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Labor Issues

VWAGY

Volkswagen AG (OTCPK: VWAGY) is temporarily suspending production of its ID.3 and Cupra Born electric vehicle models due to weak demand. The suspension will affect its Zwickau and Dresden plants for the first two weeks of October. The company has not disclosed how many employees will be impacted by the slowdown. This comes after Volkswagen invested over a billion dollars in 2018 to upgrade the plant for EV production.

Portfolio Pulse from Anan Ashraf

September 27, 2023 | 8:05 am

F

GM

STLA

TSLA

Tesla CEO Elon Musk criticized President Joe Biden's support for the United Auto Workers (UAW) union's demands for a 40% pay hike and a 32-hour workweek. Musk argued that these demands could lead to the bankruptcy of Ford, General Motors, and Stellantis. Musk's comments contrast with his previous claim that Tesla pays more than the union's demands.

Portfolio Pulse from Anan Ashraf

September 27, 2023 | 2:35 am

F

GM

STLA

United Auto Workers (UAW) president, Shawn Fain, criticizes former President Donald Trump ahead of his visit to Detroit amidst an ongoing strike against the 'Big Three' automakers - Ford Motor Company (F), General Motors Company (GM), and Stellantis NV (STLA). Fain accuses Trump of favoring the billionaire class over the working class and criticizes his decision to host a rally at a non-union plant in Michigan.

Portfolio Pulse from Benzinga Neuro

September 27, 2023 | 12:20 am

MORF

Morphic Holding's CEO, Dr. Praveen Tipirneni, is taking a temporary medical leave of absence. He is expected to return after his recovery.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 8:14 pm

VLD

Velo3D, Inc. (VLD) announced that its CFO, William McCombe, has resigned to pursue other career opportunities, effective September 29, 2023. Bernard Chung, the company's VP of Finance, will serve as the Acting CFO from the same date. McCombe will stay on in a transition capacity through November 7, 2023.

Portfolio Pulse from Happy Mohamed

September 26, 2023 | 8:12 pm

CNC

Centene Corporation (CNC) plans to lay off 2,000 employees due to 'headwinds' from government programs. The layoffs are expected to take place next week.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 8:07 pm

F

GM

STLA

President Joe Biden visited Michigan to show support for the United Auto Workers (UAW) who are striking against Ford Motor Co (F), General Motors Co (GM), and Stellantis NV (STLA). Biden's visit, the first by a sitting U.S. president to a picket line during a major strike, comes as the auto industry faces potential escalation of UAW strikes. Some UAW strikers feel that the visits by Biden and former President Donald Trump are politicizing the strike.

Portfolio Pulse from Aaron Bry

September 26, 2023 | 7:10 pm

AMC

AMC Entertainment Holdings, Inc (NYSE:AMC) saw a brief 2% rise on Tuesday amid news of a tentative writer’s strike deal, which is expected to benefit movie theaters as halted productions resume. However, the stock has seen decreasing volume since a 35% plunge on Sept. 6. The stock's relative strength index is at about 29%, suggesting a potential brief pop higher. The lack of volume in AMC caused the upward move to lose momentum and the stock rejected the eight-day exponential moving average (EMA).

Portfolio Pulse from Melanie Schaffer

September 26, 2023 | 6:51 pm

AMZN

DKS

FL

M

NKE

TGT

Dick's Sporting Goods Inc plans to hire 8,600 seasonal workers for the upcoming holiday season, down from 9,000 last year. This follows a trend of conservative seasonal hiring by other retail giants like Target Corporation and Macy's Inc, due to rising labor costs and sluggish growth in holiday sales. However, Amazon.Com, Inc. plans to increase its hires by 67% compared to the last two years. Brands like Dick's Sporting Goods, Nike, Inc., and Foot Locker, Inc. are grappling with diminished wholesale demand.

Portfolio Pulse from Shivani Kumaresan

September 26, 2023 | 6:38 pm

UNP

Union Pacific Corp has announced that it is increasing its hiring efforts to ensure adequate staffing levels heading into 2024.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 6:38 pm