Streetbeat News

Labor Issues

UPS

UPS has reportedly put $30 billion in new money on the table as a direct result of negotiations with Teamsters. The UPS Teamsters National Negotiating Committee has unanimously endorsed the 5-year tentative agreement.

Portfolio Pulse from Happy Mohamed

July 25, 2023 | 3:55 pm

UPS

Shares of United Parcel Service (UPS) are trading higher after the Teamsters union reached a tentative agreement for UPS workers.

Portfolio Pulse from Benzinga Newsdesk

July 25, 2023 | 3:53 pm

UPS

Teamsters Local 638 announced a historic tentative agreement with UPS, benefiting over 340,000 UPS Teamsters nationwide. This agreement is expected to protect and reward the workers.

Portfolio Pulse from Happy Mohamed

July 25, 2023 | 3:51 pm

BA

Boeing (NYSE:BA) forecasts a demand for 2.3 million new aviation personnel over the next 20 years to support the expected doubling of the global commercial airplane fleet by 2042. The 2023 Pilot and Technician Outlook (PTO) projects the need for 649,000 pilots, 690,000 maintenance technicians, and 938,000 cabin crew members. The fastest-growing regions for personnel are Africa, Southeast Asia, and South Asia.

Portfolio Pulse from Happy Mohamed

July 25, 2023 | 3:16 pm

ADBE

Adobe Inc. employees are concerned that the company's AI technology, Firefly, could put its customers' jobs at risk and disrupt its business model. Firefly, part of Adobe's Photoshop product, allows users to add graphic elements or extend images using text prompts. Some employees believe that AI will increase efficiency and output, while others worry that generative AI could cannibalize Adobe's client base.

Portfolio Pulse from Rounak Jain

July 25, 2023 | 1:14 pm

FDX

UPS

FedEx Corp's pilots have rejected a tentative contract deal, leading to renewed negotiations likely under the supervision of the National Mediation Board. The proposed deal included a 30% pay rise and a 30% increase in the pilots' legacy pensions. FedEx's competitor, United Parcel Service Inc, is also preparing to negotiate with its workers to avert a potential strike. FedEx shares closed lower by 0.35% at $258.77 on Monday.

Portfolio Pulse from Akanksha Bakshi

July 25, 2023 | 1:06 pm

BIIB

Biogen Inc (NASDAQ:BIIB) reported Q2 FY23 sales of $2.46 billion, surpassing the consensus of $2.37 billion. The company's multiple sclerosis drug Tysabri sales are down to $483.1 million from $516.2 million. Biogen's 'Fit for Growth' program is expected to generate approximately $1 billion in gross operating expense savings, with a net headcount reduction of approximately 1,000. The company reiterated FY23 sales to decline by a mid-single-digit percentage.

Portfolio Pulse from Vandana Singh

July 25, 2023 | 12:36 pm

AAL

UAL

American Airlines Group Inc (NASDAQ:AAL) has announced that the pilot union has indefinitely postponed the ratification vote for a tentative agreement. The company had recently agreed to increase its pilot contract offer by over a billion dollars, aligning it with a tentative agreement reached by competitor United Airlines Holdings Inc (NASDAQ:UAL) and its pilots. The revised offer would elevate the value of the four-year offer to approximately $9 billion.

Portfolio Pulse from Lekha Gupta

July 25, 2023 | 11:57 am

CCI

Crown Castle has initiated a restructuring plan that includes reducing its total employee headcount by approximately 15%, discontinuing installation services within the Towers segment, and consolidating office space. The company estimates it will incur restructuring and related charges of approximately $120 million, mostly in the third and fourth quarters of 2023.

Portfolio Pulse from Benzinga Newsdesk

July 24, 2023 | 8:22 pm

DIS

Shares of The Walt Disney Company (NYSE:DIS) are trading lower after Evercore lowered its price target on the stock and reports emerged of potential movie release delays due to striking actors. The company is reviewing its film release schedule for the rest of the year, which could impact films slated for release this year. Evercore ISI Group analyst Vijay Jayant maintained Walt Disney with an Outperform and lowered the price target from $130 to $110.

Portfolio Pulse from Ryan Gustafson

July 24, 2023 | 7:53 pm