Streetbeat News

Labor Issues

HMC

TSLA

VWAGY

A group of 33 U.S. senators has urged Tesla (NASDAQ:TSLA) and 12 other automakers to remain neutral in unionization efforts by the United Auto Workers (UAW). The senators, including high-profile Democrats, emphasized the importance of neutrality, especially as these companies benefit from federal funds for electric vehicle transition. The letter cites NLRB findings of Tesla's illegal tactics against unionizing. Additionally, Tesla is conducting a recall of 1.62 million vehicles in China and has adjusted the range estimates for Model S, X, and Y on its website.

Portfolio Pulse from Nabaparna Bhattacharya

January 05, 2024 | 4:41 pm

SPOT

Spotify Technology SA (NYSE: SPOT) has seen a 130% return in 2023, with organizational changes including a 17% reduction in headcount. Analysts are optimistic, with 3 recent Buy ratings and raised price targets, citing strong performance, financial discipline, and potential for margin expansion. The consensus rating is a Buy with an average price target of $211.60.

Portfolio Pulse from Surbhi Jain

January 05, 2024 | 3:01 pm

AGL

AIMD

APLT

BNZI

MPW

RCAC

U.S. stocks opened higher following the release of positive jobs data, with the Dow, NASDAQ, and S&P 500 all seeing gains. The U.S. economy added 216,000 jobs in December, surpassing market estimates of 170,000, while the unemployment rate held steady at 3.7%. Communication services shares led gains, while real estate shares lagged. Ainos, Inc. (AIMD) and Banzai International, Inc. (BNZI) surged on specific company news, while Revelstone Capital Acquisition Corp. (RCAC) gained after canceling a business combination meeting. Conversely, Applied Therapeutics, Inc. (APLT), agilon health, inc. (AGL), and Medical Properties Trust, Inc. (MPW) saw significant declines due to negative company-specific news.

Portfolio Pulse from Avi Kapoor

January 05, 2024 | 2:50 pm

BTCUSD

ETHUSD

OSMOUSD

SEIUSD

Bitcoin (BTC) surpassed the $44,000 mark following positive U.S. jobs data, with the economy adding 216,000 jobs in December. Ethereum (ETH) also saw gains, trading above $2,200. Osmosis (OSMO) emerged as the top gainer, while Sei (SEI) was the biggest loser in the last 24 hours. The global crypto market cap increased slightly by 0.4% to $1.66 trillion.

Portfolio Pulse from Avi Kapoor

January 05, 2024 | 2:35 pm

AAPL

DIS

MSFT

NYT

Apple Inc (AAPL) and Walt Disney Co (DIS) are set to face shareholder votes on their use of AI after the SEC denied their requests to exclude AI-related proposals from annual meetings. The proposals, filed by the AFL-CIO, seek reports on AI use and ethical guidelines. Concerns include AI's potential to replace workers and the use of their work without fair compensation. The AFL-CIO has filed similar measures at other tech companies and emphasizes transparency and compensation for creators. The SEC's decision aligns Apple and Disney with companies like Microsoft Corp (MSFT), which already disclose AI practices.

Portfolio Pulse from Anusuya Lahiri

January 05, 2024 | 1:57 pm

BABA

BIDU

Baidu, Inc's founder Robin Li has called for a shift from developing large language models to creating applications for existing models like Baidu's 'Ernie'. Despite this, competition in China's AI sector is increasing, with many homegrown models emerging. Baidu has faced challenges such as high executive turnover and internal conflicts, partly attributed to the joint presence of Li and his wife Melissa Ma. Baidu's focus on AI and large language models, including Ernie, is seen as crucial for its future amidst a crowded market and regulatory challenges. Alibaba Group Holding Limited's CEO also highlighted a shift towards AI, aiming to become an 'open technology platform'. Baidu's shares saw a slight decrease in premarket trading.

Portfolio Pulse from Anusuya Lahiri

January 05, 2024 | 1:54 pm

BABA

PDD

Alibaba Group Holding Ltd (BABA) has reduced its stake in GoGoX Holdings from 12.23% to 8.89% over two months, making Yao Jinbo the largest shareholder. This move comes as Alibaba prepares for the IPO of Cainiao Smart Logistics Network. GoGoX, despite its expansion in Asia, has lost over 90% of its market value since its Hong Kong debut in June 2022 and expects continued losses in 2023. Alibaba is also facing challenges such as regulatory crackdowns and competition from PDD Holdings Inc (PDD), which has outperformed Alibaba's stock. Additionally, Alibaba's subsidiary Lazada laid off staff in Singapore as part of ongoing leadership changes.

Portfolio Pulse from Anusuya Lahiri

January 05, 2024 | 1:51 pm

UUP

The December jobs report showed stronger-than-expected job growth, with non-farm payrolls increasing by 216,000, surpassing the anticipated 170,000. The unemployment rate remained steady at 3.7%, and annual wage growth was at 4.1%, higher than the expected 3.9%. These robust figures suggest a strong U.S. labor market and may impact the Federal Reserve's interest rate decisions, potentially reducing the likelihood of rate cuts. Following the report, the Invesco DB USD Index Bullish Fund ETF (UUP) saw a 0.5% increase, while Treasury yields rose and equity futures declined.

Portfolio Pulse from Piero Cingari

January 05, 2024 | 1:40 pm

SPY

The U.S. labor force participation rate for December was reported at 62.5%, falling short of the estimated 62.8%.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 1:31 pm

SPY

The USA unemployment rate for December remained steady at 3.7%, which was in line with the previous month and slightly below the estimated 3.8%.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 1:30 pm