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☆ Here are Jim Cramer's rapid-fire takeaways on 6 stocks in the news Wednesday
▼ + stars: | 2024-01-31 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +2 min

Jim said, "I don't know if [CEO] Carol Tome can keep the job." The fact is, he added, e-commerce is very strong and "she's not participating in it." Walmart — Founder Sam Walton liked the idea that people shouldn't have to own fractional shares, Jim said, praising the retailer's 3-for-1 stock split . "Very smart move by Walmart" to entice the individual investor with a smaller share price, Jim added. General Motors — Shares on Wednesday added to their 7.8% gain in the prior session on a strong quarter and 2024 guidance.

Persons: Jim, Carol Tome, Sam Walton, Mary Barra, Dave Calhoun didn't, Calhoun, Ozempic, Eli Lilly, Lilly, Tesla, Elon Organizations: Parcel Service, Walmart, General Motors, GM, CNBC, Club, Ford Motor, Boeing, Novo Nordisk — Locations: Delaware

☆ UPS to Cut 12,000 Jobs as Wages Rise and Package Volumes Fall
▼ + stars: | 2024-01-30 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

United Parcel Service plans to cut about 12,000 jobs this year as the company tries to slash costs in the face of falling package volumes and higher wages linked to a union contract it signed in the summer. Ms. Tomé said most of the job cuts would happen in the first half of the year and reduce expenses by about $1 billion. UPS narrowly averted a strike in the summer when the union that represents more than 300,000 of its workers, the International Brotherhood of Teamsters, threatened to walk off the job if a labor agreement that included higher wages wasn’t reached. A contract settlement was reached shortly after the previous agreement expired, but the uncertainty about a potential walkout hurt the company’s package volumes. UPS said about 60 percent of the volume it lost during the standoff had returned by the end of December.

Persons: Carol Tomé, Tomé, wasn’t Organizations: Parcel Service, UPS, ” Revenue, International Brotherhood of Teamsters

☆ UPS is cutting 12,000 jobs as CEO cites soft demand and high labor costs following historic contract deal
▼ + stars: | 2024-01-30 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

UPS is set to reduce its headcount by 12,000 jobs in 2024 following a historic pay agreement with its drivers. UPS CEO Carol Tomé cited soft demand and the recent labor contract as reasons for missing analysts' expectations on a Tuesday earnings call. AdvertisementUPS also told analysts that its employees are expected to work in the office five days a week. Tomé told analysts that expected revenue for 2024 would be between $92 billion and $94.5 billion. AdvertisementTomé hinted at how UPS might try to offset the costs of such a deal in a September interview with CNBC.

Persons: —, Carol Tomé, Tomé Organizations: Service, UPS, Business, Teamsters, CNBC

☆ UPS announces 12,000 job cuts, says package volume slipped last quarter
▼ + stars: | 2024-01-30 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +2 min

UPS fell short of Wall Street revenue estimates Tuesday, reporting drops in shipping volume, both internationally and domestically, in its fourth-quarter earnings report. The company also announced 12,000 layoffs as part of an effort to align resources in 2024. The workforce reductions will save the company about $1 billion in costs, CEO Carol Tomé said on a company earnings call. Adjusting for one-time items related to pensions and intangible assets, UPS earned $2.47 per share. The company reported a 7.4% drop in average daily volume domestically and an 8.3% decrease internationally.

Persons: Carol Tomé, Tomé Organizations: United Parcel Service, UPS, Teamsters Locations: Cape Cod, Orleans , Massachusetts, Europe

☆ UPS is cutting 12,000 jobs
▼ + stars: | 2024-01-30 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —UPS announced Tuesday that it will cut 12,000 jobs as part of a bid to save $1 billion costs. UPS lost business last year as customers concerned about a possible strike by the Teamsters shifted shipments to rival carriers, such as FedEx. Although UPS said it expects to get most of that business back, it had won back only about 60% of that lost business. UPS’ business surged to record levels in the first three years of the pandemic, as online shopping exploded. UPS’ (UPS) stock sank 7% on Tuesday.

Persons: Refinitiv, ”, Carol Tome, “, Brian Newman Organizations: New, New York CNN, UPS, Teamsters, FedEx, UPS ’ Locations: New York

☆ UPS stock falls after delivery giant cuts revenue outlook
▼ + stars: | 2023-10-26 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +1 min

Shares of the United Parcel Service closed 6% lower Thursday after the company reported a bigger-than-expected revenue decline and cut its revenue guidance for the year. Adjusted for one-time earnings, per share earnings were $1.57. The company also lowered its revenue outlook for the full year. UPS now expects this year's consolidated revenue to be between $91.3 billion and $92.3 billion, down from its previous projection of $93 billion. The delivery giant cited global economic uncertainty as the main factor in lowering its outlook.

Persons: Carol Tomé Organizations: UPS, United Parcel Service, Teamsters Locations: San Francisco , California

☆ UPS cuts annual revenue forecast on weak delivery demand
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

Signage is seen on a United Parcel Service (UPS) vehicle at a facility in Brooklyn, New York City, U.S., May 9, 2022. It expects full-year revenue between $91.3 billion and $92.3 billion, compared with a prior forecast of about $93 billion. The company also cut its annual adjusted operating margin to between 10.8% and 11.3% compared to prior forecast of about 11.8%. The entire industry is fighting for market share as demand from e-commerce delivery weakens. UPS has been cutting jobs and leaning on technology to help offset falling e-commerce demand, weak export and industrial production and the cost hit from its new labor contract.

Persons: Andrew Kelly, TD Cowen, Helane Becker, Carol Tomé, Priyamvada C, Lisa Baertlein, Arun Koyyur Organizations: United Parcel Service, REUTERS, Teamsters, Revenue, UPS, Reuters, Thomson Locations: Brooklyn , New York City, U.S

☆ UPS earnings fall, sees economic headwinds ahead
▼ + stars: | 2023-10-26 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —UPS reported sharply lower earnings in the third quarter and said it expects lower revenue and thinner profit margins ahead. UPS earned adjusted net income of $1.3 billion in the quarter, or $1.57 a share. “Volume that diverted during our labor negotiations is starting to return to our network,” said CEO Carol Tomé. The company attributed this lowered guidance to global macroeconomic uncertainty, not the lost business associated with the labor negotiations and cost of the new deal. UPS is something of an economic bellwether, as its trucks move an estimated 6% of US gross domestic product and 3% of global GDP, the broadest measure of economic activity.

Persons: ”, Carol Tomé Organizations: New, New York CNN, UPS, Teamsters Locations: New York

☆ UPS CEO says new labor deal with Teamsters to cost less than $30 bln - CNBC
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

UPS vehicles are seen at a facility in Brooklyn, New York City, U.S., May 9, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsCompanies United Parcel Service Inc FollowSept 12 (Reuters) - United Parcel Service's (UPS.N) new five-year deal with Teamsters-represented workers will cost less than the $30 billion that was outlined by the union, Chief Executive Officer Carol Tome said in a CNBC interview on Monday. The contract, which covers about 340,000 UPS workers in the United States, would increase wage and benefit costs at a 3.3% compound annual growth rate over the life of the agreement, UPS Chief Financial Officer Brian Newman said earlier. Last month, the Atlanta-based company cut its full-year revenue and profitability targets, citing higher-than-expected labor costs as well as business lost during the tumultuous contract talks with Teamsters. Reporting by Priyamvada C and Baranjot Kaur in Bengaluru; Editing by Varun H K and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Carol Tome, Brian Newman, Newman, Priyamvada, Baranjot Kaur, Varun, Anil D'Silva Organizations: REUTERS, United Parcel Service, Teamsters, CNBC, UPS, Atlanta -, Thomson Locations: Brooklyn , New York City, U.S, United States, Atlanta, Bengaluru

"It's not a $30 billion deal," Tome told CNBC's Frank Holland in an exclusive interview on Monday. Averting a crisisThe labor contract reached in July prevented a potentially widespread and disruptive work stoppage. In June, Teamsters members authorized a UPS strike during the negotiations. The union ratified the UPS contract on Aug. 25 with record turnout of 58% of members voting and a record 86% approving the deal. A 'win-win-win'After the tentative deal for the Teamsters contract was reached, Tome called it a "win-win-win" for the union, customers and the company.

Persons: Carol Tome, Donald Trump, Jonathan Ernst, Tome, CNBC's Frank Holland, We'll, We've, Weeks Organizations: Hartsfield, Jackson Atlanta International Airport, Reuters, Teamsters, UPS, Anderson Economic Locations: Atlanta , Georgia, U.S

☆ UPS workers approve massive new labor deal with big raises
▼ + stars: | 2023-08-22 | by ( Leslie Josephs | ) www.cnbc.com time to read: +3 min

UPS workers ratified a massive five-year labor deal that includes big wage increases and other improvements to work rules and schedules, the International Brotherhood of Teamsters said Tuesday. The deal passed with 86.3% of votes, the highest contract vote in the history of Teamsters at UPS, according to the union. The parties had until July 31, when the previous labor contract was set to expire, to reach a deal and avoid a work stoppage. Current workers will get $2.75 more an hour this year and $7.50 an hour more over the five-year contract. FedEx pilots turned down a tentative agreement for a new labor contract earlier this summer.

Persons: Sean O'Brien, Carol Tomé Organizations: International Brotherhood of Teamsters, Teamsters, UPS, Amazon, U.S . Chamber of Commerce, Workers, American Airlines, United Airlines, Delta Air Lines, Southwest Airlines, FedEx Locations: U.S

☆ How to become a UPS driver — which now pays $170,000 a year when including benefits
▼ + stars: | 2023-08-14 | by ( Will Gendron | ) www.businessinsider.com time to read: +4 min

The Teamsters, which represent about 360,000 UPS drivers and package handlers, secured a wage boost. UPS drivers will now make $170,000 when including benefits — here's a look at how to become one. UPS signed a tentative agreement with the Teamsters union that's set to bump full-time driver salaries — when including benefits — to $170,000, a $25,000 increase from there they are right now. As of now, UPS drivers make about $95,000 a year, according to UPS, with a further $50,000 in benefits, for an average total compensation package of $145,000 per year. Being physically capable is crucial to delivery drivers, considering they work through extreme conditions at times, like blistering heat.

Persons: —, that's, Carol Tomé Organizations: Teamsters, UPS, Service, Teamsters —, US Department of Transportation Locations: Wall, Silicon

☆ UPS delivery-driver job searches soar 50% after union secures wage hike that could see workers get a $170,000 yearly package
▼ + stars: | 2023-08-09 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

Jobs as UPS delivery drivers are in hot demand after its union secured a wage boost for workers. Indeed said it had seen a 50% rise in searches for "UPS" and "United Parcel Service," per Bloomberg. UPS CEO Carol Tomé said drivers would make about $170,000 at the end of the new five-year contract. The union represents more than 340,000 UPS delivery drivers and package handlers. Teamsters UPS union members were preparing to strike if an agreement was not reached.

Persons: Carol Tomé, There's Organizations: United Parcel Service, Bloomberg, Morning, Service, Teamsters, UPS, Teamsters UPS

☆ Tech workers react to UPS drivers landing a $170,000 a year package with a mixture of anger and admiration
▼ + stars: | 2023-08-09 | by ( Grace Kay | ) www.businessinsider.com time to read: +6 min

Tech workers said the boost could make UPS driver pay competitive with tech salaries. Some tech workers said they feel "underpaid" in comparison and others pointed out UPS drivers have difficult jobs. The average UPS driver could get six-figure pay under a new contract, and tech workers have mixed feelings about it. LM Otero/APDespite some tech workers' resentment, many workers pointed out UPS drivers work under difficult conditions. UPS workers often must work holiday shifts, which are known for being grueling as package volume increases.

Persons: Carol Tomé, TuSimple, Centene, LM Otero, Santa Claus, Claire Vo Organizations: Tech, Morning, Teamsters, UPS, Microsoft, Bloomberg Locations: LCOL, Texas, Santa

☆ UPS CEO says drivers will average $170,000 in pay and benefits at end of 5-year deal
▼ + stars: | 2023-08-09 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

UPS ' CEO said drivers will average $170,000 in pay and benefits such as health care and pensions at the end of a five-year contract that the delivery giant struck with the Teamsters Union last month, averting a strike. "We expect our new labor contract to be ratified in 2 weeks," UPS CEO Carol Tomé said on an earnings call Tuesday. The company cut its full-year revenue and margin forecasts "primarily to reflect the volume impact from labor negotiations and the costs associated with the tentative agreement." The deal is the latest large wage increase won in labor negotiations. Workers from pilots to aerospace manufacturing employees have recently pushed for and won higher pay.

Persons: Carol Tomé Organizations: UPS, Teamsters Union, Workers

☆ UPS cuts margin, revenue forecasts as new labor contract weighs
▼ + stars: | 2023-08-08 | by ( Priyamvada C | ) www.reuters.com time to read: +2 min

A UPS delivery van is driven long a city street in Garden Grove, California, U.S., March 29, 2022. REUTERS/Mike Blake/File PhotoAug 8 (Reuters) - United Parcel Service on Tuesday cut its full-year revenue and margin forecasts and its shares fell 5.1% in premarket trading, as the world's largest delivery company expects a hit to volumes from a new labor contract. Some analysts said a potential loss for UPS is a gain for FedEx. "The implied market share loss in UPS guidance maybe a positive readthrough for FedEx, which likely benefited from the UPS labor deal related uncertainty," BMO Capital Markets analyst Fadi Chamoun said in a note. To shield its profit, UPS has been focusing on moving high-margin parcels, but its second-quarter sales took a hit from lower domestic and international package revenue.

Persons: Mike Blake, Fadi Chamoun, Carol Tomé, Priyamvada, Arun Koyyur Organizations: UPS, REUTERS, United Parcel Service, Teamsters, FedEx, BMO Capital Markets, Revenue, Thomson Locations: Garden Grove , California, U.S, Bengaluru

☆ UPS and Teamsters Union reach tentative labor deal
▼ + stars: | 2023-07-25 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

FILE PHOTO: UPS workers, who are members of the Teamsters Union, take part in a 'practice picket line' ahead of an upcoming possible strike, outside of a UPS Distribution Center in Brooklyn, New York, U.S., July 14, 2023. REUTERS/Brendan McDermid/File Photo(Reuters) -UPS has reached a tentative five-year labor deal with the Teamsters Union that represents about 340,000 U.S. workers at the parcel delivery firm, the company said, sending its shares up 2.3% on Tuesday. A 10-day strike at UPS could have cost the U.S. economy more than $7 billion, a think tank specializing in the economic impact of labor actions said. UPS currently handles about 20 million packages a day - about quarter of the parcel shipments in the United States. The tentative contract deal must now be ratified by the workers.

Persons: Brendan McDermid, Sean M, O’Brien, Carol Tomé Organizations: Teamsters Union, UPS, REUTERS, FedEx, Anderson Economic Group, AEG Locations: Brooklyn , New York, U.S, Michigan, United States

☆ UPS and Teamsters reach a labor deal, potentially avoiding a crippling strike
▼ + stars: | 2023-07-25 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +2 min

CNN —UPS and the Teamsters have reached a tentative deal on a new contract. “UPS and the International Brotherhood of Teamsters, the union representing about 330,000 UPS employees in the U.S., have reached a tentative collective bargaining agreement,” the company said in a statement. The pandemic sent lower- and middle-class US workers’ pay surging for the first time in decades, but contract workers missed out on much of those gains. That’s why unionized actors, writers, nurses and teachers have recently gone on strike, and UPS workers and autoworkers have threatened walkouts. Terms of the tentative agreement are not yet known.

Persons: ”, Carol Tomé, Sean M, “ We’ve Organizations: CNN — UPS, Teamsters, UPS, International Brotherhood of Teamsters Locations: U.S

☆ UPS reaches deal with Teamsters union to avoid massive strike
▼ + stars: | 2023-07-25 | by ( Hannah Towey | ) www.businessinsider.com time to read: +2 min

UPS on Tuesday made a tentative agreement with the Teamsters union, avoiding a humongous strike. The union represents about 340,000 UPS package handlers and delivery drivers. UPS on Tuesday reached a tentative agreement with the Teamsters union, avoiding a massive strike by its roughly 340,000 unionized workers, which could have had broad economic effects. The tentative agreement sets a new minimum wage for part-time UPS workers of $21 an hour. Under the agreement, UPS will no longer schedule mandatory overtime shifts during Teamster drivers' days off.

Persons: Carol Tomé, We've, Sean O'Brien, Martin Luther King Jr Organizations: Teamsters, Morning, UPS, Workers

☆ UPS Announces Contract Accord With Teamsters to Head Off Strike
▼ + stars: | 2023-07-25 | by ( Noam Scheiber | More About Noam Scheiber | ) www.nytimes.com time to read: +1 min

United Parcel Service announced Tuesday that it had reached a tentative deal on a five-year contract with the union representing more than 325,000 of its U.S. workers, a key step in averting a potential strike when the current agreement expires on Aug. 1. “Together we reached a win-win-win agreement on the issues that are important to Teamsters leadership, our employees and to UPS and our customers,” Carol Tomé, the company’s chief executive, said in a statement. “This agreement continues to reward UPS’s full- and part-time employees with industry-leading pay and benefits while retaining the flexibility we need to stay competitive.”The union, the International Brotherhood of Teamsters, reported in June that its UPS members had voted to authorize a strike, with 97 percent of those who took part in the vote endorsing the move. The tentative agreement will now go before the membership for ratification. UPS handles about one-quarter of the tens of millions of packages that are shipped daily in the United States, and a strike could dent economic activity, particularly the e-commerce industry.

Persons: ” Carol Tomé Organizations: Parcel Service, Teamsters, UPS, International Brotherhood of Teamsters Locations: United States

☆ UPS, Teamsters reach labor deal to avoid strike
▼ + stars: | 2023-07-25 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

UPS and the union representing more than 300,000 workers at the package carrier on Tuesday said they reached a preliminary labor deal, narrowly avoiding a strike that was set to start in the coming days. "Together we reached a win-win-win agreement on the issues that are important to Teamsters leadership, our employees and to UPS and our customers," UPS CEO Carol Tome. The union had planned a massive strike after July 31 if the two sides didn't reach a deal. The Teamsters said the deal includes wage increases for both full- and part-time workers. We demanded the best contract in the history of UPS, and we got it," Teamsters General President Sean O'Brien said in a statement.

Persons: Carol Tome, Sean O'Brien Organizations: Parcel Service, UPS, Teamsters Locations: New York

☆ With month before strike deadline, Teamsters walk away from talks with UPS
▼ + stars: | 2023-06-28 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —The Teamsters union says it has walked away from negotiations with United Parcel Service with just over a month to go before its contract expires. In fact, most union labor negotiations include a strike authorization vote by rank and file, and most negotiations conclude with an agreement rather than a strike. Even if they vote no, it does not mean a strike is inevitable, especially this far from a strike deadline. UPS CEO Carol Tome has insisted there can be a deal reached that is a win for the union members, the company and its customers. Teamsters point to record UPS profitsThe Teamsters haven’t publicly disclosed the wage increase union negotiators are seeking.

Persons: Sean O’Brien, “, ”, Carol Tome, Teamsters haven’t, O’Brien Organizations: New, New York CNN, Teamsters, United Parcel Service, UPS, ” Unions, Disney, FedEx, US Postal Service Locations: New York

☆ What the potential UPS strike could mean for your packages
▼ + stars: | 2023-06-17 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

New York CNN —A UPS strike by 185,000 workers 25 years ago brought the logistics giant’s operations to a standstill. Striking employees of UPS in Chicago in 1997, the last major UPS work stoppage. In a worst case scenario, a longer-term UPS strike could cause major disruptions to the US supply chain network. UPS and the Teamsters' union contract expires August 1. Small and medium-sized businesses lower in the pecking order than big-box chains would see the most delays from a lengthy strike, logistics experts say.

Persons: Jeff Haynes, ”, Cathy Roberson, Richard Drew, ” Roberson, Pitney Bowes, John Haber, “, Carol Tome, Sean O’Brien, ” O’Brien, Alan Amling Organizations: New, New York CNN, UPS, US Postal Service, FedEx, Teamsters, Getty, Logistics, Walmart, Target, ”, Transportation Insight Holding Company, CNN, University of Tennessee’s, Chain Institute, “ Locations: New York, United States, Chicago, AFP

☆ Teamsters will likely authorize a UPS strike Friday
▼ + stars: | 2023-06-16 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —Members of the Teamsters union are almost certain to approve a massive strike at UPS in a vote concluding Friday. More than 330,000 Teamsters work at UPS (UPS), making it the largest unionized employer in the private sector. And it is crucial to the nation’s economy, with an estimated 6% of the United States’ gross domestic product, the broadest measure of economic activity, moving aboard UPS (UPS) trucks. UPS workers and Teamsters members during a rally outside a UPS hub in the Brooklyn borough of New York, US, on Friday, April 21, 2023. But Teamsters General President Sean O’Brien, while acknowledging the progress that has been made, refuses to say whether he thinks a strike is likely or not.

Persons: Teamsters haven’t, Paul Frangipane, ”, Will, Carol Tome, ” Tome, Sean O’Brien, “, James P, Hoffa, O’Brien, ” O’Brien Organizations: New, New York CNN, Teamsters, UPS, United, Occupational Safety, Health Administration, Bloomberg, Deutsche Bank, CNN, Teamster Locations: New York, United States, Texas, Brooklyn

☆ A massive UPS strike could devastate the economy. It could be just eight weeks away
▼ + stars: | 2023-06-12 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —The Teamsters union is holding a vote right now among more than 330,000 members to authorize a strike against UPS. If UPS workers strike, it would be the largest single-employer strike in US history. UPS (UPS) is simply too big – delivering an average of 17 million domestic packages a day – to have all the packages it handles moved by competitors. The strike vote being conducted through July 16 is likely to pass overwhelmingly, as virtually all such votes do. If a deal is reached, but a majority vote against it, there will still be a strike this time.

Persons: couldn’t, Sean O’Brien, ”, Carol Tome, it’s, O’Brien, “, James Hoffa, Hoffa, ” O’Brien Organizations: New, New York CNN, Teamsters, UPS, United, FedEx, US Postal Service, CNN, ” Union, Teamster, Deutsche Bank Locations: New York, United States

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