Streetbeat News

Labor Issues

AAPL

GOOG

GOOGL

Apple Inc. is reportedly in talks with Alphabet Inc. and OpenAI to license their AI models, a move billionaire investor Chamath Palihapitiya sees as Apple giving up on AI development, similar to its retreat from electric cars. Palihapitiya warns this could lead to a loss of talent and a decline in product quality and profits. Apple's discussions involve using Google's Gemini for iPhone software and potentially a deal with OpenAI. This follows Apple's decision to shift employees from its EV project to AI, with layoffs expected.

Portfolio Pulse from Ananya Gairola

March 19, 2024 | 5:18 am

VWAGY

President Joe Biden and Sen. Bernie Sanders expressed support for Volkswagen's Chattanooga assembly plant workers' efforts to join the United Auto Workers (UAW) union. This plant, employing over 4,000 workers, is Volkswagen's only U.S. assembly facility without employee representation. The UAW has attempted to represent workers at this plant twice in the past decade. Sanders emphasized the workers' constitutional right to a union election and urged Volkswagen to respect pro-union workers as it does internationally. The support from Biden and Sanders comes amid broader efforts to unionize workers across major automakers, with the UAW seeking to expand its influence.

Portfolio Pulse from Anan Ashraf

March 19, 2024 | 3:14 am

AA

BHP

BVN

PLL

X

BHP Group Ltd cuts a quarter of its contractor workforce at the West Musgrave project amid nickel division challenges. United States Steel Corporation forecasts Q1 earnings with strong steel demand. Buenaventura receives operating permit for Yumpag mine, targeting significant silver production. Piedmont Lithium appoints Dawne Hickton to its Board. Alcoa Corporation's price target is raised by BofA Securities.

Portfolio Pulse from Austin DeNoce

March 18, 2024 | 8:49 pm

LICY

Li-Cycle announced progress in its comprehensive review, including improving its liquidity position and conducting an internal technical review of the Rochester Hub. The company reported cash and cash equivalents of $71 million as of December 31, 2023, and $35 million as of March 15, 2024, excluding $10 million in restricted cash. Following the pause in construction of the Rochester Hub, Li-Cycle implemented a Cash Preservation Plan on November 1, 2023, leading to significant workforce reductions and decreased non-operational spending to enhance liquidity.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 8:38 pm

GS

NET

Stephanie Cohen, a Goldman Sachs veteran, has left the company to join Cloudflare following the failure of Goldman's consumer banking venture. This move highlights a significant career transition and could have implications for both companies involved.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 7:11 pm

SONY

Leaked specifications for Sony Group Corp.'s PlayStation 5 Pro, expected in Q4 2024, reveal significant upgrades in CPU and GPU performance. Features include a High CPU Frequency Modem, 33.5 teraflops GPU, PlayStation Spectral Super Resolution Upscaling, custom machine learning architecture, an AI accelerator, a detachable disc drive, and 1TB storage. The release could boost interest in the PS5 lineup, especially ahead of Grand Theft Auto 6's 2025 launch. Sony recently adjusted its PS5 sales forecast down to 21 million units and announced over 900 layoffs, including the closure of its London studio.

Portfolio Pulse from Franca Quarneti

March 18, 2024 | 6:17 pm

VWAGY

Volkswagen AG (OTC:VWAGY) employees at the Chattanooga, Tennessee plant have filed a petition with the National Labor Relations Board to vote on joining the UAW, following a supermajority signing union cards. This plant, Volkswagen's only U.S. assembly facility, lacks employee representation, contrasting with its global counterparts. Previous unionization attempts occurred in 2014 and 2019. The move could impact union momentum across the auto industry, amid allegations of anti-union actions by automakers. VWAGY shares rose 2.65% to $14.74.

Portfolio Pulse from Shivani Kumaresan

March 18, 2024 | 5:33 pm

BA

EADSY

The article discusses Boeing's recent challenges, attributing them not to a conspiracy but to internal issues such as DEI, corporate greed, outsourcing, and a shift from engineering to financial management. It highlights the move of Boeing's HQ from Seattle to Chicago and the outsourcing of production as key factors in the decline of aircraft quality and safety. The piece also contrasts Boeing's practices with Airbus, noting Airbus's commitment to manufacturing complex parts in regions with skilled labor.

Portfolio Pulse from David Pinsen

March 18, 2024 | 4:23 pm

BHP

BHP Group (NYSE:BHP) is reducing its Australian workforce due to a downturn in nickel prices, driven by a supply surge from Indonesia. The company has cut a quarter of its contractor workforce at the West Musgrave project and recorded an 86% profit decline year-over-year, with a $2.5 billion writedown in its nickel business. Indonesia's policy of 'downstreaming' raw materials is contributing to the global nickel supply increase, affecting market prices.

Portfolio Pulse from Stjepan Kalinic

March 18, 2024 | 3:27 pm

UPS

Teamsters announced that UPS administrative and specialist workers have ratified a contract to join the Teamsters National Master Agreement, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 2:05 pm