Streetbeat News

Labor Issues

SPY

Federal Reserve's John Williams stated that the job market is strong and the current unemployment rate matches the long-term trend. This could indicate a stable economic environment.

Portfolio Pulse from Benzinga Newsdesk

September 29, 2023 | 4:48 pm

GM

General Motors (GM) has expressed its willingness to negotiate in good faith to reach an agreement that doesn't let non-union manufacturers win, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

September 29, 2023 | 3:18 pm

GM

General Motors (GM) has reported that the number of people negatively impacted by ongoing strikes is increasing, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

September 29, 2023 | 3:17 pm

GM

General Motors (GM) has not yet received a comprehensive counteroffer from the United Auto Workers (UAW) leadership to their latest proposal made on September 21. GM continues to express readiness and willingness to negotiate in good faith to reach an agreement that benefits union members.

Portfolio Pulse from Benzinga Newsdesk

September 29, 2023 | 3:11 pm

F

GM

STLA

The UAW President has announced plans to expand strikes at Ford and General Motors, including at Ford Chicago and GM Lansing Delta Township. However, the union has decided not to call a new strike at Stellantis after the company made contract improvements just before a planned announcement.

Portfolio Pulse from Benzinga Newsdesk

September 29, 2023 | 2:41 pm

F

GM

STLA

The United Auto Workers (UAW) union is set to announce new strikes at assembly plants of the Detroit Three automakers, according to Reuters. The companies potentially affected include Ford (F), General Motors (GM), and Stellantis (STLA).

Portfolio Pulse from Benzinga Newsdesk

September 29, 2023 | 1:57 pm

CRLBF

CURLF

GTBIF

Workers at five Sunnyside Dispensaries, a subsidiary of Cresco Labs Inc., have reached tentative agreements for first union contracts with Teamsters Local 777. The contracts include significant improvements such as an end to at-will employment, the right to representation during disciplinary matters, and 15% wage increases over the agreement's lifetime. Meanwhile, employees of Dragonfly Wellness, a medical marijuana dispensary in Salt Lake City, voted to join the United Food and Commercial Workers (UFCW).

Portfolio Pulse from Jelena Martinovic

September 29, 2023 | 1:05 pm

SBUX

Starbucks Corp (NASDAQ:SBUX) has been found guilty of violating federal labor law by selectively raising wages and offering improved benefits to its non-unionized stores across the U.S. This is the first nationwide action against Starbucks in response to ongoing unionization efforts. As a result, Starbucks is required to compensate thousands of unionized workers for the wages and benefits they were unjustly denied.

Portfolio Pulse from Vandana Singh

September 29, 2023 | 12:24 pm

DASH

TKAYF

UBER

Uber Technologies Inc., DoorDash Inc., and Grubhub Inc. failed to overturn the New York City minimum wage increase, which mandates a minimum pay of $17.96 per hour for food delivery workers. The companies can either pay a straightforward hourly rate or opt for a per-delivery payment structure. The new legislation is set to introduce a second wage increment, bringing the hourly rate close to $20 by April 2025. Approximately 60,000 delivery workers in New York currently earn around $11 an hour post tips and expenses.

Portfolio Pulse from Shivani Kumaresan

September 29, 2023 | 11:52 am

GT

Goodyear Tire & Rubber Company (NASDAQ:GT) has provided an update on the fire damage at its Debica, Poland facility and the related financial impact on its earnings. The company expects EMEA consumer sales to be negatively affected by $20 million- $25 million in Q3 and $10 million to $15 million in Q4 2023. The company's insurance policy covers $15 million of damage per occurrence, which will reach the deductible limit in Q3 and projects a significant portion of the expense to be reimbursed by the insurance provider. GT also approved a rationalization plan in the Asia Pacific and proposed a reduction of around 700 positions.

Portfolio Pulse from Lekha Gupta

September 29, 2023 | 11:29 am