Streetbeat News

Labor Issues

CBUS

Cibus has announced a strategic realignment that includes an immediate reduction of approximately 26 full-time employees. The company estimates incurring around $0.35 million in one-time costs in Q4 2024 related to this workforce reduction, primarily for accrued vacation and severance payments.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2024 | 8:29 pm

NOK

T

VZ

Nokia's stock rebounded on Friday after a disappointing quarterly report. The company reported an 8% decline in net sales, missing estimates, and faced challenges in North America and China. Nokia is focusing on data centers and defense for growth and plans significant job cuts to save costs.

Portfolio Pulse from Anusuya Lahiri

October 18, 2024 | 7:11 pm

NOK

Nokia shares are rebounding after a decline due to disappointing Q3 results. The company plans to cut jobs in China and Europe.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2024 | 4:11 pm

BA

GCAD

SPR

Spirit AeroSystems is implementing a 21-day furlough for 700 employees due to the ongoing Boeing strike, with potential layoffs if the strike continues. The company is taking cost-saving measures, including a hiring freeze and travel restrictions.

Portfolio Pulse from Nabaparna Bhattacharya

October 18, 2024 | 4:07 pm

STLA

Stellantis plans to close and sell its Arizona Proving Grounds as part of cost-cutting measures. The facility, used for vehicle testing, will be shuttered by the end of the year. Stellantis will use Toyota's proving grounds in Arizona starting next year. The decision is part of broader efforts to optimize operations amid financial pressures.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2024 | 3:32 pm

BA

SPR

Spirit Aerosystems is implementing 21-day furloughs for 700 workers on the 767 and 777 programs starting October 28 due to a Boeing strike. If the strike continues beyond November, Spirit plans to enact layoffs and additional furloughs.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2024 | 12:32 pm

META

Meta Platforms Inc. (NASDAQ:META) has terminated 24 employees in Los Angeles for misusing meal credits to purchase non-food items. This action is part of a broader restructuring effort aimed at increasing efficiency across its platforms.

Portfolio Pulse from Rounak Jain

October 18, 2024 | 11:40 am

NET

Cloudflare, Inc. (NYSE:NET) has opened a new headquarters and technical hub in Lisbon, Portugal, to support its expanding EMEA operations. The company plans to significantly grow its workforce in Lisbon, where it has already increased from 14 to over 350 employees since 2019.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2024 | 8:04 am

NYCB

Flagstar Bank, a subsidiary of New York Community Bancorp, is cutting 8% of its workforce as part of a strategic transformation and cost-cutting initiative.

Portfolio Pulse from Benzinga Newsdesk

October 18, 2024 | 6:31 am

AMZN

SPOT

Amazon's AWS CEO, Matt Garman, defends the new five-day in-office policy, suggesting employees opposed to it can seek other jobs. This policy shift has caused dissatisfaction among Amazon employees, contrasting with Spotify's flexible work policy.

Portfolio Pulse from Benzinga Neuro

October 18, 2024 | 1:15 am