Streetbeat News

Labor Issues

AAL

DAL

LUV

UAL

American Airlines Group Inc. has secured a new contract with its pilots, promising an average salary increase of over 21% over four years, with total compensation potentially rising by more than 46%. This comes as airlines face a shortage of pilots and a resurgence in travel demand. The contract includes an immediate 21% pay bump, enhanced sick leave provisions, and other benefits. The deal is worth $9 billion and was approved by 73% of the pilots. Following the announcement, American Airlines' shares saw a 0.7% increase.

Portfolio Pulse from Piero Cingari

August 21, 2023 | 7:53 pm

AAL

The pilot union of American Airlines has announced that the pilots have approved a new contract. The details of the contract have not been disclosed.

Portfolio Pulse from Happy Mohamed

August 21, 2023 | 5:51 pm

AMZN

DIS

KHC

META

MPW

ODFL

SCU

TSLA

WMT

Meta Platforms is preparing to launch a desktop version of Threads to compete with Elon Musk's X. Amazon has restarted its external shipping service, challenging FedEx and UPS. High-profile investors have presented a competing bid for Sculptor Capital Management. Kraft Heinz plans to offer Lunchables to school cafeterias. Medical Properties Trust's deal with Prospect Medical Holdings is on hold. Tesla has suffered a data breach affecting over 75,000 people. Old Dominion Freight Line has offered $1.5 billion to acquire Yellow Corp's terminals. General Motors' Cruise is under investigation after a collision. DuPont is in talks to sell its Delrin resins unit. Disney is in a legal battle with Florida Governor Ron DeSantis. Goldman Sachs faces potential lawsuits over the 1MDB scandal. Citigroup is considering splitting its largest division. Walmart and Centric Brands are examining their Cambodian supply chains. US Steel denies union veto rights in company sale.

Portfolio Pulse from Vandana Singh

August 21, 2023 | 3:17 pm

WMT

Walmart Inc (NYSE:WMT) and Centric Brands are investigating their Cambodian supply chains following allegations of illegal garment production in the country's largest women's prison. The American Apparel and Footwear Association (AAFA) highlighted reports suggesting that garments for export, including to the U.S., were produced at the Correctional Center 2 (CC2) near Phnom Penh. Both international and Cambodian laws prohibit the trade of goods made by inmates. The U.S. and Cambodia have trade agreements that the illegal employment of prison labor may jeopardize.

Portfolio Pulse from Vandana Singh

August 21, 2023 | 2:21 pm

JBLU

JetBlue (NASDAQ:JBLU) has launched its eighth Gateway development program, Gateway Rotor Transition Program (RTP), which provides a pathway for U.S. military-trained helicopter pilots to transition to commercial aviation. The program, in partnership with SkyWarrior Flight Training LLC, offers training and certification for pilots to join JetBlue as first officers. The first Gateway RTP class is set to start in fall 2023. JetBlue's Gateway programs have been running for 15 years and have brought hundreds of skilled pilots to the airline.

Portfolio Pulse from Happy Mohamed

August 21, 2023 | 2:03 pm

CLF

United States Steel Corporation (NYSE:X) has clarified that its labor agreement with the United Steel Workers (USW) does not grant the union veto power over potential company sale decisions. This comes amid ongoing strategic review and acquisition interest from Cleveland-Cliffs Inc (NYSE:CLF) and ArcelorMittal SA (NYSE:MT). U.S. Steel had previously declined a $7.8 billion cash-and-stock offer from Cliffs, citing it as inadequate. The company is considering multiple unsolicited proposals, including a $7.8 billion all-cash offer from Esmark Inc.

Portfolio Pulse from Vandana Singh

August 21, 2023 | 12:54 pm

Dollar General Corporation (NYSE:DG) has opened a new distribution center in Blair, Nebraska, marking a significant growth milestone for its global supply chain. The facility, which represents a $140 million investment, is expected to create over 400 new jobs and support more than 1,000 DG stores at full capacity. The company's shares closed 1.55% higher at $162.99 on Friday.

Portfolio Pulse from Nabaparna Bhattacharya

August 21, 2023 | 11:23 am

BABA

FXI

KWEB

Alibaba Group Holding Limited (NYSE:BABA) stock is trading lower in line with KraneShares Trust KraneShares CSI China Internet ETF (NYSE:KWEB) and IShares China Large-Cap ETF (NYSE:FXI) after China cut its one-year benchmark lending rate to stimulate credit demand. Alibaba is ramping up hiring efforts within its domestic e-commerce sectors, signaling a potential period of growth for China's Big Tech entities. Alibaba's broader strategy envisions adding 15,000 professionals to its workforce this year.

Portfolio Pulse from Anusuya Lahiri

August 21, 2023 | 11:01 am

BABA

Alibaba's Taotian Group has announced a significant recruitment drive, listing over 2,000 job positions across various sectors. This move comes amidst a high youth unemployment rate in China and follows a period of job cuts in China's tech sector due to a regulatory crackdown. Alibaba Holdings (NYSE:BABA) also announced plans in May to hire 15,000 new employees this year.

Portfolio Pulse from Benzinga Neuro

August 21, 2023 | 9:50 am

TSLA

Tesla Inc. employees have shared accounts of a rigorous and occasionally severe professional environment, including extended work hours and on-the-spot firings. Some employees also reported racial and sexual harassment, with claims that their concerns were not adequately addressed by HR.

Portfolio Pulse from Bibhu Pattnaik

August 19, 2023 | 1:00 pm