Streetbeat News

Labor Issues

LYFT

UBER

Uber and Lyft have reached a settlement with Massachusetts Attorney General Andrea Joy Campbell to provide a minimum pay standard of $32.50 per hour and additional benefits for drivers. The companies will pay $175 million to settle wage and hour law violations, with most funds going to current and former drivers. This agreement concludes a multi-year litigation and prevents changes to state employment law through a 2024 ballot initiative.

Portfolio Pulse from Shivani Kumaresan

June 28, 2024 | 11:44 am

SPY

Barkin noted that companies have reduced both hiring and firing activities.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2024 | 11:39 am

LYFT

UBER

Uber has reached an agreement with the Massachusetts Attorney General to provide health insurance and minimum pay to its drivers while maintaining their status as independent contractors.

Portfolio Pulse from Benzinga Newsdesk

June 27, 2024 | 8:52 pm

NGVC

Natural Grocers by Vitamin Cottage, Inc. (NYSE:NGVC) announced that CFO Todd Dissinger will retire on December 31, 2024. He will remain in his role until a successor is appointed to ensure a smooth transition. The company will use an executive recruiting firm to find his replacement.

Portfolio Pulse from Benzinga Newsdesk

June 27, 2024 | 8:08 pm

MSFT

Bethesda Game Studios Montreal, a subsidiary of Microsoft Corp. (NASDAQ:MSFT), has announced plans to unionize under the Communications Workers of America (CWA) Canada. This move is part of a broader trend of unionization within the video game industry, which has seen significant challenges including mass layoffs and studio closures.

Portfolio Pulse from Franca Quarneti

June 27, 2024 | 7:29 pm

CVX

PSX

About 60 workers represented by IAM Local 1293 are on strike for a fair contract at Performance Pipe, a division of Chevron Phillips Chemical, in Iowa.

Portfolio Pulse from Benzinga Newsdesk

June 27, 2024 | 4:32 pm

ADBE

CRM

CVS

GS

META

QQQ

SPY

The U.S. economy saw a modest GDP growth of 1.4% in Q1 2024, slightly up from the previous estimate but down from Q4 2023. Consumer spending weakened, and continuing jobless claims hit nearly 3-year highs. The S&P 500 and tech stocks showed slight gains, while CVS Health and Goldman Sachs lagged.

Portfolio Pulse from Piero Cingari

June 27, 2024 | 2:34 pm

SPY

Atlanta Fed's Bostic discusses housing costs, labor market, and economic activity. He is confident that shelter inflation will decrease and notes a 'loosening' labor market. GDP and job market data suggest an 'orderly deceleration' to balance supply and demand and lower inflation.

Portfolio Pulse from Benzinga Newsdesk

June 27, 2024 | 2:02 pm

LYFT

UBER

Massachusetts has approved a measure that classifies Uber and Lyft drivers as independent contractors. This decision could have significant implications for the business models of both companies.

Portfolio Pulse from Benzinga Newsdesk

June 27, 2024 | 1:52 pm

AEP

CTRI

Centuri Holdings announced that Bill Fehrman will step down as President and CEO to become the CEO of American Electric Power (AEP). Paul Caudill has been named Interim President and CEO of Centuri. Fehrman will continue in his current role until July 31, 2024, and will remain on Centuri's Board of Directors until a permanent CEO is appointed.

Portfolio Pulse from Benzinga Newsdesk

June 26, 2024 | 9:19 pm