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Labor Issues

CVX

DVN

EQT

LNG

SWM

Strikes at Chevron Corp.'s Australian Liquefied Natural Gas (LNG) export facilities have disrupted 7% of the global LNG supply, causing a surge in natural gas prices. The strikes come after failed negotiations with unions. The facilities primarily serve Asia, and prolonged strikes could further disrupt operations and affect prices worldwide. Natural gas prices have already risen, with the European Dutch TFF benchmark surging over 10% and the Henry Hub natural gas price in the US rising 2%. Shares of major US natural gas exporting companies, including Cheniere Energy Inc., Antero Resources, Devon Energy Corp., EQT Corp., and Southwestern Energy Co., have also seen increases.

Portfolio Pulse from Piero Cingari

September 08, 2023 | 3:02 pm

AAPL

CVX

GOOG

HOFT

ILMN

LLY

PVH

SPOT

STLA

TWTR

Elon Musk's acquisition of Twitter (now X) has reportedly lost 90% of its value. General Motors' wage offer has been branded as 'insulting' by UAW President Shawn Fain. Stellantis has opened its first Battery Technology Center in Italy. Kroger and Albertsons have agreed to sell select assets to C&S Wholesale Grocers for $1.9 billion. Kroger also reported a Q2 sales decline and reached a settlement for opioid claims. UK's NICE has endorsed Eli Lilly's diabetes medication, Mounjaro. Hooker Furnishings reported a Q2 sales decline. PVH Corp's subsidiary, Calvin Klein, has signed a licensing deal with Revman. Apple has responded to the discovery of zero-day exploits. Workers at Chevron's LNG projects in Australia have gone on strike. Zoom has engaged with regulators over Microsoft's perceived anticompetitive behavior. Google has cut ties with Joshua Wright over sexual harassment allegations. Goldman Sachs is preparing for another round of job cuts. Spotify plans to offer free audiobooks to its paying subscribers. Carl Icahn has shown support for Illumina's new CEO.

Portfolio Pulse from Vandana Singh

September 08, 2023 | 2:32 pm

AAPL

QQQ

SPY

WMT

Walmart is reportedly cutting starting pay for new hires and not giving raises this year. This news has led to a breakout in Walmart's stock. Goldman Sachs is planning another round of job cuts, affecting up to 5% of employees. There is complacency about Apple becoming a pawn in U.S.-China geopolitics, and a chip breakthrough in China could pose a challenge to Apple. Early trade money flows are positive in Apple, Amazon, Alphabet, Meta Platforms, Microsoft, NVIDIA, and Tesla, as well as in SPDR S&P 500 ETF Trust and Invesco QQQ Trust Series 1.

Portfolio Pulse from The Arora Report

September 08, 2023 | 2:25 pm

AMZN

CZR

MGM

WYNN

Las Vegas Strip workers, including those employed by Caesars Entertainment, Inc (CZR), Wynn Resorts, Limited (WYNN), and MGM Resorts International (MGM), are preparing for a strike vote on September 26. The workers are demanding lighter workloads, enhanced security measures, and a wage increase. The strike could affect over 50,000 employees working in hotels, casinos, coffee shops, and restaurants.

Portfolio Pulse from Anusuya Lahiri

September 08, 2023 | 1:56 pm

CVX

WDS

Workers at Chevron Corporation's (NYSE:CVX) LNG projects in Australia have gone on strike, potentially disrupting exports and raising LNG prices. The strikes began at Chevron's Gorgon and Wheatstone facilities, which accounted for about 7% of global LNG supply last year. If no deal is reached by next Wednesday, the workers plan to stop work completely for two weeks starting September 14. Woodside Energy Group Ltd (NYSE:WDS) was also initially threatened with strikes, but reached a settlement with its workforce.

Portfolio Pulse from Vandana Singh

September 08, 2023 | 1:15 pm

CLF

Cleveland-Cliffs (CLF) has successfully ratified a new labor contract with United Steelworkers for its Northshore Mining operations. The details of the contract were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

September 08, 2023 | 11:10 am

Goldman Sachs is planning to lay off underperforming bankers as early as October, according to a report by the Financial Times.

Portfolio Pulse from Charles Gross

September 08, 2023 | 10:38 am

CVX

UNG

Talks between Chevron and unions representing workers at its liquefied natural gas facilities in Australia ended without a deal, leading to planned strike action. This news led to an increase in gas prices in Europe by as much as 11%.

Portfolio Pulse from Charles Gross

September 08, 2023 | 8:48 am

AMZN

Former Amazon executive Dave Clark, known for his public clash with Senator Bernie Sanders over unionization, has resigned from his role as CEO of Flexport. Clark is reportedly considering a political career, potentially running for the Texas governorship in 2026. Clark's tenure at Amazon and his stance on unions could become significant issues in his political journey.

Portfolio Pulse from Chris Katje

September 07, 2023 | 9:40 pm

MINM

Minim has implemented a significant reduction in its workforce, cutting it down by approximately 78% from 41 to 9 full-time employees.

Portfolio Pulse from Charles Gross

September 07, 2023 | 9:19 pm