Breaking News Instant updates and real-time market news.

SCS

Steelcase

$10.06 /

+0.63 (+6.68%)

16:35
03/24/20
03/24
16:35
03/24/20
16:35

Steelcase announces reductions in people costs

The company has temporarily reduced or suspended operations at many of its manufacturing locations and distribution centers around the world, typically in response to government orders related to COVID-19. This currently includes facilities in the U.S., France, India and Malaysia and will soon include Spain and the U.K. The affected U.S. facilities currently include manufacturing and distribution centers in Michigan, California, Pennsylvania and Texas. This will temporarily, but significantly, reduce the company's ability to make and ship products and therefore recognize revenue and generate cash beginning in the Q1 of FY21. Cash outflows related to operating expenses are being reduced by eliminating travel and events, overtime, temporary labor and annual merit increases and scaling back project spending. The company is also taking steps to significantly reduce capital expenditures by delaying longer-term projects. Operating expenses are being further reduced by lowering people costs. This includes temporarily reducing the base pay of the CEO to $1 and of members of the company's executive team by 60%. The Board of Directors has elected to reduce their cash retainer to zero. The actions being taken by the company also include significant reductions in people costs for those plants which reduce or suspend operations. As an example, nearly all of the company's hourly manufacturing and distribution employees in Michigan are beginning a temporary layoff today, and the company has committed to pay the full cost of employee health insurance premiums during this period. In order to conserve capital during this period of disruption, the company announced today that nearly all U.S.-based salaried employees will temporarily take a 50% base pay cut and a similar reduction in hours.The reductions will be less for some lower-paid workers and higher for some higher-paid workers. The company is also taking steps to manage working capital carefully. The company anticipates its finished goods inventory could increase as customers face their own local closures and are unable to receive products. The company's raw material and work in process inventories also could increase as it receives order cancellations. The company is taking steps to work with its customers and anticipate these problems to reduce the potential impact.

  • 25

    Mar

  • 26

    Mar

  • 28

    Apr

  • 29

    Apr

SCS Steelcase
$10.06 /

+0.63 (+6.68%)

10/07/19 Raymond James
Raymond James steps away from three office furniture stocks
10/07/19 Raymond James
Steelcase downgraded to Market Perform from Strong Buy at Raymond James
09/23/19 Raymond James
Steelcase price target raised to $23 from $21 at Raymond James
07/17/19 Seaport Global
Steelcase downgraded to Neutral from Buy at Seaport Global

TODAY'S FREE FLY STORIES

Initiation
Apellis initiated with an Outperform at BMO Capital » 05:08
03/31/20
03/31
05:08
03/31/20
05:08
APLS

Apellis

$28.67 /

+2.43 (+9.26%)

BMO Capital analyst…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Initiation
GFL Environmental initiated with an Outperform at BMO Capital » 05:06
03/31/20
03/31
05:06
03/31/20
05:06
GFL

GFL Environmental

$14.86 /

-0.09 (-0.60%)

BMO Capital analyst Devin…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return in 9 minutes

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Initiation
Kodiak Sciences initiated with an Outperform at BMO Capital » 05:05
03/31/20
03/31
05:05
03/31/20
05:05
KOD

Kodiak Sciences

$50.08 /

+2.29 (+4.79%)

BMO Capital analyst…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Recommendations
Vivint Smart Home price target lowered to $14 from $23 at Imperial Capital » 05:03
03/31/20
03/31
05:03
03/31/20
05:03
VVNT

Vivint Smart Home

$12.20 /

-0.05 (-0.41%)

Imperial Capital analyst…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return in 9 minutes

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Upgrade
Acadia upgraded to Buy from Neutral at Goldman Sachs » 05:02
03/31/20
03/31
05:02
03/31/20
05:02
ACAD

Acadia

$41.35 /

+2.48 (+6.38%)

Goldman Sachs analyst…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Upgrade
Ansell upgraded to Neutral from Underweight at JPMorgan » 04:55
03/31/20
03/31
04:55
03/31/20
04:55
ANSLY

Ansell

$0.00 /

+ (+0.00%)

JPMorgan analyst David…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return in 9 minutes

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Conference/Events
General Mills management to meet with Piper Sandler » 04:55
03/31/20
03/31
04:55
03/31/20
04:55
GIS

General Mills

$54.11 /

+2.32 (+4.48%)

Meetings to be held in…

Meetings to be held in Denver/Portland/Seattle March 30-31 hosted by Piper Sandler.

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Conference/Events
Hannon Armstrong participates in a conference call hosted by B. Riley FBR » 04:55
03/31/20
03/31
04:55
03/31/20
04:55
HASI

Hannon Armstrong

$20.65 /

+0.81 (+4.08%)

Conference call with…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Conference/Events
Piper Sandler consumer goods analysts to hold analyst/industry conference call » 04:55
03/31/20
03/31
04:55
03/31/20
04:55

Consumer Goods Analysts…

Consumer Goods Analysts Miller-Regan and Lavery, along with Bob Goldin, Co-Founder & Senior Partner of Pentallect, Inc., discuss the restaurant, food service and food distribution supply environment industry on an Analyst/Industry conference call to be held on March 31 at 11:40 am.

Conference/Events
UBS industrial goods/airlines analysts hold analyst/industry conference call » 04:55
03/31/20
03/31
04:55
03/31/20
04:55

Industrial Goods Analyst…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

Conference/Events
BioCardia to hold a conference call » 04:55
03/31/20
03/31
04:55
03/31/20
04:55
BCDA

BioCardia

$3.38 /

+0.62 (+22.46%)

Management, along with…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Conference/Events
UBS economist/strategists to hold an analyst/industry conference call » 04:55
03/31/20
03/31
04:55
03/31/20
04:55

Chief U.S. Economist…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

Conference/Events
Equinix participates in a conference call with UBS » 04:55
03/31/20
03/31
04:55
03/31/20
04:55
EQIX

Equinix

$645.33 /

+49.82 (+8.37%)

Telecom & Cable…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Conference/Events
Sharps Compliance management to virtually meet with Roth Capital » 04:55
03/31/20
03/31
04:55
03/31/20
04:55
SMED

Sharps Compliance

$7.43 /

+0.68 (+10.07%)

Virtual Meetings to be…

Virtual Meetings to be held on March 30-April 2 hosted by Roth Capital.

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

General news
4-Week Bill Announcement to be released at 11:00  04:55
03/31/20
03/31
04:55
03/31/20
04:55
 
Conference/Events
TransAlta management to meet with TD Securities » 04:55
03/31/20
03/31
04:55
03/31/20
04:55
TAC

TransAlta

$5.04 /

-0.08 (-1.56%)

Meetings to be held in…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Conference/Events
Exxon Mobil management to meet with Wolfe Research » 04:55
03/31/20
03/31
04:55
03/31/20
04:55
XOM

Exxon Mobil

$37.49 /

+0.57 (+1.54%)

Meetings to be held in…

Meetings to be held in Boston March 30-31 hosted by Wolfe Research.

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Conference/Events
Morgan Stanley media analysts to hold an analyst/industry conference call » 04:55
03/31/20
03/31
04:55
03/31/20
04:55

Media Analyst Swinburne,…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

Conference/Events
JPMorgan LatAm utilities analyst to hold an analyst/industry conference call » 04:55
03/31/20
03/31
04:55
03/31/20
04:55

LatAm Utilities Analyst…

LatAm Utilities Analyst Abdalla provides an update on the Electric/Other Utilities Industries on an Analyst/Industry conference call to be held on March 31 at 9 am.

Conference/Events
CNX Resources participates in a conference call with MKM Partners » 04:55
03/31/20
03/31
04:55
03/31/20
04:55
CNX

CNX Resources

$5.34 /

+0.315 (+6.27%)

Conference call with CEO…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
Conference/Events
Stephens specialty finance analyst to hold analyst/industry conference call » 04:55
03/31/20
03/31
04:55
03/31/20
04:55

Specialty Finance Analyst…

Specialty Finance Analyst Caintic, along with Michael Burdick, Chief Consultant to the California State Assembly Banking & Finance Committee, discuss the goal of the California Assembly in regard to subprime consumer lending in the state on an Analyst/Industry conference call to be held on March 31 at 2 pm.

Conference/Events
Vonage participates in a conference call with Stephens » 04:55
03/31/20
03/31
04:55
03/31/20
04:55
VG

Vonage

$6.94 /

-0.155 (-2.19%)

Conference call with CEO…

Conference call with CEO Masarek and CFO Pearson will be held on March 31 at 1 pm hosted by Stephens.

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Conference/Events
Summit Wireless to host special shareholder meeting » 04:55
03/31/20
03/31
04:55
03/31/20
04:55
WISA

Summit Wireless

$0.34 /

+0.0277 (+8.99%)

Special Shareholder…

Special Shareholder Meeting to approve an amendment to the Company's Certificate of Incorporation to effect a reverse stock split of all of the outstanding shares of common stock will be held in Hillsboro, Oregon on March 31 at 5 pm.

ShowHide Related Items >><<
Conference/Events
Upland Software participates in a conference call with Jefferies » 04:55
03/31/20
03/31
04:55
03/31/20
04:55
UPLD

Upland Software

$25.49 /

+0.98 (+4.00%)

Software & Internet…

Software & Internet Analyst Thill holds a conference call with Chairman & CEO McDonald and CFO Hill on March 31 at 3 pm hosted by Jefferies.

ShowHide Related Items >><<
03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

Conference/Events
Morgan Stanley EU luxury goods analyst to hold analyst/industry conference call » 04:55
03/31/20
03/31
04:55
03/31/20
04:55

European Luxury Goods…

European Luxury Goods Analyst Aubin, along with Oliver Muller, a Swiss watch expert, provides an industry update and outlook on an Analyst/Industry conference call to be held on March 31 at 10 am.

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.