Streetbeat News

Labor Issues

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GM

SPLK

STLA

The Federal Open Market Committee (FOMC) decided to leave rates unchanged at 5.25%-5.5%, signaling a more hawkish path ahead. Treasury yields hit 17-year highs. Cisco Systems announced an agreement to acquire cybersecurity company Splunk. The stock market witnessed a volatile week with the S&P 500 Index and the Nasdaq 100 recording their worst trading week since early March 2023. Interest rate-sensitive sectors underperformed, while defensive angles fared better. The United Auto Workers revealed its plan to widen the scope of strikes to 38 facilities in 20 states, primarily targeting General Motors and Stellantis.

Portfolio Pulse from Piero Cingari

September 22, 2023 | 8:07 pm

AN

AutoNation has announced the hiring of Jeff Parent as its new Chief Operating Officer (COO), effective from October 16.

Portfolio Pulse from Benzinga Newsdesk

September 22, 2023 | 8:06 pm

STLA

Stellantis has offered a contract to the United Auto Workers (UAW) union that includes full-time hourly employees earning between $80,000 and $96,000 a year by the end of the contract.

Portfolio Pulse from Charles Gross

September 22, 2023 | 6:08 pm

DIS

Walt Disney Co (NYSE:DIS) laid off over 300 staff members in Beijing in March 2023, citing cost-saving measures. However, the layoffs were also influenced by concerns over data security, as the Beijing team had access to U.S. customer data. This move reflects the ongoing complexity of Disney's relationship with China, a crucial market for Disney. Following the layoffs, some streaming functions encountered issues, with services like Hulu experiencing disruptions. DIS shares are trading lower by 1.26% at $81.69.

Portfolio Pulse from Shivani Kumaresan

September 22, 2023 | 6:05 pm

STLA

Stellantis has not yet received a response from the United Auto Workers (UAW) union regarding an offer made by the company last Thursday, according to Reuters.

Portfolio Pulse from Charles Gross

September 22, 2023 | 6:05 pm

GM

General Motors (GM) has stated that it has contingency plans in place for various scenarios amid the ongoing UAW strike. The company is prepared to do what is best for its business, customers, and dealers. GM will continue to negotiate in good faith with the union to reach an agreement as soon as possible.

Portfolio Pulse from Benzinga Newsdesk

September 22, 2023 | 5:21 pm

GM

General Motors (GM) has stated that the recent strike escalation by the United Auto Workers (UAW) is unnecessary. The company has presented five separate economic proposals to the UAW.

Portfolio Pulse from Benzinga Newsdesk

September 22, 2023 | 5:20 pm

F

GM

STLA

The United Auto Workers (UAW) has expanded strikes at 38 locations across 20 states, predominantly affecting General Motors (GM) and Stellantis (STLA). Despite contract offers including nearly 20% hourly wage increases, the union demands further improvements. The strikes could disrupt dealers and delay customer repairs. Ford (F) is not involved as it demonstrates a serious commitment towards reaching a deal with the union. Shares of Ford were 2.6% higher, Stellantis was 0.5% higher, while General Motors edged 0.1% lower.

Portfolio Pulse from Piero Cingari

September 22, 2023 | 4:30 pm

TSLA

Tesla Inc. (NASDAQ:TSLA) has seen an 8% reduction in stock value amid labor controversies and strikes led by the United Auto Workers (UAW) against major automakers. Despite this, Tesla's financial outlook remains resilient, with the stock marking a 114% increase over the year.

Portfolio Pulse from Zaheer Anwari

September 22, 2023 | 3:23 pm

F

Ford Motor Co is making progress in some areas of the ongoing UAW strike, but still has significant gaps to close on key economic issues.

Portfolio Pulse from Benzinga Newsdesk

September 22, 2023 | 3:04 pm