Streetbeat News

Labor Issues

GM

Cruise, a subsidiary of General Motors (GM), has announced layoffs affecting contract workers who worked on its driverless ridehailing service. The layoffs come after a series of safety concerns and incidents, including a pedestrian collision that led to the recall of 950 robotaxis. The California Department of Motor Vehicles has suspended Cruise's deployment and testing permits for its autonomous vehicles. GM reported a loss of approximately $1.9 billion on Cruise through September of this year.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 3:26 pm

MGM

The Culinary Union has announced a new agreement with MGM Resorts, which includes the largest wage increases ever negotiated in the union's history. The specifics of the new union collective bargaining agreement with MGM are not disclosed publicly at this time.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 3:00 pm

CZR

LVS

MGM

WYNN

Wynn Resorts Ltd (NASDAQ:WYNN) is set to report its Q3 earnings on Nov. 9. Analysts will focus on the company's revenue from Macau, following a 316% YoY increase in Macau gross gaming revenue. Wynn is expected to report 78 cents in EPS and $1.58 billion in revenue for the quarter. However, the stock may experience volatility due to a strike declared by the Culinary Workers Union. The stock is rated a Buy by Wall Street analysts, with a $108.50 consensus price target.

Portfolio Pulse from Surbhi Jain

November 09, 2023 | 2:43 pm

AFIB

MDT

Acutus Medical Inc (AFIB) is restructuring to become a contract manufacturing business, winding down its electrophysiology mapping and ablation business. The company will support Medtronic's (MDT) left-heart access products manufacturing and distribution. The restructuring will reduce the workforce by 65% and is expected to be completed by Q1 2024. Acutus reported a Q3 EPS loss of $(0.52), beating the consensus of $(0.61), and Q3 sales of $5.24 million, up 44% Y/Y.

Portfolio Pulse from Vandana Singh

November 09, 2023 | 2:17 pm

MCD

Alistair Macrow, the head of McDonald's Corp in the UK and Ireland, is set to face a parliamentary inquiry over serious accusations including sexual misconduct, discriminatory practices, and harassment within the franchise's operations. The inquiry follows a BBC report revealing over 100 testimonials from current and former employees about a distressing work environment. Macrow will testify on November 14th. McDonald's shares closed lower by 0.44% at $267.49 on Wednesday.

Portfolio Pulse from Shivani Kumaresan

November 09, 2023 | 1:49 pm

SPY

The initial jobless claims for the week were reported at 217K, slightly higher than the estimated 215K.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 1:30 pm

F

GM

STLA

TSLA

The United Auto Workers (UAW) union has agreed that workers at electric vehicle battery plants will earn less than traditional auto workers. This could potentially affect companies like Ford (F), General Motors (GM), Stellantis (STLA), and Tesla (TSLA).

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 12:31 pm

CENX

Century Aluminum Company has ratified a new five-year collective bargaining agreement with the United Steelworkers Local 9443-00 for the Century Sebree Aluminum Smelter in Robards.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 12:27 pm

SLVM

Sylvamo Corp (SLVM) plans to eliminate approximately 150 positions, or nearly 7% of its global salaried workforce, as part of a cost-saving initiative. The company aims to achieve run rate savings of at least $110 million by the end of 2024, with two-thirds of the target coming from operational improvements in mills and supply chains.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 12:14 pm

EYE

National Vision (EYE) anticipates that 7% of its total associate headcount will be affected by the previously announced termination of its partnership with Walmart and the wind down of AC Lens operations.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 11:07 am