Streetbeat News

Labor Issues

MGM

SBUX

UPS

MGM Detroit workers have rejected a tentative deal and are continuing their strike, demanding better working conditions and pay. MGM Resorts International offered an 18% immediate raise, but the deal was not accepted. Other Detroit casinos, MotorCity and Hollywood Casino at Greektown, have reached agreements with their unions for pay raises and improved healthcare benefits. The labor movement in Detroit is part of a broader trend, with companies like United Parcel Service and Starbucks Corp also facing union negotiations for better pay and conditions.

Portfolio Pulse from Aaron Bry

November 24, 2023 | 7:56 pm

SPY

The latest S&P Global PMI data for November shows a contraction in the U.S. manufacturing sector, with the index falling to 49.4, and an unexpected growth in the services sector, with the index rising to 50.8. Employment levels decreased for the first time in over three years, with layoffs attributed to subdued demand and rising costs. Input price inflation eased, particularly in manufacturing, aligning with the Fed's 2% target. The mixed PMI data led to a slight decline in the U.S. dollar, while the SPDR S&P 500 ETF Trust (SPY) remained flat during Black Friday trading.

Portfolio Pulse from Piero Cingari

November 24, 2023 | 3:22 pm

MSFT

Top engineers at OpenAI threatened to resign if CEO Sam Altman was not reinstated, demonstrating their influence. Altman was dismissed but quickly reinstated after the threat. AI engineers at OpenAI earn high salaries, with specialized roles potentially reaching $800,000 annually. Microsoft, which holds a 49% stake in OpenAI, offered jobs to these engineers, causing internal discontent due to compensation disparities. The incident highlights the value of AI talent and the competitive dynamics in the tech industry.

Portfolio Pulse from Ananya Gairola

November 24, 2023 | 9:22 am

AMZN

The German trade union Verdi has called for a strike at five Amazon Inc. (NASDAQ:AMZN) distribution centers in Germany on Black Friday. This action is part of an ongoing dispute since 2013 over Amazon's pay arrangements. Despite the strike, an Amazon spokesperson claimed that the participation is low and that deliveries will not be affected.

Portfolio Pulse from Benzinga Neuro

November 24, 2023 | 5:18 am

GOOG

GOOGL

Former Google recruiter and CEO of Continuum, Nolan Church, advises job applicants to highlight promotions on their resumes as they are a strong predictor of future success. Church emphasizes that failing to include promotion history can give the impression of a stagnant career, while promotions indicate problem-solving abilities and investment by previous employers.

Portfolio Pulse from Adam Eckert

November 23, 2023 | 4:21 pm

GOOG

META

A recent analysis by Comparably on employee satisfaction with compensation packages revealed that tech companies, particularly cybersecurity firms, performed well, but Meta Platforms Inc and Alphabet Inc slipped in the rankings. The analysis was based on worker sentiment from August 2022 to August 2023, focusing on pay fairness, raise frequency, benefits, bonuses, and stock compensation. Meta and Alphabet were in the top 10 last year but have dropped due to Meta's focus on efficiency and Alphabet's cutbacks on perks. Transparency in pay and equitable practices were highlighted as important for employee satisfaction.

Portfolio Pulse from Adam Eckert

November 23, 2023 | 3:46 pm

GOOG

GOOGL

MSFT

Ian Hickinson, a former Google employee, criticized CEO Sundar Pichai for a lack of visionary leadership and claimed that employee morale at Google is at an all-time low. Hickinson, who worked on the Flutter team, reminisced about the 'old Google' and its culture of prioritizing users, transparency, and work-life balance. He also noted that Google is perceived to be falling behind in AI technology compared to Microsoft, which has invested in OpenAI and integrated AI into its products. Hickinson believes that while the old Google can still be saved, time is running out.

Portfolio Pulse from Rounak Jain

November 23, 2023 | 11:36 am

TSLA

A workers' strike in Sweden is disrupting Tesla Inc's (NASDAQ:TSLA) new vehicle deliveries due to a halt in the receipt of license plates. The strike, initiated by IF Metall union for collective bargaining agreements, has escalated with other unions joining in, affecting various services for Tesla. CEO Elon Musk expressed his frustration, calling the situation 'insane.' Despite the strike, Tesla reports over 90% of employees are still working. Tesla has been operating in Sweden since 2013, and the Model Y is the best-selling car model in the country this year.

Portfolio Pulse from Anan Ashraf

November 23, 2023 | 9:46 am

MSFT

Microsoft Corp. (NASDAQ:MSFT) had plans to accommodate OpenAI staff in its San Francisco LinkedIn offices following Sam Altman's temporary removal as CEO. The company was preparing resources, including MacBook laptops and training clusters, for OpenAI's team. However, with Altman's reinstatement as CEO, the move might be halted. This comes amid internal discontent at Microsoft due to pay disparities, especially during a period of layoffs and salary freezes. Microsoft, a major investor in OpenAI, also sought to implement management changes at OpenAI to maintain strategic oversight.

Portfolio Pulse from Benzinga Neuro

November 23, 2023 | 4:09 am

GM

Cruise, GM's autonomous vehicle subsidiary, is planning a cautious re-launch of its driverless robotaxi service in one city, potentially in Texas or Arizona, following safety concerns and a pedestrian accident in San Francisco. The company will focus on its electric Bolt robotaxis and lay off non-engineering staff. GM will pause production of the Origin van and does not plan to produce more in 2024. Cruise's license to operate in California has been revoked, making Texas or Phoenix more likely choices for the re-launch.

Portfolio Pulse from Benzinga Newsdesk

November 22, 2023 | 9:04 pm