Streetbeat News

Labor Issues

BP's CEO Bernard Looney has resigned over allegations regarding his conduct in personal relationships with company colleagues. CFO Murray Auchincloss will serve as interim CEO.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 8:37 pm

UPS

UPS shares are trading lower after the company provided details on the costs incurred as a result of the new Teamsters contract.

Portfolio Pulse from Bill Haddad

September 12, 2023 | 7:32 pm

TEVA

Teva Pharmaceutical Industries Ltd (NYSE:TEVA), the primary producer of Adderall, faced shortages last year due to a lack of factory workers. The shortage led customers to seek other options, depleting supplies from competitor companies. Despite calls from the U.S. government to increase production, major players, including Teva, have announced no plans to enhance their output. The U.S. Drug Enforcement Administration imposes limits on ADHD medication production, which some producers argue prevent them from fully addressing demand.

Portfolio Pulse from Vandana Singh

September 12, 2023 | 6:53 pm

General Motors Co's President has announced that the company has made significant progress in its negotiations with the UAW Union for a new labor deal. The statement was made at the Automotive News Conference, where the President noted that there is a real 'give and take' happening in the talks.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 6:03 pm

FOX

FOX News Media has extended Bret Baier's multi-year deal as Chief Political Anchor, and Anchor and Executive Editor of 'Special Report'. Baier will also continue to co-anchor 2024 election coverage and host 'The Bret Baier Podcast'.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2023 | 5:24 pm

CVX

LNG

SHEL

XOM

The energy sector is in the spotlight due to fluctuations in oil prices and a resurgent interest in heating oil. Liquefied natural gas (LNG) is expected to gain significant attention due to volatile inventory levels in the EU, labor disruptions in supply hubs, and geopolitical tensions. The U.S., a major player in the global LNG market, exported 3.8 trillion cubic feet of LNG in 2022. Last week, a dip in EU LNG inventories and Chevron Australia’s LNG strikes led to a spike in the price of UK Natural Gas and Henry Hub futures. Chevron (NYSE:CVX), ExxonMobil (NYSE:XOM), Cheniere Energy (NYSEAMERICAN: LNG), and Shell (NYSE:SHEL) are mentioned in the context of the LNG market.

Portfolio Pulse from Kevin Green

September 12, 2023 | 3:52 pm

AAPL

AMZN

DKNG

MGM

MRNA

NVAX

PFE

STLA

UPS

WRK

DraftKings apologizes for a controversial promotion on its app. MGM Resorts is dealing with a cybersecurity issue. WestRock is merging with Smurfit Kappa to create a sustainable packaging company. Moderna and Pfizer receive FDA approval for updated COVID-19 vaccines, while Novavax's vaccine is still awaiting approval. GlobalFoundries expands its presence in Singapore. Amazon invests in direct air capture climate technology. Acelyrin's izokibep fails to meet statistical significance in a study. UAW is in labor talks with General Motors, Ford, and Stellantis. Apple plans to sell 'Made in India' iPhone 15 on launch day. Arm Ltd is preparing for an IPO. Cadence Design Systems' CEO says semiconductor packaging is key to U.S. leadership in AI. UPS CEO pitches new labor contract.

Portfolio Pulse from Vandana Singh

September 12, 2023 | 2:32 pm

UPS

UPS CEO Carol Tome has stated that the costs related to the new Teamsters contract are less than the $30 billion claimed by the union. The contract is structured with 46% of the compensation occurring in the first year, which Tome considers cost-effective and fair. The agreement is seen as beneficial for the union, customers, and the company. However, UPS shares are trading lower by 1.52% in premarket trading on Tuesday.

Portfolio Pulse from Akanksha Bakshi

September 12, 2023 | 1:14 pm

STLA

General Motors, Ford, and Stellantis are three days away from a possible strike by the United Auto Workers (UAW) union. Talks have made some progress but no agreement has been reached yet. Stellantis plans to make a counteroffer after the union's revised offer. GM and Ford have offered a 10% wage hike. A 10-day strike could potentially reduce the U.S. GDP by $5.6 billion, pushing the Michigan economy into a recession.

Portfolio Pulse from Shivani Kumaresan

September 12, 2023 | 12:58 pm

GFS

GlobalFoundries Inc (NASDAQ:GFS) has opened a $4 billion fabrication plant in Singapore, aiming to strengthen its position in the semiconductor manufacturing sector. The facility will create 1,000 jobs and add 450,000 wafers to GF's annual production capacity. In Q2 FY23, the company reported a 7.4% YoY revenue decline to $1.85 billion, beating the consensus of $1.83 billion. CFO Tim Stone left the company in July, and David Reeder will remain CFO until the end of 2023.

Portfolio Pulse from Anusuya Lahiri

September 12, 2023 | 12:09 pm