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Labor Issues

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GM

STLA

United Auto Workers (UAW) President Shawn Fain has warned Ford Motor Co (F), General Motors Co (GM), and Stellantis NV (STLA) of a potential strike if the union's demands are not met. The demands include a 46% wage hike over four years, restoration of pensions, post-retirement health care, and a decrease in the workweek to 32 hours. The strike could commence on Sept. 14, affecting up to 146,000 workers.

Portfolio Pulse from AJ Fabino

September 13, 2023 | 10:19 pm

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GM

STLA

The President of the United Auto Workers (UAW) has stated that the union will not extend contracts if no deal is reached. This could potentially affect companies like Ford (F), General Motors (GM), and Stellantis (STLA).

Portfolio Pulse from Charles Gross

September 13, 2023 | 9:45 pm

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GM

STLA

The UAW President has announced the possibility of a strike against all the Big Three automakers (Ford, General Motors, and Stellantis) simultaneously if no deal is reached. The specific plants that will go on strike will be announced on Thursday at 10 PM.

Portfolio Pulse from Charles Gross

September 13, 2023 | 9:43 pm

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GM

STLA

The Detroit Three automakers, Ford Motor Co (F), General Motors Co (GM), and Stellantis NV (STLA), have rejected a demand from the United Auto Workers (UAW) union to reinstate defined benefit pensions. However, they have proposed to reduce the years necessary to earn top pay from eight to four.

Portfolio Pulse from Charles Gross

September 13, 2023 | 9:19 pm

GSBD

Goldman Sachs BDC's CFO, David Pessah, has announced his intention to resign effective November 10, 2023, to pursue a new professional opportunity. John Lanza has been named as the interim CFO.

Portfolio Pulse from Benzinga Newsdesk

September 13, 2023 | 8:44 pm

SD

Sandridge Energy's Executive Vice President and CFO, Salah Gamoudi, has announced his resignation effective September 27. The board has appointed Brandon Brown, Sr. as the company's Senior Vice President and CFO, effective the same date.

Portfolio Pulse from Benzinga Newsdesk

September 13, 2023 | 8:14 pm

TSVT

Guggenheim Partners downgraded 2seventy Bio Inc (TSVT) to Neutral from Buy and removed the price target. This follows 2seventy Bio's announcement of restructuring its business operations and R&D model to reduce costs, which includes a 40% workforce reduction. The company's CEO, Nick Leschly, also announced plans to step down. Despite the company's reaffirmation of positive cash flow from the Abecma joint venture, Guggenheim expressed concerns over the potential decline in Abecma sales and the risk of future dilutive financing activities.

Portfolio Pulse from Vandana Singh

September 13, 2023 | 7:25 pm

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STLA

TSLA

The United Auto Workers union may strike at General Motors, Ford, and Stellantis, potentially leading to lower profits for these companies and higher auto prices. This could result in market share gains for Tesla, which is not impacted by the strikes. However, the stock price of Tesla may not see an immediate lift. The UAW has previously attempted to unionize Tesla's factories with limited success.

Portfolio Pulse from Chris Katje

September 13, 2023 | 6:55 pm

GOOG

GOOGL

Google has laid off hundreds of employees from its recruiting team, as reported by Semafor. The exact number of layoffs and the reasons behind this decision have not been disclosed.

Portfolio Pulse from Benzinga Newsdesk

September 13, 2023 | 5:40 pm

F

GM

STLA

The United Auto Workers (UAW) union is threatening to strike if a deal is not reached by September 15. The union is seeking new contracts with an aggressive pay increase and a shortened work week. General Motors Co (GM), Ford Motor Co (F) and Stellantis NV (STLA) are the three automakers involved. A strike could impact the U.S. gross domestic product and severely affect the state of Michigan. A survey showed that U.S. adults support the strike with a 2-to-1 margin and blame the automakers more than the union or President Biden for the potential strike.

Portfolio Pulse from Chris Katje

September 13, 2023 | 5:36 pm