Streetbeat News

Labor Issues

F

SCHD

VLUE

Ford Motor Co (NYSE:F) announced further job cuts at its Valencia, Spain, assembly plant, totaling up to 1,600 positions. This follows a previous reduction of 1,100 staff last year. The plant will transition to producing a new hybrid passenger car by 2027. Ford shares are trading lower by 1.57% at $11.89. Investors can gain exposure to Ford stock via Schwab U.S. Dividend Equity ETF (NYSE:SCHD) and IShares MSCI USA Value Factor ETF (BATS:VLUE).

Portfolio Pulse from Shivani Kumaresan

June 13, 2024 | 3:22 pm

META

Meta Platforms (NASDAQ:META) is planning further job cuts, particularly targeting its vice presidents, as part of its 'year of efficiency' goals. The company aims to reduce the number of vice presidents from 300 to 250. Despite these cuts, Meta's stock has been performing well, up 87% over the last year and 43% year-to-date in 2024.

Portfolio Pulse from Chris Katje

June 13, 2024 | 2:31 pm

SBUX

The U.S. Supreme Court has ruled in favor of Starbucks in a case involving fired Memphis workers who sought to join a union. This decision could have significant implications for labor relations and unionization efforts within the company.

Portfolio Pulse from Benzinga Newsdesk

June 13, 2024 | 2:22 pm

F

Ford Motor Co (NYSE:F) has been actively recruiting talent from Rivian, Tesla, Apple, and other companies to build its low-cost EV team. The team has grown to around 300 employees, including significant hires from Rivian, Tesla, Canoo, Lucid, and Apple's disbanded Car team. Ford's acquisition of Auto Motive Power (AMP) in late 2023 added over 100 employees to the team. Ford aims to create lower-cost EVs to meet customer demand and compete with Tesla and Chinese EV makers. Despite increased EV sales, Ford expects its EV division to post a significant EBIT loss in 2024.

Portfolio Pulse from Anan Ashraf

June 13, 2024 | 1:21 pm

VYGR

Voyager Therapeutics, Inc. (NASDAQ:VYGR) has appointed Nathan Jorgensen, Ph.D., MBA, as Chief Financial Officer (CFO), effective July 8, 2024. Jorgensen brings extensive experience in investment banking, healthcare investing, sell-side research, and operational roles in biotech, with a focus on neuroscience. He was previously CFO at Vor Biopharma Inc.

Portfolio Pulse from Benzinga Newsdesk

June 13, 2024 | 11:20 am

BRNS

Barinthus Bio is prioritizing the development of VTP-300 for chronic Hepatitis B and VTP-1000 for celiac disease. This strategic shift will result in a 25% workforce reduction and extend the company's cash runway into Q2 2026.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 8:02 pm

META

Meta Platforms Inc. (META) is reportedly seeing a number of its Vice Presidents being squeezed out as CEO Mark Zuckerberg enforces a 'permanent' efficiency mode. This move is part of a broader strategy to streamline operations and cut costs.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 7:56 pm

SPY

Jeffrey Gundlach of Doubleline Capital expressed less confidence in a rate cut this year, noting a weakening labor market and high prices affecting needs-based parts of the economy. He highlighted that inflation impacts vary by lifestyle and that the market is relieved that rate hikes are not being considered.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 7:33 pm

MSFT

TTWO

Sumo Group, owned by Tencent Holdings Ltd, announced layoffs affecting 15% of its workforce, impacting around 250 employees. This decision is part of a broader trend in the gaming industry, with companies like Take-Two Interactive, Microsoft, and Square Enix also announcing layoffs.

Portfolio Pulse from Franca Quarneti

June 12, 2024 | 7:02 pm

C

Citi's Head of Wealth, Andy Sieg, announced that the company is still hiring for key roles despite recent departures. These departures are attributed to a self-examination and rigorous review process. Investors have expressed disappointment with the unit's returns.

Portfolio Pulse from Benzinga Newsdesk

June 12, 2024 | 6:43 pm