Streetbeat News

Labor Issues

AGCO

DSMC

KROP

AGCO Corporation (NYSE:AGCO) shares are trading lower due to the announcement of a restructuring program aimed at addressing weakening demand in the agriculture industry. The program includes a 6% reduction in the salaried workforce and is expected to incur charges of $150 million to $200 million, with anticipated annual cost savings of $100 million to $125 million. AGCO stock has lost over 25% in the past year. Investors can gain exposure to AGCO via Global X AgTech & Food Innovation ETF (NASDAQ:KROP) and ETF Series Solutions Distillate Small/Mid Cash Flow ETF (NYSE:DSMC).

Portfolio Pulse from Nabaparna Bhattacharya

June 25, 2024 | 5:07 pm

Nippon Steel's $14.9 billion bid to acquire U.S. Steel faces significant opposition from the United Steelworkers union and political figures, including President Biden and former President Trump. The union is concerned about potential job losses and plant closures, despite Nippon's promises. The deal's future is uncertain, with ongoing investigations and political pressure.

Portfolio Pulse from Benzinga Newsdesk

June 25, 2024 | 4:51 pm

AGCO

AGCO plans a restructuring program in response to weakening demand in the agriculture industry, expecting to reduce its salaried workforce by up to 6%. The company anticipates one-time termination benefits costs of $150 million to $200 million, with most charges incurred in 2024 and the first half of 2025. Annual cost savings are projected to be $100 million to $125 million once fully implemented.

Portfolio Pulse from Benzinga Newsdesk

June 25, 2024 | 11:28 am

AAPL

Apple Inc. (NASDAQ:AAPL) is facing challenges in its plan to reduce its iPhone assembly workforce by up to 50% due to precision issues with robots. The move towards automation is influenced by past supply chain disruptions and labor issues, but it requires significant investment in machinery.

Portfolio Pulse from Rounak Jain

June 25, 2024 | 11:18 am

NFLX

Netflix Inc. (NASDAQ:NFLX) has updated its 'keeper test' in its corporate culture memo, adding two new questions to better evaluate employees. The test now asks managers if they would fight to keep an employee or hire them again, aiming to foster open communication and overall performance evaluation.

Portfolio Pulse from Benzinga Neuro

June 25, 2024 | 5:43 am

DNA

Ginkgo Bioworks has begun implementing a previously announced restructuring plan, which includes a 35% workforce reduction and aims to cut labor expenses by 25%. The initial phase will incur at least $12 million in severance costs. Further details will be provided in the company's Q2 2024 earnings call and subsequent reports.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 9:24 pm

XAIR

Beyond Air has implemented a capital conservation strategy to reduce cash burn and has reduced its headcount by over 20% since January 1, 2024.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 8:28 pm

AAPL

AMD

CSCO

DELL

GOOG

PYPL

TSLA

WMT

In 2024, Tesla is leading massive layoffs, cutting 14% of its workforce, while Apple and Alphabet are significantly increasing executive salaries. Other companies like Dell, Cisco, PayPal, Zoom, Walmart, and AMD are also mentioned in the context of layoffs or executive pay hikes.

Portfolio Pulse from Surbhi Jain

June 24, 2024 | 7:05 pm

SPY

San Francisco Federal Reserve President Mary Daly has urged tech founders in San Francisco to bring their employees back to the office. Daly emphasized the importance of in-person work for productivity and innovation. This call comes as many tech companies continue to allow remote work, impacting the local economy and commercial real estate market.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 6:54 pm

SPY

Fed's Daly indicates that the risks to inflation and employment are currently balanced. She emphasizes the need for caution in not loosening monetary policy too early or holding it too long. Daly notes that the labor market is strong and there is cautious optimism in the business community, with low initial claims for unemployment insurance.

Portfolio Pulse from Benzinga Newsdesk

June 24, 2024 | 6:45 pm