Streetbeat News

Labor Issues

CVX

Chevron has requested the involvement of an Australian workplace mediator to help resolve an ongoing labor dispute. The dispute has been ongoing for some time and Chevron is seeking external help to find a resolution.

Portfolio Pulse from Benzinga Newsdesk

September 11, 2023 | 5:49 am

F

GM

STLA

TSLA

The potential strike by the United Auto Workers (UAW) union could benefit Tesla Inc. (NASDAQ:TSLA), according to an analyst. The union has been in negotiations with Ford Motor Co (NYSE:F), General Motors Co (NYSE:GM), and Stellantis NV (NYSE:STLA) for wage increases and other benefits. If no resolution is reached by Sept. 14, a strike involving around 150,000 UAW workers across the U.S. could cost the auto industry $5 billion in 10 days. This could impact year-end production and inventory for GM and Ford. Tesla could benefit from this situation due to its non-reliance on union labor.

Portfolio Pulse from Bibhu Pattnaik

September 10, 2023 | 2:06 pm

GOOGL

An internal document from Google (NASDAQ:GOOGL) has revealed the company's compensation structure across various positions and demographics in the U.S. The data, provided by a substantial number of employees in 2022, showed a range in earnings based on metrics such as position, location, race, and gender. The median cumulative compensation for Google personnel in 2022 was $279,802. High-ranking software engineers reported total earnings surpassing the $1 million mark.

Portfolio Pulse from Bibhu Pattnaik

September 09, 2023 | 2:10 pm

AAPL

MPC

NVDA

QCOM

VLO

The week saw a surge in oil prices due to production cuts by Saudi Arabia and Russia, causing concerns about inflation and higher interest rates. The US economy showed resilience with strong service sector expansion. The US Dollar and Treasury yields rose as investors revised their forecasts regarding the Federal Reserve’s interest rate stance. Tensions escalated in the auto sector with potential strike involving 146,000 members. SEC investigates GameStop CEO for his stock trades. Apple's market value plummeted by nearly $200 billion over two days due to China's intention to forbid public workers from using iPhones. US semiconductor stocks weakened amid concerns over new export restrictions on China. The energy sector excelled, with Marathon Petroleum Corp and Valero Energy among the top-performing S&P 500 stocks for the week.

Portfolio Pulse from Piero Cingari

September 08, 2023 | 8:15 pm

STLA

The United Auto Workers (UAW) union has rejected a wage proposal from Stellantis, stating that it does not compensate for inflation. The union described Stellantis' counteroffer as 'unfair'.

Portfolio Pulse from Benzinga Newsdesk

September 08, 2023 | 7:39 pm

F

GM

STLA

Stellantis N.V. (NYSE:STLA) has presented its first economic proposal to the United Auto Workers union (UAW), which includes wage increases, inflation protection payments, and an accelerated progression timeline for employees. The current contracts between UAW and Stellantis, General Motors Company (NYSE:GM), and Ford Motor Company (NYSE:F) expire on Sept. 14.

Portfolio Pulse from Erica Kollmann

September 08, 2023 | 6:55 pm

STLA

United Auto Workers Vice President has stated that the proposal from Stellantis was not adequate, according to Bloomberg.

Portfolio Pulse from Benzinga Newsdesk

September 08, 2023 | 6:42 pm

PTLO

Portillo's food production workers, represented by Iron Workers Local 853, are demanding the company to stop stalling and begin immediate negotiations for their first union contract. The workers, along with community leaders and supporters, will be taking their demands through Chicago to Portillo's restaurants. The company has been accused of using stall tactics, including filing baseless election objections, despite previously stating they would respect the workers' decision to unionize and would bargain in good faith.

Portfolio Pulse from Benzinga Newsdesk

September 08, 2023 | 5:19 pm

BCS

Barclays Plc is planning to cut hundreds of jobs across its trading and investment bank divisions in an effort to reduce costs. The cuts will affect about 5% of client-facing staff in the trading division and some dealmakers globally. The firm is also preparing to restructure teams within its UK consumer-banking unit.

Portfolio Pulse from Benzinga Newsdesk

September 08, 2023 | 5:18 pm

STLA

Stellantis North America COO, Mark Stewart, has announced the company's first economic proposal to the UAW, which includes significant wage increases each year of the contract, a one-time inflation protection payment, and the addition of Juneteenth as a paid holiday. The proposal also includes wage increases for supplemental and in-progression employees. The company aims to reach a fair agreement by the deadline.

Portfolio Pulse from Benzinga Newsdesk

September 08, 2023 | 3:33 pm