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Labor Issues

BA

ITA

PPA

Boeing Company (NYSE:BA) and a union representing its firefighters have reached a tentative contract agreement, potentially ending a lockout that began in early May. The agreement will be voted on Thursday, and if approved, firefighters will return to work on Saturday. Boeing's stock has declined over 14% in the past year, and the company is also negotiating with the International Association of Machinists and Aerospace Workers (IAM) for a new contract. Boeing's 737 MAX production has decreased due to intensified FAA inspections. Investors can gain exposure to Boeing via IShares U.S. Aerospace & Defense ETF (BATS:ITA) and Invesco Aerospace & Defense ETF (NYSE:PPA).

Portfolio Pulse from Shivani Kumaresan

May 29, 2024 | 11:45 am

SSNLF

Samsung Electronics' union in South Korea has declared its first-ever strike, demanding higher wages and fair treatment. The strike is set to take place on June 7 and is expected to impact all of Samsung's sites in South Korea. This comes at a challenging time for Samsung, which is facing issues with its AI chips and increased competition from SK Hynix.

Portfolio Pulse from Benzinga Neuro

May 29, 2024 | 10:20 am

CPB

Campbell Soup Company (NYSE:CPB) announced a strategic revamp of its supply chain, including the closure of the Tualatin plant and changes at the Jeffersonville plant, impacting 415 jobs. The company will invest $230 million in newer facilities, creating 210 new roles. CPB shares closed 2.47% lower at $44.22.

Portfolio Pulse from Shivani Kumaresan

May 29, 2024 | 9:59 am

AAL

American Airlines has announced that its Executive Vice President and Chief Commercial Officer, Vasu Raja, will be departing the company in June.

Portfolio Pulse from Benzinga Newsdesk

May 28, 2024 | 8:31 pm

IKNA

Ikena Oncology (IKNA) announced a workforce reduction of approximately 53%. This move is likely aimed at cost-saving measures and streamlining operations.

Portfolio Pulse from Benzinga Newsdesk

May 28, 2024 | 8:18 pm

SPY

Federal Reserve's Daly discusses the impact of new technologies on labor, highlighting that they often reallocate labor and create a 'painful gap' for some workers. She also mentions the uncertainty surrounding the impact of generative AI on labor and the economy.

Portfolio Pulse from Benzinga Newsdesk

May 28, 2024 | 5:07 pm

SBUX

Starbucks and Workers United are resuming union negotiations amid challenges such as declining sales and staffing issues. CEO Laxman Narasimhan acknowledged the need for store improvements and better working conditions, aligning with union demands. Starbucks plans to introduce new systems and open its mobile app to non-rewards members to boost traffic.

Portfolio Pulse from Benzinga Newsdesk

May 28, 2024 | 3:35 pm

SPY

TMUS

USM

T-Mobile has acquired US Cellular's wireless operations. Fed's Kashkari comments on the softening US labor market. Saudi Arabia may raise $10B-$20B through an Aramco stock sale.

Portfolio Pulse from Benzinga Newsdesk

May 28, 2024 | 2:06 pm

SPY

Federal Reserve's Neel Kashkari stated that the U.S. labor market has softened but remains tight. He also mentioned that rate increases are still on the table.

Portfolio Pulse from Benzinga Newsdesk

May 28, 2024 | 1:56 pm

TSLA

Elon Musk's direct involvement in hiring and firing at Tesla and other companies has drawn criticism and legal scrutiny. Experts suggest that better management practices could improve financial performance without hurting profits. Despite mass layoffs, Tesla has seen an increase in job applications and is focusing on hiring for Autopilot and robotics.

Portfolio Pulse from Benzinga Neuro

May 28, 2024 | 1:55 pm