Streetbeat News

Labor Issues

SPY

The July jobs report indicated a rise in unemployment to 4.3%, marking the fourth consecutive month of increases and triggering recessionary indicators. Despite historical trends suggesting a recession, experts argue that this time may be different due to unique labor market conditions and external factors. The SPDR S&P 500 ETF Trust (SPY) experienced a significant sell-off but later regained ground.

Portfolio Pulse from Hayden Buckfire

August 07, 2024 | 4:08 pm

EHAB

Enhabit announced that CFO Crissy Carlisle will step down from her role. The company is currently searching for a replacement.

Portfolio Pulse from Benzinga Newsdesk

August 06, 2024 | 9:26 pm

LOGI

THRM

Gentherm announced the resignation of CFO Matteo Anversa, effective September 1, 2024. Anversa will join Logitech International as CFO.

Portfolio Pulse from Benzinga Newsdesk

August 06, 2024 | 9:09 pm

PGEN

Precigen, Inc. (NASDAQ:PGEN) is strategically prioritizing its portfolio to focus on the potential launch of its gene therapy, PRGN-2012, for recurrent respiratory papillomatosis (RRP). The company is reducing its workforce by over 20% and has initiated patient enrollment in a confirmatory clinical trial for PRGN-2012, which is on track for a rolling BLA submission under an accelerated approval pathway.

Portfolio Pulse from Benzinga Newsdesk

August 06, 2024 | 8:27 pm

TDC

Teradata Corporation (NYSE:TDC) reported mixed Q2 results, beating earnings estimates but missing on sales. The company announced a restructuring plan to reduce its global workforce by 9-10%. Despite strong growth in Cloud ARR, shares fell 12% to $25.66. Multiple analysts lowered their price targets for Teradata.

Portfolio Pulse from Avi Kapoor

August 06, 2024 | 4:19 pm

EDVMF

Endeavour Mining PLC (OTC:EDVMF) has paused operations at its Hounde gold mine due to a worker's strike. RBC Capital Markets downgraded the stock from Outperform to Sector Perform, citing increased operational and geopolitical risks, management changes, and higher costs. The price target was reduced from CA$48 to CA$40.

Portfolio Pulse from Priya Nigam

August 06, 2024 | 3:52 pm

PSX

Phillips 66 plans to cut jobs as part of its strategy to advance its strategic priorities. The total job reductions will amount to fewer than 1% of its employee count.

Portfolio Pulse from Benzinga Newsdesk

August 06, 2024 | 3:11 pm

KLG

WK Kellogg Co (NYSE:KLG) shares are trading lower after the company reported Q2 earnings that missed expectations. The company plans a $390M investment and 550 layoffs as part of a restructuring strategy. Despite the shortfall, WK Kellogg reaffirms its FY24 guidance.

Portfolio Pulse from Nabaparna Bhattacharya

August 06, 2024 | 2:42 pm

FSTR

L.B. Foster is continuing its enterprise restructuring program to reduce costs and invest in growth platforms. The restructuring, expected to be completed in the second half of 2024, will impact approximately 40 salaried employees and is projected to save $4.5 million annually.

Portfolio Pulse from Benzinga Newsdesk

August 06, 2024 | 12:07 pm

TDC

Teradata shares are trading lower after the company reported mixed Q2 results, with better-than-expected adjusted EPS but a miss on sales. Additionally, Teradata announced a restructuring plan that will reduce its global workforce by approximately 9% to 10%. JMP Securities downgraded the stock from Market Outperform to Market Perform.

Portfolio Pulse from Benzinga Newsdesk

August 06, 2024 | 10:14 am