Streetbeat News

Labor Issues

SPY

The Federal Reserve minutes reveal that some members favor an interest rate increase due to a very tight labor market and stronger-than-anticipated economic momentum. However, there is little evidence of inflation returning to the 2% target over time.

Portfolio Pulse from Benzinga Newsdesk

July 05, 2023 | 6:02 pm

AMZN

FDX

SBUX

UPS

United Parcel Service, Inc (UPS) is facing a potential labor strike by the Teamsters Union, which represents 340,000 UPS workers. The union's contract is set to expire at the end of July, and negotiations for a new contract have broken down. The union is demanding higher pay, more full-time jobs, removal of surveillance cameras from delivery trucks, and wage parity. A strike could disrupt national supply chains and delay package deliveries. UPS's competitors, FedEx Corp (FDX) and Amazon.com, Inc (AMZN), could potentially benefit from the strike.

Portfolio Pulse from AJ Fabino

July 05, 2023 | 4:41 pm

The OceanGate Titanic expedition, led by CEO Stockton Rush, ended in disaster due to questionable decisions, including having the critical electrical system of the submersible designed by a team of college students. This incident highlights a growing trend in tech companies and other industries of relying on less experienced staff or interns for significant, high-risk aspects of their projects. Boeing Co (NYSE:BA) reportedly relied heavily on inexperienced engineers and outsourced key parts of its software development for their 737 Max jets, which is believed to have contributed to two fatal crashes.

Portfolio Pulse from AJ Fabino

July 05, 2023 | 4:08 pm

AAPL

BABA

HLN

MDLZ

NKLA

PFE

RIVN

TSM

UPS

Apple lost an appeal over 4G patent infringement in London court, marking another victory for Optis Cellular Technology. Deutsche Bank and Commerzbank face a $348M lawsuit by RusKhimAlyans, a Gazprom subsidiary. Nikola Corp plans to liquidate the assets of battery maker Romeo Power. Pfizer and Samsung Biologics signed two agreements for long-term manufacturing of Pfizer's biosimilar portfolio, worth $897M. Airbus is investing in a new Wing Technology Development Centre at its Filton site in the UK. TSMC expects a significant revenue rebound due to the launch of new Apple iPhones and strong demand for AI chips. Rivian Automotive reported Q2 production and delivery numbers. Evotec secured a US government contract for orthopoxvirus antibody. Mondelēz recalled two varieties of belVita biscuits in the US over peanut contamination. BYD plans to invest $620M in Brazil's Camaçari Industrial Complex. Alibaba is conducting a strategic review of video streaming platforms Youku and Tudou. UPS drivers consider going on strike after failed labor talks. OMV and ADNOC are in talks to create a chemicals and plastics company worth over $30B. Haleon is considering divesting some smoking cessation products to sell non-core businesses.

Portfolio Pulse from Vandana Singh

July 05, 2023 | 1:23 pm

BYDDF

BYDDY

Chinese EV manufacturer BYD Co, backed by Warren Buffett, plans to invest $620 million in Brazil's Camaçari industrial complex. The company will start operations in three factories simultaneously, creating over 5,000 jobs. The factories, set to start operations in 2024, will produce electric buses and trucks, hybrid and electric automobiles, and focus on lithium and iron phosphate processing. This move is expected to boost domestic production in Brazil and provide more competitive local prices.

Portfolio Pulse from Nabaparna Bhattacharya

July 05, 2023 | 12:39 pm

UPS

United Parcel Service, Inc. (UPS) workers are reportedly heading towards a strike after failed labor talks with the Teamsters. The potential strike by over 300,000 UPS drivers threatens to disrupt the U.S. supply chain. The current labor contract expires at the end of July, and union employees will not work beyond July 31. UPS shares are trading lower by 2.15% at $179.81 premarket on Wednesday.

Portfolio Pulse from Akanksha Bakshi

July 05, 2023 | 11:43 am

UPS

UPS has reported that the Teamsters union has ceased negotiations, despite an offer from UPS that builds on industry-leading pay. UPS urges the Teamsters to return to the table to finalize the contract deal.

Portfolio Pulse from Charles Gross

July 05, 2023 | 10:12 am

TSLA

Tesla Inc is hiring seasonal vehicle operators to test drive its vehicles across several states in the US and in Canada. The temporary positions are expected to last about three months, with pay ranging from $17 to $43 per hour. The move comes as Tesla continues to develop its full self-driving (FSD) technology, which is currently in beta mode.

Portfolio Pulse from Anan Ashraf

July 05, 2023 | 7:36 am

HCC

The U.S. National Labor Relations Board has found Warrior Met Coal guilty of unfair labor practices and ordered the company to bargain in good faith.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 3:24 pm

ACRDF

ACRHF

CURLF

United Food and Commercial Workers (UFCW) Local 360 has announced that all of Curaleaf's (OTCQX:CURLF) New Jersey retail locations have been unionized. This includes the company's dispensaries in Edgewater, Bellmawr, and Bordentown. UFCW has been actively unionizing the cannabis industry, with recent activities including unionizing workers at Acreage Holdings’ The Botanist (OTCQX:ACRDF) (OTCQX:ACRHF) dispensaries.

Portfolio Pulse from Vuk Zdinjak

June 30, 2023 | 2:28 pm