Streetbeat News

Labor Issues

CE

Celanese Corporation announced the intended closure of its Polyamide 66 and High-Performance Nylon polymerization units at its facility in Uentrop, Germany. The closure, expected to be completed in 2024, is aimed at optimizing production costs. The company expects to record expenses of $110-125 million, excluding employee termination costs. The actual charges may vary significantly based on various factors, including the outcome of the consultation process with the works council and union representatives.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 8:49 pm

OTGLY

SONY

Sony's Bungie, the developer behind Destiny 2, is facing layoffs and game release delays in 2023. The extent of the layoffs remains unspecified. Bungie's Destiny 2 expansion, 'The Final Shape,' has been delayed from February 2024 to June 2024, and their project 'Marathon' has been pushed to 2025. Other gaming studios, including CD Projekt ADR and Epic Games, have also faced layoffs in 2023.

Portfolio Pulse from Franca Quarneti

October 31, 2023 | 8:28 pm

CZR

Caesars Entertainment Inc has announced that the impact of the Culinary Workers Union strike is undetermined and could negatively impact the company's results of operations.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 8:27 pm

TSLA

The United Auto Workers union is reportedly targeting Tesla, Inc. for unionization. Tesla's Fremont plant, with approximately 20,000 workers, currently has a UAW organizing committee. Gene Munster of Deepwater Asset Management predicts that Tesla employees will likely reject the UAW and instead opt for a 20% pay raise. This comes at a time when Tesla's auto margin is decreasing due to price cuts implemented to boost sales growth.

Portfolio Pulse from Shanthi Rexaline

October 31, 2023 | 4:42 pm

STLA

Stellantis CFO has announced that the impact of the strike on the company's 2023 performance will be significant and will not be fully mitigated. However, the company is planning to take actions to address the situation.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 1:56 pm

STLA

Stellantis CFO has expressed that the recent strike and its duration were unexpected. This could potentially impact the company's operations and financial performance.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 1:50 pm

SPY

The Q3 quarter-on-quarter Employment Benefits have increased by 0.9%.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 12:31 pm

SPY

The Employment Wages for Q3 have increased by 1.2% quarter over quarter.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 12:30 pm

F

S&P Global Ratings has upgraded Ford Motor Co's credit rating to investment grade, despite disappointing Q3 results and uncertainty due to a recent workers' union strike. Ford's CEO, Jim Farley, expressed pride in the team and highlighted the company's strong balance sheet. Despite a Q3 earnings miss and a $1.3 billion EBIT loss in its EV segment, S&P is optimistic about Ford's future, expecting cost reductions to offset higher labor costs and losses in its Model e segment. Ford shares are down 16.4% year-to-date.

Portfolio Pulse from Anan Ashraf

October 31, 2023 | 9:08 am

STLA

Canadian workers union Unifor reached a tentative agreement with Stellantis NV (NYSE:STLA) on Monday, hours after commencing a strike. The agreement includes a nearly 19% increase in base hourly wage for production workers and a nearly 25% hike for those in skilled trades over three years. The agreement is yet to be ratified by the workers.

Portfolio Pulse from Anan Ashraf

October 31, 2023 | 4:29 am