Streetbeat News

Labor Issues

SPY

Initial jobless claims came in at 231,000, exceeding the estimated 220,000. This suggests a potential weakening in the labor market, which could have broader implications for the economy and investor sentiment.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 1:30 pm

DAO

NTES

NetEase, Inc (NASDAQ:NTES) reported Q3 FY23 revenue of $3.74 billion, below the consensus of $3.8 billion, but beat EPS estimates with $1.82 versus $1.46 consensus. Gaming revenues grew by 16.5%, while Cloud Music's revenues fell by 16.3%. The company announced a dividend of $0.4950 per ADS, down from $0.5250 in Q2. CFO Charles Zhaoxuan Yang resigned, effective November 30, 2023. NTES shares dropped 4.85% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

November 16, 2023 | 11:40 am

EWA

Australia reported a Full Employment Change for October with an increase of 17.0K jobs, a significant improvement from the revised prior figure of -36.6K.

Portfolio Pulse from Benzinga Newsdesk

November 16, 2023 | 6:24 am

VLVLY

The United Auto Workers (UAW) union announced that its members have voted 93% in favor of a new contract with Volvo Group's Mack Trucks, ending a 39-day strike. The strike began on October 7 after workers rejected a previous tentative agreement. This ratification follows a series of strikes by UAW against major automakers, with agreements with the Detroit Three still pending.

Portfolio Pulse from Anan Ashraf

November 16, 2023 | 3:10 am

MRCY

Mercury Systems has announced the departure of Dr. Mitch Stevison, the Executive Vice President and President of Mercury's Mission Systems. Chairman and CEO Bill Ballhaus will take over leadership of the Mission Systems team.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 9:26 pm

TSLA

Tesla, Inc. (NASDAQ:TSLA) won an appeal in federal court, allowing the company to maintain its uniform policy that bans pro-union t-shirts at its Fremont, California assembly plant. The 5th U.S. Circuit Court of Appeals ruled that Tesla's policy, which requires employees to wear company-issued shirts, is lawful. The court decision supports Tesla's stance amid accusations from the United Auto Workers union of illegal anti-union tactics, which Tesla denies. A separate case is pending where the full 5th Circuit Court is reviewing an NLRB decision regarding a tweet by CEO Elon Musk about employee stock options and unionization. Tesla shares were up 2.17% to $242.62.

Portfolio Pulse from Nabaparna Bhattacharya

November 15, 2023 | 5:06 pm

F

GM

TSLA

WKSP

XPEV

Labor disputes are affecting major automakers like Ford, Stellantis, and General Motors, with potential strikes looming if UAW agreements are rejected. Tesla also faces labor issues in Sweden. In contrast, XPeng and Worksport reported strong Q3 results, with Worksport's North American sales surging and securing significant orders and agreements. Worksport's 'Made in the USA' products and R&D investments position it well in the market. Hyundai, Toyota, and Honda have raised wages, while Tesla's refusal to negotiate in Sweden and price war strategies may impact its margins and market position.

Portfolio Pulse from Upwallstreet

November 15, 2023 | 4:04 pm

GM

Over 60% of UAW workers at General Motors' Texas plant have voted in favor of a new contract, according to Reuters citing the union.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 3:27 pm

GM

UAW workers at GM's Wentzville Assembly have voted against a new labor agreement with the company, according to Reuters citing the UAW vote tracker.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 3:25 pm

TRU

TransUnion has announced the next phase of its transformation program, which is expected to affect approximately 10% of its current workforce. This impact will come through the relocation of some positions to Global Capability Centers (GCC) locations and the elimination of other positions.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 12:31 pm