Streetbeat News

Labor Issues

USO

Libya's Sharara oil field is set to halt operations due to protests, according to Reuters. This could potentially impact the global oil supply and prices.

Portfolio Pulse from Benzinga Newsdesk

July 13, 2023 | 6:14 pm

RSG

Teamsters Local 104 members in Phoenix, Arizona have voted by 99% to authorize a strike at Republic Services. This is in pursuit of their first contract with the company.

Portfolio Pulse from Happy Mohamed

July 13, 2023 | 5:21 pm

The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) has cited Dollar General for eight violations at its Tampa stores, proposing penalties of $342,282. This continues a pattern of safety violations by the company, which has faced over $21 million in proposed penalties since 2017. Dollar General has contested the findings.

Portfolio Pulse from Happy Mohamed

July 13, 2023 | 2:32 pm

ADBE

AMZN

GOOG

HYMTF

MDT

META

PEP

SONY

TSLA

VSAT

XOM

Several companies have made significant announcements. Meta Platforms is preparing to launch a commercial version of its AI model, competing with Microsoft and Alphabet. Viasat shares dropped after an unexpected event during satellite deployment. The UK's CMA is investigating Adobe's $20B acquisition of Figma. PepsiCo reported better than expected Q2 earnings. Exxon Mobil is acquiring Denbury for $4.9B. Hyundai's Kia is investing $200M in a Georgia facility. Medtronic is facing a whistleblower lawsuit alleging a bribery scheme. The FDA is reviewing an energy drink founded by YouTube stars. Google is launching its AI chatbot, Bard, in Europe and Brazil. The NLRB filed a complaint against Amazon. Tesla plans to sell a $1,670 electric quad bike for children in China. JD.com is developing AI applications. Carlyle Group and Trustar Capital plan to exit part of their stakes in McDonald's China. Sony is ramping up R&D spending in its game business.

Portfolio Pulse from Vandana Singh

July 13, 2023 | 2:10 pm

AMZN

The National Labor Relations Board (NLRB) has filed a complaint against Amazon for refusing to bargain with a New York workers' union. The NLRB is seeking remedies, including an order for Amazon to bargain in good faith with the union representing over 8,300 workers at its JFK8 fulfillment center. Amazon has faced numerous complaints from workers and the Amazon Labor Union (ALU) as the union attempts to organize warehouses nationwide.

Portfolio Pulse from Anusuya Lahiri

July 13, 2023 | 1:55 pm

MMM

UPS

The most accurate Wall Street analysts recommend holding three high-yielding industrial stocks: 3M Company (MMM), United Parcel Service (UPS), and Ryder System (R). These companies have dividend yields of 5.89%, 3.50%, and 3.34% respectively. Recent news includes 3M's lawsuit settlement, UPS workers heading towards a strike, and Ryder System's increased quarterly cash dividend.

Portfolio Pulse from Lisa Levin

July 13, 2023 | 1:22 pm

TFII

TForce Freight, a subsidiary of TFI International Inc. (TSX:TFII), has reached a tentative agreement with the US International Brotherhood of Teamster Union for a new five-year Collective Bargaining Agreement. The agreement is subject to ratification by the employees, which is expected to occur soon.

Portfolio Pulse from Happy Mohamed

July 13, 2023 | 1:14 pm

GNZUF

MMTOF

MMTOY

Mitsubishi Motors Corp's joint venture with China-based Guangzhou Automobile Group Co., Ltd. is planning to cut staff costs due to sharp sales declines for sport utility vehicles. The number of employees affected has not been disclosed. The restructuring will follow Chinese laws and regulations.

Portfolio Pulse from Nabaparna Bhattacharya

July 13, 2023 | 12:46 pm

BABA

Alibaba's food delivery platform, Ele.me, has signed a collective contract on wages and labor safety with its staff. The contract will apply to 3 million workers.

Portfolio Pulse from Charles Gross

July 13, 2023 | 10:15 am

TSLA

TWTR

Twitter, now owned by Tesla CEO Elon Musk, is facing a class-action lawsuit from former employees demanding $500 million in unpaid severance. The lawsuit could have significant implications for Musk and Twitter, and potentially set a precedent for future corporate layoffs in the tech industry.

Portfolio Pulse from Piero Cingari

July 12, 2023 | 8:36 pm