Streetbeat News

Labor Issues

BA

Boeing's stock rose as the company proposed a new labor deal to its striking machinist union workers, offering a 30% pay increase over four years and other benefits. The proposal aims to end a costly strike, but does not address pension restoration.

Portfolio Pulse from Adam Eckert

September 23, 2024 | 10:30 pm

LAZR

Luminar has announced a restructuring plan that includes a 30% reduction in its workforce since the beginning of 2024. The plan will incur $4 million to $6 million in additional costs, primarily in the third and fourth quarters of 2024.

Portfolio Pulse from Benzinga Newsdesk

September 23, 2024 | 8:32 pm

BA

Boeing has presented a 'best and final offer' to resolve the ongoing machinists strike, indicating a critical point in negotiations. The outcome of this offer could significantly impact Boeing's operations and financial performance.

Portfolio Pulse from Benzinga Newsdesk

September 23, 2024 | 6:12 pm

BA

Boeing has agreed to increase general wages by 30%, enhance the 401(K) match to 100% of the first 8% of pay, and raise the ratification bonus to $6,000 as part of its labor negotiations with the International Association of Machinists (IAM).

Portfolio Pulse from Benzinga Newsdesk

September 23, 2024 | 6:04 pm

STLA

Stellantis NV reaffirms its stance that it has fulfilled its obligations under the 2023 Collective Bargaining Agreement with the United Auto Workers (UAW).

Portfolio Pulse from Benzinga Newsdesk

September 23, 2024 | 5:51 pm

ADNT

Adient, an automotive seating company, is closing two production plants in the Czech Republic and cutting 1,100 jobs as part of a restructuring effort.

Portfolio Pulse from Benzinga Newsdesk

September 23, 2024 | 3:05 pm

SPY

Minneapolis Fed President Kashkari emphasized the strength of the labor market and expressed a desire to maintain it. He also stated that he won't declare victory over inflation yet.

Portfolio Pulse from Benzinga Newsdesk

September 23, 2024 | 12:13 pm

SPY

Minneapolis Fed President Kashkari stated that the risks have shifted towards a weakening labor market and higher unemployment. He supported the 50 basis points rate cut, citing progress on inflation and a softening labor market.

Portfolio Pulse from Benzinga Newsdesk

September 23, 2024 | 11:04 am

GM

General Motors (GM) is laying off 1,695 employees at its Kansas City plant as it phases out the Chevrolet Malibu and prepares to retool for electric vehicle production. The plant will resume production in late 2025 with the next-generation Chevrolet Bolt EVs and Cadillac XT4.

Portfolio Pulse from Anan Ashraf

September 23, 2024 | 8:49 am

AMZN

Amazon is enforcing a full-time return-to-office policy, clashing with the UK government's push for flexible working. This move is part of a broader trend among major corporations. Amazon's decision has sparked criticism and is seen as a strategy to reduce headcount and boost margins.

Portfolio Pulse from Benzinga Neuro

September 23, 2024 | 8:31 am