Streetbeat News

Labor Issues

FDX

UPS

United Parcel Service, Inc (UPS) has been facing financial challenges due to ongoing labor disputes with the Teamsters union, leading to a reduction in its full-year revenue outlook by $4 billion. Despite this, UPS remains committed to its payout plan, promising to distribute $5.4 billion in dividends and repurchasing $3 billion in shares. The company's current yield stands at 3.58%, making it an attractive option for income investors.

Portfolio Pulse from AJ Fabino

August 10, 2023 | 9:30 pm

WISH

ContextLogic Inc. (NASDAQ:WISH) shares fell on Thursday, continuing a trend that has seen the stock drop nearly 60% year-to-date. The company reported Q2 losses of $3.38 per share, beating analyst estimates, but missed on sales with $78 million against the expected $94.25 million. The company's board also approved a workforce reduction of 34%, causing the stock to trade lower. Loop Capital downgraded the stock from Hold to Sell and announced a $7 price target.

Portfolio Pulse from Ryan Gustafson

August 10, 2023 | 8:36 pm

F

GM

Shares of Ford Motor Company (NYSE:F) and General Motors Company (NYSE:GM) are trading lower due to new contract demands by the United Auto Workers Union, which could add over $80 billion to the labor costs of each company. The union's contracts with the automakers are set to expire on Sept. 14, and the union is prepared to strike. Ford's CEO believes the additional labor costs will benefit the company in the long run.

Portfolio Pulse from Ryan Gustafson

August 10, 2023 | 7:38 pm

F

GM

STLA

Shares of automakers are trading lower amid ongoing union talks. The companies mentioned include Ford (F), General Motors (GM), and Stellantis (STLA).

Portfolio Pulse from Benzinga Newsdesk

August 10, 2023 | 5:37 pm

GLOB

Globant (NYSE:GLOB) has announced a five-year, $1 billion investment plan in Latin America to strengthen its presence in the region. The plan includes opening an Emerging Technologies Innovation Center in Brazil, continuing the development of AI-based products, and hiring 20,000 professionals across the region. The company aims to leverage emerging technologies like AI and Quantum Computing to help its clients.

Portfolio Pulse from Happy Mohamed

August 10, 2023 | 4:31 pm

SPY

Federal Reserve's Mary Daly stated that more information will be available before the September meeting and the end of the year. She noted a slowdown in the economy, but it hasn't fully arrived yet. The economy feels less frenzied, but there's still a shortage of workers.

Portfolio Pulse from Happy Mohamed

August 10, 2023 | 3:16 pm

GRTX

Galera Therapeutics Inc's (NASDAQ:GRTX) New Drug Application for avasopasem manganese was rejected by the FDA, citing the need for another clinical study. In response, Galera is seeking a meeting with the FDA and considering partnership options for the drug's continued development. The company is also restructuring, reducing its staff by 70% to extend its financial lifespan. Galera's shares are down 83.40% at $0.37.

Portfolio Pulse from Vandana Singh

August 10, 2023 | 1:45 pm

SPY

The initial jobless claims in the USA have risen to 248K, higher than the estimated 230K and the prior figure of 227K.

Portfolio Pulse from Benzinga Newsdesk

August 10, 2023 | 12:31 pm

WWW

Wolverine World Wide reported Q2 results and lowered its full-year outlook, causing its shares to trade lower. The company also terminated the employment of Brendan Hoffman as CEO.

Portfolio Pulse from Benzinga Newsdesk

August 10, 2023 | 11:24 am

AMZN

BABA

Two key executives from Amazon's drone delivery program, Prime Air, have resigned. This comes as a setback for the program which has faced regulatory restrictions and crashes. Despite these challenges, Amazon remains committed to advancing drone delivery technology. Alibaba has also been trialing robotic delivery to cut costs and time.

Portfolio Pulse from Anusuya Lahiri

August 10, 2023 | 10:41 am