Streetbeat News

Labor Issues

STLA

The United Auto Workers (UAW) has suspended further strikes against the Detroit Three auto plants following a significant concession from General Motors (GM). GM has shown willingness to allow union contracts to cover workers at joint-venture battery plants. This could be a game-changer if Ford Motor (F) and Stellantis (STLA) decide to follow suit. The UAW is still pushing for higher wages, abolishing a two-tier wage system, and expanding unions to battery shops at all companies.

Portfolio Pulse from Benzinga Neuro

October 09, 2023 | 3:15 am

WBA

Walgreens Boots Alliance, Inc. (NASDAQ:WBA) employees are reportedly planning a nationwide walkout between Oct. 9 and Oct.11 due to what they describe as unbearable working conditions and inadequate staffing. The planned walkout is expected to involve employees from over 500 of the approximately 9,000 Walgreens stores across the United States. In response, Walgreens stated that there have never been corporate quotas and that all task-based metrics for retail pharmacy staff were eliminated last year. The company also highlighted its $265 million incremental investments in its nationwide pharmacy team this fiscal year.

Portfolio Pulse from Nabaparna Bhattacharya

October 07, 2023 | 9:24 pm

CZR

MGM

The Culinary Workers Union and Bartenders Union have reported no real progress in their negotiations with MGM Resorts International and Caesars Entertainment. The lack of progress could potentially lead to labor issues and strikes.

Portfolio Pulse from Benzinga Newsdesk

October 06, 2023 | 8:31 pm

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The US Congress averted a government shutdown by passing a stopgap funding bill. Treasury yields surged, with the 10-year yield reaching its highest level in 16 years. This has led to a significant loss in value for funds and ETFs investing in long-dated Treasury bonds. The September jobs report exceeded expectations, indicating a strong labor market and increasing the risk of further Federal Reserve tightening. Walmart reported a decrease in food demand due to the use of weight-loss drugs. Exxon Mobil is considering acquiring Pioneer Natural Resources. The S&P 500 and Nasdaq 100 rebounded from weeks of declines. Several sectors and mega-cap stocks displayed strength this week.

Portfolio Pulse from Piero Cingari

October 06, 2023 | 8:14 pm

KBNT

Kubient is expected to recognize restructuring charges in connection with a workforce reduction plan. The severance and benefit continuation charges are estimated to be about $320,000, expected in Q4 2023, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

October 06, 2023 | 8:13 pm

KBNT

Kubient Inc has implemented a 36% reduction in its workforce, equating to 4 people, in an effort to reduce the company's operating costs, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

October 06, 2023 | 8:13 pm

ATOS

Atossa Therapeutics' Executive Vice President and CFO, Greg Weaver, has announced his resignation effective October 5, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

October 06, 2023 | 8:07 pm

SPY

Cleveland Federal Reserve President, Mester, stated that the recent jobs report does not alter her perspective of the U.S. labor market. This statement was reported by CNN International.

Portfolio Pulse from Benzinga Newsdesk

October 06, 2023 | 7:38 pm

General Motors (GM) has announced that negotiations with the United Auto Workers (UAW) union are ongoing. The company is committed to finding solutions to address outstanding issues.

Portfolio Pulse from Benzinga Newsdesk

October 06, 2023 | 7:37 pm

STLA

Shares of General Motors Co (GM), Ford Motor Co (F), and Stellantis NV (STLA) traded higher after United Auto Workers (UAW) president Shawn Fain announced significant updates in strike talks. GM agreed to include electric battery production in the UAW’s national agreement, a move that could redefine the industry. Fain expects similar outcomes with Ford and Stellantis. Wage increases, cost of living allowances, wage boosts for temporary workers, and reduced time to reach full pay were among the key updates. The UAW continues to advocate for retirement security and is addressing all subcommittee issues seriously.

Portfolio Pulse from AJ Fabino

October 06, 2023 | 7:35 pm