Streetbeat News

Labor Issues

GM

General Motors Company (NYSE:GM) shares are trading lower following a report suggesting the company has at least 20 million vehicles with potentially explosive airbag parts. The National Highway Traffic Safety Administration (NHTSA) is considering a recall. This news, along with the ongoing United Auto Workers strike, has put pressure on General Motors stock, which is down 23.19% over the past three months.

Portfolio Pulse from Ryan Gustafson

October 05, 2023 | 6:33 pm

CVX

Chevron Corporation is facing potential strikes from labor unions at its two Australian liquefied natural gas (LNG) sites. The unions accuse Chevron of reneging on key commitments made to the Fair Work Commission. Workers have voted to restart strike action at the Gorgon and Wheatstone facilities, which account for around 7% of global LNG production.

Portfolio Pulse from Shivani Kumaresan

October 05, 2023 | 4:13 pm

SPY

Federal Reserve's Mary Daly stated that the economy still has considerable momentum, despite being far from 2% inflation and sustainable employment. She also noted that job growth remains well above what's needed to keep pace with growth, even with recent slowing in the labor market.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 4:12 pm

F

GM

STLA

The UAW strike against General Motors (GM), Ford Motor (F), and Stellantis (STLA) is now in its 20th day. GM has secured a new $6 billion line of credit, revealing that the strikes have already cost the automaker $200 million during the third quarter. Ford has also secured a $4 billion credit line. The UAW and Ford have not reached an agreement on significant issues such as pay and union representation at future battery plants. GM has laid off 2,100 workers due to the strike, and Ford announced that 400 more workers will be laid off in Michigan.

Portfolio Pulse from Upwallstreet

October 05, 2023 | 4:09 pm

SGML

Sigma Lithium's shares are trading lower following the news that the company's COO has stepped down.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 4:09 pm

BYDDY

F

Ford Motor Co (NYSE:F) has announced that negotiations with a potential investor for its Saarlouis plant in Germany have stalled, reigniting concerns about the plant's future and the jobs of its workforce. The unidentified investor had entered a provisional agreement in June but has now chosen to discontinue talks. This follows Ford's decision to favor a Spanish location for the assembly of its forthcoming electric vehicle, implying the Saarlouis location will cease production of the Ford Focus by 2025. Ford plans to retain 1,000 positions at the location under a new plan, potentially transforming it into a technology hub.

Portfolio Pulse from Shivani Kumaresan

October 05, 2023 | 3:50 pm

VLVLY

The United Auto Workers (UAW) has reached a five-year agreement with Mack Trucks. Under the new contract, the pension plan life income benefit will increase by $4.00 in the first year.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 3:00 pm

QURE

UniQure N.V. (NASDAQ:QURE) plans to cut 20% of its workforce, or about 114 jobs, and discontinue more than half of its research and technology projects, including AMT-210 for Parkinson's disease. The restructuring is expected to generate savings of about $180 million over the next three years. The company will consolidate all manufacturing into its Lexington, MA facility and consolidate process and analytical development into its Amsterdam, Netherlands facility. Chief Scientific Officer Ricardo Dolmetsch will leave the company as part of the restructuring.

Portfolio Pulse from Vandana Singh

October 05, 2023 | 2:23 pm

CASH

Pathward Financial, Inc. (NASDAQ:CASH) has appointed Greg Sigrist as its next CFO, effective from Nov. 1, 2023. Sigrist, who has over 20 years of banking experience, will succeed Glen Herrick. Herrick will remain with the company until his retirement on Dec. 31, 2023. Sigrist previously served as EVP and CFO of Metropolitan Bank Holding Corp. and Metropolitan Commercial Bank, and held senior financial roles at Morgan Stanley and Citigroup.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 12:38 pm

SPY

The number of continuing jobless claims in the USA has slightly decreased to 1,664K from the previous 1,665K, beating the estimate of 1,675K.

Portfolio Pulse from Benzinga Newsdesk

October 05, 2023 | 12:31 pm