Streetbeat News

Labor Issues

F

GM

STLA

General Motors Company (GM) faces a setback as workers at its Flint assembly plant, represented by the UAW, voted against a proposed contract. The narrow vote against the deal adds complexity to GM's ongoing negotiations with the union. The Flint plant is known for producing the Silverado heavy-duty pickup truck. This comes amidst broader UAW efforts to secure contracts for workers at Stellantis N.V. (STLA), GM, and Ford Motor Co (F), following recent strikes. GM shares dropped 0.54% to $26.50.

Portfolio Pulse from Shivani Kumaresan

November 10, 2023 | 5:29 pm

ATVI

Activision Blizzard Inc's (NASDAQ:ATVI) rushed the release of 'Call of Duty: Modern Warfare III' to meet annual sales targets, leading to a tumultuous development process and overtime work for developers. The game, initially planned as an expansion, was turned into a full sequel to fill a gap in the release schedule due to a delay in another Call of Duty title. Despite Activision's denial of the rushed development, over a dozen developers have reported feeling betrayed, as they were promised a more reasonable timeline.

Portfolio Pulse from Franca Quarneti

November 10, 2023 | 5:28 pm

HMC

Honda Motor is increasing the base wages of many U.S. factory workers by 11%, effective in January. This decision comes after the United Auto Workers (UAW) union achieved significant wage gains in Detroit. Honda is also reducing the time to reach top wages from six to three years, mirroring a similar achievement by the UAW with other automakers.

Portfolio Pulse from Benzinga Newsdesk

November 10, 2023 | 3:30 pm

GOOG

GOOGL

META

SNAP

Snap Inc (NYSE:SNAP) has confirmed layoffs within its product management team as part of a reorganization to streamline operations and speed up decision-making. The layoffs affected less than 20 employees and were not linked to specific products. Snap has been hiring technical staff, including former Google executives Eric Young and Darshan Kantak, and has made high-profile hires in its advertising team from Meta Platforms and Google. Snap's Q3 earnings beat consensus with $0.02 per share and sales of $1.19 billion, with DAUs up 12% to 406 million. SNAP shares were down 1.33% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

November 10, 2023 | 2:11 pm

U

Unity Software (NYSE:U) plans layoffs and cost-cutting measures following a decline in Q3 earnings. The company is evaluating its product portfolio to focus on valuable products and intends to implement changes in Q4, including discontinuing some products, reducing workforce, and cutting office space. The announcement comes after Unity's controversial Runtime Fee rollout in September, which led to a significant fall in the company's stock price.

Portfolio Pulse from Benzinga Neuro

November 10, 2023 | 11:48 am

CZR

MGM

WYNN

MGM Resorts International has reached a tentative agreement with Las Vegas hospitality workers' unions, averting a potential strike at eight MGM properties. This follows a similar agreement reached by Caesars Entertainment with its workers. Unions have also reached a tentative deal with Wynn Resorts Limited for a new contract covering 5,000 employees. MGM shares are trading lower by 0.92% at $37.86 in premarket on the last check Friday.

Portfolio Pulse from Shivani Kumaresan

November 10, 2023 | 11:45 am

WYNN

The Culinary Union has reached a tentative agreement with Wynn Resorts for a new 5-year contract covering approximately 5,000 workers in Las Vegas.

Portfolio Pulse from Charles Gross

November 10, 2023 | 10:31 am

TM

TSLA

President Joe Biden addressed the United Autoworkers union, criticizing Donald Trump's stance on electric vehicles and his visit to a non-union plant. Biden praised the UAW's recent success in achieving a significant wage increase and better retirement security. He also expressed support for the UAW's unionization efforts at Tesla, Inc. and Toyota.

Portfolio Pulse from Shanthi Rexaline

November 10, 2023 | 10:01 am

F

GM

TM

TSLA

President Joe Biden expressed support for unionization at Tesla and Toyota, which was criticized by entrepreneur David Sacks as an 'archaic view of the past'. Sacks argued that Tesla's non-unionized nature is what makes it innovative. In response, Tesla bear Gordon Johnson argued that Sacks' view is dismissive of the benefits of union jobs for the middle class. Tesla's stock fell 5.46% following the news, partly due to HSBC initiating the stock with a Reduce rating and $146 price target.

Portfolio Pulse from Shanthi Rexaline

November 10, 2023 | 7:13 am

TSLA

Tesla Inc (NASDAQ:TSLA) has over 50 job openings listed on its career page for the Tesla bot, indicating active work on the project. The jobs are primarily for engineers and technicians and are based in Palo Alto, California. CEO Elon Musk has not provided recent updates on the Optimus bot but has previously stated that the bot will be able to perform useful tasks in Tesla factories sometime next year.

Portfolio Pulse from Anan Ashraf

November 10, 2023 | 5:23 am