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Labor Issues

F

Ford has announced that its full-year 2023 adjusted EBIT will include a $1.7 billion reduction due to strike-related lost profits, with $1.6 billion of this impact occurring in Q4. The losses stem from production interruptions of high-margin trucks and SUVs.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 11:52 am

VGK

The unemployment rate in the Eurozone remained steady at 6.5% for October, indicating no change from the previous month.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 10:04 am

EWG

Germany's unemployment rate for November was reported at 5.9%, slightly higher than the estimated 5.8% and the previous month's rate of 5.8%.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 8:56 am

EWG

Germany's unemployment change for November was reported at 22K, exactly in line with the estimated figure. This shows no deviation from expectations and remains lower than the prior figure of 30K.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 8:55 am

ASML

ASML's Supervisory Board plans to appoint Christophe Fouquet as President and CEO, with current Co-Presidents Peter Wennink and Martin van den Brink retiring on April 24, 2024. Jim Koonmen is set to join the Board of Management as Chief Customer Officer.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 8:38 am

TM

TSLA

UAW President Shawn Fain is targeting Tesla and Toyota in a bid to unionize their workers, highlighting the disparity between workers' pay and the wealth of CEOs like Elon Musk. The UAW has successfully negotiated with Detroit's 'Big Three' and is now focusing on Tesla (TSLA) and Toyota (TM), among other automakers. Fain's message emphasizes economic justice for workers living paycheck to paycheck, while companies and CEOs make billions. Senator Bernie Sanders supports the UAW's efforts to unionize 150,000 workers at non-union auto plants.

Portfolio Pulse from Anan Ashraf

November 30, 2023 | 3:48 am

BSBK

Bogota Financial Corp. has announced that Joseph Coccaro will retire as Director, President, and CEO effective November 30, 2023. Kevin Pace has been named as his successor. The transition is expected to take place smoothly with Pace taking over leadership roles.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 11:03 pm

BMWYY

F

GM

HMC

HYMTF

LCID

STLA

TM

TSLA

The United Auto Workers (UAW) union has launched a campaign to unionize workers at 13 non-union automakers in the U.S., targeting nearly 150,000 workers from companies like BMW, Honda, Hyundai, Lucid, Mazda, Mercedes-Benz, Nissan, Rivian, Subaru, Tesla, Toyota, Volkswagen, and Volvo. UAW President Shawn Fain, after securing contracts with GM, Ford, and Stellantis, is looking to expand the union's reach beyond the 'Big Three' Detroit automakers by 2028. The UAW's membership has declined over the years, but recent successes have led to wage increases at non-union companies, known as the 'UAW bump.' Past efforts to unionize at foreign-based automaker plants and Tesla's Fremont plant have seen limited success.

Portfolio Pulse from Michael Cohen

November 29, 2023 | 10:37 pm

F

GM

LCID

RIVN

STLA

TSLA

The United Auto Workers (UAW) has initiated a significant effort to unionize employees at 13 automakers across the United States. This move could affect labor relations and potentially impact production costs and operations for companies like Ford (F), General Motors (GM), Lucid Motors (LCID), Rivian (RIVN), Stellantis (STLA), and Tesla (TSLA).

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 8:24 pm

GM

TSLA

General Motors (NYSE:GM) announced that despite the higher costs from new labor contracts and the UAW strike, it expects to offset these impacts and maintain its financial targets. The strike resulted in a $1.1 billion cost and lost production of 95,000 vehicles. GM revised its net income guidance to $9.1-$9.7 billion, down from $9.3-$10.7 billion, and adjusted EBIT to $11.7-$12.7 billion, down from $12-$14 billion. Capital spending will be at the lower end of the $11-$12 billion range. GM aims to cut fixed costs by $3 billion by the end of next year. Meanwhile, Tesla (NASDAQ:TSLA) is preparing for its Cybertruck event on November 30th, with deliveries starting on Thursday, although pricing and specs are not yet disclosed. Tesla's Cybertruck is expected to contribute to cash flow in a year to a year and a half.

Portfolio Pulse from Upwallstreet

November 29, 2023 | 7:39 pm