Streetbeat News

Labor Issues

CRNX

Crinetics Pharmaceuticals announced that Marc Wilson will be transitioning from his role as CFO for personal reasons. The company has initiated a search for his successor.

Portfolio Pulse from Benzinga Newsdesk

August 08, 2024 | 9:14 pm

SPY

Fed's Barkin indicates that job growth has stabilized but continues, with labor supply higher than expected. The unemployment rate is likely to increase, and there is concern if job growth disappears. Wages are declining, suggesting labor market normalization.

Portfolio Pulse from Benzinga Newsdesk

August 08, 2024 | 7:16 pm

SPY

Fed's Barkin stated that most hurricanes and tropical storms do not impact the macroeconomy. The labor market shows a trend of reduced hiring but not increased firing, indicating uncertainty in future trends.

Portfolio Pulse from Benzinga Newsdesk

August 08, 2024 | 7:13 pm

INTC

Intel Corp (NASDAQ:INTC) has hit a new 52-week low, closing at $18.99. The stock has dropped 46% over the past year and 62% year-to-date. Despite dismal Q2 earnings, a suspended dividend, and job cuts, analysts see a potential 36% upside. Intel's aggressive cost-reduction strategy aims to save over $10 billion by 2025.

Portfolio Pulse from Surbhi Jain

August 08, 2024 | 2:31 pm

RAYS

SEDG

TAN

SolarEdge Technologies, Inc. (NASDAQ: SEDG) reported disappointing Q2 FY24 results, with revenues of $265.4 million beating consensus but solar segment revenues down 75% Y/Y. Adjusted gross margin was 0.2%, and adjusted EPS loss of $1.79 missed expectations. The company sees Q3 revenue below consensus and continues to face headwinds. SolarEdge laid off 400 employees last month. Investors can gain exposure via Invesco Solar ETF (NYSE: TAN) and Global X Solar ETF (NASDAQ: RAYS).

Portfolio Pulse from Lekha Gupta

August 08, 2024 | 1:13 pm

SPY

The US Continuing Jobless Claims came in at 1.875 million, slightly above the estimated 1.87 million. This indicates a marginally higher number of people continuing to claim unemployment benefits than expected.

Portfolio Pulse from Benzinga Newsdesk

August 08, 2024 | 12:30 pm

FGEN

FibroGen has initiated a restructuring plan following negative trial data for its drug Pamrevlumab. The plan includes a 75% reduction in its U.S. workforce, affecting 127 employees.

Portfolio Pulse from charles@benzinga.com

August 07, 2024 | 10:40 pm

INTC

Intel is being sued by shareholders for alleged securities fraud following weak financial results, job cuts, and a suspension of dividends. The lawsuit was revealed in a recent court filing.

Portfolio Pulse from Benzinga Newsdesk

August 07, 2024 | 8:42 pm

AAPL

GOOG

INTC

MSFT

NVDA

Intel Corp (NASDAQ:INTC) plans to lay off around 19,000 employees as part of a cost-reduction strategy, which includes reducing operating expenses and capital expenditures by over $10 billion by 2025. The article compares Intel's salary offers to those of other tech giants like Nvidia, Microsoft, OpenAI, Apple, and Alphabet.

Portfolio Pulse from Adam Eckert

August 07, 2024 | 7:51 pm

CFCV

DIVP

FEPI

FTXL

INTC

SMH

Intel Corp (NASDAQ:INTC) is planning to cut 15% of its workforce, or about 15,000 jobs, despite receiving $8.5 billion in grants from the U.S. government under the CHIPS and Science Act. The layoffs are part of a cost-cutting and restructuring plan following a disappointing second-quarter revenue report. Several ETFs, including ClearBridge Focus Value ESG ETF (BATS:CFCV), REX FANG & Innovation Equity Premium Income ETF (NASDAQ:FEPI), First Trust Nasdaq Semiconductor ETF (NASDAQ:FTXL), Cullen Enhanced Equity Income ETF (NYSE:DIVP), and VanEck Semiconductor ETF (NASDAQ:SMH), showed mixed reactions to the news.

Portfolio Pulse from Michael Juliano

August 07, 2024 | 6:50 pm