Streetbeat News

Labor Issues

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

F

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

BWA

BorgWarner Inc. has indicated that the initial strikes by the United Auto Workers (UAW) against its North American customers, including Ford, Stellantis, and General Motors, are expected to have a relatively modest impact on its sales. The company's aggregate sales to these customers are expected to be just under $250 million per month on average during 2023.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 8:46 pm

OI

O-I Glass Inc plans to close its Waco plant, impacting about 300 employees. The company expects to record a charge of approximately $60 million in Q3 2023 related to the closure.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 8:43 pm

MTBL

Moatable Inc's CFO, Chris Palmer, has announced his decision to resign effective October 16, 2023. The company is actively searching for a permanent successor.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 8:22 pm