Streetbeat News

Labor Issues

GM

General Motors (GM) has expressed disappointment over the escalation of the United Auto Workers (UAW) strike, calling it 'unnecessary and irresponsible'.

Portfolio Pulse from Benzinga Newsdesk

October 24, 2023 | 2:32 pm

GM

The United Auto Workers (UAW) union has expanded its strike to include General Motors' (GM) Arlington Assembly Plant. The news was announced live on CNBC.

Portfolio Pulse from Benzinga Newsdesk

October 24, 2023 | 2:27 pm

SPY

The Philadelphia Fed Non-Manufacturing Full-Time Employment Index has risen to 8.2 in October, up from 6.4 in September.

Portfolio Pulse from Benzinga Newsdesk

October 24, 2023 | 12:39 pm

PARA

Paramount Global (NASDAQ:PARA) has postponed the release of the eighth installment of the 'Mission: Impossible' franchise by a year due to the ongoing actors' strike. The release date has been moved from June 28, 2024, to May 23, 2025. The strike, which has lasted over three months, has also affected other big-screen attractions like Marvel movies. Paramount's shares are trading higher by 1.07% at $11.31 premarket on the last check Tuesday.

Portfolio Pulse from Anusuya Lahiri

October 24, 2023 | 12:28 pm

MSFT

NTES

RBLX

TCEHY

Roblox Corp's China unit, LuoBu, has laid off 15 roles in October due to operational challenges. The layoffs affected teams in the U.S. and its headquarters in Shenzhen. This follows a significant reduction in Roblox's talent acquisition team, indicating a shift in focus from expansion to its bottom line. Roblox's challenges in China reflect the difficulties of running a platform that relies on user-generated content due to Beijing's censorship rules and cross-border data regulations.

Portfolio Pulse from Anusuya Lahiri

October 24, 2023 | 12:23 pm

ITW

Illinois Tool Works (ITW) has revised its FY2023 GAAP EPS guidance from a range of $9.55-$9.95 to $9.65-$9.85 per share. This includes a $0.12 per share adjustment due to the estimated Q4 impact of ongoing automotive industry labor actions. The company projects total revenue growth of 1-2% and organic growth of 2-3%. Divestitures and foreign currency translation are expected to reduce revenue by 1%. ITW plans to repurchase approximately $1.5 billion of its own shares.

Portfolio Pulse from Benzinga Newsdesk

October 24, 2023 | 12:03 pm

GM

GM's CFO has declined to speculate on the duration of the ongoing strike. As a result, the company has withdrawn its profit outlook for the fiscal year 2023.

Portfolio Pulse from Benzinga Newsdesk

October 24, 2023 | 10:58 am

EWU

The U.K. labour productivity for Q2 has been reported at 0.7%, matching the estimated figure but showing an improvement from the -1.4% reported in the prior period.

Portfolio Pulse from Benzinga Newsdesk

October 24, 2023 | 8:36 am

EWU

The U.K. unemployment rate for August was reported at 4.2%, lower than the estimated 4.3% and the prior rate of 4.3%.

Portfolio Pulse from Benzinga Newsdesk

October 24, 2023 | 6:06 am

EWU

The U.K. employment change for August was -82K, better than the estimated -198K and the prior figure of -207K.

Portfolio Pulse from Benzinga Newsdesk

October 24, 2023 | 6:05 am