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☆ A traditional automaker just turned a profit on EVs
▼ + stars: | 2024-02-15 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Electric vehicles are finally turning a profit for Stellantis, CEO Carlos Tavares said Thursday, and, in contrast to some rivals, it will not cut back on producing EVs. The announcement marks an important milestone for electric vehicles and for traditional automakers, which have struggled to make money on EVs even as demand has grown. Ford, the only company to break out results separately for electric and traditional vehicles, reported that it lost $4.7 billion in EVs last year, or more than $40,000 per vehicle. But he said that EVs, while profitable, are still not as profitable as traditional gas-powered vehicles. That includes profit sharing for about 38,000 United Auto Workers union members at an average of $13,860, down from $14,760 a year earlier.

Persons: Carlos Tavares, ”, Tesla, Traveras, Stellantis Organizations: New, New York CNN —, Fiat Chrysler, PSA Group, Ford, GM, General Motors, Jeep, Chrysler, Dodge, United Auto Workers, UAW Locations: New York, Detroit, EVs, Europe, Paris

☆ Delta paying $1.4 billion in profit sharing payments to employees
▼ + stars: | 2024-02-14 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —Delta Air Lines is paying out $1.4 billion in profit sharing, more than double what it paid employees a year ago. The payout is up 146% from the profit sharing payment of a year earlier, and well above the $108 million for 2021. This is the second largest profit sharing payout by Delta, trailing only the record $1.6 billion it paid for 2019. But there are union contracts that include profit sharing payments, including the pilots at Delta, who get the same profit sharing formula as the nonunion employees, as well as some unionized employees at other airlines. The average profit sharing payment came to about $14,000 for Delta employees.

Organizations: New, New York CNN — Delta Air Lines, Delta, Association of, Management, Unions, United Auto Workers, General Motors, UAW, Ford Locations: New York

☆ Boeing Disaster Proves Americans Businesses Greedy Mentality Is Broken
▼ + stars: | 2024-02-11 | by ( Linette Lopez | ) www.businessinsider.com time to read: +16 min

They expose decades of American corporate philosophy gone awry. A good American company isn’t just a vehicle for financial returns; it is first and foremost an employer, a contributor to economic and/or technological innovation, and a source of US power. But it’s clear that what Boeing — and the entire American corporate body politic — needs is nothing short of a philosophical counterrevolution. Over these three decades of plenty for Boeing’s shareholders, the company’s staff was asked to penny-pinch. Boeing’s stock cratered, and France’s Airbus , a rival once colloquially known as “Scare Bus,” started to eat the American company’s lunch .

Persons: it’s, could’ve, William Lazonick, “, It’s, won’t, William McGee, T.A, Wilson, Frank Shrontz, Max, Peter Robison, —, ”, Dave Calhoun, we’ve, Scott Kirby, hasn’t, “ We’re, Lazonick, wasn’t, Milton Friedman, Michael Jensen, Jensen, nary, Jack Welch, Welch, Wall, ” Lazonick, We’ve, Mary Barra, ” McGee Organizations: Alaska Airlines, Boeing, Investments, University of Massachusetts, ”, NASA, Airbus, Alaska Airlines Max, Wall, United Airlines, Federal Aviation Administration, CNBC, Washington, University of Chicago, Electric, Wall Street, GE, Dow Jones, Securities and Exchange Commission, Reality Labs, Deutsche Bank, Business, General Motors, United Auto Workers, Companies, GM, & $ Locations: Washington, America

The Dearborn, Michigan, automaker posted a $523 million net loss from October through December versus a $1.26 billion profit for the same period a year ago. Ford reported a $1.7 billion noncash accounting loss during the quarter on remeasurement of pension and other post-retirement employee benefits. UAW workers shut down the company’s largest and most profitable factory in Louisville, Kentucky, which makes big SUVs and heavy-duty pickup trucks. The UAW strike began Sept. 15, targeting assembly plants and other facilities at Ford, General Motors and Jeep maker Stellantis. At the end of the contract, top-scale assembly workers will make about $42 per hour, plus they’ll get annual profit-sharing checks.

Persons: —, Ford Organizations: DETROIT, — Ford Motor Co, United Auto Workers, Wall, FactSet, Revenue, UAW, Ford, General Motors Locations: Dearborn , Michigan, Louisville , Kentucky

☆ Ford rewards shareholders, projects big profit jump despite cost of UAW deal
▼ + stars: | 2024-02-06 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —Last fall Ford agreed to a big raise for striking members of the United Auto Workers union. The company announced it would give shareholders a second, supplemental dividend that will more than double the regular dividend they usually receive. Even with the drop in fourth-quarter earnings, full-year earnings at Ford rose to $8.1 billion from $7.6 billion for 2022. The high end of that range would reflect record profits by that measure for the company, said Ford CFO John Lawler. Ford is the second automaker to increase payouts to shareholders since reaching the deal with the UAW.

Persons: Ford, John Lawler, “, Jim Farley, Farley Organizations: New, New York CNN, United Auto Workers, Ford, UAW, Ford Motor, GM Locations: New York

The president has been in Las Vegas since Sunday for campaign appearances ahead of the state's Democratic primary on Tuesday. The Culinary Workers Union, which represents hospitality workers, says it has reached a tentative agreement with six more downtown hotel-casinos and called off a strike deadline for another. Photos You Should See View All 45 ImagesBiden recently was endorsed by the United Auto Workers union. The San Francisco 49ers and Kansas City Chiefs will face off at Allegiant Stadium in Las Vegas on Sunday. The NFL’s 58th Super Bowl is expected to bring 330,000 people to Las Vegas this week, according to the Las Vegas Convention and Visitors Authority.

Persons: Joe Biden, Biden, “, ” Organizations: LAS VEGAS, Las, Democratic, The Culinary Workers Union, Culinary, United Auto Workers, Super, San Francisco 49ers, Kansas City Chiefs, Allegiant, Las Vegas Convention, Visitors Authority Locations: Las Vegas, Washington, Nevada, America

☆ A Biden-Trump rematch would be mostly about Trump
▼ + stars: | 2024-02-01 | by ( Zachary Wolf | Analysis Zachary B. Wolf | ) edition.cnn.com time to read: +7 min

Most Biden supporters (68%) said they would be casting their vote against Trump as opposed to just 32% who said it would be a vote to support Biden. It’s the opposite for registered voters supporting Trump; 60% said it would be a vote for Trump compared with 40% who would be casting a vote against Biden. For now, Trump has an edge; he gets the support of 49% of registered voters in CNN’s poll compared with 45% who back Biden. Trump’s roseMore Americans have an unfavorable opinion of Biden than have an unfavorable view of Trump in CNN’s poll. Concerns about Biden’s age stickThe most-cited concern about Trump among Republicans and Republican-leaning registered voters is his demeanor.

Persons: Joe Biden, Biden, Donald Trump, SSRS, Trump, ”, Jennifer Agiesta, Ariel Edwards, Levy, Biden’s favorability, Trump’s, It’s, Haley, Nikki Haley, Jake Tapper, “ We’ve, ” Haley, Tapper, “, I’m, He’ll, he’ll, souring, it’s, Kamala Harris, Hillary Scholten, CNN’s Manu Raju, ” Scholten, Raju Organizations: CNN, Trump, Biden, Republican, Quinnipiac, Republicans, Democratic, Haley Republicans, South Carolina Gov, GOP, Republican Party, Teamsters, United Auto Workers, UAW, Michigan Democrat Locations: CNN’s, Agiesta, Quinnipiac, Iowa, New Hampshire, Trump, – Pennsylvania, Wisconsin , Michigan, Georgia, Arizona, Nebraska, Washington ,, Belt, Michigan, –, Israel, Gaza

Biden's meeting with UAW workers in the Detroit area will come just days after union President Shawn Fain announced the group's endorsement. said Abdullah Hammoud, the mayor of Dearborn, one of the largest Arab American communities in the nation. Biden is looking to build on that power as he seeks reelection and the state’s critical 15 electoral votes. Photos You Should See View All 45 ImagesHis visit to Michigan comes ahead of the state's Feb. 27 primary. The early endorsement by the UAW was a clear win for Biden, who came to Michigan to stand alongside striking autoworkers last year.

Persons: Joe Biden, Shawn Fain, Fain, — Joe Biden, ”, Abdullah Hammoud, Biden, Pennsylvania —, Donald Trump’s, Debbie Dingell, we've, Julie Chavez Rodriguez, Hammoud, Chavez Rodriguez, Israel, Sherry Gay, “, ” Biden, Worm, Sen, Jeremy Moss, Donald Trump, Joe Biden’s, ” ___ Long, Fatima Hussein Organizations: DETROIT, United Auto Workers, Michigan, UAW, Democratic, White House, Arab, Biden, Teamsters, Wednesday, Health Ministry, Israel, AP VoteCast, Trump, Republican Locations: Gaza, Detroit, Michigan, Israel, Dearborn, . Michigan, Wisconsin, Pennsylvania, U.S, Washington, “ Michigan, Arab, Palestine, Tel Aviv, Grand Rapids, New, Grand Rapids , Michigan

Late last year, Wall Street investors had bet that a rate cut in March was a near-certainty. Collectively, the policymakers likely feel little urgency to start cutting rates, a point that Chair Jerome Powell may stress in a news conference Wednesday. The unemployment rate, at 3.7%, isn't far above a half-century low. Yet some cracks have begun to appear in the job market and, if they worsen, could spur the Fed to cut rates more quickly. Though the European Central Bank could cut rates as soon as April, many economists think that might not happen until June.

Persons: Joe, Biden, Jerome Powell, they’re, ”, Subadra Rajappa Organizations: WASHINGTON, Federal Reserve, Republicans, Congress, Wall Street, Consumers, General Motors, United Auto Workers, Conference Board, European Central Bank Locations: U.S, United States

☆ Earnings playbook: Your guide to the busiest week of the reporting season
▼ + stars: | 2024-01-28 | by ( Fred Imbert | ) www.cnbc.com time to read: +10 min

What history shows: GM beats earnings estimates 87% of the time, according to data from Bespoke Investment Group. Alphabet is set to report earnings after the close. What history shows: Alphabet averages a 1.45% gain after reporting earnings, Bespoke data shows. What history shows: Amazon exceeds earnings expectations 63% of the time, according to Bespoke. What history shows: Meta shares have risen in three of the last four earnings days, per Bespoke, including a 23.3% rally.

Persons: Bard chatbot, Gus Richard, David Palmer, Palmer, MSFT, Jordan Novet, bode, Leslie Josephs, Max, Alaska's, AAPL, AMZN, Mark Zuckerberg Organizations: Meta, Apple, ., Motors, CNBC, Tuesday, United Auto Workers, LSEG, Investment, AMD, Starbucks, Microsoft, Management, Wednesday Boeing, Alaska Airlines, FAA, Boeing, United Airlines, Web, Mizuho Securities, Nvidia Locations: Northland, China, Alaska

☆ Biden has a bridge to reelection – but has to rebuild it first
▼ + stars: | 2024-01-25 | by ( Stephen Collinson | ) edition.cnn.com time to read: +13 min

A decision by such voters that they cannot morally support Biden over this single issue could have a significant impact. “We should … not forget how President Biden beat Trump in 2020. Accepting what liberals see as draconian Trump-style restrictions on asylum would be viewed as a betrayal by many in Biden’s coalition. A CNN survey in November, for example, showed Biden led Trump among Black voters 73% to 23%. Latino voters favored Biden over Trump by only four points in the poll compared to 33 points in the 2020 election.

Persons: Donald Trump’s, Joe Biden’s, —, Trump, Biden, Biden’s, Covid, Quentin Fulks, “, ” Fulks, Donald Trump, MAGA, Israel epitomizes, didn’t, Pramila Jayapal, ” Jayapal, CNN’s Manu Raju, Trump’s, Nikki Haley’s, Lyndon Johnson, ”, Hank Naughton, Naughton, –, ” Naughton, Trump won’t, Kamala Harris, Harris, “ Joe Biden, Shawn Fain, Chuck Morse, officeholder, ” Morse, ” Dominick Lombardi, Lombardi Organizations: CNN, White, Republican, Democratic, Local, Republicans, White House, Trump, GOP, Congressional Progressive Caucus, Biden, Black, Electoral College, South Carolina Gov, America, United Auto Workers, Pew Research Center, Pacific Islander, “, Orange Republican Party Locations: Gaza, New Hampshire, Israel, Trump, Wisconsin, Georgia, Arizona, Florida, Michigan, Washington, New Haven County , Connecticut

U.S. President Joe Biden speaks to United Auto Workers members at the UAW's Community Action Program (CAP) legislative conference in Washington, U.S., January 24, 2024. The United Auto Workers union is endorsing President Joe Biden for reelection this year, UAW President Shawn Fain announced Wednesday at a union conference in Washington, D.C."Today, I'm proud to stand up here with your International Executive Board and announce that the UAW is endorsing Joe Biden for President of the United States," Fain said. "We will reelect Joe Biden." "Look, I kept my commitment to be the most pro-union president ever," Biden said following the endorsement announcement. Biden threw his own punches at Trump, who he expects to face in a general election rematch in November.

Persons: Joe Biden, Shawn Fain, Fain, reelect Joe Biden, shouldn't, Biden, Nikki Haley, Trump, Donald Trump Organizations: United Auto Workers, International, UAW, Democratic, New, Trump, South Carolina Gov, Republican Locations: Washington , U.S, Washington ,, United States, New Hampshire, Michigan, Detroit, America

Joe Biden bet on the American worker while Donald Trump blamed the American worker. The Best Political Cartoons on Joe Biden View All 259 Images“The question is: Who do we want in that office to give us the best shot of winning?” Fain asked members. Joe!” Biden accepted the endorsement and pledged to continue supporting labor unions and the auto industry in particular. Of course, there were plenty of signs the UAW chief was planning to make the union’s backing of Biden official. That's what this choice is about.”More labor union endorsements are likely to roll out in the coming months.

Persons: Joe Biden, Donald Trump, ”, Shawn Fain, Harris, Trump, ” Fain, “, “ It’s, It's, “ It's, ” “ Donald Trump, that's, he’d, “ Joe, Joe, Joe ! ” Biden, ” Biden, Biden, “ Trump, you've, –, Fain, ” Mary Kay Henry, Biden’s, Lady Jill Biden Organizations: United Auto Workers, D.C, Biden, UAW, – Ford, General Motors, Trump, Gallup, National Labor Relations Board, Employees International Union, U.S . Bureau of Labor Statistics, Press, Hollywood, “, National Education Association Locations: Washington, Detroit, New Hampshire, Iowa, Michigan, Pennsylvania, Wisconsin, America, U.S, “, South Carolina

Washington CNN —The United Auto Workers union on Wednesday endorsed President Joe Biden, a long-awaited announcement that is an important pickup for the president. Biden won the endorsement of the UAW in the 2020 campaign, even though many rank-and-file members supported Trump. Ahead of endorsing Biden, UAW President Shawn Fain said the choice union workers face in 2024 “isn’t about who you like. … Donald Trump stands against everything we stand for as a union – as a society.”The choice between Trump and Biden, Fain said, was clear. Trump has found support among the rank-and-file of the UAW despite Fain’s strong criticisms and union leadership’s consistent support of Democratic candidates.

Persons: Joe Biden, “, ” Biden, Biden, Donald Trump’s, Shawn Fain, isn’t, It’s, “ Donald Trump, ” Fain, that’s, … Donald Trump, Fain, “ Joe Biden, Donald Trump, ”, ” Trump, I’ve, Trump, –, Biden –, ” Shawn Fain, Ting Shen, Dan Kildee, ” Kildee, CNN’s Poppy Harlow, Joe Biden’s, Kildee Organizations: Washington CNN, United Auto Workers, Republican, GOP, UAW, Trump, Democratic Party, Great, Bloomberg, Michigan Democrat, Democratic, CNN, GM Locations: Washington ,, New Hampshire, Michigan, America, Israel, Gaza, Great Lakes State, Detroit

☆ Shawn Fain, CNN Business’ labor leader of the year, plans to keep automakers sweating
▼ + stars: | 2023-12-27 | by ( Chris Isidore | ) edition.cnn.com time to read: +13 min

New York CNN —The longest US auto strike this century is over after a pretty clear win for the United Auto Workers union at all three unionized automakers. “I don’t like what I’ve seen in my work career with the UAW leadership, where they were too damn close to the companies,” UAW President Shawn Fain told CNN earlier this month. So I like to let the body of work speak for itself.”The success of those contracts is the reason that Shawn Fain is CNN Business’ labor leader of the year. All told nearly 800,000 union members got raises of 10% or more during 2023. The plant will be be reopened under the agreement reached between Stellantis and the UAW to end the union's strike at the company.

Persons: Shawn Fain, there’s, Fain, “, ”, I’ve, Sean O’Brien, Fran Drescher, Ted Pappageorge, Bill Greenblatt, Wheaton, Jeff Schuster, It’s, Stellantis, Bianca Flowers, Reuters “, Ray Curry, GlobalData’s Schuster, ” Shawn Fain, we’re Organizations: New, New York CNN, United Auto Workers, UAW, CNN, CNN Business, UPS, SAG, Writers Guild of America, Culinary, Kaiser Permanente, General Motors, Ford, Motors Wentzville, GM, UPI, Cornell University’s School of Industrial and Labor Relations, GlobalData, Jeep, Reuters, Justice Department, Chrysler, Facebook, UAW International Union Locations: New York, Las Vegas, Stellantis, Wentzville , Missouri, Kokomo , Indiana

☆ Southwest Airlines pilot pay would increase 50% under new labor contract
▼ + stars: | 2023-12-19 | by ( Leslie Josephs | ) www.cnbc.com time to read: +3 min

Southwest Airlines and its pilots' union have reached a new preliminary labor agreement that would give pilots 50% cumulative pay increases over the life of the contract, a deal that could end years of tense negotiations. The five-year deal is worth about $12 billion, Casey Murray, president of the Southwest Airlines Pilots Association, told CNBC on Tuesday. In comparison, larger rival United Airlines ' new four-year pilot contract is worth about $10 billion, according to the aviators' union. Once the contract becomes amendable, Southwest pilots would get 2.5% annual bonuses until the airline and union reach a new agreement. FedEx pilots rejected an preliminary deal earlier this year, while UPS pilots' union is set to start negotiations in mid-2024.

Persons: Casey Murray Organizations: Southwest Airlines, Southwest, U.S, Southwest Airlines Pilots Association, CNBC, United Airlines, United, Delta, FedEx, UPS, U.S . Department of Transportation, Labor, Hollywood, United Auto Workers union Locations: Southwest

☆ 10 industry leaders transforming business in 2023
▼ + stars: | 2023-12-11 | by ( ) www.businessinsider.com time to read: +20 min

In 2023, Business Insider's annual list of People Transforming Business highlights key players across the advertising, ESG, finance, AI, and labor sectors. Increasingly, they're turning to more opaque private credit markets to borrow money. The world of private credit sits outside the traditional banking system. Analysts expect the private credit market to balloon in size — likely keeping lawyers like Breen very busy. Muthukrishnan is trying to make sense of how risky these private credit loans are by overseeing what is so far the most comprehensive look at vulnerabilities in the industry.

Persons: Mira Murati, who's, Vince Toye, Eileen Fisher, Eileen Fisher Fisher, Guerin Blask, Eileen Fisher Eileen Fisher, she's, Fisher, Janelle Jones, Jones, Lexey, —, She's, Justin Breen, Proskauer Breen, Proskauer Justin Breen, he's, Breen, Ares Capital, He's, McLaren, Julie Su, Labor Julie Su, Department of Labor Julie Su, Su, Marty Walsh, Murati, Jim Wilson, Neal Mohan, YouTube Mohan, Katie Thompson, YouTube It's, YouTube isn't, Mohan, Muthukrishnan, Satya Nadella, Microsoft Satya Nadella, Ben Kriemann, Nadella, Steve Ballmer, Mathias Döpfner, Axel Springer, Tim Cook, Apple Cook, Justin Sullivan, Cook, Steve Jobs, Jobs, JPMorgan Chase Toye, JPMorgan Chase, Toye, they'll, Vince Toye's, Bella Sayegh, Rebecca Ungarino, Lara O'Reilly, Juliana Kaplan, Alex Nicoll, Tim Paradis, Stephanie Hallett, Michelle Abrego, Josée Rose, Ryan Joe, Emily Canal, Kaja Whitehouse, Alyssa Powell, Davis, Jonann Brady Organizations: JPMorgan, Service Employees International, SEIU, New York, Ford, Service Employees International Union, United Auto Workers Union, Spelman College, US Department of Labor, Economic Policy Institute, Center for Economic, Research, Department of Labor, The New York Times, Ares, Churchill Asset Management, European, Atlético Madrid, Labor, Labor Department, MacArthur Foundation, New York Times, Dartmouth, OpenAI, Associated Press, YouTube, NFL, DirecTV, Federal, Microsoft, Manipal Institute of Technology, University of Wisconsin -, University of Chicago, Apple, Apple Watch, Google, Time, JPMorgan Chase, National Housing Trust, Trenton Almgren Locations: McDonald's, Lorain , Ohio, Atlanta, California, Los Angeles, Albania, Canada, Muthukrishnan, Hyderabad, India, University of Wisconsin - Milwaukee, OpenAI, Virginia, Wells Fargo, Trenton

☆ US job openings hit more than 2-1/2-year low as labor market cools
▼ + stars: | 2023-12-05 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Economists polled by Reuters had forecast 9.30 million job openings in October. Job openings decreased by 168,000 in the finance and insurance industry, while real estate, rental and leasing had 49,000 fewer positions. The job openings rate dropped to 5.3% from 5.6% in September. "The current state of the labor market suggests no further recalibration is necessary to bring the labor market back into balance," said Nick Bunker, director of economics research at Indeed Hiring Lab. They also described the labor market as remaining "very competitive," and "trying to get to full staff levels."

Persons: Brian Snyder, Rubeela Farooqi, Nick Bunker, Conrad DeQuadros, November's, Bill Adams, Lucia Mutikani, Chizu Organizations: Taylor Party, Equipment Rentals, REUTERS, Labor, Survey, Labor Department's Bureau of Labor Statistics, Reuters, Treasury, Brean, Institute for Supply Management, PMI, United Auto Workers, UAW, Comerica Bank, Thomson Locations: Somerville , Massachusetts, U.S, WASHINGTON, White Plains , New York, South, Midwest, New York, East, Dallas

☆ Monday's analyst calls: 30% upside for GM, Carvana upgrade, Anheuser-Busch downgrade
▼ + stars: | 2023-12-04 | by ( Brian Evans | ) www.cnbc.com time to read: +7 min

So far this morning there is a big auto stock upgrade and a big beverage downgrade, among other calls. Morgan Stanley dimmed its view on Citizens Financial , downgrading the stock to equal weight from overweight but maintained its $31 per share price target, implying roughly 9% upside. The firm made the chipmaker its top large cap pick on Monday, and reiterated an overweight rating alongside a $620 per share price target. The analyst raised his price target from $25 to $40, which represents 14% upside. "We continue to see ABI's broadly EM focused sales exposure as attractive combined with the company's market leading market share positions," analyst Mitch Collett said.

Persons: Morgan Stanley, Manan, Brian Evans, Piper Sandler, Piper Sandler's, Harsh Kumar, Kumar, Wells, Ike Boruchow, Boruchow, — Brian Evans, JPMorgan's Rajat Gupta, Carvana, John Melloy, Bud Light, Mitch Collett, Vijay Rakesh, Rakesh Organizations: CNBC, East West Bancorp, Citizens Financial, Citizens, West Bancorp, Nvidia, TAM, Wells, JPMorgan Carvan, JPMorgan, Deutsche Bank downgrades Anheuser, Busch, Deutsche Bank, Anheuser, Busch InBev, Staples, Beverages, Mizuho Securities Mizuho Securities, General, United Auto Workers, GM, Vehicles, UAW Locations: China, Wells, Friday's, North America, N.A

☆ US manufacturing stays depressed in November-ISM
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Kamil Krzaczynski/File Photo Acquire Licensing RightsWASHINGTON, Dec 1(Reuters) - U.S. manufacturing remained subdued in November, according to a survey on Friday that also showed factory employment declining. The Institute for Supply Management (ISM) said that its manufacturing PMI was unchanged at 46.7 last month. According to the ISM, a PMI reading below 48.7 over a period of time generally indicates a contraction of the overall economy. This measure has not been a reliable predictor of manufacturing payrolls in the government's closely watched employment report. Manufacturing payrolls are expected to have rebounded in November as about 33,000 striking United Auto Workers union members returned to work.

Persons: Kamil Krzaczynski, payrolls, Lucia Mutikani, Chizu Organizations: REUTERS, Rights, Institute for Supply Management, PMI, Reuters, United Auto Workers, Thomson Locations: Normal , Illinois, U.S

☆ Southwest, pilots' union near a preliminary labor deal, the last of the major U.S. airlines
▼ + stars: | 2023-12-01 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

The company and the union have agreed on pay, retirement and other items but are working on an implementation schedule, the Southwest Airlines Pilots Association said in a message to its members on Thursday. If a preliminary agreement is approved by Southwest pilots' union board in the coming weeks, it would then go to pilots for a ratification vote. Southwest and the union "are working hard to close out the few remaining items," an airline spokesman told CNBC. "Southwest remains committed to reaching an agreement that rewards our Pilots and places them competitively in the industry." Southwest reached a preliminary agreement with its flight attendants' union earlier this fall that includes 36% pay increases for cabin crew members.

Organizations: Southwest Airlines, Southwest Airlines Pilots Association, . Delta Air Lines, United Airlines, American Airlines, Southwest, CNBC, Hollywood, United Auto Workers

☆ Ford reinstates 2023 guidance, says UAW deal to cost $8.8 billion over life of the contract
▼ + stars: | 2023-11-30 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

The guidance calls for $10 billion to $10.5 billion in adjusted earnings before interest and taxes, or EBIT, and adjusted free cash flow of between $5 billion and $5.5 billion. That compares to its previously announced guidance of adjusted-EBIT of between $11 billion and $12 billion and adjusted free cash flow of $6.5 billion to $7 billion. Ford said the new UAW labor agreement is expected to cost $8.8 billion over the life of the contract, which expires in April 2028. Ford further confirmed on Thursday that the UAW deal is expected to add about $900 in costs per assembled vehicle by 2028. GM's forecast called for net income attributable to stockholders of $9.1 billion to $9.7 billion; adjusted EBIT of $11.7 billion to $12.7 billion; and adjusted earnings per share of roughly $7.20 to $7.70.

Persons: Ford, John Lawler, Lawler, We've Organizations: United Auto Workers, UAW, Crosstown, General Motors, Barclays, GM, Chrysler, U.S

☆ CNBC Daily Open: The heat is truly on COP28
▼ + stars: | 2023-11-30 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Japan's Nikkei 225 closed 0.5% higher, clocking monthly gains of more than 8%, while South Korea's KOSPI finished the day up 0.6%, advancing more than 11% this month. [PRO] Golden crossesThree stocks are on the verge of taking off, according to a chart pattern closely watched by technical analysts. The phenomenon, known as a "golden cross," occurs when a stock's 50-day moving average share price rises above the longer-term 200-day moving average.

Persons: KOSPI, China's, Rebooting, Sam Altman, Altman Organizations: Expo, CNBC, Nikkei, Dow Jones, National Bureau of Statistics, Microsoft, Auto, United Auto Workers, Volvo, BMW, Mercedes, Benz, Hyundai, Honda, Toyota, Detroit, General Motors Locations: Dubai, United Arab Emirates, Asia, Pacific, South, Hong Kong, China, OpenAI, U.S

☆ CNBC Daily Open: The COP28 heat is on
▼ + stars: | 2023-11-30 | by ( Clement Tan | ) www.cnbc.com time to read: +4 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The S&P 500 ticked down 0.09% to end at 4,550.58, and the Nasdaq Composite slipped by 0.16% to 14,258.49. The force is risingSalesforce shares rose 7% in extended trading on Wednesday after the cloud software vendor's third-quarter earnings topped analysts' estimates. [PRO] Beware crowded tradesThe S&P 500 is up more than 8% in November, putting it on track for its biggest monthly gain since July 2022.

Persons: Dow Jones, Jensen, Jensen Huang, CNBC's Andrew Ross Sorkin, Huang, Morgan Stanley, Russell Organizations: Expo, CNBC, Dow Jones, Dow, Nasdaq, Commerce Department, Gross, Federal Reserve, United Auto Workers, Detroit automakers, BMW, Honda, Hyundai, Mazda, Benz, Nissan, Subaru, Toyota, Volkswagen, Volvo, General Motors, Nvidia Locations: Dubai, United Arab Emirates, U.S, China

☆ Stocks making the biggest moves premarket: Salesforce, Snowflake, Pure Storage and more
▼ + stars: | 2023-11-30 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines before the bell: Salesforce — Salesforce popped more than 9% after the cloud software company reported fiscal third-quarter earnings that beat analysts' expectations. Snowflake posted adjusted earnings of 25 cents per share on revenue of $734 million. It also issued first-quarter and full-year earnings guidance that also topped estimates. On Wednesday, the company announced a $10 billion share buyback, raised its dividend and reinstated its full-year guidance. Pure Storage — The data storage stock tumbled 14.5% in Thursday's premarket after offering a weak revenue outlook.

Persons: Salesforce, Nutanix, Snowflake, Morgan Stanley, Robinhood, James Heaney, Synopsys — Synopsys, FactSet, Goldman Sachs, — CNBC's Brian Evans, Michelle Fox, Alex Harring, Jesse Pound, Samantha Subin Organizations: LSEG, Hewlett Packard Enterprise, Nvidia, Jefferies, General Motors, Ford, Ford Motor, United Auto Workers Locations: U.K, Thursday's

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