Streetbeat News

Labor Issues

VFS

Vietnamese electric carmaker Vinfast is recruiting in India, looking to hire managers for sales, aftersales service, and back office, according to a Reuters report citing LinkedIn.

Portfolio Pulse from Benzinga Newsdesk

September 15, 2023 | 2:32 pm

CVNA

Carvana Co (NASDAQ:CVNA) shares are trading lower by 3.3% to $54.02, despite the potential benefit from the UAW strike that could disrupt new vehicle production and drive used car prices higher. The strike could increase demand for used cars, potentially driving up Carvana's sales and revenues.

Portfolio Pulse from Henry Khederian

September 15, 2023 | 1:56 pm

ARM

BBBYQ

CRM

DIS

LMT

NOC

NVS

RTX

STLA

TMUS

YUMC

Instacart is considering revising its IPO target price upwards following Arm Holdings Plc's IPO debut. Goldman Sachs is offering affluent clients a chance to acquire a share of ownership in a private sports team. RTX Corp terminated a multi-billion-dollar agreement with Scopa Defense due to concerns about international sanctions. Byron Allen has made a $10 billion offer to acquire a significant chunk of Walt Disney Co's media empire. Salesforce Inc is hiring approximately 3,300 new employees. The United Auto Workers union has started a simultaneous strike against the Detroit three automakers. Novartis AG's shareholders approved the proposed 100% Spin-off of Sandoz. T-Mobile US Inc is exploring a significant foray into the fiber-optic network arena. China is set to impose sanctions against Lockheed Martin Corp and Northrop Grumman Corp. Former employees of Bed Bath & Beyond Inc filed a lawsuit against the committee responsible for overseeing its 401(k) retirement plan. Citigroup Inc is reportedly considering job cuts. Yum China Holdings Inc is investing heavily in technology.

Portfolio Pulse from Vandana Singh

September 15, 2023 | 1:55 pm

STLA

No talks have been scheduled for Friday between the United Auto Workers (UAW) and the Big Three automakers, which include Ford Motor Co. (F), General Motors (GM), and Stellantis (STLA).

Portfolio Pulse from Benzinga Newsdesk

September 15, 2023 | 1:14 pm

Citigroup Inc is considering job cuts, particularly in compliance and risk management, and among technology staff with overlapping responsibilities. This follows the bank's announcement of a management restructure and workforce reduction. The bank is also addressing a 2020 consent order from regulators to rectify deficiencies in its internal controls. Citigroup shares are up 0.32% at $43.00 during the premarket session on the last check Friday.

Portfolio Pulse from Vandana Singh

September 15, 2023 | 1:11 pm

DIS

The Walt Disney Company (NYSE:DIS) is experiencing a mixed bag of economic factors. Despite rising inflation, Disney may benefit from an improving economic outlook as core inflation normalizes. The company is also shifting its focus from traditional broadcast television to streaming services due to declining viewership. Additionally, Marvel Studios' visual effects workers have voted for unionization under the International Alliance of Theatrical Stage Employees (IATSE), marking a significant moment in the industry's labor challenges.

Portfolio Pulse from Mohit Manghnani

September 15, 2023 | 1:08 pm

AAPL

ASML

CRM

MSFT

TSLA

Deutsche Bank has launched crypto custody services, leading to a rise in Bitcoin, Ethereum, and Dogecoin. Tesla is focusing on manufacturing breakthroughs with Gigacasting innovation. Apple has increased the battery replacement cost for certain watch models. Salesforce is on a hiring spree, adding 3,300 new employees. ASML's stock has dropped as key supplier TSMC reportedly postpones deliveries. Oracle's Larry Ellison and Microsoft's Satya Nadella are bridging their decades-long rivalry.

Portfolio Pulse from Akanksha Bakshi

September 15, 2023 | 12:57 pm

STLA

TSLA

Tesla's stock is on track to extend its winning streak to three sessions, potentially due to the United Auto Workers’ union strike affecting production at General Motors, Ford, and Stellantis. Analysts see this as a positive for Tesla, as it could lead to higher manufacturing labor costs for the big three if they agree to a wage hike. Tesla also removed the Model Y rear-wheel drive standard range version from its U.S. website, possibly to allocate more production capacity to Cybertruck.

Portfolio Pulse from Shanthi Rexaline

September 15, 2023 | 11:57 am

CRM

MSFT

SNOW

TWLO

Salesforce Inc (CRM) plans to hire approximately 3,300 new employees across various departments, following a 10% workforce reduction earlier this year. The new hires will focus on sales, engineering, and developing the company's data cloud product. The company is betting on the growing interest in artificial intelligence (AI) to drive fresh investments. Salesforce's CEO, Marc Benioff, has already brought back senior employees from companies like Snowflake Inc (SNOW) and Twilio Inc (TWLO). Microsoft Corp (MSFT) also revealed plans for additional job cuts.

Portfolio Pulse from Anusuya Lahiri

September 15, 2023 | 11:51 am

ADBE

US stocks are expected to open mixed on Friday due to the upcoming Fed meeting and the United Auto Workers union's strike against Detroit's big three. Economic data due for the day could also create market volatility. Thursday saw strong performance from major averages, with the Dow Industrials ending at a one-month high and the S&P 500 Index breaking the 4,500 resistance. Analysts expect the Fed to pause at the September meeting but predict more rate hikes in the future. Adobe, Ford, and General Motors saw premarket falls due to quarterly results and the UAW strike respectively.

Portfolio Pulse from Shanthi Rexaline

September 15, 2023 | 11:33 am