Streetbeat News

Labor Issues

COST

Costco fleet drivers, represented by Teamsters Local 174, have ratified a short-term contract, aligning its expiration with the Costco National Master Agreement. This strategic move enhances bargaining power for future negotiations. The contract replaces a 401(k) with a defined-benefit pension plan, providing greater security for workers. Despite Costco's 'worker-friendly' image, tensions remain over unionization efforts.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2024 | 7:48 pm

MSFT

Microsoft's decision to shut down Arkane Austin, a studio known for games like Redfall and Prey, has been criticized by Arkane's founder, Raphaël Colantonio. The closure is part of a broader reorganization within Microsoft, which includes reducing its gaming division workforce by 1,900 employees. This move has raised questions about the impact on investor relations and the stock market.

Portfolio Pulse from Franca Quarneti

November 01, 2024 | 7:28 pm

BA

The U.S. economy added only 12,000 jobs in October, significantly missing estimates due to a Boeing machinist strike and hurricanes. Economist Joe Brusuelas suggests these are temporary disruptions, and job growth should normalize soon.

Portfolio Pulse from Aaron Bry

November 01, 2024 | 7:05 pm

BA

S&P has affirmed Boeing's ratings due to greater-than-expected equity issuance, which helps mitigate cash flow deficits expected through 2025. However, Boeing remains on CreditWatch due to limited flexibility in cash flow and ongoing strike challenges.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2024 | 6:59 pm

BA

Boeing and the International Association of Machinists (IAM) have reached a tentative agreement that could end the current strike. IAM members will vote on the deal on November 4, and if approved, workers could return to production facilities by November 6.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2024 | 6:57 pm

ALG

Alamo Group shares are rising following the announcement of cost-saving measures, such as plant consolidations and workforce reductions.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2024 | 6:54 pm

BA

Boeing shares are trading higher as striking employees are set to vote on a new contract proposal on Monday.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2024 | 6:45 pm

CVX

Chevron has announced a $3 billion cost-cutting plan that may involve job cuts in the US. This move is part of the company's efforts to streamline operations and improve financial performance.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2024 | 6:23 pm

SPY

The U.S. economy added only 12,000 jobs in October, significantly missing estimates due to hurricanes, strikes, and election uncertainties. Despite the hiring slowdown, the unemployment rate remained at 4.1%. The weak jobs report increased expectations for Federal Reserve rate cuts, leading to a rally in futures on major U.S. equity indices.

Portfolio Pulse from Piero Cingari

November 01, 2024 | 1:00 pm

AAUKF

BHP

BHP has clarified that its chairman's comments about moving on from the failed $49 billion bid for Anglo American were not a formal withdrawal. The UK Takeover Panel confirmed that BHP's remarks do not constitute an official 'no offer' statement, leaving the door open for a future bid. BHP is focusing on expanding its operations in South America and addressing labor issues in Australia.

Portfolio Pulse from Stjepan Kalinic

November 01, 2024 | 12:29 pm