Streetbeat News

Labor Issues

BHP

BHP (NYSE:BHP) announced a 20% reduction in employee incentives after missing performance goals, facing a $2.5 billion impairment charge on its nickel business, and additional costs from the Samarco dam disaster. The company also faces internal challenges, including labor issues and unmet gender balance goals.

Portfolio Pulse from Stjepan Kalinic

July 05, 2024 | 3:02 pm

FWRD

YELL

YRCW

Forward Air has appointed Jamie Pierson as its permanent CFO and James Faught as its Chief Accounting Officer. Pierson previously held senior roles at MV Transportation, Ecobat Technologies, and YRC Worldwide. Faught was formerly CFO at EVO Transportation and Chief Accounting Officer at Yellow Corporation.

Portfolio Pulse from Benzinga Newsdesk

July 05, 2024 | 3:01 pm

FDX

MSFT

Microsoft has conducted another round of layoffs, affecting various teams and regions. This is the third round of layoffs by the company in 2024, aimed at maintaining profit margins amid increased capital spending for AI applications. The tech industry, including companies like Tesla, Meta, and Google, is seeing a trend of workforce reductions to streamline operations and cut costs.

Portfolio Pulse from Benzinga Neuro

July 05, 2024 | 2:59 pm

ALK

IYT

JETS

Alaska Airlines flight attendants are set to receive a 32% pay raise as part of a new three-year tentative labor agreement. This agreement includes boarding pay, enhanced holiday and overtime pay, and 20 months of retroactive pay. The deal awaits ratification by the Association of Flight Attendants (AFA) union members. Alaska Air reported a 2% year-over-year revenue growth for Q1 FY2024, beating consensus estimates. ALK shares have lost over 25% in the last 12 months.

Portfolio Pulse from Shivani Kumaresan

July 03, 2024 | 2:09 pm

ADP

QQQ

UUP

The ADP National Employment Report revealed that U.S. private employers added 150,000 jobs in June, falling short of expectations and marking the third consecutive month of reduced job growth. The report indicates a cooling labor market, with notable job gains in leisure and hospitality but contractions in natural resources, mining, and manufacturing. The U.S. Dollar Index remained steady, and U.S. equity futures were flat following the report.

Portfolio Pulse from Piero Cingari

July 03, 2024 | 12:27 pm

Nippon Steel's Vice Chairman, Takahiro Mori, is set to visit the U.S. to continue discussions on the $15 billion acquisition of U.S. Steel (NYSE:X). Despite support from U.S. Steel's management, the deal faces opposition from the White House and the United Steelworkers union. The acquisition, initially expected to close by mid-2024, may be delayed due to political resistance and ongoing investigations.

Portfolio Pulse from Benzinga Neuro

July 03, 2024 | 10:06 am

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CRLBF

Cannabis workers at Cresco Labs' Joliet, Illinois facility voted to leave their union, resulting in 15% raises and eligibility for stock options. This move reflects a broader trend of de-unionization in the cannabis industry, similar to other sectors like retail and manufacturing. Cresco's Massachusetts facility also recently de-unionized. Despite this, other cannabis companies continue to see unionization efforts.

Portfolio Pulse from Nina Zdinjak

July 02, 2024 | 6:32 pm

APIE

DFIV

HSBC

HSBC Holdings Plc (NYSE:HSBC) is implementing cost-cutting measures, including slowing hiring and reducing travel and entertainment expenses for investment bankers, as it prepares for a new CEO. The bank is also managing costs in anticipation of potential interest rate cuts by central banks. HSBC's stock has gained over 9% in the last 12 months, and investors can gain exposure through ETFs like Dimensional International Value ETF (NYSE:DFIV) and Trust For Professional Managers ActivePassive International Equity ETF (NYSE:APIE).

Portfolio Pulse from Shivani Kumaresan

July 02, 2024 | 2:41 pm

ITA

PPA

SPR

Investors are closely watching Boeing's (NYSE:BA) acquisition of Spirit AeroSystems (NYSE:SPR) and its impact on Boeing's CEO search. Potential candidates include Spirit's CEO Patrick Shanahan, Boeing COO Stephanie Pope, and board chair Steve Mollenkopf. Shanahan's tenure at Spirit has faced challenges, including a 737 MAX incident and workforce layoffs. Boeing's stock has declined over 11% in the past year, and the acquisition is set to close by mid-2025.

Portfolio Pulse from Shivani Kumaresan

July 02, 2024 | 2:31 pm

INTC

SSNLF

TSM

The Biden administration has launched a new program to develop the U.S. computer-chip workforce, utilizing part of the $5 billion federal funding allocated for the National Semiconductor Technology Center (NSTC). This initiative aims to prevent a labor shortage that could hinder domestic semiconductor production. Major recipients of Chips Act funding include Intel Corp. (NASDAQ: INTC), Taiwan Semiconductor Manufacturing Co. (NYSE: TSM), Samsung Electronics Co Ltd (OTC: SSNLF), and Micron Technology Inc. (NASDAQ: MU).

Portfolio Pulse from Shivani Kumaresan

July 02, 2024 | 1:20 pm