Streetbeat News

Labor Issues

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

AAPL

JWN

NVDA

PANW

TSLA

WDC

WMT

A survey by Blind, an anonymous social media platform for employees, revealed the most and least popular CEOs in the US. Nvidia Corp.'s CEO Jensen Huang topped the list with a 96% approval rating, while Apple's Tim Cook was fourth with an 83% approval rating. Tesla's Elon Musk was 40th with a 38% approval rating. Other popular CEOs include Walmart's Doug McMillon, Palo Alto Networks' Nikesh Arora, and Databricks's Ali Ghodsi. Western Digital's David Goeckeler and Nordstrom's Erik Nordstrom have a 0% approval rating.

Portfolio Pulse from Rounak Jain

October 12, 2023 | 12:07 pm

United Auto Workers (UAW) union members walked out of Ford Motor Co's Kentucky Truck Plant after a meeting with Ford officials lasted less than 10 minutes due to lack of a counteroffer. The walkout effectively shut down Ford's most profitable operation, which contributes $25 billion in annual sales, accounting for about a sixth of the company's global automotive revenue. The UAW has been on strike against Ford, General Motors Co, and Stellantis NV since mid-September, demanding better pay and other incentives.

Portfolio Pulse from Anan Ashraf

October 12, 2023 | 11:52 am

DAL

QQQ

SPY

US stock futures indicate a higher open on Thursday, following four consecutive sessions of gains. Delta Air Lines reported strong quarterly results, boosting expectations of healthy corporate profits this earnings season. The upcoming release of the consumer price inflation report for September is likely to influence market direction. Traders are factoring in a Fed pause and likely rate cuts next year, according to Morgan Stanley’s Lisa Shalett. In premarket trading, the SPDR S&P 500 ETF Trust rose 0.44% and the Invesco QQQ ETF gained 0.40%. Ford Motor Co. fell over 2% in premarket trading after the United Auto Workers union extended the strike to the company’s Kentucky plant.

Portfolio Pulse from Shanthi Rexaline

October 12, 2023 | 11:23 am

Ford Motor Co (NYSE:F) is facing a strike at its largest plant in Kentucky, as 8,700 union members walked out demanding better pay and other amenities. The strike, now in its fourth week, has serious consequences for Ford's workforce, suppliers, dealers, and commercial customers. The plant, which generates about $25 billion in revenue annually, produces popular vehicles including the F-Series Super Duty, the Ford Expedition, and the Lincoln Navigator.

Portfolio Pulse from Anan Ashraf

October 12, 2023 | 3:21 am

GOOG

GOOGL

Teamsters union and community groups are uniting to protest at the launch of Waymo's self-driving trucks in Los Angeles County. The groups are concerned about job losses and safety issues.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 8:11 pm

STLA

Stellantis shares are trading higher amid volatility in auto stocks due to the UAW strikes. The company and Samsung SDI have disclosed Kokomo, Indiana, as the second site for their electric vehicle battery manufacturing facility in the US.

Portfolio Pulse from Bill Haddad

October 11, 2023 | 7:55 pm

SPY

The Federal Open Market Committee (FOMC) minutes indicate that officials are concerned that the autoworkers' strike could increase inflation and suppress economic activity, posing a new risk to the economic outlook. They believe it is 'critical' to maintain a sufficiently restrictive policy to achieve the inflation target.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 6:02 pm

PXD

XOM

Pioneer CEO Scott Sheffield has announced that all of Pioneer's oilfield employees will be offered positions with Exxon. Most of Pioneer's office employees will also be offered a position in the combined company, according to a letter sent to employees.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 4:56 pm

AMZN

Several Nepali workers at an Amazon warehouse in Saudi Arabia have reported exploitation, including low wages, harsh working conditions, and abrupt termination of employment. The workers were left stranded in a foreign country without wages and limited resources. Amazon has acknowledged the issue and pledged to implement stronger controls to prevent such incidents. The company also promised to repay the workers for their recruiting fees.

Portfolio Pulse from Anusuya Lahiri

October 11, 2023 | 4:46 pm