Streetbeat News

Labor Issues

NKLA

RIVN

Nikola Corp (NKLA) shares are trading higher by 10.77% to $1.44, rebounding from Thursday's weakness. The rise is attributed to better-than-expected U.S. jobs data, which could raise concerns over further rate hikes. The stock's movement is also potentially in sympathy with Rivian Automotive Inc (RIVN) after Wedbush raised its price target on the stock from $25 to $30. Rising interest rates could increase borrowing costs for companies like Nikola, impacting their financial health.

Portfolio Pulse from Henry Khederian

July 07, 2023 | 6:13 pm

SPY

Federal Reserve's Goolsbee stated that the job market is strong but cooling. He mentioned that prices move first, then wages, and believes that it's possible to lower the unemployment rate without leading to a recession and still manage to bring down prices.

Portfolio Pulse from Happy Mohamed

July 07, 2023 | 3:41 pm

SPY

UPS

Acting U.S. Labor Secretary Julie Su stated in a CNN interview that there is no need for government intervention at this stage in the contract talks between UPS and the Teamsters Union.

Portfolio Pulse from Happy Mohamed

July 07, 2023 | 2:51 pm

IWB

SPY

June's nonfarm payrolls (NFPs) data came in at 209,000, missing expectations of 225,000 jobs, marking the lowest print since December 2020. The unemployment rate decreased to 3.6%, while average hourly wages showed a 0.4% month-over-month increase, surpassing expectations of 0.3%. Small-cap stocks in the iShares Russell 1000 ETF (IWB) rose 0.7%, outperforming large caps in the SPDR S&P 500 ETF Trust (SPY), which fell 0.1%. Economists suggest the data indicates a resilient labor market and could lead to further rate hikes by the Fed.

Portfolio Pulse from Piero Cingari

July 07, 2023 | 2:03 pm

GM

A defective battery incident at General Motors' (GM) Ultium electric-vehicle plant has sparked safety demands amid ongoing UAW contract talks. The UAW is seeking better safety protections following multiple accidents at the plant. The UAW is also pushing to include Ultium workers in its master-labor agreement with major Detroit car companies. Under the Inflation Reduction Act, GM expects to earn $300 million in tax credits this year and aims to build 1 million EVs annually by 2025.

Portfolio Pulse from Anusuya Lahiri

July 07, 2023 | 1:54 pm

SBUX

Starbucks Corporation has been sued by The National Labor Relations Board for refusing to reemploy 33 workers after reorganizing stores in Seattle. The company is accused of forcing 73 workers to reapply for jobs, which goes against unionization efforts. The NLRB petition requires Starbucks to offer jobs to the 33 people it terminated.

Portfolio Pulse from Nabaparna Bhattacharya

July 07, 2023 | 12:58 pm

SPY

The USA unemployment rate for June remained steady at 3.6%, in line with estimates and slightly lower than the previous month's 3.7%.

Portfolio Pulse from Happy Mohamed

July 07, 2023 | 12:30 pm

BIIB

COST

LEVI

QQQ

SPY

Stock futures dipped slightly on Friday as traders awaited the June non-farm payrolls report. Thursday's trading saw stocks close lower due to data suggesting a tight labor market and speculation of a rate hike at the upcoming Federal Reserve meeting. The SPDR S&P 500 ETF Trust (NYSE:SPY) and the Invesco QQQ ETF (NASDAQ:QQQ) both fell in premarket trading. Levi Strauss & Co. (NYSE:LEVI), Biogen, Inc. (NYSE:BIIB), and Costco Wholesale Corp. (NASDAQ:COST) are in focus due to recent developments.

Portfolio Pulse from Shanthi Rexaline

July 07, 2023 | 10:52 am

TSLA

Tesla Inc. has started laying off battery production workers at its Shanghai plant amidst a price war in China. The exact number of layoffs and specific reasons are unclear. Some employees have been offered transfers to other workshops. Automation equipment is being designed to potentially replace human labor on the battery production line. Despite layoffs, Tesla's deliveries from Shanghai rose almost 20% YoY in June. CEO Elon Musk is comfortable with making less money on each car sold, following several rounds of price cuts.

Portfolio Pulse from Benzinga Newsbot

July 07, 2023 | 9:27 am

FXI

TSLA

Tesla is reportedly laying off some battery production workers at its Shanghai plant, according to Bloomberg. The reasons behind the layoffs are not specified in the report.

Portfolio Pulse from Charles Gross

July 07, 2023 | 8:50 am