Streetbeat News

Labor Issues

General Motors Co (GM) shares are trading lower amid uncertainty due to potential United Auto Workers (UAW) strikes. A prolonged strike could impact the company's financial health and lead to a decline in the stock price. A potential UAW strike could also result in economic damage, higher inflation, and impact car model availability and prices.

Portfolio Pulse from Henry Khederian

September 11, 2023 | 4:36 pm

Ford Motor Co (NYSE:F) shares are trading lower by around 0.9% amid volatile sessions due to United Auto Workers (UAW) talks. A potential UAW strike could negatively impact market sentiment, investor confidence, and the company's ability to manage labor disputes and maintain stable production. The strike could also affect car model availability and prices, suppliers, workers, and commodity prices, particularly steel.

Portfolio Pulse from Henry Khederian

September 11, 2023 | 4:36 pm

CZR

MGM

Casino stocks, including CZR and MGM, are trading lower due to the potential citywide strikes in Las Vegas.

Portfolio Pulse from Bill Haddad

September 11, 2023 | 3:28 pm

AZN

BABA

NVS

QCOM

RTX

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UBS

WELL

Several major companies have announced significant developments. Qualcomm has signed a chip supply agreement with Apple, potentially boosting its stock. Vietnam Airlines is nearing a $10 billion deal with Boeing to acquire 50 Boeing 737 Max jets. Welltower has raised its FY23 FFO outlook due to strong capital deployment and senior housing business. Novartis' Sandoz has entered a development and commercialization agreement with Samsung Bioepis. RTX Corp is facing a $3 billion pre-tax charge due to a Pratt & Whitney engine problem. AstraZeneca's CEO, Pascal Soriot, is rumored to be stepping down. Alibaba is undergoing a leadership shakeup in its cloud business. A potential United Auto Workers strike could cost the US economy billions. Apple and Google are facing an antitrust showdown. UBS is planning to cut wealth-management jobs in Asia. Arm Holdings is considering boosting its IPO price.

Portfolio Pulse from Vandana Singh

September 11, 2023 | 2:51 pm

AZN

AstraZeneca shares are trading lower following a report from This Is Money UK suggesting that CEO Pascal Soriot may be stepping down.

Portfolio Pulse from Benzinga Newsdesk

September 11, 2023 | 2:34 pm

CCHWF

TSNDF

New Jersey's Cannabis Regulatory Commission (NJ-CRC) will start accepting applications for three more marijuana license categories from social equity businesses starting September 27. The commission also approved 93 adult-use licenses and allowed more edibles into the state's cannabis markets. Meanwhile, cannabis operators TerrAscend Corp. and Columbia Care Inc. were fined $100,000 and $50,000 respectively for labor issues.

Portfolio Pulse from Jelena Martinovic

September 11, 2023 | 2:27 pm

AAPL

STLA

TSLA

The Arora Report suggests a high probability of a strike by United Auto Workers (UAW) against General Motors (GM), Ford Motor (F), and Stellantis (STLA), which could negatively impact the U.S. economy. Tesla (TSLA) is expected to benefit as it is not unionized. The report also highlights heavy buying in TSLA stock due to Wall Street's positive outlook on Tesla's Dojo supercomputer. Other notable mentions include the upcoming iPhone 15 launch, which historically boosts Apple's (AAPL) stock, and the oversubscribed ARM IPO. The report also mentions positive money flows in Amazon (AMZN), Nvidia (NVDA), Microsoft (MSFT), Alphabet (GOOG), Meta Platforms (META), Tesla, and Apple.

Portfolio Pulse from The Arora Report

September 11, 2023 | 2:08 pm

UBS

UBS Group AG is planning to cut at least 100 wealth-management jobs in Asia due to muted client activity and a slowing economy in China. The roles to be cut include relationship managers in Hong Kong and Singapore that were integrated from Credit Suisse. UBS plans to retain most private bankers in Australia and India. This follows UBS's Q2 EPS of $8.99 and its announcement of targeting gross cost savings of $10 billion by 2026, which would result in 3,000 job cuts due to its merger with Credit Suisse.

Portfolio Pulse from Lekha Gupta

September 11, 2023 | 1:44 pm

ENLV

Enlivex Therapeutics plans to reduce its workforce by about 50% and increase its focus on inflammatory and autoimmune indications.

Portfolio Pulse from Bill Haddad

September 11, 2023 | 12:10 pm

STLA

A potential United Auto Workers (UAW) strike against General Motors Co. (GM), Ford Motor Co. (F) and Stellantis NV (STLA) could reduce the U.S. GDP by $5.6 billion, potentially pushing the Michigan economy into a recession, according to the Anderson Group. The strike could also impact car model availability and prices, affecting suppliers, workers, and commodity prices, particularly steel. UAW's demands could increase costs by $80 billion over four years.

Portfolio Pulse from Benzinga Neuro

September 11, 2023 | 8:41 am