Streetbeat News

Labor Issues

CMG

Chipotle Mexican Grill (NYSE:CMG) is using an AI tool to reduce hiring time by 75% during peak periods, boosting staffing levels. Despite a 13% revenue increase in Q3, results fell short of expectations, leading to a 5.27% drop in after-hours trading.

Portfolio Pulse from Ananya Gairola

October 30, 2024 | 2:01 am

BA

Three Republican governors are urging Boeing and the union to resume negotiations to end the machinists' strike. Boeing has informed suppliers of an extended halt on most shipments for its 737, 767, and 777 programs due to the strike.

Portfolio Pulse from Benzinga Newsdesk

October 29, 2024 | 8:50 pm

GPRO

GoPro has approved an updated restructuring plan that includes a 26% workforce reduction, resulting in an expected charge of $15.5M-$18.5M.

Portfolio Pulse from Benzinga Newsdesk

October 29, 2024 | 8:24 pm

SPRO

Spero Therapeutics announced that its Phase 2a study of SPR720 did not meet its primary endpoint, leading to the suspension of the program and a 39% workforce reduction. This restructuring will extend the company's cash runway into mid-2026.

Portfolio Pulse from Benzinga Newsdesk

October 29, 2024 | 8:15 pm

TCEHY

UBSFF

Tencent Holdings ADR denied rumors of layoffs and restructuring, while announcing leadership changes. The company clarified that no widespread job cuts are planned, and its subsidiary TiMi Studio Group is actively recruiting. Tencent is also in talks with Guillemot Brothers Ltd. regarding Ubisoft Entertainment SA, potentially leading to a buyout.

Portfolio Pulse from Franca Quarneti

October 29, 2024 | 7:03 pm

V

Visa is planning to lay off around 1,400 employees and contractors as part of a restructuring effort to streamline its international business. The layoffs are expected to occur by the end of the year.

Portfolio Pulse from Benzinga Newsdesk

October 29, 2024 | 6:47 pm

SPY

The USA JOLTS Job Openings for September reported 7.443 million openings, which is below the estimated 7.980 million and the prior 7.861 million. This indicates a potential cooling in the labor market.

Portfolio Pulse from Benzinga Newsdesk

October 29, 2024 | 2:00 pm

VWAGY

Volkswagen AG is planning to close three factories in Germany, leading to job cuts and wage reductions. This move is part of efforts to address challenges faced by the brand. The company is also dealing with high energy and labor costs, and a decline in electric vehicle deliveries.

Portfolio Pulse from Lekha Gupta

October 28, 2024 | 6:24 pm

BA

Boeing Co (NYSE:BA) shares are declining as the company launches a $19 billion stock offering amidst ongoing challenges, including a machinists strike and production halts. The offering aims to improve credit quality and address cash flow issues.

Portfolio Pulse from Adam Eckert

October 28, 2024 | 5:35 pm

VWAGY

Volkswagen plans to close at least three plants in Germany, reduce workforce, and cut pay due to competition in China and high production costs.

Portfolio Pulse from Benzinga Newsdesk

October 28, 2024 | 1:51 pm