Streetbeat News

Labor Issues

AAL

ALK

IYT

JETS

Alaska Airlines (ALK) and its flight attendants' union have reached a tentative agreement for a record contract, which will undergo review and a member ratification vote. This development is seen as a positive step for the airline's workforce and may set a precedent for future industry negotiations. In contrast, American Airlines (AAL) is facing challenges in its contract negotiations with its flight attendants. ALK reported better-than-expected Q1 FY24 revenue and EPS. ALK shares are trading higher by 1.75%. Investors can gain exposure via JETS and IYT ETFs.

Portfolio Pulse from Shivani Kumaresan

June 24, 2024 | 3:07 pm

CSCO

DELL

EXPE

GOOG

MSFT

PYPL

TSLA

XRX

In 2024, the U.S. tech industry has seen significant layoffs, with Tesla leading the charge by reducing its workforce by 14%. Other companies like Dell, Cisco, Xerox, PayPal, Microsoft, Unity, Wayfair, Expedia, and Google have also announced substantial layoffs. These workforce reductions reflect broader industry challenges and strategic realignments.

Portfolio Pulse from Surbhi Jain

June 24, 2024 | 2:20 pm

Moelis & Company announced the resignation of Jonathan Kaye following an incident where he was involved in a physical altercation. This development could impact the company's reputation and investor confidence.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 2:18 pm

BABA

PDD

TCEHY

Chinese tech workers are facing intense pressure and overtime demands amid slow company growth and layoffs. JD.com founder Richard Liu warned employees against prioritizing work-life balance, indicating a push to eliminate underperforming IT engineers. Companies like Pinduoduo are being seen as models for rigorous work hours. Alibaba and Tencent have also laid off thousands of staff since 2021.

Portfolio Pulse from Benzinga Neuro

June 24, 2024 | 12:41 pm

TSLA

Tesla has reduced its workforce by at least 14% this year, surpassing Elon Musk's earlier statement that layoffs would exceed 10%.

Portfolio Pulse from Benzinga Newsdesk

June 21, 2024 | 7:22 pm

JPM

JPMorgan Chase is expanding its presence in South Florida by doubling its office space in downtown Miami and opening a new office in West Palm Beach. The expansion will add capacity for 400 additional employees and create over 380 local construction jobs annually. The firm also plans to open three new J.P. Morgan-branded branches in Palm Beach County next year.

Portfolio Pulse from Benzinga Newsdesk

June 21, 2024 | 3:33 pm

XOM

CGT Union members have blocked trucks from leaving Exxon Mobil's Port Jerome refinery due to a strike, affecting petrol transportation. The action will continue until management resumes negotiations.

Portfolio Pulse from Benzinga Newsdesk

June 21, 2024 | 3:06 pm

AAL

American Airlines (NASDAQ:AAL) shares experienced volatility on Friday amid potential labor unrest as unionized flight attendants threaten to strike due to unresolved contract negotiations. Despite the tension, AAL shares are trading slightly higher. The airline has also lowered its earnings and operating margin forecasts for the second quarter.

Portfolio Pulse from Shivani Kumaresan

June 21, 2024 | 2:48 pm

XOM

Exxon Mobil has announced that a strike may impact its ability to supply certain products. This could potentially disrupt the supply chain and affect the company's short-term performance.

Portfolio Pulse from Benzinga Newsdesk

June 21, 2024 | 2:34 pm

XOM

Exxon Mobil has halted some chemical manufacturing units, including a steam cracker, at its French Port Jerome refinery due to a strike. However, refining operations at the site remain unaffected, and the company is committed to honoring its fuel supply contracts.

Portfolio Pulse from Benzinga Newsdesk

June 21, 2024 | 2:34 pm