Streetbeat News

Labor Issues

BUD

DIS

MAT

NXST

Drew Barrymore has announced that she will not continue with new episodes of her daytime talk show until the WGA and SAG-AFTRA strikes are resolved. This decision has been met with mixed reactions. Meanwhile, Barbie sales were up 25% in July and August, which could have implications for Mattel (NASDAQ:MAT). Discussions about a potential sale of ABC and its TV stations from Walt Disney (NYSE:DIS) to Nexstar Media Group Inc (NASDAQ:NXST) have begun. Bud Light (NYSE:BUD) is also mentioned in the context of a potential Super Bowl ad.

Portfolio Pulse from Anthony Noto

September 17, 2023 | 5:27 pm

STLA

TSLA

The United Auto Workers union has begun a strike against Detroit’s Big Three automakers, demanding a 40% increase in hourly pay over four years, among other benefits. Tesla's CEO Elon Musk and SPAC king Chamath Palihapitiya commented on the situation, suggesting that automation could be a solution. Palihapitiya also noted that hyper-automated and non-unionized competitors like Tesla could benefit from the situation by lowering prices.

Portfolio Pulse from Shanthi Rexaline

September 17, 2023 | 3:07 pm

STLA

Last week's economic events included potential policy shifts, looming labor strikes, and mounting inflation concerns. Speculations arose about the Federal Reserve's inflation target, potential repercussions from a United Auto Workers strike, a surge in producer prices, massive losses for the Federal Reserve, and falling US incomes. A potential strike by the United Auto Workers against General Motors Co., Ford Motor Co., and Stellantis NV could cost the US economy billions. The Federal Reserve has reportedly incurred over $100 billion in losses.

Portfolio Pulse from Benzinga Neuro

September 17, 2023 | 9:02 am

STLA

The United Auto Workers (UAW) strike has led to temporary layoffs of non-striking employees at Ford Motor Co. (NYSE:F) and General Motors Co. (NYSE:GM). The strike, initiated by UAW against GM, Ford, and Stellantis NV (NYSE:STLA), saw nearly 13,000 workers leaving their positions. Ford and GM have announced plans for layoffs, while Stellantis has yet to announce any layoffs.

Portfolio Pulse from Benzinga Neuro

September 17, 2023 | 5:18 am

ARM

FLWS

STLA

Barron's has covered several stories over the weekend, including the United Auto Workers' strike against Ford Motor Co, General Motors Co, and Stellantis NV, the trajectory of chipmaker Arm Holdings Plc, and the stock purchases by executives of 1-800-FLOWERS.COM Inc. Additionally, Goldman Sachs' chief investment officer of wealth management discussed the U.S.' recession outlook, China's struggling economy, and why the S&P 500 Index is still a solid choice for investors.

Portfolio Pulse from Justin Chan

September 17, 2023 | 2:17 am

STLA

TSLA

Chamath Palihapitiya, known as the SPAC King, has commented on the ongoing United Auto Workers’ union strike affecting Ford Motor Co., General Motors Corp., and Stellantis N.V. He believes that if the labor deal goes through, it will 'destroy the legacy OEM automakers'. He predicts that the automakers will 'bleed money' and face difficulties raising long-term capital. He also suggests that Tesla could benefit from this situation by aggressively lowering prices.

Portfolio Pulse from Shanthi Rexaline

September 16, 2023 | 8:22 pm

CVX

OXY

XOM

BP Plc is reportedly considering breaking the gender ceiling in the energy sector by potentially appointing a female CEO. This comes after the departure of its previous CEO, Bernard Looney, due to undisclosed workplace relationships. BP is more gender-balanced than most of its industry counterparts, with women making up 39% of employees and 30% of senior leaders. The company aims to have women fill at least half of its roughly 400 leadership roles by 2030.

Portfolio Pulse from Nabaparna Bhattacharya

September 16, 2023 | 7:58 pm

ACM

ARM

LMT

STLA

TLRY

TSLA

Benzinga's weekly review of investor favorites included bullish views on ARM Holdings, Tesla, and Tilray Brands, and bearish perspectives on Ford, General Motors, Stellantis, Lockheed Martin, Boeing, and Aecom. ARM's recent IPO and lawsuit with Qualcomm, Tesla's price target increase due to its supercomputer, Dojo, and Tilray's readiness for potential U.S. cannabis legalization were highlighted. Concerns were raised about the ongoing UAW strike against auto companies and the potential impacts of a government shutdown on defense and energy contractors.

Portfolio Pulse from Michael Cohen

September 16, 2023 | 2:11 pm

STLA

TSLA

The United Auto Workers union members have gone on strike, affecting Ford Motor Co. (F), General Motors Corp. (GM), and Stellantis NV (STLA). Rep. Marjorie Taylor Greene criticized the Biden administration's push for electrification, claiming it will lead to job losses. A 10-day strike could cost over $5 billion, according to Deepwater Asset Management. If the Big Three automakers agree to 25% of the proposed wage hike, their costs will be 40-45% higher than non-unionized Tesla, Inc. (TSLA).

Portfolio Pulse from Shanthi Rexaline

September 16, 2023 | 1:16 pm

FFIE

NKLA

RIVN

TSLA

VWAGY

Electric vehicle (EV) stocks saw gains this week, with Tesla (TSLA) benefiting from an upgrade by Morgan Stanley and the potential of its Dojo supercomputer. Tesla's Giga Mexico construction could start soon, and the company is planning to raise $1.8 billion through securitization of its electric car leases. Nikola (NKLA) CEO Steve Girsky addressed concerns over a recall of its battery-electric trucks, stating it does not affect production or deliveries of the fuel-cell electric vehicle. Rivian (RIVN) held its own in the EV market, with registrations for its vehicles increasing in July. Faraday Future (FFIE) saw a jump in shares after a video of a reality TV personality taking delivery of his FF 91 2.0 Futurist Alliance. Volkswagen (VWAGY) plans to cut staff due to low demand for electric cars.

Portfolio Pulse from Shanthi Rexaline

September 16, 2023 | 1:05 pm