Streetbeat News

Labor Issues

STLA

Leaders of the United Auto Workers (UAW) have voted to send a tentative agreement with Stellantis (STLA) to its members for a ratification vote, according to a source cited by Reuters.

Portfolio Pulse from Charles Gross

November 02, 2023 | 8:49 pm

MSGM

Motorsport Games Inc has announced a workforce reduction that will impact approximately 40% of its employees worldwide. The company is implementing these measures to reduce year-on-year operating expenses.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 7:32 pm

CZR

LVS

MGM

MLCO

PENN

WYNN

Culinary Workers and Bartenders Unions have set a strike deadline against Las Vegas casino operators for Friday, Nov. 10th. This could potentially disrupt operations of several casinos.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 7:08 pm

STLA

In an unusual win for the United Auto Workers (UAW), car companies including Ford (F), General Motors (GM), and Stellantis (STLA) have agreed to pay striking workers. This could potentially increase labor costs for these companies.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 6:57 pm

SPY

TLT

The October jobs market report is expected to show a decrease in non-farm payroll jobs from 336,000 in September to 180,000 in October, and a decrease in average hourly earnings from 4.2% to 4%. The report could affect traders' expectations on future Fed interest-rate moves. Previous reports have led to positive responses in the stock market and mixed responses in the bond market and U.S. Dollar Index.

Portfolio Pulse from Piero Cingari

November 02, 2023 | 4:50 pm

BALY

Teamsters Local 251 members, who work as maintenance staff and valets, have ratified agreements with Bally's Twin River Lincoln Casino Resort.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 4:25 pm

INFA

Informatica's Q3 revenue surpassed expectations, and the company announced a reduction in its workforce. This news has led to an increase in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 3:40 pm

KSS

TGT

WMT

The National Retail Federation (NRF) forecasts that U.S. holiday spending will grow between 3% and 4% over 2022 to between $957.3 billion and $966.6 billion. Online and non-store sales are expected to increase between 7% and 9% to between $273.7 billion and $278.8 billion. NRF expects retailers to hire between 345,000 and 450,000 seasonal workers. The forecast is based on indicators including employment, wages, consumer confidence, disposable income, consumer credit, and previous retail sales.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 3:22 pm

CZR

MGM

WYNN

The Culinary Union has announced a strike deadline for hospitality workers in the U.S. No further negotiations are currently scheduled with MGM Resorts, Caesars Entertainment, and Wynn Resorts.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 3:17 pm

LYFT

Lyft has reached a settlement with the New York Attorney General's Office, allowing drivers to maintain their independent contractor status while gaining new benefits. The agreement includes a minimum earnings standard of $26 per hour for engaged time for drivers outside New York City, and eligibility for benefits such as paid sick leave. The settlement resolves an investigation into the classification of drivers and certain fees charged by Lyft between 2015-2017. Lyft expects to make a payment of approximately $20 million in Q4 of 2023, with the remainder paid in 23 monthly installments.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 3:06 pm