Streetbeat News

Labor Issues

RVNC

Revance Therapeutics Inc has announced plans to exit the OPUL Payments business. The exit and restructuring activities will predominantly include a reduction in OPUL personnel headcount, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 1:13 pm

CTSO

CytoSorbents Corporation has announced that Kathleen P. Bloch will resume her role as full-time CFO. Bloch previously served as the company's CFO for 10 years until her retirement in March 2023. She took over as Interim CFO following the investigation and subsequent termination of former CFO Alexander D'Amico.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 11:04 am

F

GM

HYMTF

STLA

Hyundai Motor Company has secured a wage deal with its South Korean union, increasing annual pay by 12% and avoiding a potential strike. The deal comes amid strikes by the United Auto Workers against General Motors, Ford, and Stellantis. Hyundai has also launched a pilot program in Singapore to assist visually impaired individuals.

Portfolio Pulse from Shivani Kumaresan

September 19, 2023 | 10:10 am

AMZN

MSFT

Microsoft's Chief Product Officer, Panos Panay, is reportedly leaving the company to join Amazon, where he will run the division responsible for Alexa and the Echo smart speakers. This comes ahead of Amazon's annual Devices & Services event. Microsoft's consumer chief marketing officer, Yusuf Mehdi, has reportedly taken over from Panay.

Portfolio Pulse from Shanthi Rexaline

September 19, 2023 | 9:28 am

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GM

STLA

President Joe Biden is being urged by Democratic lawmakers to show solidarity with the striking United Auto Workers (UAW). The UAW strike against the nation's largest automakers has sparked concern among Democrats. Biden has openly supported the UAW's strike against Detroit's Big Three manufacturers, General Motors (NYSE:GM), Ford (NYSE:F), and Stellantis (NYSE:STLA), urging them to improve their wage offerings.

Portfolio Pulse from Benzinga Neuro

September 19, 2023 | 8:51 am

AAPL

Foxconn Technology Group has been offering higher wages to its workers at the Huawei Technologies handset production unit than those in iPhone manufacturing. This coincides with the recent launch of new 5G handsets by both Apple Inc and Huawei in China. Despite Apple's efforts to decentralize its supply chain from China and invest heavily in India's production, iPhone 15 prices in China, Japan, and India were higher than many other countries. The shift in consumer demand might have contributed to the wage discrepancy between the Huawei and iPhone production units at Foxconn.

Portfolio Pulse from Benzinga Neuro

September 19, 2023 | 7:23 am

F

GM

STLA

The ongoing strike by United Auto Workers (UAW) has entered its fourth day, and CNBC's Jim Cramer warns that Ford Motor Company may resort to a lockout. Ford, which has the most UAW members among Detroit’s Big Three automakers, temporarily laid off nearly 600 employees at its Michigan Assembly Plant due to the strike. The stalled negotiations occur as Ford, GM, and Stellantis are racing to boost their electric vehicle production amidst a price war. Ford’s CEO, Jim Farley, expressed last week that UAW demands could bankrupt the company.

Portfolio Pulse from Benzinga Neuro

September 19, 2023 | 6:30 am

F

GM

STLA

Former Obama advisor Jason Furman warns that the ongoing strike by the United Auto Workers (UAW) could significantly impact GDP growth rates. The auto industry contributes approximately $200 billion per quarter, with the Big 3 automakers (General Motors, Ford, and Stellantis) accounting for about half. The strike, initiated against all three automakers simultaneously, comes after failed negotiations on pay hikes and other amenities. The strike could potentially wipe out significant profits and threatens the annual profit-sharing checks of Detroit’s Big Three.

Portfolio Pulse from Benzinga Neuro

September 19, 2023 | 2:10 am

F

GM

STLA

Former President Donald Trump has chosen to address autoworkers in Detroit, coinciding with the GOP debate in California. This comes amid strikes by autoworkers in Michigan, Missouri, and Ohio against plants run by Ford Motor Company, General Motors Company, and Stellantis NV. Trump's speech is expected to cater to over 500 union workers, mainly autoworkers.

Portfolio Pulse from Benzinga Neuro

September 19, 2023 | 12:32 am

F

GM

STLA

TSLA

The ongoing UAW strike against the Big Three automakers (General Motors, Ford, and Stellantis) could potentially benefit Tesla and its CEO Elon Musk. The strike could lead to increased labor costs for the Big Three, potentially widening Tesla's competitive advantage. The strike could also impact the rollout of new electric vehicle models from the Big Three, giving Tesla an edge. Additionally, the strike could potentially strengthen Tesla's relationship with the White House and highlight Tesla's non-union status.

Portfolio Pulse from Chris Katje

September 18, 2023 | 9:49 pm