Streetbeat News

Labor Issues

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GM

STLA

TSLA

The United Auto Workers (UAW) has filed federal labor charges against Tesla CEO Elon Musk and former President Donald Trump following their comments about firing employees who threaten to strike. The charges were made with the National Labor Relations Board. Tesla has denied the allegations, stating that the firings were due to performance reviews. This development could impact Tesla's stock and has implications for the 2024 presidential election.

Portfolio Pulse from Chris Katje

August 13, 2024 | 7:17 pm

SPY

Federal Reserve's Raphael Bostic stated that the unemployment rate remains historically low and the labor market is strong but needs careful cooling. Few layoffs have been reported, and no recession is expected. The labor market can slow without major concerns.

Portfolio Pulse from Benzinga Newsdesk

August 13, 2024 | 5:52 pm

CNI

Canadian National Railway (CNI) has initiated a phased shutdown of its rail network in Canada, starting with an embargo on hazardous goods, due to stalled negotiations with unionized workers. The company may proceed with a lockout of employees if no progress is made by August 22.

Portfolio Pulse from Benzinga Newsdesk

August 13, 2024 | 5:50 pm

PARA

Paramount Global (NASDAQ:PARA) is cutting 2,000 jobs as part of a major restructuring effort. The layoffs, which represent 15% of its U.S.-based workforce, are expected to be mostly completed by the end of September. The company aims to achieve $500 million in annualized cost savings and improve its balance sheet. Despite the restructuring, Paramount's shares are trading slightly lower.

Portfolio Pulse from Nabaparna Bhattacharya

August 13, 2024 | 4:07 pm

GM

General Motors (GM) is planning a major overhaul and job cuts in China, including discussions with local partner SAIC about capacity cuts and strategic redirection. The company is transitioning to electric vehicles and upscale models amid intense competition from local players.

Portfolio Pulse from Nabaparna Bhattacharya

August 13, 2024 | 3:43 pm

BA

GCAD

ITA

Moody's and S&P have expressed doubts about Boeing's ability to meet its 737 MAX production target of 38 jets per month by 2024, citing risks such as labor disruptions. Analysts predict Boeing will reach this target by the second half of 2025. Despite these concerns, no immediate credit downgrade is expected. Boeing's stock is trading nearly flat, with a slight decrease of 0.58%. Investors can gain exposure to Boeing through the Gabelli Commercial Aerospace And Defense ETF (GCAD) and iShares U.S. Aerospace & Defense ETF (ITA).

Portfolio Pulse from Lekha Gupta

August 13, 2024 | 3:30 pm

DJT

Trump Media & Technology Group shares are trading lower, potentially due to Donald Trump's recent activity on X and the UAW filing federal labor charges against Trump and Elon Musk.

Portfolio Pulse from Benzinga Newsdesk

August 13, 2024 | 2:58 pm

PARA

Paramount Global has announced a 15% workforce reduction to be executed in three phases, starting today and continuing through the end of the year.

Portfolio Pulse from Benzinga Newsdesk

August 13, 2024 | 2:13 pm

SPY

TSLA

The United Auto Workers (UAW) has filed federal labor charges against Donald Trump and Elon Musk. This development could have implications for companies associated with these individuals.

Portfolio Pulse from Benzinga Newsdesk

August 13, 2024 | 2:09 pm

STWD

Starwood Capital Group has appointed Andrew J. Sossen as Chief Operating Officer. Sossen will rejoin the firm in September as a Senior Managing Director and will be part of the executive committee, reporting to Chairman and CEO Barry Sternlicht.

Portfolio Pulse from Benzinga Newsdesk

August 13, 2024 | 2:01 pm