Streetbeat News

Labor Issues

CNI

UNP

Union Pacific is closely monitoring labor negotiations involving Canadian railways and is in contact with its Canadian interchange partners. The company is adhering to embargos by Canadian Pacific Kansas City and Canadian National for certain traffic.

Portfolio Pulse from Benzinga Newsdesk

August 16, 2024 | 5:24 pm

BHP

BHP has made a revised offer to workers at the Escondida copper mine in Chile, including $34,000 in bonuses and low-interest loans per worker, in an effort to end a recent strike.

Portfolio Pulse from Benzinga Newsdesk

August 16, 2024 | 4:58 pm

DE

Deere & Co (NYSE:DE) reported better-than-expected Q3 results, with net sales and revenue of $13.152 billion and EPS of $6.29, both beating consensus estimates. The company reaffirmed its 2024 net income outlook and announced involuntary employee-separation programs. Analysts from B of A Securities and Citigroup raised their price targets for Deere following the earnings announcement.

Portfolio Pulse from Avi Kapoor

August 16, 2024 | 1:13 pm

GMAB

Genmab's Executive Vice President and COO, Anthony Mancini, has decided to leave the company.

Portfolio Pulse from Benzinga Newsdesk

August 16, 2024 | 1:07 pm

BHP

BHP has reached a preliminary agreement with the Escondida Union in Chile, potentially averting a strike at the world's largest copper mine.

Portfolio Pulse from Benzinga Newsdesk

August 16, 2024 | 11:12 am

NTR

Nutrien has expressed concerns over potential labor action that could impact rail service and product movement. The company is taking proactive measures to mitigate the impact on customers, with the effects dependent on the duration of the disruption.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2024 | 2:46 pm

KORE

KORE Group shares are trading lower after the company reported worse-than-expected Q2 financial results and cut its FY24 revenue guidance below estimates. Additionally, the company appointed a new CEO and announced plans to reduce its workforce by 19%.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2024 | 2:30 pm

CSCO

Cisco Systems, Inc. (NASDAQ:CSCO) shares are trading higher in the premarket session after the company reported better-than-expected fourth-quarter revenue and earnings. Despite a 10% decline in total revenue, Cisco saw a 14% year-over-year growth in product orders and improved gross margins. The company also announced plans to cut around 7% of its global workforce, incurring up to $1 billion in pre-tax charges. Cisco aims to reallocate resources towards cybersecurity, cloud systems, and AI-related products.

Portfolio Pulse from Nabaparna Bhattacharya

August 15, 2024 | 12:45 pm

QQQ

SPY

U.S. retail sales surged by 1% in July, significantly exceeding expectations, while initial jobless claims fell short of forecasts, indicating a stronger labor market. Traders are now leaning towards a 25-basis-point rate cut by the Federal Reserve in September. U.S. index futures rose in premarket trading, with the Nasdaq 100, S&P 500, and Dow Jones futures all showing gains. The SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust (QQQ) both recorded their fifth consecutive session of gains on Wednesday.

Portfolio Pulse from Piero Cingari

August 15, 2024 | 12:44 pm

KORE

KORE Group has announced a Restructuring Plan to prioritize growth initiatives and improve operational efficiency, which includes a reduction in force affecting 19% of its employees. The plan, approved on July 29, 2024, is expected to be completed by December 31, 2024, with estimated costs between $5 million and $6 million. Savings from the reduction will be reinvested into higher-growth and more profitable areas.

Portfolio Pulse from Benzinga Newsdesk

August 15, 2024 | 10:33 am