Streetbeat News

Labor Issues

CJET

Chijet Motor announced that its CFO, Shengwang Liu, has tendered his resignation effective August 31.

Portfolio Pulse from Benzinga Newsdesk

September 05, 2023 | 1:20 pm

AVGO

CLF

MMM

On CNBC's 'Halftime Report Final Trades', Broadcom Inc. (AVGO), Cleveland-Cliffs Inc. (CLF), and 3M Company (MMM) were named as final trades. Broadcom posted positive Q3 earnings but issued a weak forecast for the current quarter. Cleveland-Cliffs signed a tentative pact with the United Steelworkers on a new three-year labor agreement. 3M reached an agreement to resolve the Combat Arms Earplug litigation. 3M shares gained 0.3%, Cleveland-Cliffs shares rose 1.4%, and Broadcom shares fell 5.5% on Friday.

Portfolio Pulse from Lisa Levin

September 05, 2023 | 12:13 pm

ANEB

Sandra A. Gardiner has resigned from her position as the Acting CFO of Anebulo Pharmaceuticals Inc.

Portfolio Pulse from Happy Mohamed

September 05, 2023 | 12:09 pm

WBD

Warner Bros. Discovery (WBD) has revised its FY23 guidance due to ongoing WGA and SAG-AFTRA strikes. The company expects adjusted EBITDA to be negatively impacted by $300M-$500M, but raises its free cash flow expectations to at least $5B, partly due to Barbie's strong performance. WBD also expects Q3 free cash flow to exceed $1.7B.

Portfolio Pulse from Benzinga Newsdesk

September 05, 2023 | 11:49 am

CVX

Chevron Corp's Gorgon and Wheatstone LNG projects in Australia, which account for over 5% of global LNG capacity, are likely to face a two-week strike from September 14 due to disputes over pay and conditions. The strike announcement comes amid mediation talks hosted by the Fair Work Commission. ING suggests that the strike could support gas prices and comes at a time when there is ongoing maintenance work at the Norwegian gas field, Troll. Chevron's shares are trading lower by 0.18% at $164.00 premarket.

Portfolio Pulse from Lekha Gupta

September 05, 2023 | 11:37 am

F

FNF

GM

QQQ

SPY

Stocks are expected to start weaker after the Labor Day break due to bargain hunting and anticipation of Federal Reserve speeches. Concerns persist from underwhelming service sector data in China and Europe. August’s auto sales figures might also influence trading. Analyst Tom Lee warns of potential issues such as the UAW strike that could affect General Motors Corp. and Ford Motor Co., and the surge in the federal deficit. In premarket trading, the SPDR S&P 500 ETF Trust and the Invesco QQQ ETF both slipped. Fidelity National Financial, Inc. rose over 7% in premarket trading after Citi increased its stake in the company.

Portfolio Pulse from Shanthi Rexaline

September 05, 2023 | 11:00 am

CVX

The US markets ended mixed on Friday, September 1, with the Dow Jones and S&P 500 experiencing gains, while the Nasdaq Composite recorded a slight decline. Asian markets showed mixed results, with Japan's Nikkei 225 closing higher, while Australia's S&P/ASX 200, China's Shanghai Composite, and Shenzhen CSI 300, and Hong Kong's Hang Seng Stock Exchange all closed lower. European markets and commodities also traded lower. Chevron Corp's LNG workers in Australia plan to go on a two-week strike.

Portfolio Pulse from Akanksha Bakshi

September 05, 2023 | 10:56 am

CVX

Chevron's Australian natural gas facilities are preparing for a two-week strike initiated by Offshore Alliance and local unions. The strike could potentially disrupt operations and affect production.

Portfolio Pulse from Benzinga Newsdesk

September 05, 2023 | 8:09 am

WBD

Hollywood writers and actors have been on strike for over three months and nearly two months respectively, protesting against the Alliance of Motion Picture and Television Producers (AMPTP) for higher wage raises and against the replacement of human performances by AI technology. Mary Trump, the niece of former President Donald Trump, has called out the inequality and the lack of a level playing field. She also mentioned that Warner Bros. Discovery, Inc. (NASDAQ:WBD) CEO David Zaslav topped the list of the highest-paid Hollywood executives over the last five years.

Portfolio Pulse from Shanthi Rexaline

September 05, 2023 | 7:52 am

F

TSLA

Former Ford CEO, Mark Fields, has commented on the rising costs of vehicles, weakened demand, and the potential impact of a union strike on automotive companies. He noted that Tesla recently announced price cuts to its Model X and Model S in the U.S., attributing this to demand issues and the high cost of new vehicles. Fields also discussed the ongoing contract negotiations between automakers and the United Auto Workers (UAW), stating that labor represents around 10% of the cost of vehicles. He suggested that an increase of 20% or less in wages could be manageable for companies selling high-margin pickups and SUVs.

Portfolio Pulse from Chris Katje

September 01, 2023 | 9:32 pm