Streetbeat News

Labor Issues

META

Don Box, Meta's VP of Engineering and head of augmented reality software, is stepping down for personal reasons. His departure raises concerns about Meta's progress on its AR glasses project, including the development of a custom operating system. Meta plans to deliver a first generation of AR glasses by next year for internal use and select developers, with consumer shipping targeted for 2027. Despite this, Meta's CTO Andrew Bosworth has acknowledged challenges in bringing AR products to market. Meta has also faced difficulties in building custom silicon for AR/VR products, leading to layoffs in its Reality Labs custom silicon unit FAST last month.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 8:32 pm

TSLA

Tesla, Inc. faces a challenge in Sweden as dockworkers have pledged to refuse offloading Tesla cars at the country's ports in support of a strike by Tesla mechanics demanding collective bargaining agreements. The strike, initiated by over 120 mechanics affiliated with the Swedish union IF Metall on Oct. 27, has led to a blockade of Tesla car shipments at Sweden's ports. The blockade has been effective, with no Tesla car shipments arriving since the strike began. Additionally, electricians have halted service and repair activities for Tesla, including the company's charging stations in Sweden. Despite the industrial action, Tesla shares were trading higher by 0.56% to $234.90 at the time of publication on Friday.

Portfolio Pulse from Nabaparna Bhattacharya

November 17, 2023 | 8:08 pm

MGM

PENN

MGM Resorts International (MGM) and PENN Entertainment, Inc (PENN) have reached a tentative agreement for a new contract with the Detroit Casino Council, covering 3,700 workers. The five-year deal ends the first casino strike in Detroit's history. The contract aims to provide high-paying jobs with good benefits, addressing inflation and job protections. The unions will continue to strike until the members ratify the settlement. MGM and PENN shares saw a slight decline in the latest trading session.

Portfolio Pulse from Nabaparna Bhattacharya

November 17, 2023 | 7:28 pm

F

GM

STLA

UAW members at Stellantis NV (NYSE:STLA) have ratified a labor agreement with approximately 68% approval, ensuring a 25% wage increase through April 2028. The deal follows a six-week strike across Detroit Three automakers, including General Motors Co (NYSE:GM) and Ford Motor Co (NYSE:F), both of which have seen similar agreements favored by their UAW workers.

Portfolio Pulse from Shivani Kumaresan

November 17, 2023 | 5:05 pm

AMZN

Amazon.com, Inc. (NASDAQ:AMZN) has had a significant year with developments in its grocery business, AI technology in logistics, and AWS's custom silicon chips. In 2024, U.S. consumers will be able to purchase Hyundai cars online via Amazon. The company is enforcing a three-day office work policy, with non-compliance affecting promotions. Employee protests have occurred against this policy. CEO Andy Jassy believes in-office work will strengthen company culture. Amazon competes with Microsoft in cloud computing and uses AI to fight fake reviews. AMZN stock is up 66.4% YTD and rose 0.9% to $144.20 on Friday.

Portfolio Pulse from Anusuya Lahiri

November 17, 2023 | 4:19 pm

MGM

The Detroit Casino Council has reached a tentative agreement on a new 5-year contract with MGM Resorts, potentially impacting labor relations and operations at MGM's Detroit location.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 3:42 pm

SPY

Fed's Collins remarks on being patient and taking a holistic view of data, noting that financial conditions show some restriction but are still favorable for the Fed. She also observes positive signs of labor markets balancing.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 3:22 pm

PRST

Presto Automation Inc has announced a reduction in its global full-time employee base by approximately 17% according to an SEC 8K filing.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 2:33 pm

AMZN

Amazon plans to cut several hundred jobs from its Alexa team as it discontinues some unspecified initiatives, according to an internal memo sent to employees. This move is part of a broader effort to streamline operations and focus on more profitable areas.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 2:20 pm

STLA

Members of the United Auto Workers (UAW) union at Stellantis have voted to ratify a tentative agreement with the company, according to a UAW vote tracker cited by Reuters. This agreement could impact labor relations and potentially improve productivity and stability within Stellantis' operations.

Portfolio Pulse from Benzinga Newsdesk

November 17, 2023 | 2:18 pm