Streetbeat News

Labor Issues

AMZN

FDX

UPS

United Parcel Service Inc. (UPS) is in talks with the International Brotherhood of Teamsters for a renewal of its union contract, affecting around 340,000 workers. A faction within the union is threatening to go on strike as early as Aug. 1. The strike could have serious consequences for the logistics industry, inflation, and the stock market. UPS handles approximately 28% of the 75 million packages delivered throughout the United States daily. The top UPS client is Amazon.com Inc. (AMZN), which accounted for nearly $11 billion of UPS’ total revenues of $100 billion last year.

Portfolio Pulse from Piero Cingari

July 21, 2023 | 3:53 pm

TCNNF

Trulieve Cannabis Corp. has announced the appointment of Ryan Blust as interim CFO following the resignation of Tim Mullany after only 10 days. This is the second CFO resignation in less than a month, with previous CFO Alex D’Amico resigning in June. The company is also closing several retail locations and winding down operations in Massachusetts as part of a cost-saving initiative.

Portfolio Pulse from Nina Zdinjak

July 21, 2023 | 2:55 pm

SPY

Ford Motor's partnership with Chinese battery maker Contemporary Amperex Technology Ltd. (CATL) is under scrutiny by Republican lawmakers due to concerns over forced labor in China's Xinjiang region. The lawmakers have demanded more information about the partnership, including Ford's plan to employ several hundred Chinese workers at a new battery factory in Michigan. CATL, the world's largest maker of batteries for electric vehicles, also supplies General Motors, Volkswagen, BMW, Tesla, and other major automakers. Critics have labeled the agreement a 'Trojan horse' for Chinese interests and called for scuttling the partnership.

Portfolio Pulse from Happy Mohamed

July 21, 2023 | 2:21 pm

AAPL

AMZN

CMCSA

NFLX

PARA

SONY

Hollywood writers and actors are striking against studios and streamers over a fair labor contract. Mary Trump, the niece of former President Donald Trump, has voiced her support for the striking Hollywood workforce. The Screen Actors Guild and American Federation of Television and Radio Artists have been on strike since July 14, demanding higher pay amid inflation. Studios including Comcast Corp.'s NBCUniversal, Paramount Global, Apple, Inc., Netflix, Inc., Amazon, Inc. and Sony Group Corp.'s Sony Pictures Entertainment have failed to negotiate pay raises for performers.

Portfolio Pulse from Shanthi Rexaline

July 21, 2023 | 12:24 pm

DIS

Disney's stock (NYSE:DIS) is experiencing downward pressure, potentially due to weakness in its streaming division amid a SAG-AFTRA union strike and ongoing legal issues. The stock may be settling into a bear flag pattern, suggesting a potential 6% drop towards the $82.50 mark. However, bullish traders may see the stock continue to rise within the channel for a short period.

Portfolio Pulse from Melanie Schaffer

July 20, 2023 | 9:32 pm

WATT

Energous Corporation announced that William Mannina has resigned from his position as the company's Interim CFO, effective August 16.

Portfolio Pulse from Charles Gross

July 20, 2023 | 8:25 pm

CDXS

Codexis Inc has announced a workforce reduction of approximately 25%.

Portfolio Pulse from Happy Mohamed

July 20, 2023 | 8:10 pm

VINE

Fresh Vine Wine announced that CEO Roger Cockroft and CFO Hitesh Dheri have ended their employment with the company. Non-executive Chair of the company's board, Michael Pruitt, has been named as the interim CEO.

Portfolio Pulse from Charles Gross

July 20, 2023 | 8:07 pm

CURLF

Curaleaf Holdings Inc (OTC:CURLF) has laid off 49 workers at its Winslow, New Jersey production facility due to lower-than-expected supply requirements. This is the second round of layoffs in the state, following a previous closure of the Bellmawr facility that resulted in 40 job cuts. Despite the layoffs, Curaleaf still retains over 150 employees in Winslow and around 400 in New Jersey.

Portfolio Pulse from Nicolás Jose Rodriguez

July 20, 2023 | 6:37 pm

GTBIF

VRNOF

Teamsters Local 777 has reached tentative agreements with Zen Leaf dispensaries, a subsidiary of Verano (OTCQX:VRNOF), for wage increases ranging from 17% to 20% over the next three years, paid time off, employer-funded retirement contributions, and other benefits. The union has also been active with other cannabis companies, including Green Thumb Industries (OTCQX:GTBIF).

Portfolio Pulse from Vuk Zdinjak

July 20, 2023 | 4:15 pm