Streetbeat News

Labor Issues

LEG

Leggett & Platt has lowered its 2023 sales and EPS guidance. The new sales forecast is between $4.70B-$4.75B, down from $4.75B-$4.95B. The adjusted EPS is now expected to be between $1.35-$1.45, down from $1.45-$1.65. The guidance does not account for impacts from the ongoing UAW strike due to uncertainties around its duration and severity.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 9:01 pm

Unilever's board has decided to freeze CEO Hein Schumacher's fixed pay for the next two years. The decision was made after a majority of 58% rejected a resolution to adopt Directors' Remuneration Report at the annual general meeting. Schumacher, who assumed the role in July, will not be eligible for a fixed pay increase in 2024 and 2025. The compensation committee is reviewing his fixed pay level in 2026.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 5:42 pm

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XPEV

Ford Motor (NYSE:F) reported Q3 profit of $1.2 billion, up from a loss of $827 million YoY, with revenue increasing 11% to $44 billion. However, its EV unit lost $1.3 billion, double the loss from the previous year. Ford also reached an agreement with the UAW, which will cost the company $8.1 billion in new plant investments and other economic costs. This has led Ford to withdraw its 2023 guidance and postpone $12 billion in EV investment. The company's position is further weakened against Tesla (NASDAQ:TSLA), which also faces challenges from Chinese competitors BYD (OTC:BYDDY), Xpeng (NYSE:XPEV), Li Auto (NASDAQ:LI), and Nio (NYSE:NIO).

Portfolio Pulse from Upwallstreet

October 30, 2023 | 5:11 pm

CVS

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WBA

Pharmacy employees from CVS Health Corp, Walgreens Boots Alliance, and Rite Aid Corp are reportedly initiating another walkout, demanding improved workplace conditions. The latest action follows protests, including a recent sick-out involving Walgreens employees across 200 locations and a concurrent walkout by CVS staff in Kansas. The pressures on pharmacists have been mounting, with reports of significant prescription backlogs exacerbated by an increased focus on vaccine administration.

Portfolio Pulse from Shivani Kumaresan

October 30, 2023 | 3:22 pm

NYT

The National Labor Relations Board (NLRB) intends to hold a hearing to review the Tech Guild's charge, according to a spokesperson from the New York Times.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 3:01 pm

NYT

The New York Times (NYT) has expressed its belief in the benefits of flexible work arrangements, allowing employees to work both in the office and remotely. The company stated that the National Labor Relations Board has not ruled against this approach. NYT is also working with the TechGuild to reach a contract quickly.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 3:00 pm

STLA

General Motors (GM) has reached a tentative agreement with the United Auto Workers (UAW), potentially ending a six-week strike. The deal is similar to those reached with Ford (F) and Stellantis (STLA), including a 25% hourly pay increase and cost-of-living allowances over the contract's duration. Last week, GM reported Q3 results that beat expectations but withdrew its full-year earnings guidance due to the strikes.

Portfolio Pulse from Adam Eckert

October 30, 2023 | 2:53 pm

Ford Motor Co's shares hit a new 52-week low, trading lower by 2.7% to $9.70. The downward momentum follows mixed Q3 results, withdrawal of 2023 guidance, and postponement of $12 billion planned for EV investment. Ford also reached a tentative agreement with UAW to resolve a strike, entailing a 25% wage increase for all employees and additional benefits. The company's Q3 revenue was $44 billion, an 11% increase YoY, but fell short of earnings expectations.

Portfolio Pulse from Henry Khederian

October 30, 2023 | 2:26 pm

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Southwest Airlines may face a fine due to operational disruptions last December. Healthpeak Properties and Physicians Realty Trust are merging in a $21B deal. Google can turn ANC headphones and wireless earbuds into heart rate monitors. Toyota's September sales grew due to strong demand. Rivian will start charging for its charging network. Autoliv plans to reduce its headcount in France. FDA warns against the use of certain eye drops. Nelson Peltz gains backing from Isaac Perlmutter for changes at Disney. TC Energy explores asset sales worth $10B. Amazon uses generative AI for holiday ad boost. Blackstone buys a majority stake in Care Hospitals in India. McDonald's Q3 sales grew by 14% YoY. HSBC's Q3 revenues increased by 40% YoY. Panasonic's H1 FY24 sales grew by 1% YoY. Western Digital plans to split its business. XPO's Q3 FY23 revenue grew by 1.7% YoY.

Portfolio Pulse from Vandana Singh

October 30, 2023 | 2:07 pm

SPY

President Biden has expressed his approval of the deal between General Motors (GM) and the United Auto Workers (UAW), stating that it is 'great'.

Portfolio Pulse from Benzinga Newsdesk

October 30, 2023 | 1:51 pm