The Hague, and Britain. This is part of a strategy to reduce operating costs by $2-3 billion by 2025. Shell's recent financial performance has been strong, with Q2 revenue surpassing expectations.

Portfolio Pulse from Lekha Gupta

August 29, 2024 | 5:46 pm

FLWS

1-800-FLOWERS.COM, Inc. (NASDAQ:FLWS) reported Q4 2024 earnings below expectations, with a loss of 34 cents per share and sales of $360.9 million, both missing consensus estimates. The company faces a challenging consumer environment but improved its gross profit margin. CFO Bill Shea will retire, and James Langrock will take over. The company expects flat to slightly declining revenues for fiscal 2025.

Portfolio Pulse from Vandana Singh

August 29, 2024 | 1:50 pm

SSYS

Stratasys reported a disappointing Q2 2024 with revenue and earnings below expectations, leading to a significant stock drop. The company plans workforce reductions and lowered its annual financial projections.

Portfolio Pulse from Anusuya Lahiri

August 29, 2024 | 12:55 pm

SSYS

Stratasys is reducing its workforce by 15% to save $40 million annually, aiming to strengthen its balance sheet and focus on high-growth products. The restructuring is expected to enhance profitability and position the company for future opportunities.

Portfolio Pulse from Benzinga Newsdesk

August 29, 2024 | 11:56 am

INTC

NVDA

Intel is under scrutiny for its job cuts while competing for a $20 billion U.S. chip subsidy. The U.S. Chips Act aims to create jobs and reduce dependency on Asian semiconductor technology. Intel's recent financial struggles and cost-reduction plans, including significant layoffs, contrast with Nvidia's employee retention strategy. Intel's stock has dropped significantly over the past year, while Nvidia's has surged.

Portfolio Pulse from Anusuya Lahiri

August 29, 2024 | 11:33 am

CMG

SBUX

Chipotle Mexican Grill has expedited its CFO transition following CEO Brian Niccol's move to Starbucks. Adam Rymer will take over as CFO on Oct. 1, earlier than planned. The transition comes amid leadership changes and scrutiny from the NLRB over labor issues. Despite challenges, some experts see Chipotle as a strong investment opportunity.

Portfolio Pulse from Benzinga Neuro

August 29, 2024 | 3:23 am

BMRN

BioMarin is reducing its global workforce by approximately 225 employees as part of an organizational redesign and updated strategy for ROCTAVIAN. The company will incur $30-$35 million in severance costs, with reductions expected to complete by the end of 2024.

Portfolio Pulse from Benzinga Newsdesk

August 28, 2024 | 9:08 pm