Wall Street Breakfast Podcast: UAW Pushback Hits GM, Ford

seekingalpha2023-09-08

General Motors' offer to the United Auto Workers falls short of demands, risking a strike after the current contract expires.Apple's stock slips due to concerns about the Chinese government's alleged ...

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Scott Olson Listen below or on the go on Apple Podcasts and Spotify","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"STLA":"Stellantis NV","SQQQ":"纳指三倍做空ETF","BK4160":"多样化房地产投资信托v","BK4505":"高瓴资本持仓","RBLX":"Roblox Corporation","SWBI":"Smith And Wesson Brands Inc","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","BK4581":"高盛持仓","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","BK4501":"段永平概念","QQQ":"纳指100ETF","BK4161":"工业机械","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","AAPL":"苹果","ATR":"Aptar","BK4588":"碎股","BBBY":"3B家居","LU0056508442.USD":"贝莱德世界科技基金A2","F":"福特汽车","LU0238689110.USD":"贝莱德环球动力股票基金","BK4579":"人工智能","BK4574":"无人驾驶","BK4170":"电脑硬件、储存设备及电脑周边","QID":"纳指两倍做空ETF","KMT":"肯纳金属","BK4527":"明星科技股","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","BK4573":"虚拟现实","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","TQQQ":"纳指三倍做多ETF","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","BK4085":"互动家庭娱乐","LU0444971666.USD":"天利全球科技基金","BK4592":"伊斯兰概念","PSQ":"纳指反向ETF","HPP":"Hudson Pacific Properties","QLD":"纳指两倍做多ETF","GNL":"Global Net Lease Inc","LU0109392836.USD":"富兰克林科技股A","GM":"通用汽车",".IXIC":"NASDAQ Composite","BK4223":"办公室房地产信托","RTL":"The Necessity Retail REIT, Inc."},"translate_title":"华尔街早餐播客：UAW抵制通用汽车，福特","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AAPL":1,"SWBI":1,"STLA":1,"RTL":1,"RBLX":1,"KMT":1,"HPP":1,"GNL":1,"GM":1,"F":1,"ATR":1,"BBBYQ":1,"BBBY":0.9,".IXIC":0.66,"PSQ":0.6,"QID":0.6,"QLD":0.6,"QQQ":0.6,"SQQQ":0.6,"TQQQ":0.6,"MNQmain":0.6,"NQmain":0.6},"content_text":"General Motors' offer to the United Auto Workers falls short of demands, risking a strike after the current contract expires.Apple's stock slips due to concerns about the Chinese government's alleged ban on iPhones, but analysts believe the issue is overblown.The U.S. Securities and Exchange Commission is investigating Ryan Cohen's ownership and sale of shares of Bed Bath & Beyond.   Scott Olson Listen below or on the go on Apple Podcasts and Spotify\n\n\n\n\n\n\n\n\nLabor pains: General Motors (GM) and Ford (F) fall after the UAW pushes back against offers. (00:29) Apple (AAPL) slips again on China worries; issue is 'way overblown,' analysts say. (02:01) SEC investigating Ryan Cohen's Bed Bath & Beyond trades - WSJ. (03:11)  This is an abridged transcript of the podcast. The United Auto Workers said an offer by General Motors (NYSE:GM) fell far short of its demands. Union President Shawn Fain called the offer “insulting\" and did not back off of threatening to have the union strike against one or more automakers after the current contract expires on September 14. General Motors (GM) said in a letter to workers that it's offering a 10% wage increase during a new four-year contract, plus two more 3% one-time payments. GM is also offering a $6,000 inflation payment, $5,000 more in lump sums to protect against inflation during the contract, and a $5,000 contract ratification bonus. GM said the pay raises would be the biggest since 1999. The wage offer is slightly better than one from Ford (NYSE:F) that was rejected by the union last week, but relied on lump-sum payments, instead of the annual pay raises the UAW wants. The major UAW demands are for 46% across-the-board pay raises over four years, a 32-hour week with 40 hours of pay, and pension benefits for new hires. The UAW is expected to make another offer in response to Ford's (F) proposal. Meanwhile, Stellantis (NYSE:STLA) promised it would have a counterproposal by the end of the week. General Motors (GM) fell nearly 0.8% on Thursday, while Ford (F) was down 0.9%. Stellantis (STLA) dipped 0.4%. Apple (NASDAQ:AAPL) slipped nearly 3% on Thursday, continuing Wednesday's decline on worries that the Chinese government has told its agencies to stop using iPhones. However, Wall Street seems to think the issue is \"way overblown.\" Wedbush Securities analyst Dan Ives wrote in a note, \"On the recent China news over the last few days we believe in a worst case scenario any China government agency iPhone ban is way overblown as to quantify its less than ~500k iPhones of roughly 45 million we expect to be sold in China over the next 12 months.\" In total, Apple (AAPL) lost nearly $200B in market cap over the two-day stretch. Ives, who has an outperform rating and $230 price target on Apple, added that the company has seen \"massive\" share gains in the Chinese smartphone market, to the tune of roughly 300 basis points over the past 18 months. Ives added that with the iPhone 15 right around the corner, the tech giant has \"incremental momentum\" to gain more share. The U.S. Securities and Exchange Commission is investigating Ryan Cohen's Bed Bath & Beyond trades - WSJ (OTCMKTS:BBBYQ) Ryan Cohen's ownership and sale of shares of Bed Bath & Beyond (OTCPK:BBBYQ). According to a WSJ report on Thursday, which cited people familiar with the matter, the regulator has requested information from Cohen about the trades and his communications with officers or directors at the company. The SEC has also asked for information from the company's current and former board members. The investigation comes after Cohen purchased a $120 million stake in Bed Bath & Beyond, which was first disclosed in March of last year, and then sold the entire stake in August 2022. News of Cohen's stake in Bed Bath & Beyond (OTCPK:OTCPK:BBBYQ) originally sent its shares soaring 34% on March 6, and a disclosure that he had exited his stake sent the stock plunging 41% on Aug. 19. Bed Bath & Beyond (OTCPK:OTCPK:BBBYQ) filed for Chapter 11 bankruptcy protection in late April. Other headlines to look out for on Seeking Alpha: Federal Reserve likely has more work to do, Dallas Fed's Lorie Logan says Federal Reserve's policy rate is in \"a good place' right now, NY Fed's Williams says Fresh round of job cuts coming for Goldman Sachs underperformers On our catalyst watch for the day,  Roblox (RBLX) will hold a two-day developer conference. RDC23 will include keynote presentations from Roblox (RBLX) CEO David Baszucki and other top leaders. Global Net Lease (GNL) shareholders will vote on the planned merger with Necessity Retail (RTL). Several proxy firms have advised against the deal. Kennametal (KMT) and AptarGroup (ATR) will hold investor events that include guidance and strategy updates.  U.S. stocks on Thursday ended mixed. The Nasdaq (COMP.IND) slid 0.9%. The S&P 500 (SP500) fell 0.3%. The Dow (DJI) outperformed, rising 0.17%. Of the 11 S&P sectors, six ended in positive territory, led by Utilities. Tech was the biggest loser. Thursday's economic calendar showed that the number of Americans filing for jobless claims in the past week fell once again. Turning to the fixed-income markets, Treasury yields were lower on Thursday. The 10-year yield (US10Y) was down 4 basis points to 4.25%, while the 2-year yield (US2Y) was down 9 basis points to 4.94%. Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the red. The Dow is down 0.2%, the S&P 500 is down 0.2% and the Nasdaq is down 0.3%. Crude oil is up 0.5% at more than $87 a barrel. Bitcoin is up 1%. In the world markets, the FTSE 100 is down 0.4% and the DAX is down 0.8%. The biggest stock movers for the day premarket: Smith & Wesson Brands (NASDAQ:SWBI) is up more than 12% following better-than-expected Q1 results. The company exceeded expectations in Q1 with top-line growth of 35% Y/Y. Hudson Pacific Properties (NYSE:HPP) is down nearly 10% after the company said it had suspended its quarterly dividend on common stock due to the impact of the ongoing Hollywood strike. The suspension will begin with the third quarter dividend, which was due in September. On today’s economic calendar, at 3pm consumer credit.Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2365384980"}