Streetbeat News

Labor Issues

APTV

Aptiv reported Q3 financial results and issued FY23 guidance, which led to a decrease in its share price. The company also announced a $180 million revenue impact from the UAW strike.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 2:35 pm

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The cannabis industry is facing challenges with the rise of alleged fake unions, which are believed to hinder legitimate labor unions and benefit companies instead of protecting workers' rights. Ascend Wellness (OTC:AAWH), a New York-based multistate operator, has two competing labor organizations with signed workers at its Ascend dispensary. Some workers are unionized with the United Food and Commercial Workers (UFCW), while others are with Cannabis Engineers Extractors and Distributors (CEED) with a local unit number 420. Labor experts believe CEED 420 operates like a “company union,” or a sham labor organization.

Portfolio Pulse from Nina Zdinjak

November 02, 2023 | 2:35 pm

JPM

Chase has announced plans to hire 1,000 new business bankers across the United States by 2025, doubling its original goal of hiring 500 bankers by 2024. This move is aimed at supporting small business owners as they continue to grow and scale their businesses. The announcement comes as Chase hosts its inaugural 'Make Your Move Summit', a three-day event for small business owners. The firm has also committed $253.7 million in philanthropic capital to community-focused organizations serving small businesses.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 2:27 pm

APTV

Aptiv PLC reported Q3 FY23 sales growth of 10.8% YoY to $5.11 billion, beating the analyst consensus estimate. However, the company warned of a $180 million revenue impact due to the UAW strike in Q3 and $1.10 per diluted share for the anticipated equity losses from the performance of the Motional autonomous driving joint venture. Following the news, APTV shares traded lower by 17.3%.

Portfolio Pulse from Shivani Kumaresan

November 02, 2023 | 2:17 pm

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US stocks traded higher with the Dow Jones index gaining more than 250 points and NASDAQ rising 1.22%. Real estate shares jumped by 2.2%. Initial jobless claims increased by 5,000 to 217,000. Panbela Therapeutics, Rocky Brands, and Lemonade saw their shares rise by 44%, 41%, and 36% respectively. Outlook Therapeutics, Confluent, and Remitly Global saw their shares drop by 45%, 44%, and 29% respectively.

Portfolio Pulse from Lisa Levin

November 02, 2023 | 2:13 pm

UBER

Uber has reached a settlement with the New York State Department of Labor regarding unemployment benefits for drivers. The terms of the settlement have not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 2:01 pm

UBER

Uber has reached an agreement with New York Attorney General Letitia James, providing drivers with benefits and protections such as a minimum earnings standard and paid sick leave. The agreement also resolves the classification issue in New York. As part of the agreement, Uber will provide drivers with a minimum earnings floor, paid sick leave, in-app support in multiple languages, appeal options, and paid training. This follows a recent agreement with the New York State Department of Labor, where Uber will pay into the state's unemployment insurance fund.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 1:30 pm

VSAT

Viasat Inc. announced a reduction of its global workforce by approximately 800 roles, or about 10%, as part of its integration program following the acquisition of Inmarsat. The move is aimed at streamlining operations and achieving operational and cost efficiencies. The company expects to incur charges of around $45 million related to the workforce reduction, predominantly in the second half of fiscal year 2024.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 1:29 pm

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Workers at Home State Dispensary in Missouri have voted to join Teamsters Local 955, marking the first group of cannabis workers in the Kansas City metropolitan area to unionize. The Missouri cannabis industry is projected to gross over $1 billion in revenue this year. The International Brotherhood of Teamsters and the United Food and Commercial Workers Union (UFCW) have been actively engaging with cannabis industry workers across the U.S. Recent unionization efforts have been successful within companies like Ayr Wellness, Cannabist Company Holdings, Cresco Labs Stock, Grassdoor, and Verano Holdings Corp.

Portfolio Pulse from Nina Zdinjak

November 02, 2023 | 1:14 pm

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Beyond Meat expects to achieve positive free cash flow of approximately $7.6M in Q3. The company also plans to reduce its current workforce by about 65 employees.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 12:40 pm