Streetbeat News

Labor Issues

INTC

Intel (INTC) has announced a $10 billion cost reduction plan aimed at increasing efficiency and market competitiveness. The plan includes a more than 15% headcount reduction to resize and refocus the company.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2024 | 8:04 pm

GM

General Motors (GM) has announced a change in its performance rating system for salaried employees, aiming to better identify high and low performers. This change was reported by Reuters, citing an internal memo.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2024 | 7:34 pm

WW

WW International shares are trading lower after the company reported a Q2 earnings miss, cut its FY24 guidance, and announced a force reduction.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2024 | 3:53 pm

AMZN

DIS

IVE

IWD

NFLX

Disney plans to cut 140 jobs in its TV division, focusing on streaming investments. NatGeo and Freeform will see significant staff reductions. Disney's entertainment TV networks contributed 12% of total revenue last quarter. Meanwhile, Disney's 'Deadpool & Wolverine' movie set a record for an R-rated film. Amazon Prime Video and Netflix dominate the U.S. SVOD market.

Portfolio Pulse from Anusuya Lahiri

August 01, 2024 | 12:57 pm

WW

WW International announced a reduction in force plan that will eliminate certain positions and terminate employment for some employees worldwide. The company expects to record restructuring charges between $12 million to $15 million in the second half of fiscal 2024 and anticipates $100 million in annual run-rate cost savings from the restructuring plan.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2024 | 11:10 am

SAVE

Spirit Airlines is on track to achieve $100 million in annual run-rate cost savings, with $75 million expected by the end of 2024. The company is implementing various cost-saving initiatives, including suspending recruitment, offering voluntary unpaid leaves, and realigning its network by exiting 42 markets and adding 77 new ones. Additionally, Spirit has deferred aircraft orders with Airbus to 2030-2031.

Portfolio Pulse from Benzinga Newsdesk

August 01, 2024 | 9:56 am

LAB

Standard BioTools announced that CFO Jeffrey Black will resign effective August 31, 2024. Alex Kim, the COO and co-founder, will serve as interim CFO starting September 1, 2024. The company is searching for a permanent successor.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2024 | 10:22 pm

HLVX

HilleVax plans to reduce its workforce by approximately 40%, affecting around 41 employees. This move aims to preserve cash while continuing the development of its HIL-214 and HIL-216 norovirus vaccine candidates and related business activities.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2024 | 8:05 pm

SPY

Fed Chair Jerome Powell stated that the Federal Reserve is well-positioned to respond to any economic weakness, although none is currently observed. He noted that there is plenty of room to act if such weakness arises. Wage gains remain high, and data indicates that the labor market is normalizing, though job vacancies are still high by historical standards.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2024 | 7:02 pm

SPY

STLA

The United Auto Workers (UAW) union has endorsed Vice President Kamala Harris over former President Donald Trump. This endorsement could influence the automotive industry and related stocks.

Portfolio Pulse from Benzinga Newsdesk

July 31, 2024 | 6:22 pm