Streetbeat News

Labor Issues

STLA

TSLA

VWAGY

The ongoing strikes by the United Auto Workers union against the Detroit Big Three automakers (General Motors, Ford, and Stellantis) could benefit Tesla and non-union foreign automakers, according to Wedbush analyst Daniel Ives. Ives suggests that the longer the strike continues, the more Tesla could benefit, especially if the new contract includes higher wages for workers. He also sees non-union foreign automakers like Toyota and Volkswagen as potential winners, as they could take market share away from the three Detroit automakers.

Portfolio Pulse from Chris Katje

September 21, 2023 | 4:02 pm

LCID

STLA

Lucid Group, Inc. (NASDAQ:LCID) shares are trading lower, with a nearly 12% drop over the last five days. The United Auto Workers (UAW) strike against the Big Three automakers, Ford Motor Company (NYSE:F), General Motors Company (NYSE:GM) and Stellantis (NYSE:STLA) continues, which some believe could benefit smaller, non-traditional automakers like Lucid. LCID is one of the top trending tickers on Yahoo! Finance and 17.41% of available shares are being sold short.

Portfolio Pulse from Erica Kollmann

September 21, 2023 | 3:04 pm

FDX

UPS

WMT

YELLQ

FedEx Corporation (FDX) reported a positive earnings surprise, with a 32% YoY improvement in net income, despite a drop in revenue. The company benefited from customer shifts from United Parcel Service Inc (UPS) and the bankruptcy of Yellow Corporation (YELLQ). FedEx's Ground unit saw a significant increase in daily packages, and its Express business reported an 18% operating profit gain. However, the company faces macro headwinds, including deflating demand and global recession fears.

Portfolio Pulse from Upwallstreet

September 21, 2023 | 2:32 pm

ARM

AVGO

CART

CSCO

DRI

FDS

GOOG

GOOGL

KBH

KDP

KHC

MRVL

NIO

PARA

SBUX

SPLK

TOSBF

UBS

WBD

Weekly jobless claims fell to 201,000, below estimates. Cisco Systems is acquiring Splunk for $28 billion, causing a rally in Splunk's stock and a fall in Cisco's. Starbucks announced a 7.5% increase in its quarterly dividend. Keurig Dr Pepper appointed Tim Cofer as COO, effective Nov.6, 2023. Kraft Heinz recalled 83,800 cases of Kraft Singles due to choking hazard. Google is replacing Broadcom with Marvell for AI chips. Nio launched a smartphone to compete in China's EV market. Toshiba is going private after a successful $14 billion tender offer from JIP. Unilever is selling some of its non-core beauty brands. UBS terminated 70% of Credit Suisse's HK research staff. VinFast plans to ship EVs to Europe by end of 2023. Paramount Global and Warner Bros. Discovery stocks rose amid reports of a potential end to the Hollywood writers' strike. Arm Holdings and Instacart stocks declined, raising concerns about tech IPOs. The DOJ limited access to key evidence in its antitrust case against Google. Kia launched its cheapest EV in South Korea. KB Home reported a Q3 sales decline of 13.9% YoY but beat estimates. Darden Restaurants reported Q1 sales growth of 11.6% YoY, beating estimates. FactSet Research reported Q4 sales growth of 7.3% YoY, slightly beating estimates.

Portfolio Pulse from Vandana Singh

September 21, 2023 | 2:02 pm

LIFW

NEPT

NIR

QSG

SEEL

SNY

TVTX

US stocks traded lower with the Nasdaq Composite falling over 150 points. Initial jobless claims fell by 20,000 to 201,000, lower than market estimates of 225,000. MSP Recovery, Near Intelligence, and Neptune Wellness saw their shares rise, while Travere Therapeutics, QuantaSing Group, and Seelos Therapeutics saw their shares drop.

Portfolio Pulse from Lisa Levin

September 21, 2023 | 1:59 pm

SPY

The Labor Department reported that weekly initial jobless claims were 201,000, a decrease of 20,000 from the previous week's revised level. This figure is below the average economist estimates of 225,000 and lower than the previous week's revised level. The 4-week moving average was 217,000, a decrease of 7,750 from the previous week's revised average. The advance seasonally adjusted insured unemployment rate was 1.1% for the week ending September 09, unchanged from the previous week's unrevised rate.

Portfolio Pulse from Vandana Singh

September 21, 2023 | 12:44 pm

SPY

The number of continuing jobless claims in the USA has decreased to 1,662K, lower than the estimated 1,695K and the previous figure of 1,683K.

Portfolio Pulse from Happy Mohamed

September 21, 2023 | 12:31 pm

SPY

The initial jobless claims in the USA came in at 201K, which is lower than the estimated 225K and the prior figure of 220K.

Portfolio Pulse from Happy Mohamed

September 21, 2023 | 12:30 pm

VFS

The CEO of Vinfast has stated in a conference call that the labor cost in North Carolina is higher than anticipated.

Portfolio Pulse from Benzinga Newsdesk

September 21, 2023 | 12:24 pm

PARA

WBD

Hollywood writers and producers are close to ending a 100-day strike, which has caused a standstill in TV and movie production. Paramount Global (PARA) and Warner Bros. Discovery (WBD) stocks are trading higher amid these reports. The strike has affected media companies' efforts to make streaming profitable and revitalize theater attendance. Warner Bros. Discovery adjusted its earnings expectations due to the strikes, anticipating an impact of $300 million to $500 million on adjusted EBITDA.

Portfolio Pulse from Anusuya Lahiri

September 21, 2023 | 12:04 pm