Streetbeat News

F

GM

STLA

Stellantis (NYSE:STLA) and the United Auto Workers (UAW) union have reached a tentative agreement, ending nearly six weeks of labor strikes. The agreement follows a similar one reached between the UAW and Ford Motor (NYSE:F) earlier in the week. The strikes have cost GM, Ford, and Stellantis billions in lost production. The cost increase for the companies due to the labor deals is not immediately clear, but Deutsche Bank estimates Ford's overall cost increase to be $6.2 billion, $7.2 billion at GM, and $6.4 billion at Stellantis.

Portfolio Pulse from Benzinga Neuro

October 28, 2023 | 5:31 pm

F

GM

STLA

Stellantis (NYSE:STLA) and the United Auto Workers (UAW) union have reached a tentative agreement, ending nearly six weeks of labor strikes. The agreement follows a similar one reached between the UAW and Ford Motor (NYSE:F) earlier in the week. The strikes have cost GM, Ford, and Stellantis billions in lost production. The cost increase for the companies due to the labor deals is not immediately clear, but Deutsche Bank estimates Ford's overall cost increase to be $6.2 billion, $7.2 billion at GM, and $6.4 billion at Stellantis.

Portfolio Pulse from Benzinga Neuro

October 28, 2023 | 5:31 pm

MT

ArcelorMittal (NYSE:MT) confirmed a tragic accident at its Kostenco coal mine in Kazakhstan, resulting in 25 deaths and 21 missing workers. This follows a previous incident in August where four miners were killed. The company is also in the process of transferring the ownership of ArcelorMittal Temirtau to the Republic of Kazakhstan. MT shares closed lower by 0.14% to $22.14 on Friday.

Portfolio Pulse from Nabaparna Bhattacharya

October 28, 2023 | 5:17 pm

ARKF

ARKK

ARKW

GBTC

SQ

Ark Invest, led by Cathie Wood, sold $6.05 million worth of Grayscale Bitcoin Trust (GBTC) units this week, while Bitcoin rallied about 14%. Meanwhile, Ark Invest added $12.4 million worth of shares in Block, Inc. (SQ), a company with exposure to Bitcoin.

Portfolio Pulse from Shanthi Rexaline

October 28, 2023 | 2:15 pm

JPM

MS

QABSY

JPMorgan Chase CEO Jamie Dimon recently sold 1 million shares of the company, sparking speculation about his retirement. Wells Fargo analyst Mike Mayo predicts Dimon will retire in about three and a half years. If Dimon stays until 2026, he has a board-approved bonus of 1.5 million options waiting for him, contingent on the stock price reaching $149. Dimon has never sold shares of JPMorgan before, and CEOs often sell stock ahead of retirement. Potential successors include several JPMorgan executives.

Portfolio Pulse from Anthony Noto

October 28, 2023 | 1:58 pm

F

FSR

KARS

MBGAF

NKLA

TSLA

Major electric vehicle (EV) stocks declined in the week ending Oct. 27, with Tesla (TSLA) extending its lean patch. Tesla debuted on Fortune’s list of 100 fastest-growing companies in 2023 and announced modest price hikes for some Model Y variants. Ford (F) is pushing back its $12 billion EV investment due to losses and market challenges. Mercedes-Benz (MBGAF, MBGYY) reported disappointing Q3 results and lowered its full year guidance. Nikola (NKLA) was awarded $165 million plus interest in an arbitration proceeding with its founder. Fisker (FSR) announced price cuts for its top trim Extreme. The KraneShares Electric Vehicles and Future Mobility Index ETF (KARS) fell 2.64% for the week.

Portfolio Pulse from Shanthi Rexaline

October 28, 2023 | 1:55 pm

CVX

LLY

MSOS

NVO

TSLA

The past week saw significant declines in major averages due to concerns over potential Middle East conflicts and a conservative Q4 earnings forecast from U.S. companies. However, the U.S. economy showcased a strong 4.9% growth in Q3. Novo Nordisk and Eli Lilly are benefiting from the growing interest in weight loss drugs. Chevron Corp has agreed to purchase Hess Corp in a $53 billion all-stock deal. Dogecoin co-founder Billy Markus is optimistic about Bitcoin, Ethereum, and Doge. Tesla Inc reported subpar quarterly results, and the Nasdaq 100 Index faced a 2.5% drop this week. The election of Rep. Mike Johnson as House speaker may impact cannabis reforms.

Portfolio Pulse from Michael Cohen

October 28, 2023 | 12:49 pm

HTZ

Hertz Global Holdings Inc (NASDAQ:HTZ) CEO Stephen Scherr stated that the cost of collision and damage repair for electric vehicles (EVs), primarily Tesla's, has negatively impacted the company's EBITDA. The decline in the Manufacturer's Suggested Retail Price (MSRP) of EVs, driven by Tesla, has also lowered the fair market value of Hertz's EVs. Scherr added that Hertz is considering buying EVs from other manufacturers at a lower price point to reduce costs. Hertz reported an adjusted EPS of 70 cents for the last quarter, missing the consensus of $0.76.

Portfolio Pulse from Anan Ashraf

October 28, 2023 | 10:02 am

BIDU

TSLA

Zhejiang Geely Holding Group Co. and Baidu Inc have launched the Jiyue 01, an electric vehicle (EV) from their joint venture. The vehicle is priced below Tesla's starting price and uses a pure vision system for driver assistance, similar to Tesla. However, Tesla's full self-driving (FSD) software is currently inaccessible in China, creating a market gap that Jiyue and other players like XPeng are looking to fill.

Portfolio Pulse from Benzinga Neuro

October 28, 2023 | 9:38 am

BTCUSD

Bitcoin's exchange balances have hit a five-year low, indicating a potential supply shortage in the cryptocurrency market. The available Bitcoin on exchanges has decreased by 2.3 million since April 2018. Matt Weller, the global head of research at Forex.com, suggests that this could lead to a supply shock, driving prices higher at a rapid rate. The potential influence of spot ETFs could also alter Bitcoin's supply and demand dynamics.

Portfolio Pulse from Ananya Gairola

October 28, 2023 | 8:55 am