Streetbeat News

Labor Issues

GM

GM CEO, Barra, has stated that the UAW strike will not be beneficial for the overall economy, according to CNBC.

Portfolio Pulse from Charles Gross

September 15, 2023 | 11:27 am

F

GM

STLA

President Biden is set to address the ongoing UAW strike today, according to Bloomberg. The strike could potentially affect companies such as Ford (F), General Motors (GM), and Stellantis (STLA).

Portfolio Pulse from Charles Gross

September 15, 2023 | 11:22 am

COHR

Coherent's CFO, Mary Jane Raymond, will conclude her services on September 29, 2023. The company will commence a global search for her successor. In the interim, Richard Martucci, Senior Vice President, Business Operations, will serve as CFO and Treasurer from September 30, 2023.

Portfolio Pulse from Benzinga Newsdesk

September 15, 2023 | 10:14 am

AAPL

ASML

NVDA

TSM

Taiwan Semiconductor Manufacturing Co (TSMC) has instructed suppliers to postpone the delivery of high-end chipmaking equipment due to concerns about customer demand. This decision affects companies like ASML Holding N.V., a manufacturer of lithography equipment crucial for high-end chipmaking. TSMC's decision aligns with its efforts to control costs amidst evolving market conditions. The company has also postponed production at its Arizona plant to 2025 due to recruitment difficulties and union opposition. Other players, including Apple, have echoed concerns about the chip industry's demand rebound.

Portfolio Pulse from Anusuya Lahiri

September 15, 2023 | 9:38 am

F

GM

STLA

President Joe Biden met with United Auto Workers (UAW) union chief and major auto industry executives, including those from General Motors (GM), Ford (F), and Stellantis (STLA), to prevent a possible strike due to a contract dispute. The strike eventually took place, with several workers staging a walkout. UAW's demands include a 36% increase in general pay over the next four years, an end to different wage tiers for factory jobs, and a restoration of benefit pensions for new hires among other changes.

Portfolio Pulse from Benzinga Neuro

September 15, 2023 | 8:38 am

F

GM

STLA

The United Auto Workers (UAW) have initiated strikes at plants of Ford Motor Co. (NYSE:F), General Motors Co. (NYSE:GM), and Stellantis NV (NYSE:STLA) over wage and job security issues. The strikes began on Friday and could potentially lead to a lengthy and expensive standoff. The UAW's strategy aims to gradually reduce the production of profitable vehicles while mitigating the impact on the union's strike fund.

Portfolio Pulse from Benzinga Neuro

September 15, 2023 | 8:36 am

F

GM

STLA

TSLA

The United Auto Workers union has gone on strike due to a lack of agreement on wage increases and benefits. Analysts have identified Tesla, Inc. as a potential beneficiary of the standoff between the union and Detroit's big three automakers - General Motors Corp., Ford Motor Co., and Stellantis N.V. The big three already pay workers 39% more than Tesla, and this gap is expected to increase. A 10-day strike could cost carmakers, suppliers, and workers over $5 billion. The strike could also delay the EV ambitions of GM and Ford.

Portfolio Pulse from Shanthi Rexaline

September 15, 2023 | 6:18 am

F

GM

STLA

The United Auto Workers (UAW) union has initiated a simultaneous strike against General Motors Co (GM), Ford Motor Co (F), and Stellantis NV (STLA) after failing to reach an agreement on pay hikes and other benefits. This is the first time the union, which has over 400,000 active members, has commenced a strike on all three automakers simultaneously. UAW's demands include a 40% pay hike by September 2027, overtime pay, personal time, pension, and profit-sharing.

Portfolio Pulse from Anan Ashraf

September 15, 2023 | 4:10 am

FXI

The unemployment rate in China for August was reported at 5.2%, lower than the estimated 5.3% and the prior rate of 5.3%. This could indicate a strengthening Chinese economy.

Portfolio Pulse from Benzinga Newsdesk

September 15, 2023 | 3:58 am

F

GM

STLA

TSLA

As United Auto Workers (UAW) prepare for a strike at Detroit's three major carmakers, Tesla CEO Elon Musk has stated that Tesla pays more than the union's demands. Musk also highlighted the positive work atmosphere at Tesla and SpaceX factories. The strike is set to occur if worker demands, including a 40% pay hike by September 2027, are not met by Ford, General Motors, and Stellantis.

Portfolio Pulse from Anan Ashraf

September 15, 2023 | 3:45 am