Streetbeat News

Labor Issues

STLA

Stellantis has expressed outrage over the decision by the United Auto Workers (UAW) to expand their strike. The news was reported by a CNBC reporter.

Portfolio Pulse from Benzinga Newsdesk

October 23, 2023 | 6:22 pm

ALK

Alaska Air Group, Inc. (NYSE:ALK) is taking legal action against a mechanics union over an arbitration decision that reinstated a mechanic who tested positive for cannabis. The airline argues that the arbitration board overstepped its bounds and made decisions not based on factual evidence. The mechanic, Gregory Chappell, had been terminated after failing a random drug test, but he denied consuming cannabis and claimed he unknowingly ingested THC at a party. Aviation safety expert Dr. Karlene Petitt has criticized the airline's actions and called for support for Chappell.

Portfolio Pulse from Maureen Meehan

October 23, 2023 | 6:22 pm

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GM

STLA

The United Auto Workers (UAW) has expanded its strike against automakers, now targeting Stellantis N.V.'s largest assembly plant, affecting the production of the RAM 1500 pickup truck. This has led to an additional 6,800 workers from a Michigan truck plant joining the strike. The total number of striking union members across Ford Motor Company, General Motors Company, and Stellantis has now surpassed 40,000. The UAW's demands include a 40% wage increase, enhanced benefits, and the inclusion of EV battery plant employees in union agreements.

Portfolio Pulse from Shivani Kumaresan

October 23, 2023 | 5:16 pm

STLA

The United Auto Workers (UAW) union has announced that 6,800 of its members at Stellantis' Sterling Heights Assembly Plant have joined a stand-up strike, effectively shutting down production at Stellantis' largest plant.

Portfolio Pulse from Benzinga Newsdesk

October 23, 2023 | 2:20 pm

IRON

Disc Medicine's CFO, Joanne Bryce, has announced her intention to leave the company. The company has begun a search for her replacement. Bryce will continue to fulfill her responsibilities until a successor is found. Disc Medicine is a clinical-stage biopharmaceutical company listed on NASDAQ under the ticker symbol IRON.

Portfolio Pulse from Happy Mohamed

October 23, 2023 | 1:17 pm

PHG

Koninklijke Philips NV (NYSE:PHG) reported a Q3 FY23 comparable sales growth of 11% Y/Y to €4.5 billion ($4.87 billion), driven by growth across all segments and geographies. However, the company's order intake declined 9% Y/Y due to tough comparison with 2021, weak orders in China, and longer order lead times. Philips has also reduced its workforce by approximately 7,500 roles out of the planned reduction of 10,000 positions by 2025. The company raised its FY23 outlook for comparable sales growth to 6%-7% and an adjusted EBITA margin to 10%-11%.

Portfolio Pulse from Lekha Gupta

October 23, 2023 | 11:27 am

TSLA

During Tesla's Q3 earnings call, CEO Elon Musk criticized remote work, calling it 'detached from reality'. Musk's stance on remote work has been consistent, and he has previously stated that it is morally wrong for tech workers to work from home while others have to be physically present. Musk is known for his demanding work ethic, and after acquiring Twitter, his workload increased to around 120 hours per week.

Portfolio Pulse from Chris Katje

October 21, 2023 | 4:11 pm

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GM

STLA

The UAW President has announced that they will be striking the 'Big Three' automakers like never before. He pointed out that Ford's dividends show that the company has the financial capacity to offer better terms.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 8:29 pm

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GM

STLA

The UAW President has announced that the days of UAW and Ford working together to fight other companies are over. He also stated that they are going to organize non-union auto companies like never before.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 8:28 pm

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GM

STLA

The UAW President has stated that Ford is still concerned about the Kentucky Truck Plant and is pretending that they cannot afford what the union is asking for.

Portfolio Pulse from Benzinga Newsdesk

October 20, 2023 | 8:26 pm