Streetbeat News

Labor Issues

SPY

Federal Reserve's Goolsbee has stated that the job market is getting into balance. This statement could have implications for the overall economy and the stock market.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 3:40 pm

GTBIF

Colorado Governor Jared Polis expressed satisfaction with the legalization of marijuana and psychedelics, citing benefits such as job creation and tax revenue generation. New Mexico set a record with $34 million in recreational cannabis sales in July 2023. Federal, state, and local officials voted to add new marijuana items to a federal handbook to establish model standards for cannabis definitions, packaging, and labeling. New York's legal cannabis sales reached $33 million in the first six months, falling short of projections. Employees at Warwick's RISE Dispensary in Rhode Island unionized with UFCW Local 328 after Green Thumb Industries (OTC:GTBIF) took over the dispensary in 2021.

Portfolio Pulse from Nicolás Jose Rodriguez

August 04, 2023 | 3:36 pm

GOOG

GOOGL

Google is offering a 'Summer Special' for employees to stay at an on-campus hotel in Mountain View, California, for $99 a night, in an attempt to encourage workers to return to the office. The offer is not for approved business travel, so employees will have to pay for their stays. Some employees have expressed skepticism about the deal, pointing out that it would amount to roughly $3,000 a month. Google has been pushing for employees to return to the office, citing high housing costs near offices and higher productivity while working remotely.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 3:36 pm

F

GM

STLA

The United Auto Workers (UAW) union is demanding a 40% pay hike for factory workers from Detroit car companies, including General Motors (GM), Ford (F), and Stellantis (STLA). The union is negotiating new four-year labor agreements for around 150,000 hourly workers. The UAW also wants the reintroduction of cost-of-living adjustments and other benefits given up in earlier discussions. GM stated that it intends to raise worker wages but the union's demands could jeopardize the company's capacity to support hourly workers in the long run.

Portfolio Pulse from Akanksha Bakshi

August 04, 2023 | 3:35 pm

TWST

Twist Bioscience Corp's CFO, James Thorburn, will transition to a new role once a new CFO is appointed. The company is currently conducting a search for Thorburn's successor and has retained an executive search firm to assist in the process.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 3:23 pm

SPY

The unemployment rate for July came in at 3.5%, lower than the expected 3.6%.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 3:22 pm

SPY

UUP

The July jobs report shows the U.S. labor market's resilience despite soaring interest rates. The unemployment rate dropped to 3.5%, and wage growth surpassed expectations. However, concerns about price pressures and potential interest rate hikes persist. The report led to slight adjustments in interest-rate forecasts and a 0.1% increase in futures on the S&P 500 index. The U.S. dollar index showed a 0.1% decrease.

Portfolio Pulse from Piero Cingari

August 04, 2023 | 3:22 pm

F

GM

STLA

General Motors (GM) has expressed concerns over the United Auto Workers' (UAW) contract demands, including a 40% wage increase over a four-year contract. GM argues that these demands would hinder its ability to make sound business decisions. The UAW has presented its demands to GM, Stellantis N.V., and Ford Motor Company ahead of the expiration of the current contracts in September 2023.

Portfolio Pulse from Shivani Kumaresan

August 04, 2023 | 3:18 pm

CRLBF

GTBIF

Cannabis workers at Sunnyside, a subsidiary of Cresco Labs (OTCQX:CRLBF), have voted to join Teamsters Local 777, making it the fifth Cresco location to do so. The Teamsters union has been gathering more cannabis industry workers to push for better industry conditions. Other recent Teamster activities include workers at Bloc Dispensary, a subsidiary of Justice Cannabis Company, and workers at Growpacker, Amuse, and RISE dispensaries joining the union.

Portfolio Pulse from Vuk Zdinjak

August 04, 2023 | 3:13 pm

ACN

AMZN

CTSH

GOOG

Alphabet Inc is facing charges for allegedly terminating contract employment for most Google Help workers attempting to unionize. The Alphabet Workers Union filed a complaint with the U.S. labor board for violation of federal labor law. The workers, employed through Accenture Plc, argue that Alphabet is legally their employer and seek a 'joint employer' designation from the NLRB. In the past, contract workers employed by Cognizant Technology Solutions Corp to work on YouTube Music successfully voted to unionize, deeming Alphabet a joint employer.

Portfolio Pulse from Anusuya Lahiri

August 04, 2023 | 3:12 pm