Streetbeat News

Labor Issues

AAPL

BABA

F

SBUX

SFTBF

TSLA

The article discusses various financial news. Bitcoin's value in 2021 was enough to purchase a Tesla Model Y. Softbank is exploring investing in OpenAI following a successful IPO of Arm Holding. Ford is facing strikes from UAW in the US and potentially in Canada. Apple's iPhone 15 Pro and Pro Max preorders are strong, and the company has major announcements for 2024. Starbucks has promoted Molly Liu to co-CEO of China Business. KKR acquires SingTel's regional data centre unit for $807M. Chevron's Australian gas facility resumes full production. China Evergrande Group's wealth management staff are detained. Novo Nordisk's Clayton plant faces quality control issues. Alibaba plans a $2B investment in Turkey.

Portfolio Pulse from Vandana Singh

September 18, 2023 | 2:26 pm

SPY

U.S. Treasury Secretary Janet Yellen has stated that the labor market is cooling, but this does not involve significant layoffs, according to CNBC. The SPY ETF, which tracks the S&P 500, may be indirectly affected by this news due to its broad exposure to the U.S. economy.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 2:10 pm

F

GM

STLA

The United Auto Workers (UAW) strike against US auto giants General Motors Co. (GM), Stellantis N.V. (STLA), and Ford Motor Co. (F) enters its fourth day. The UAW has declined a 21% wage hike proposal from Stellantis, and talks with Ford have been reinitiated. The strike could potentially wipe out the annual profit-sharing checks of Detroit’s Big Three. In response to the strikes, the automakers have initiated temporary layoffs. The stocks of the three automakers have shown declines in premarket trading on Monday.

Portfolio Pulse from Piero Cingari

September 18, 2023 | 1:09 pm

CVX

Chevron Corp's Wheatstone liquefied natural gas (LNG) facility in Western Australia has resumed full production after a fault last week resulted in a 20% reduction in production. Despite ongoing strikes, Chevron has committed to maintaining supplies from this major LNG terminal. The company's shares are up 0.54% at $167.40 during the premarket session on the last check Monday.

Portfolio Pulse from Vandana Singh

September 18, 2023 | 12:54 pm

F

GM

STLA

Stellantis has increased its offer to United Auto Workers (UAW) members to include pay raises of nearly 21%, including an immediate 10% increase. The proposal comes amid ongoing strikes and is in line with proposals from Ford and General Motors. The company also offered an inflation protection measure and committed over $1 billion for improvements in pension and retirement savings plans. Meanwhile, negotiations between Ford, GM, and the UAW have resumed.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 12:27 pm

F

GM

RIVN

STLA

TSLA

Rivian Automotive (RIVN) is expected to benefit from the ongoing United Auto Workers union strike, with Future Fund's Gary Black predicting that the company's 2023 production guidance of 52,000 will increase in October. Black believes Rivian will dominate the pickup truck and SUV market in the U.S. during the strike. Other companies such as Tesla (TSLA), Ford Motor Co. (F), General Motors Corp. (GM), and Stellantis N.V. (STLA) are also mentioned in relation to the strike.

Portfolio Pulse from Shanthi Rexaline

September 18, 2023 | 12:11 pm

F

GM

STLA

TSLA

This weekend's top business stories included Elon Musk's comments on the UAW strike against automakers Stellantis, Ford, and General Motors, allegations of Jared Kushner receiving $2 billion in funding from Saudi Arabia, and economist Peter Schiff's warning about inflation. The UAW is pushing for a 40% increase in hourly pay over four years, which has led to layoff announcements from Ford and General Motors.

Portfolio Pulse from Benzinga Neuro

September 18, 2023 | 10:02 am

TIP

The United Auto Workers union is on a historic simultaneous strike against Detroit’s big three automakers. Labor stoppages from strikes led to 4.1 million missed days of work in August, marking the biggest total since Aug. 2000. The surge seen last month followed strikes by Hollywood actors and writers. The UAW has been involved in over 60 work stoppages involving 1,000 workers or more. The labor market has remained tight despite the successive and aggressive rate hikes by the Federal Reserve. The iShares TIPS Bond ETF (NYSE:TIP), which tracks the investment results of an index composed of inflation-protected U.S. Treasury bonds, rose 0.01% to $105.12.

Portfolio Pulse from Shanthi Rexaline

September 18, 2023 | 9:47 am

F

GM

STLA

Ford Motor Co (NYSE:F) is facing potential strikes from the United Auto Workers (UAW) union in the U.S. and Canada's Unifor union. Despite negotiations, Unifor has not reached a tentative agreement with Ford and a strike could commence if an agreement is not reached by Sept. 18. Unifor is also negotiating with General Motors Co (NYSE:GM) and Stellantis NV (NYSE:STLA) for better pay and pensions.

Portfolio Pulse from Anan Ashraf

September 18, 2023 | 8:38 am

F

GM

STLA

Rep. Debbie Dingell has stated that President Joe Biden should not interfere in the ongoing negotiations between the United Auto Workers (UAW) union and major automakers General Motors, Ford, and Stellantis amid a strike. The statement followed reports that Biden dispatched top aides to Detroit to aid in resolving issues between UAW and the three key automakers. The ongoing strike entered its third day after UAW rejected a 21% wage increase.

Portfolio Pulse from Benzinga Neuro

September 18, 2023 | 7:45 am