Streetbeat News

Labor Issues

DELL

Dell Technologies Inc. is cutting jobs as part of a reorganization of its sales teams, which includes a new group focused on artificial intelligence products and services. The company aims to streamline management layers and reprioritize investments.

Portfolio Pulse from Benzinga Newsdesk

August 05, 2024 | 5:11 pm

SPY

Fed's Goolsbee states that inflation has significantly decreased and employment is at a relatively decent level. However, the labor market is showing signs of weakening and needs to stabilize at a normal level. If the job market overheats, the Fed may need to take stronger actions.

Portfolio Pulse from Benzinga Newsdesk

August 05, 2024 | 12:43 pm

GME

IJH

MSFT

SONY

GameStop Corp (NYSE:GME) announced the shutdown of Game Informer magazine, laying off the entire staff. The closure comes as part of CEO Ryan Cohen's strategy to scrutinize expenses. Analysts criticize GameStop's business model but note its strong cash position and upcoming console releases from Sony, Nintendo, and Microsoft. GME shares fell 12.01% premarket.

Portfolio Pulse from Anusuya Lahiri

August 05, 2024 | 11:40 am

JOB

GEE Group expects to achieve $3M in annual cost savings through strategic measures including SG&A cost reductions and workforce realignment. The company plans to capitalize on acquisition opportunities due to the current economic downturn. Additionally, GEE Group will recognize non-cash, pre-tax charges of approximately $20.5 million in its Fiscal Third Quarter ended June 30, 2024.

Portfolio Pulse from Benzinga Newsdesk

August 05, 2024 | 10:38 am

ACM

CBRE

CVX

ORCL

SCHW

TSLA

Chevron (NYSE:CVX) is relocating its headquarters from California to Texas, joining other major companies like Tesla, Oracle, AECOM, and Charles Schwab. This move is part of a broader trend driven by lower taxes and a more business-friendly environment in Texas.

Portfolio Pulse from Bibhu Pattnaik

August 04, 2024 | 3:33 pm

INTC

Intel Corp (NASDAQ:INTC) is set to lay off about 15,000 employees, over 15% of its workforce, as part of a cost-cutting measure to save $10 billion by 2025. This move follows a disappointing earnings report and highlights Intel's struggle to keep pace with competitors in the semiconductor market. Intel's CFO and CEO have emphasized the need for bold actions to address financial challenges and improve competitiveness.

Portfolio Pulse from Surbhi Jain

August 02, 2024 | 6:31 pm

AMZN

INTC

SPY

The stock market experienced a significant downturn as a weak July jobs report renewed fears of a recession. Intel saw a substantial decline, losing a quarter of its market cap following poor earnings and layoffs. Amazon also fell due to a revenue miss.

Portfolio Pulse from Benzinga Newsdesk

August 02, 2024 | 2:45 pm

INTC

Intel shares are trading lower after the company reported worse-than-expected Q2 financial results and issued soft guidance. The company also suspended its dividend and announced a headcount reduction. Raymond James downgraded the stock following the report.

Portfolio Pulse from Benzinga Newsdesk

August 02, 2024 | 12:16 pm

RPID

Rapid Micro Biosystems shares are trading higher after the company reported better-than-expected Q2 sales results and announced a workforce reduction.

Portfolio Pulse from Benzinga Newsdesk

August 02, 2024 | 11:49 am

AMD

INTC

NVDA

TSM

Intel shares plummeted 21% in pre-market trading following disappointing Q2 results, a 15% workforce reduction, and dividend suspension. This marks Intel's worst drop since 2000, potentially losing $25 billion in market value. The company struggles to compete with TSMC, Nvidia, and AMD.

Portfolio Pulse from Benzinga Neuro

August 02, 2024 | 11:35 am