Streetbeat News

Labor Issues

DIS

NFLX

Negotiations between SAG-AFTRA actors' union and Hollywood studios, including The Walt Disney Company and Netflix Inc, have failed over issues such as streaming revenue and the use of AI. This has halted production for three months. Disney has also increased its streaming prices for the second time this year due to profitability challenges and loss of subscribers. Disney is also facing a slowdown in its parks business, a broken linear TV business model, and a weak box office. Netflix, despite being the leader in streaming, will also have to deal with increased costs due to writers’ and actors’ strikes.

Portfolio Pulse from Upwallstreet

October 12, 2023 | 6:38 pm

The Occupational Safety and Health Administration (OSHA) has proposed a $270,000 fine on a joint venture battery plant in Ohio, operated by General Motors Company (NYSE:GM) and LG Energy Solution, due to safety and health violations. The proposal follows an investigation into a fire and explosion incident that occurred in March. OSHA investigators identified 19 safety and health violations at the facility.

Portfolio Pulse from Shivani Kumaresan

October 12, 2023 | 6:16 pm

WMT

Walmart Inc. plans to open a new 'next-generation' fulfillment center in Stockton, California, in 2026. The facility will be equipped with an automated storage and retrieval system, doubling the storage capacity and enabling Walmart to fulfill twice the number of customer orders daily. The company will hire over 1,000 skilled associates for various positions, including tech-focused jobs.

Portfolio Pulse from Nabaparna Bhattacharya

October 12, 2023 | 4:55 pm

STLA

TSLA

The United Auto Workers (UAW) union has expanded its strike to include Ford Motor's (NYSE:F) largest factory, the Kentucky Truck Plant, affecting 8,700 workers. This move is expected to cost Ford about $150 million per week in core profit. The strike also covers workers at General Motors (NYSE:GM) and Stellantis (NYSE:STLA). The UAW is also hoping that a win against these companies could help it with Tesla (NASDAQ:TSLA), where workers have attempted to organize several times without success.

Portfolio Pulse from Upwallstreet

October 12, 2023 | 4:11 pm

Ford Motor Co's shares are trading lower after the United Auto Workers (UAW) union expanded strikes to the company's truck plant in Kentucky. The strikes were called after Ford failed to provide a counteroffer in labor negotiations. The Kentucky truck plant, which is considered the most profitable plant in the U.S. among all automakers, represents 19.7% of Ford's total U.S. production.

Portfolio Pulse from Adam Eckert

October 12, 2023 | 2:29 pm

AAPL

AMZN

CMCSA

DIS

NFLX

PARA

SONY

WBD

Negotiations between the Alliance of Motion Picture and Television Producers (AMPTP) and the Screen Actors Guild‐American Federation of Television and Radio Artists (SAG-AFTRA) have been suspended due to a large gap in their proposals. The discussions are no longer productive.

Portfolio Pulse from Benzinga Newsdesk

October 12, 2023 | 2:08 pm

MSFT

NOC

NVDA

QCOM

TSLA

The article covers a range of topics including Microsoft's appeal against a $29B US tax claim by the IRS, insider selling of Qualcomm and Northrop Grumman stocks, and Nvidia's bullish outlook with a predicted 50% stock gain. It also mentions Tesla's warning about the potential slashing of Model 3's tax credit and Ford's ongoing UAW strike. In the crypto space, Bitcoin, Ethereum, and Dogecoin are discussed.

Portfolio Pulse from Akanksha Bakshi

October 12, 2023 | 2:06 pm

Ford shares are expected to trade lower after 8,700 union members walked out of the company's Kentucky Truck Plant in Louisville.

Portfolio Pulse from Bill Haddad

October 12, 2023 | 2:01 pm

MRDB

MariaDB has announced a plan that is expected to result in restructuring charges of approximately $3.1 million, primarily due to employee severance and notice period payments.

Portfolio Pulse from Benzinga Newsdesk

October 12, 2023 | 1:09 pm

MRDB

MariaDB has begun implementing a board-approved restructuring plan on October 12, which includes a reduction of the company's workforce by 84 people, or about 28%.

Portfolio Pulse from Benzinga Newsdesk

October 12, 2023 | 1:08 pm