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Labor Issues

Shares of Li Auto, Inc. (NASDAQ:LI) are trading lower amid concerns over China's property sector and the broader Chinese economic recovery. The Chinese EV sector has been volatile due to reports of loosening restrictions on foreign investments. The broader EV sector is also being watched as the United Auto Workers (UAW) continue to strike against the Big Three automakers in the U.S. Shares of LI are down on heavy trading volume.

Portfolio Pulse from Erica Kollmann

September 25, 2023 | 3:31 pm

Michigan-based recreational dispensary Ultra Cannabis is offering a 25% discount to members and suppliers of the United Auto Workers (UAW) union who are currently on strike against major automakers including Ford Motor Co. (NYSE:F) and General Motors (NYSE:GM). The strike, which began on September 15, 2023, is demanding equitable contracts and improved working conditions.

Portfolio Pulse from Nina Zdinjak

September 25, 2023 | 3:14 pm

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Several significant business events have occurred. Ford of Canada has reached a collective agreement with Unifor union, including wage increases and pension improvements. Amazon has invested $4 billion in AI startup Anthropic. PhonePe, backed by Walmart, has launched the Indus AppStore Developer Platform to challenge Google's dominance in India. Goodyear plans to redefine its operational presence in the Asia Pacific region. Pfizer's RSVpreF vaccine has been recommended by the CDC for pregnant people. Mercedes Benz has partnered with Mastercard to introduce in-car digital payments. Novartis plans to spin-off the Sandoz business. Eisai and Biogen's Alzheimer treatment Leqembi has been approved in Japan. Alcoa has appointed William F. Oplinger as President and CEO. TransCode Therapeutics' stock is trading higher after positive results with its therapeutic candidate, TTX-MC138. Tyson Foods and Perdue Farms are under investigation over alleged child labor violations. OpenAI has unveiled a new feature for its ChatGPT application, enabling verbal responses. Apple's iOS 17 update allows users to opt for a search engine other than Google. Austrian Airlines faced backlash for making inaccurate environmental claims.

Portfolio Pulse from Vandana Singh

September 25, 2023 | 2:58 pm

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Perdue Farms and Tyson Foods are under federal investigation following reports of employing migrant children in their meat-processing plants. The Labor Department is probing a Tyson plant and a Perdue plant in Virginia. The investigation was launched after an exposé revealed a 14-year-old boy working the night shift at a Perdue-operated chicken slaughterhouse. One-third of the Perdue plant's overnight cleaning crew was reportedly made up of children, employed by Fayette Industrial, a cleaning company hired by Perdue. Fayette also works with QSI Sanitation, which works with Tyson as part of chemical sanitation conglomerate The Vincit Group, and is facing a federal investigation.

Portfolio Pulse from Benzinga Newsdesk

September 25, 2023 | 2:58 pm

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President Biden has praised the Writers Guild and studios for reaching a tentative agreement, highlighting the power of collective bargaining. The studios involved may include Apple Inc. (AAPL), Comcast Corporation (CMCSA), The Walt Disney Company (DIS), Netflix Inc. (NFLX), and Warner Bros. (WBD).

Portfolio Pulse from Benzinga Newsdesk

September 25, 2023 | 2:41 pm

Goodyear Tire & Rubber Company (NASDAQ:GT) plans to redefine its operational presence in the Asia Pacific region, transitioning from owning its establishments to a third-party distribution and retail model. This will result in the loss of around 700 roles, exit of nine warehouse sites, and the divestment or cessation of nearly 100 retail and fleet outlets. The company expects these actions to improve Asia Pacific's segment operating income by approximately $50 million to $55 million in 2025 and annually thereafter.

Portfolio Pulse from Shivani Kumaresan

September 25, 2023 | 2:21 pm

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The Writers Guild of America (WGA) has reached a tentative agreement with entertainment companies, potentially ending a 146-day strike. The deal includes increased compensation for streaming content and minimum staffing requirements for TV shows. However, the Alliance of Motion Picture and Television Producers (A.M.P.T.P.) has only acknowledged the agreement, and actors represented by SAG-AFTRA remain on strike. Shares of Disney Co. (DIS), Warner Bros Discovery Inc. (WBD), Paramount Global (PARA), and AMC Entertainment Holdings Inc. (AMC) have declined since the strike began, while Netflix Inc. (NFLX) has posted gains.

Portfolio Pulse from Piero Cingari

September 25, 2023 | 12:50 pm

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The market remains lackluster with index futures slightly in the red and the 10-year Treasury yield approaching 5%. The Nasdaq Composite and the S&P 500 hit their lowest levels in 3.5 months. The S&P 500 is down nearly 4% on the month, and technical damage is beginning to mount. In premarket trading, the SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.13% and the Invesco QQQ ETF (NASDAQ:QQQ) moved down 0.15%. Stocks of studios such as Walt Disney Co. (NYSE:DIS), Paramount Global (NASDAQ:PARA), Warner Bros. Discovery, Inc. (NASDAQ:WBD), Amazon, Inc. (NASDAQ:AMZN), and Netflix, Inc. (NASDAQ:NFLX) rose in premarket trading after Hollywood’s writers union reached a preliminary labor agreement with major studios.

Portfolio Pulse from Shanthi Rexaline

September 25, 2023 | 11:15 am

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Amazon's Amp live radio division is facing internal backlash following a leadership reshuffle. The new leader, Matt Sandler, is taking over from John Ciancutti, who has moved to Amazon Music. Employees have expressed concerns about the future of the business, lack of faith in the leadership, and a toxic work environment. The Amp division, which launched last year, has underperformed and laid off about half of its team.

Portfolio Pulse from Benzinga Neuro

September 25, 2023 | 8:49 am

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Intel has partnered with Ohio colleges to address the shortage of workforce in the semiconductor industry. The partnership aims to develop a skilled workforce to meet the growing demand in the semiconductor sector.

Portfolio Pulse from Benzinga Newsdesk

September 25, 2023 | 6:22 am