Streetbeat News

Labor Issues

TSLA

Rep. Alexandria Ocasio-Cortez plans to trade her Tesla Model 3 for a union-made electric vehicle (EV) amid increasing tension with Tesla Inc. CEO, Elon Musk. This move comes as Ocasio-Cortez has previously shown her disapproval of Musk, who has often been critical of the United Auto Workers (UAW) union. Tesla is one of the few major U.S. automakers without a union representation.

Portfolio Pulse from Benzinga Neuro

September 25, 2023 | 2:35 am

ADDYY

DIS

NFLX

WBD

The CEOs of Walt Disney (DIS), Warner Bros. Discovery (WBD), Netflix (NFLX), and NBCUniversal are monitoring negotiations with guild representatives. A 'best and final' offer was presented to the Writers Guild of America (WGA) negotiators, potentially ending the nearly five-month-long writers strike. Meanwhile, Disney and other theme park operators are looking forward to the fall with optimism after a lukewarm summer. Netflix is preparing to close its DVD-by-mail service, and Adidas (ADDYY) CEO Bjørn Gulden defended Ye, formerly known as Kanye West, over his antisemitic remarks.

Portfolio Pulse from Anthony Noto

September 24, 2023 | 6:07 pm

Unifor members have ratified a new three-year collective agreement with Ford of Canada. The agreement covers more than 5,600 workers at Ford facilities in Canada. The agreement was approved with a 54% vote in favor.

Portfolio Pulse from Charles Gross

September 24, 2023 | 5:56 pm

TSN

The U.S. Labor Department is investigating Tyson Foods (NYSE:TSN) and Perdue Farms over allegations of child labor violations. The probe was triggered by a New York Times Magazine article detailing the employment of migrant children as young as 13 in overnight shifts at the companies' plants in Virginia. Both Tyson and Perdue have denied knowledge of children working in their plants and pledged to cooperate with the investigations.

Portfolio Pulse from Benzinga Neuro

September 24, 2023 | 12:56 pm

BTCUSD

BUD

CART

PLTR

TSLA

The past week saw the third consecutive week of losses for the Nasdaq Composite and the S&P 500. The Federal Open Market Committee decided to maintain interest rates at between 5.25% and 5.5%. Analyst Daniel Ives expressed confidence in Palantir Technologies securing a significant portion of the global AI market. Tesla and non-union foreign automakers stand to gain from the ongoing UAW strike affecting General Motors, Ford Motor, and Stellantis NV. Anthony Scaramucci expressed a bullish stance on Bitcoin. Anheuser-Busch InBev faces increased competition as Molson Coors Beverage Company and other brands capitalize on advertising opportunities. Instacart experienced a 40% stock jump on its debut, but Josh Brown advises investors to sell early for profit. Gordon L. Johnson II issued a sell rating on Tesla, citing concerns over demand issues, decreasing average selling prices and potential margin declines.

Portfolio Pulse from Michael Cohen

September 23, 2023 | 2:17 pm

TSLA

Tesla Inc. (NASDAQ:TSLA) is planning to expand its workforce at the Texas Gigafactory to 60,000, up from over 20,000 currently, as it prepares for increased Cybertruck production. The company has also begun infrastructure development to support this expansion. Tesla's CEO, Elon Musk, expects to sell 250,000-500,000 Cybertrucks annually once production is fully ramped up.

Portfolio Pulse from Anan Ashraf

September 23, 2023 | 1:18 pm

STLA

President Joe Biden announced his plans to join the picket line in Michigan on Tuesday, expressing solidarity with the striking workers of the United Auto Workers (UAW) union. The union has expanded its strike to include more assembly plants and distribution centers belonging to General Motors Co (GM) and Stellantis NV (STLA), while limiting the strike against Ford Motor Co (F) to the Michigan assembly plant due to progress in negotiation talks.

Portfolio Pulse from Anan Ashraf

September 23, 2023 | 2:51 am

Goodyear Tire & Rubber Co has approved a rationalization plan in the Asia Pacific to improve profitability in its Australia and New Zealand operations. The proposed plan will lead to a reduction of approximately 700 positions.

Portfolio Pulse from Benzinga Newsdesk

September 22, 2023 | 8:39 pm

STLA

The United Auto Workers (UAW) has expanded its strike against General Motors (GM) and Stellantis (STLA), but not Ford (F), due to lack of progress in contract talks. The strike now includes 38 warehouses in 20 states. President Biden is expected to speak in Michigan to support the UAW. The strike could impact Americans who drive Jeeps and Chevy Silverados. The union is seeking a 36% wage increase over four years, improved retirement benefits, and more paid time off. Automakers are offering raises of around 20% over four years.

Portfolio Pulse from Benzinga Newsdesk

September 22, 2023 | 8:26 pm

FOX

FOXA

RUM

STLA

Former President Donald Trump plans to skip the second and third Republican primary debates, focusing instead on supporting the UAW strikes against General Motors Co (GM), Ford Motor Co (F), and Stellantis NV (STLA) in Detroit. The second debate will air on Fox Business, a unit of Fox Corporation (FOX, FOXA), and stream on Rumble Inc (RUM). Trump's decision is based on his sizable lead in most national polls, seeing no benefit in participating in the debates.

Portfolio Pulse from Chris Katje

September 22, 2023 | 8:11 pm