Streetbeat News

Labor Issues

AMD

AMZN

F

META

NVDA

U.S. stocks showcased a downward trend on Wednesday with the Dow Jones index declining by 0.32% and the NASDAQ falling by 2.43%. The top stocks that gained the attention of retail traders and investors throughout the day were Meta Platforms, Amazon, Nvidia, AMD, and Ford. Meta Platforms reported a 23% YoY increase in its Q3 revenue. Amazon's stock saw a significant drop of 5.58%. Nvidia's stock performance was down by 4.31% due to U.S. Government's immediate export restrictions on several of its products. AMD's stock declined by 5.52% due to potential supply chain issues. Ford's stock rose by 1.32% as it reached a tentative agreement to end labor strikes.

Portfolio Pulse from Benzinga Neuro

October 26, 2023 | 1:57 am

F

The United Auto Workers (UAW) and Ford are expected to announce a new tentative labor deal on Wednesday night. The deal includes a 25% wage increase with an 11% raise in the first year, according to the Wall Street Journal.

Portfolio Pulse from Charles Gross

October 25, 2023 | 11:04 pm

GM

TSLA

General Motors (GM) is facing financial pressure due to ongoing UAW strikes, with analysts predicting a multi-million dollar meltdown. Mizuho analyst Vijay Rakesh has lowered the price target for GM from $40 to $38, citing an EV ramp and UAW concessions pressuring margins. GM reported a 5.4% YoY sales growth in Q3 FY23 to $44.13 billion, beating the consensus estimate. However, a $200 million impact from the UAW strike weighed on margins. GM's net margin in SepQ was 6.9% with EV volume mix at ~3% vs. Tesla's net margins at 8%. Benchmark analyst Michael P. Ward reiterated a Buy rating on GM with a price target of $60.00.

Portfolio Pulse from Nabaparna Bhattacharya

October 25, 2023 | 9:21 pm

VMI

Valmont Industries (VMI) has announced a broad organizational realignment program, which includes offering a voluntary early retirement program and other headcount reductions. The company expects cash expenses of between $33 and $36 million, which are expected to be recovered through lower operating costs within 12 months.

Portfolio Pulse from Benzinga Newsdesk

October 25, 2023 | 8:32 pm

CSX

CSX Corp. has ratified a paid sick leave agreement covering approximately 200 employees represented by the Brotherhood of Railroad Signalmen (BRS) on the company's L&N property. This follows another agreement with the BRS covering nearly 400 employees on the SCL property. CSX continues to negotiate with various railroad unions to provide paid sick leave, including agreements reached earlier this year with the BMWED, BRC, SMART-TD, IAM, NCFO and IBEW unions.

Portfolio Pulse from Benzinga Newsdesk

October 25, 2023 | 7:47 pm

F

GM

STLA

A new poll shows that the majority of Americans support the United Auto Workers (UAW) union's strike demands. The UAW is seeking new contracts with pay increases, a shortened workweek, and improved retirement benefits. General Motors Co (GM), Ford Motor Company (F), and Stellantis NV (STLA) are reportedly close to reaching a deal with the automakers proposing wage increases of 20% or more for union workers. The longer the strike lasts, the more it could impact the prices of vehicles for consumers and the margins for automotive companies.

Portfolio Pulse from Chris Katje

October 25, 2023 | 7:40 pm

AMZN

A recent study by the University of Illinois Chicago reveals that many Amazon.com Inc (NASDAQ: AMZN) warehouse employees in the U.S. have reported taking unpaid leave due to physical exhaustion or pain from their work duties. Despite Amazon's efforts to automate repetitive tasks and prioritize safety, 69% of the surveyed workers opted for unpaid time off to recuperate. The study also highlighted the mental toll of working in Amazon warehouses, with over half of the respondents admitting to feeling burnout.

Portfolio Pulse from Anusuya Lahiri

October 25, 2023 | 7:31 pm

F

Ford Motor Company (NYSE:F) is set to report its Q3 financial results. Analysts expect a revenue of $41.22 billion and earnings per share of 45 cents. The ongoing UAW strike and its impact on Ford's stock price, as well as the company's electric vehicle sales and margins, are key points of interest. Analysts from RBC Capital, Morgan Stanley, and UBS have given their ratings and price targets for Ford's stock.

Portfolio Pulse from Chris Katje

October 25, 2023 | 6:22 pm

STLA

Unifor, the Canadian labor union, is continuing negotiations with Stellantis this week. The bargaining committee is pushing to resolve issues specific to Stellantis, including the extension of bargaining rights to the Nextstar Battery Plant.

Portfolio Pulse from Benzinga Newsdesk

October 25, 2023 | 6:19 pm

SHEL

Shell PLC (NYSE:SHEL) is planning to cut around 15% of the workforce in its low-carbon solutions division and reduce its exposure to the hydrogen business. The move is part of a strategy to focus on higher-margin projects, steady oil output, and grow natural gas production. The company plans to cut 200 jobs in 2024 and is currently reviewing 130 positions. The shares of Shell are trading higher by 0.25% at $66.83.

Portfolio Pulse from Lekha Gupta

October 25, 2023 | 6:03 pm