Streetbeat News

Labor Issues

STLA

Bill Ford, executive chair of Ford Motor Co, has urged for a resolution to the ongoing United Auto Workers (UAW) strike, warning of its potential impact on the wider American automotive industry. Meanwhile, RBC Capital Markets analysts see a short-term buying opportunity in auto-related stocks due to the strike. Ford's shares have declined by 6% since the strike began.

Portfolio Pulse from Piero Cingari

October 16, 2023 | 9:01 pm

CZR

MGM

WYNN

The Culinary Union has announced that workers at Detroit casinos will go on strike on Tuesday unless the companies deliver a fair contract. The companies potentially affected include CZR, MGM, and WYNN.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 8:01 pm

General Motors Co has announced that all its U.S. UAW-represented team members will receive an immediate wage increase upon ratification of the proposed offer.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 5:47 pm

STLA

TSLA

Ford Motor's Executive Chairman, Bill Ford, has called on the UAW to end the ongoing strike that is threatening the future of the automaker and the American automotive industry. The strike has expanded to Ford's most profitable plant, which brings in one-sixth of its global automotive revenue. The strike is also affecting Ford and General Motors' EV plans, which were funded by profits from combustion trucks and SUVs. The strike is costing Ford $44 million a day and GM $21 million a day. Stellantis and Ford have temporarily laid off 1,250 employees due to the strike. Tesla is due to report its Q3 performance, with expectations low due to lackluster Q3 deliveries.

Portfolio Pulse from Upwallstreet

October 16, 2023 | 5:38 pm

MSFT

Microsoft's LinkedIn plans to lay off 668 employees across its engineering, talent, and finance teams, adding to the tens of thousands of job losses in the tech sector this year. This is the second round of job cuts for LinkedIn amid slowing revenue growth and an uncertain economic outlook. The layoffs are in addition to the 10,000 from January. LinkedIn's revenue increased 5% YoY in Q4, compared to 10% in the previous quarter. Microsoft cited a slowdown in hiring and a decline in advertising spending as headwinds for LinkedIn.

Portfolio Pulse from Anusuya Lahiri

October 16, 2023 | 5:12 pm

NEM

Newmont Corporation (NYSE:NEM) has reached an agreement with the National Union of Mine, Metal, and Allied Workers of the Mexican Republic to end the strike at the Peñasquito mine. The agreement includes an 8% wage increase and compensation for lost wages. If the mine reports no profit in 2023 due to the strike, Newmont will pay an additional bonus in Q2 next year.

Portfolio Pulse from Shivani Kumaresan

October 16, 2023 | 3:37 pm

MSFT

LinkedIn, a subsidiary of Microsoft, announced that it will be reducing approximately 668 roles across its Engineering, Product, Talent, and Finance teams. This decision is expected to impact the company's operational efficiency and cost structure.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 3:15 pm

MSFT

Microsoft-owned LinkedIn is planning to lay off over 500 employees, marking the second round of cuts this year. The news was reported by Reuters.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 2:58 pm

AAPL

ALB

AZN

BTCUSD

CVS

HON

MANU

NVAX

NWSA

PFE

RAD

WBA

Bitcoin's price spiked on false rumors of an ETF approval by BlackRock. Albemarle Corporation withdrew its offer to acquire Liontown Resources. Pfizer cut its annual revenue guidance by $9B due to a slump in COVID-19 vaccine sales, and BioNTech warned of €900M write-offs. Rite Aid filed for Chapter 11 bankruptcy. AstraZeneca's Tagrisso-Chemo combo is under FDA priority review. Honeywell projects a 10% increase in new business jet deliveries in 2024. WeWork appointed David Tolley as CEO. Novavax faces a setback as the EMA delays a decision on its COVID-19 vaccine. Activist shareholder Starboard Value acquired a stake in News Corp. Goldman Sachs is reconsidering its consumer lending venture. Manchester United shares fell as the Qatari group pulled away from acquisition. Apple is reshuffling its executive ranks and focusing on reducing the price of Vision Pro. Walgreens and CVS pharmacy staff are planning a nationwide walkout over poor working conditions.

Portfolio Pulse from Vandana Singh

October 16, 2023 | 2:35 pm

CVS

WBA

Walgreens Boots Alliance Inc (NASDAQ:WBA) and CVS Health Corp (NYSE:CVS) pharmacy staff are planning a nationwide walkout and multiple rallies in late October to protest poor working conditions. The discontent among retail pharmacy employees has been mounting due to understaffing and increased work expectations, exacerbated by the demands of the COVID-19 pandemic. The staff has requested more transparent staff hour allocation, dedicated training time for new hires, and matching job tasks to staffing levels.

Portfolio Pulse from Vandana Singh

October 16, 2023 | 2:22 pm