Streetbeat News

Labor Issues

F

GM

STLA

The United Auto Workers (UAW) union is threatening to expand its strike against General Motors (GM), Ford Motor (F), and Stellantis (STLA), potentially escalating the labor confrontation. The strike could expand to larger plants with more workers and key products, indicating the union's dissatisfaction and intent to inflict more financial pain on the automakers. Facilities such as GM's Fort Wayne plant, Stellantis' Sterling Heights assembly plant, and Ford's truck plants in Dearborn and Kansas City are key ones to watch.

Portfolio Pulse from Benzinga Newsdesk

September 22, 2023 | 12:33 pm

F

GM

TSLA

Analysts are debating the impact of the United Auto Workers union strike on Tesla, Inc. (NASDAQ:TSLA), General Motors Corp. (NYSE:GM), and Ford Motor Co. (NYSE:F). Bullish analyst Daniel Ives from Wedbush sees the strike as a potential advantage for Tesla, while bearish analyst Gordon Johnson from GLJ Research warns of a misunderstanding of the auto market and highlights the risk of Tesla's lower worker pay.

Portfolio Pulse from Shanthi Rexaline

September 22, 2023 | 12:31 pm

AAPL

QCOM

QUALCOMM Incorporated (NASDAQ:QCOM) is reportedly cutting hundreds of staff in China and Taiwan due to a longer-than-expected industry downturn and slow recovery. The company's Q3 results showed a 23% YoY fall in revenues. QUALCOMM is also facing competition from Huawei Technologies, which recently unveiled a new 7nm processor. However, QUALCOMM's three-year pact with Apple Inc (NASDAQ:AAPL), which accounted for 16% of its earnings last year, may instill confidence in investors.

Portfolio Pulse from Nabaparna Bhattacharya

September 22, 2023 | 11:59 am

AAPL

EWQ

Apple employees in France have initiated a strike over pay and working conditions. The strike coincides with the launch of the iPhone 15, potentially impacting sales and operations.

Portfolio Pulse from Charles Gross

September 22, 2023 | 9:59 am

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GM

STLA

TSLA

The ongoing auto strikes across the U.S. are influenced by Tesla's rise as the world's most valuable automaker and the industry shift to electric vehicles (EVs). Traditional automakers like General Motors, Ford, and Stellantis have been restructuring operations and investing billions globally in response to Tesla's success. This has led to a decline in 'green jobs' and a drop in UAW membership. Tesla's non-unionized labor structure and lower labor costs have spurred legacy automakers to seek cost-cutting measures and efficiencies.

Portfolio Pulse from Benzinga Neuro

September 22, 2023 | 8:59 am

DIS

FXI

SPY

Disney has reportedly laid off its Beijing streaming technology team ahead of a meeting between CEO Bob Iger and the head of a China-focused Congressional Committee. The move comes amid increasing scrutiny of Disney's operations in China.

Portfolio Pulse from Charles Gross

September 22, 2023 | 8:51 am

F

GM

STLA

Leaked messages from United Automobile Workers (UAW) President's aide reveal a planned strike strategy against Detroit's 'Big Three' automakers - General Motors Co., Ford Motor Co., and Stellantis NV. The strategy aims to inflict 'reputation damage and operational chaos' on the companies. The messages have sparked outrage and accusations of bad-faith bargaining from the automakers. The union's tactics are likely to further erode trust at the bargaining table, making a deal more elusive.

Portfolio Pulse from Benzinga Neuro

September 22, 2023 | 6:43 am

AAPL

F

GM

STLA

Apple Inc. has reportedly offered smaller pay raises to its retail employees this year, returning to pre-pandemic levels, with average annual raises of about 4%. This reduction also extends to AppleCare technical support employees. Most Apple salespeople in the U.S. now earn between $22 and $30 per hour. Apple has also issued restricted stock units and bonuses to its employees, although this year’s packages are generally capped at around $2,000.

Portfolio Pulse from Ananya Gairola

September 22, 2023 | 3:45 am

SATL

Satellogic has announced that it expects cumulative headcount reductions to result in $7.5M of annual savings starting from Q4 2023. The company has reduced its workforce by 110 employees.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 9:04 pm

BWA

BorgWarner (BWA) has warned that its sales could be significantly impacted if the United Auto Workers (UAW) strikes continue for several weeks or expand to affect other customer plants, including engine and transmission plants.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 8:47 pm