Category: Finance News (Page 2 of 474)

This Massive US Company Will Now Close 200 Facilities

This massive US company will now close 200 facilities, part of a plan to reduce its labor needs and save $3 billion by 2028.

UPS aims to close around 200 U.S. facilities as it shifts more volume into a growing number of automated package hubs, a top executive said during the logistics giant’s investor and analyst conference Tuesday.

The company is consolidating locations as part of its “Network of the Future” initiative, which aims to reduce UPS’ reliance on manual labor in its package sortation operations and save $3 billion by the end of 2028, said Nando Cesarone, EVP and President U.S.

Additionally, UPS is closing 40 sorts this year — up from 30 in 2023 — and seeks to automate other aspects of its operations, such as dispatching for package cars and feeder trucks moving volume in its network.

“Network of the Future is targeting all activities for automation within our four walls,” Cesarone said.

“These building consolidations and automations yield real savings.

For example, we’ll have fewer feeder runs.

We’ll be able to eliminate both a.m. and p.m. ground and air feeds in many, many locations.”

Examples of UPS’ cost-saving efforts, according to an investor presentation, include consolidating four facilities in Massachusetts, Connecticut and Rhode Island into nearby hubs.

The company also plans to shutter its Chalk Hill facility in Texas and its New York Capital Village Center hub while modernizing nearby facilities to help handle volume growth.

Facility consolidation will lower UPS’ cost to serve customers while improving its volume-per-resource ratio, Cesarone said.

That ratio is calculated as the average daily volume divided by U.S. employees.

The ratio was 51 in 2023, and UPS wants it to increase to about 59 in 2026.

At the same time, UPS will invest in 63 automation projects throughout the country to support projected volume growth in a less labor-intensive manner.

The logistics giant aims to more than triple the number of automated buildings in its network by the end of 2028, growing to 400 facilities, Cesarone said.

The large majority of automation projects will be completed in existing buildings, while 10 will come from newly built locations.

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Market News Today - This Massive US Company Will Now Close 200 Facilities.
Market News Today – This Massive US Company Will Now Close 200 Facilities.

A famous game retailer now begins layoffs as sales fall and competition grows from streaming services, the company confirms.

GameStop said Tuesday in a regulatory filing that it recently eliminated an undisclosed number of jobs as a cost-saving measure.

The move comes as the video game retailer reported double-digit net sales declines in the fourth quarter and for the full year ending February 3.

Fourth-quarter net sales fell more than 19% year over year to $1.79 billion from $2.23 billion last year.

Net income for Q4 rose 31% to $63.1 million, up from $48.2 million, but gross profit fell 16% to $419.2 million, down from $499.8 million a year earlier, the company said.

The company reported net sales for the full year fell 11% to $5.27 billion from $5.93 billion the prior year.

It swung to a net income of $6.7 million from a net loss of $313 million in the year-ago period.

GameStop said this week it had about 8,000 full-time salaried and hourly employees and between 13,000 and 18,000 part-time, hourly workers globally, depending on the time of year, as a result of the seasonal nature of the business.

A mix shift in software sales, fewer large game console releases, declining hardware sales and the growth of subscription services contributed to GameStop’s Q4 and full-year sales declines despite an extra week on the calendar, Wedbush analysts led by Michael Pachter said in a Wednesday note.

“With its current cash balance, GameStop can weather $100 million of annual losses for a decade or more.

However, should its revenues decline by $150 – 200 million per year (which we think is highly likely given its lack of clear strategy to replace lost games sales), it may have trouble trimming costs fast enough to stem the growth of its losses.

If we’re right, GameStop has a likely runway of no more than five years,” Pachter said.

“We see nothing in their ‘strategy’ that will stop the revenue declines and nothing in their investment plans that will allow them to survive for more than a decade,” Pachter said.

“We expect them to keep losing more money each year and eventually shut down.”

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Also Read: A Massive Discount Retailer Is Now Closing 600 Stores

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A Famous Game Retailer Now Begins Layoffs As Sales Fall

A famous game retailer now begins layoffs as sales fall and competition grows from streaming services, the company confirms.

GameStop said Tuesday in a regulatory filing that it recently eliminated an undisclosed number of jobs as a cost-saving measure.

The move comes as the video game retailer reported double-digit net sales declines in the fourth quarter and for the full year ending February 3.

Fourth-quarter net sales fell more than 19% year over year to $1.79 billion from $2.23 billion last year.

Net income for Q4 rose 31% to $63.1 million, up from $48.2 million, but gross profit fell 16% to $419.2 million, down from $499.8 million a year earlier, the company said.

The company reported net sales for the full year fell 11% to $5.27 billion from $5.93 billion the prior year.

It swung to a net income of $6.7 million from a net loss of $313 million in the year-ago period.

GameStop said this week it had about 8,000 full-time salaried and hourly employees and between 13,000 and 18,000 part-time, hourly workers globally, depending on the time of year, as a result of the seasonal nature of the business.

A mix shift in software sales, fewer large game console releases, declining hardware sales and the growth of subscription services contributed to GameStop’s Q4 and full-year sales declines despite an extra week on the calendar, Wedbush analysts led by Michael Pachter said in a Wednesday note.

“With its current cash balance, GameStop can weather $100 million of annual losses for a decade or more.

However, should its revenues decline by $150 – 200 million per year (which we think is highly likely given its lack of clear strategy to replace lost games sales), it may have trouble trimming costs fast enough to stem the growth of its losses.

If we’re right, GameStop has a likely runway of no more than five years,” Pachter said.

“We see nothing in their ‘strategy’ that will stop the revenue declines and nothing in their investment plans that will allow them to survive for more than a decade,” Pachter said.

“We expect them to keep losing more money each year and eventually shut down.”

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Also Read: A Massive Discount Retailer Is Now Closing 600 Stores

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Market News Today - A Famous Game Retailer Now Begins Layoffs As Sales Fall.
Market News Today – A Famous Game Retailer Now Begins Layoffs As Sales Fall.

A popular radio company now declares an unexpected bankruptcy after reporting $1M to $10 million in debt with the same range of assets.

High Plains Radio Network, a company that operates stations in Texas, Arkansas and New Mexico, has filed for Chapter 11 bankruptcy.

The company said in its filing that funds would be available for unsecured creditors.

High Plains Radio Network has not outlined a financing plan for its bankruptcy or any plans for how it intends to move forward, reports TheStreet.

High Plains Radio Network Founder Monte Spearman has more than 30 years of broadcast experience working in small markets.

He said that while local radio remains essential, especially in smaller markets, the operating conditions have become challenging.

“The rules of radio ownership have changed, retail has changed, and digital competitors have changed advertising,” he posted on the HPRN website.

“Don’t get me wrong, research confirms that 90% of Americans still listen to broadcast radio every week.

Even with new audio competitors, the magic of providing local information, news, and entertainment on local radio still works for listeners and for advertisers.”

Spearman built his company with a lower cost structure than local radio stations traditionally have.

“The goal for me was to stay local, but to significantly reduce operating costs,” he said.

“Many of my friends in the radio business told me I could do one or the other, but not both! I was not convinced!

I knew a large part of the answer for increased efficiency and cost reduction was in the better and more creative use of existing technology.

Through trial and error and helpful employees, that has proven to be true for our HPR Network.”

He was successful in doing that, but that was not enough to operate profitability.

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Market News Today - A Famous Game Retailer Now Begins Layoffs As Sales Fall.
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This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

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11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



A Popular Radio Company Now Declares An Unexpected Bankruptcy

A popular radio company now declares an unexpected bankruptcy after reporting $1M to $10 million in debt with the same range of assets.

High Plains Radio Network, a company that operates stations in Texas, Arkansas and New Mexico, has filed for Chapter 11 bankruptcy.

The company said in its filing that funds would be available for unsecured creditors.

High Plains Radio Network has not outlined a financing plan for its bankruptcy or any plans for how it intends to move forward, reports TheStreet.

High Plains Radio Network Founder Monte Spearman has more than 30 years of broadcast experience working in small markets.

He said that while local radio remains essential, especially in smaller markets, the operating conditions have become challenging.

“The rules of radio ownership have changed, retail has changed, and digital competitors have changed advertising,” he posted on the HPRN website.

“Don’t get me wrong, research confirms that 90% of Americans still listen to broadcast radio every week.

Even with new audio competitors, the magic of providing local information, news, and entertainment on local radio still works for listeners and for advertisers.”

Spearman built his company with a lower cost structure than local radio stations traditionally have.

“The goal for me was to stay local, but to significantly reduce operating costs,” he said.

“Many of my friends in the radio business told me I could do one or the other, but not both! I was not convinced!

I knew a large part of the answer for increased efficiency and cost reduction was in the better and more creative use of existing technology.

Through trial and error and helpful employees, that has proven to be true for our HPR Network.”

He was successful in doing that, but that was not enough to operate profitability.

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Also Read: A Giant Company Now Announces Unexpected Layoffs in California

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Market News Today - A Popular Radio Company Now Declares An Unexpected Bankruptcy.
Market News Today – A Popular Radio Company Now Declares An Unexpected Bankruptcy.

A healthcare service company now announces unexpected layoffs, a response due to a sudden drop in demand, sources confirm.

Siemens Healthineers said last week that it plans to close its fast track diagnostics unit in response to a significant drop in demand, becoming the latest medtech company to make cuts this year.

The unit provides polymerase chain reaction (PCR) testing products, mainly in Europe.

Demand for the products peaked during the COVID-19 pandemic but has fallen away since then, reports MedTech Dive.

Closing the unit will affect around 90 employees, most of whom work in Luxembourg.

Siemens, which has laid off U.S. diagnostics staff as part of a wider restructuring, is aiming to complete the closure in September.

Siemens discusses “syndromically grouped real-time PCR multiplex kits” on the fast track diagnostic page of its website.

The kits serve an important clinical need, Siemens said, because they allow physicians to “order a test from the lab covering probable pathogenic causes — virus, bacteria, fungi or parasite — at the same time, in one run.”

Siemens sees the tests as a way to quickly reach a diagnosis and save money.

However, the unit is a “minor player in the molecular diagnostics space,” the company said in its notice about the closure, and provides a “very small part of the overall revenue” of Siemens’ diagnostics segment.

Those factors informed Siemens’ decision to close the unit.

Siemens reached the decision after carrying out a strategic review of portfolio contributions and market opportunities.

The review follows a wider restructuring of the diagnostics business.

Siemens laid off 300 people in New Jersey last year as part of changes intended to achieve 300 million euros in “cost out measures” by 2025.

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Market News Today - A Popular Radio Company Now Declares An Unexpected Bankruptcy.
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A Giant Company Now Announces Unexpected Layoffs in Kentucky

A giant company now announces unexpected layoffs in Kentucky, affecting hundreds of workers, according to the Economic Growth Alliance.

Worker Adjustment and Retraining Notification Notice (WARN) shows that 230 employees will be let go from Pride Mine, formerly known as Survant Mine.

The official layoffs in Kentucky are happening on Monday April 29.

At one point, Muhlenberg County was made up of coal mines and coal miners.

Back in 2006, eight mines were in operation, producing 4.2 million tons of coal that year.

Now, the final mine will be shutting down.

Mega Executive Director Ray Hagerman says as mines have closed, the county has focused on bringing in manufacturing jobs to replace coal mining jobs lost.

Still, it’s never easy to have this many people learning they’ll be out of a job this spring, reports 14 News.

“We’re actually negotiating a potential deal right now to come close to replacing that number of jobs, but you never really can replace those jobs, especially if you’re one of those people effected, so our hearts go out to them certainly for that,” said Hagerman.

Hagerman says some employees will likely stay on after May 1 to help close, but he hasn’t seen anything in writing yet.

“We still don’t know exactly why the mine is closing.”

American Consolidated Natural Resources Inc. owns Pride Mine.

The outlet reports that they have ignored multiple attempts to get ahold of them to find out why they decided to close the mine down.

Other businesses laying off in Kentucky include:

  • Guess? Inc. 200 job cuts by 5/6.
  • Wolverine Worldwide 502. 150 job cuts by 5/3.
  • Computer World Services, Corp (CWS). 63 job cuts by 3/29.
  • Piston Automotive. 52 job cuts by 4/19.

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Also Read: A Healthcare Service Company Now Announces Unexpected Layoffs

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Market News Today - A Giant Company Now Announces Unexpected Layoffs in Kentucky.
Market News Today – A Giant Company Now Announces Unexpected Layoffs in Kentucky.

A massive company now says they need more immigrant workers due to a labor shortage in an industry Americans are not willing to fill.

Tilson Custom Home Builders CEO Eddie Martin says his company can’t build as many homes as he’d like in Texas because his contractors don’t have enough workers — particularly skilled tradespeople such as electricians, carpenters and plumbers.

This labor shortage, exacerbated by an aging workforce and growing number of retirements, means it’s more crucial than ever for the US to allow more legal immigrants into the country to bolster the ranks of the construction industry, said Martin, CEO of Tilson Custom Home Builders in Austin.

“We’re losing business. There’s no doubt,” said Martin, whose wife’s family started the company in 1932.

“So many of those skilled workers are aging out. There’s nobody replacing them.”

Martin works with 300 contractors to build homes for teachers, police officers, firefighters and others in the middle class, with 500 units currently in the pipeline.

But he now has to tell ‘would-be clients’ that it will likely take 14 months to complete the job, instead of nine months, which prompts some of them to walk away.

If the contractors could boost their workforces by a third, Tilson says he could probably build another 175 homes a year.

Martin, along with many others in the residential and commercial construction industries, have been pushing Congress for years to create a new work visa program or expand existing ones, such as the H-2B program, to enable them to hire more immigrants.

Some would also like to accelerate work authorizations of asylum seekers so they can start training sooner instead of having to wait 180 days, as required by federal law.

The need is growing as the demand for housing increases and as federal infrastructure funding is injected into communities across the country — at a time when fewer young Americans are choosing construction as a career.

President Joe Biden has recently pushed several initiatives to lower housing costs and increase supply, including at a campaign stop in Nevada on Tuesday, reports CNN Business.

But the toxic politics surrounding the border is currently seizing up the passage of new immigration legislation in Congress, quashing any hope of allowing more documented immigrants to build homes, apartment buildings, retail developments and infrastructure projects anytime soon, says the outlet.

“Our issues most likely won’t be addressed until the situation at the southern border is addressed,” said Jim Young, senior director of congressional relations for the Associated General Contractors of America, which advocates for the commercial and multifamily construction industry.

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Market News Today - A Giant Company Now Announces Unexpected Layoffs in Kentucky.
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Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter)InstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

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11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



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