Streetbeat News

Labor Issues

F

GM

SPY

STLA

Goolsbee has indicated that a potential strike by the United Auto Workers (UAW) could have a significant impact and would be material to their decisions. The companies that could be affected include Ford (F), General Motors (GM), and Stellantis (STLA). The SPY ETF, which includes these companies, could also be impacted.

Portfolio Pulse from Charles Gross

September 07, 2023 | 9:17 pm

SPY

Federal Reserve's Williams stated that more data is expected before the next FOMC meeting. He noted that inflation is high but decreasing, labor market imbalances are stabilizing, and the economy is moving in the right direction.

Portfolio Pulse from Happy Mohamed

September 07, 2023 | 7:47 pm

F

GM

STLA

UAW President Shawn Fain has criticized General Motors' (GM) wage offer as 'insulting' during ongoing negotiations. GM's offer includes a $5,500 bonus for all employees, a 10% wage increase for most employees, and a 20% raise for temporary employees. The UAW's demands include a 46% pay increase over the contract's duration, a shortened 32-hour workweek with 40 hours of pay, and traditional pensions for new hires. A potential strike involving 146,000 members against GM, Ford (F), and Stellantis (STLA) could be devastating for the companies and the economy.

Portfolio Pulse from AJ Fabino

September 07, 2023 | 5:59 pm

WMT

Walmart Inc (NYSE:WMT) has adjusted its pay structure for new store workers, potentially resulting in lower wages than a few months ago. The change, implemented in mid-July, means most new hires will earn the lowest possible hourly wage for their specific store. The company's minimum hourly wage of $14 remains in place, with some stores starting at $17 per hour. Existing employees will not experience pay reductions. The move is seen as a way to cut labor costs amid a cooling job market for hourly staff.

Portfolio Pulse from Anusuya Lahiri

September 07, 2023 | 5:12 pm

AAPL

MSFT

NVDA

NVIDIA Corp (NASDAQ:NVDA) has seen a surge in shares due to explosive AI-fueled growth, crossing the $1 trillion market cap this year. The company pays high salaries to its employees, ranging from $74,460 to $786,000, which is significantly higher than fellow AI leaders Microsoft Corp (NASDAQ:MSFT) and Apple Inc (NASDAQ:AAPL). AI jobs are in high demand, with positions such as 'prompt engineers' earning up to $335,000 per year.

Portfolio Pulse from Adam Eckert

September 07, 2023 | 4:43 pm

GM

General Motors Co has announced a ratification bonus of $5,500 for all employees. Most employees will receive a 10% wage increase, while current temporary employees will see a 20% increase to a $20/hr wage.

Portfolio Pulse from Happy Mohamed

September 07, 2023 | 3:41 pm

GM

General Motors Co has proposed an economic offer to the United Auto Workers (UAW) union. The offer includes a 56% wage rate increase for temporary and current entry-level in-progression employees over the contract period.

Portfolio Pulse from Happy Mohamed

September 07, 2023 | 3:41 pm

WMT

Walmart has reduced the starting pay for some new hires as part of its efforts to cut labor costs. The changes to its wage structure for hourly workers were implemented in mid-July, according to documents. Despite this, Walmart's shares have moved higher.

Portfolio Pulse from Happy Mohamed

September 07, 2023 | 2:39 pm

CVX

Chevron is in negotiations to find an agreement on LNG in Australia, but a union official has stated that it's unlikely a deal will be found to prevent the LNG strikes.

Portfolio Pulse from Happy Mohamed

September 07, 2023 | 2:14 pm

CVX

Chevron Australia LNG workers have agreed to further delay their planned strikes until 1pm local time on Friday, according to a union representative.

Portfolio Pulse from Happy Mohamed

September 07, 2023 | 1:47 pm