Streetbeat News

Labor Issues

GPRO

GoPro, Inc. has announced a restructuring plan to reduce its workforce by 15% starting in Q3 2024, aiming to cut operating expenses by $50 million for fiscal 2025. The plan will incur charges between $5 million and $7 million, with most costs in Q4 2024.

Portfolio Pulse from Benzinga Newsdesk

August 19, 2024 | 9:37 pm

AMD

CSCO

GM

NVDA

SPY

The stock market has rebounded to a resistance zone, with the SPDR S&P 500 ETF Trust (SPY) showing signs of being overbought. AMD is acquiring ZT Systems to enhance its AI strategy, but this move is unlikely to significantly impact Nvidia's market share. General Motors plans to cut 1,000 software jobs, while Cisco announced 4,000 job cuts. Money flows are positive in several major tech stocks, including Nvidia, Apple, and Amazon.

Portfolio Pulse from The Arora Report

August 19, 2024 | 5:29 pm

UBSFF

Ubisoft Entertainment SA has laid off 45 employees from its U.S. studios as part of ongoing restructuring efforts. The layoffs affected staff at Ubisoft San Francisco and Red Storm Entertainment, following previous cuts earlier in the year. Despite these setbacks, Ubisoft reported record net bookings and increased net sales for 2023.

Portfolio Pulse from Franca Quarneti

August 19, 2024 | 5:23 pm

FTXR

GM

RPV

General Motors (GM) is laying off over 1,000 employees in its software and services division to streamline operations and cut costs. This move is part of a broader strategy to focus on emerging markets like electric vehicles. GM shares are trading higher following the announcement.

Portfolio Pulse from Lekha Gupta

August 19, 2024 | 4:41 pm

AMZN

SBUX

VSCO

Starbucks has appointed Brian Niccol as its new CEO, offering him a $10-million signing bonus and the ability to work remotely, highlighting a trend where executives enjoy remote work flexibility while lower-level employees are required to return to the office. This trend is seen across other companies like Victoria's Secret and Amazon, where remote work policies differ between executives and regular employees.

Portfolio Pulse from Aaron Bry

August 19, 2024 | 4:32 pm

STLA

UAW Stellantis locals are preparing grievances against Stellantis for not meeting product commitments, potentially leading to strike action. Tens of thousands of workers are ready to file grievances.

Portfolio Pulse from Benzinga Newsdesk

August 19, 2024 | 4:07 pm

CNI

Canada's Labor Minister is urging railway companies and unions to reach agreements to prevent a full work stoppage. This situation could impact railway operations and related companies.

Portfolio Pulse from Benzinga Newsdesk

August 19, 2024 | 2:58 pm

BHP

BHP has successfully negotiated a new deal with the union at Chile's Escondida copper mine, averting a strike and stabilizing the copper supply to China. The agreement includes a bonus and changes to labor conditions. Copper prices fell after the deal was announced.

Portfolio Pulse from Stjepan Kalinic

August 19, 2024 | 2:11 pm

GM

General Motors (GM) is laying off over 1,000 salaried employees in its software and services division to streamline operations. This includes about 600 jobs at its tech campus near Detroit. The layoffs follow leadership changes and aim to simplify operations and prioritize impactful investments.

Portfolio Pulse from Benzinga Newsdesk

August 19, 2024 | 12:55 pm

IYG

MA

XLF

Mastercard plans to cut about 1,000 jobs, representing 3% of its global workforce, to realign regions and businesses for growth. Despite the layoffs, Mastercard recently reported strong Q2 earnings, beating analyst expectations. Shares are trading lower premarket.

Portfolio Pulse from Lekha Gupta

August 19, 2024 | 10:16 am