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☆ FedEx Express pilots vote in support of strike, union says
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

May 17 (Reuters) - Pilots of FedEx Express, a unit of FedEx Corp (FDX.N), have voted "overwhelmingly" in support of a strike, the Air Line Pilots Association (ALPA) said on Wednesday. From over 97% of members who participated in the vote, 99% authorized union leaders to call a strike, if needed, to achieve a new contractual agreement with the delivery firm. FedEx pilots are currently working under contractual provisions and benefits arrived at in 2015, after negotiations for a new agreement began in 2021. Earlier this month, Southwest Airlines Co's (LUV.N) pilots union said its members had approved a strike mandate by an overwhelming majority ahead of the busy summer travel season. If either side declines, both parties enter a 30-day "cooling off" period, after which pilots and management can engage in self-help - a strike by the union or a lockout by management.

☆ Rockwell Automation faces U.S. government probe over China ops - WSJ
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - The U.S. government is investigating whether Rockwell Automation Inc (ROK.N) is exposing U.S. infrastructure, military and other government assets to potential cyber attacks through one of its China-based facilities, the Wall Street Journal reported. The report also said investigators are looking into potential vulnerabilities that may allow access from China to critical U.S. government and industrial infrastructure and computer systems. Shares of Rockwell, which did not immediately respond to a Reuters request for comment, were down 1.35% at $274 in premarket trade. The Milwaukee-based company sells factory automation and robotics control software that caters to industries including aerospace, marine and automotive segments. In its most recent quarter, Rockwell reported a near 26% rise in its quarterly sales thanks to industrial demand.

☆ GM hires former Apple executive Abbott to lead software unit
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - General Motors Co (GM.N) on Tuesday named former Apple Inc (AAPL.O) executive Mike Abbott to lead a division that will bring together three software functions within the company. Abbott, whose appointment is effective from May 22, will spearhead development of vehicle and enterprise software technologies. Automakers, including GM and Ford Motor Co (F.N), have been increasingly ramping up their investment on technology and software services amid an electric-vehicle push, as they look to cash in on subscription-based services. At Apple, Abbott led a team responsible for the development of core infrastructure for all of the company's cloud-based services including iCloud, iMessage, Private Relay, Mail and account security. Bloomberg News had in March reported Abbott would step down from his role at the iPhone maker.

The company for the first time broke out financial results for its Ford Blue, Ford Pro and Ford Model e units. Ford Blue earnings before interest and taxes doubled to $2.56 billion, a margin of 10.4%, and Ford Pro EBIT nearly tripled to $1.4 billion, a margin of 10.3%. For 2023, the automaker expects full-year EBIT for Ford Blue to climb slightly to $7 billion, while Ford Pro EBIT could nearly double, to almost $6 billion. Its combustion-vehicle business, Ford Blue, averaged pretax profit of $3,715 a vehicle, while the Ford Pro commercial business earned $4,053 per vehicle, based on the company's financial data. Most of the pricing improvement Ford achieved during the quarter came from the company's Ford Pro commercial vehicles.

☆ GM lays off several hundred full-time contract workers - WSJ
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

Companies General Motors Co FollowMay 1 (Reuters) - General Motors Co (GM.N) has laid off several hundred full-time contract workers at its engineering hub in suburban Detroit over the weekend, the Wall Street Journal reported on Monday, citing a company spokesperson. GM said in April that about 5,000 salaried workers had opted for buyouts to leave the company, bringing it closer to its cost-cut target of $2 billion by the end of 2024. Reuters in March reported that GM was cutting hundreds of executive-level and salaried jobs. GM posted better-than-expected first-quarter earnings last week and raised its full-year profit and cash-flow forecasts. Reporting by Nathan Gomes in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Hertz results beat estimates on strong rental car demand
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

April 27 (Reuters) - Hertz Global Holdings Inc (HTZ.O) on Thursday beat analyst estimates for quarterly results as more people rented cars to commute to office and travel outstation, sending the company's shares up nearly 4% before the bell. Demand for rentals remains strong as more companies mandate work from office and people resume their travel plans after a long pandemic-induced hiatus. "Hertz reported better-than-expected results as they continue to benefit from strong consumer demand for travel and the ongoing recovery in business travel," said Tigress Financial Partners analyst Ivan Feinseth. The company posted an adjusted quarterly net income of 39 cents per share for the quarter ended March 31, compared with Refinitiv IBES estimates of 21 cents. It, however, struggled with costlier maintenance and labor charges to keep its fleet on the road.

☆ Norfolk takes $387 mln charge due to Ohio derailment, warns on volumes
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - U.S. railroad operator Norfolk Southern Corp (NSC.N) took a $387 million charge in the first quarter due to the Ohio freight train derailment and said it expects economic headwinds to weigh on its volume and revenue during the April-June period. Shares of Norfolk, which operates in 22 states and the District of Columbia, slipped 1.1% in afternoon trade on Wednesday. The U.S. Justice Department sued Norfolk last month, seeking to ensure that the railroad operator pays the full cost of cleanup and any long-term impacts of the derailment. Norfolk posted an adjusted profit of $3.32 per share for the first quarter, compared with analysts' average estimate of $3.12 per share, according to Refinitiv data. Reporting by Amna Karimi and Nathan Gomes in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Norfolk Southern expects economic, inventory headwinds to pressure Q2 volume, revenue
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - U.S. railroad operator Norfolk Southern Corp (NSC.N) said on Wednesday it expected inventory and economic headwinds would pressure its volume and revenue throughout the second quarter, even as demand for freight remained strong. Norfolk came under heavy fire after one of its freight trains carrying hazardous materials derailed in East Palestine, Ohio in early February. "Looking at the back half of '23, clearly, the economic conditions remain uncertain," Elkins said. However, automotive shipments have boosted freight demand as car makers are ramping up production. Overall quarterly operating revenue rose 7.4% to $3.13 billion, compared with analysts' estimates of $3.11 billion.

☆ Norfolk Southern takes $387 mln charge in Q1 after Eastern Ohio derailment
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - U.S. railroad operator Norfolk Southern Corp (NSC.N) said on Wednesday it took a $387 million charge in the first quarter after a freight train derailment in Eastern Ohio released over a million gallons of hazardous materials into the environment. Norfolk came under heavy fire after one of its freight trains carrying hazardous materials derailed in East Palestine, Ohio in early February. The state of Ohio sued the railroad operator in March, seeking compensation for damages to the state's environment, economy and residents. Norfolk, which serves 22 states and the District of Columbia, posted an adjusted quarterly profit of $3.32 per share, compared with analysts' average estimate of $3.12 per share, according to Refinitiv data. Reporting by Amna Karimi and Nathan Gomes in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ AutoNation quarterly revenue skids on cooling used-vehicle demand
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

April 20 (Reuters) - Auto retailer AutoNation Inc (AN.N) on Thursday missed Wall Street estimates for first-quarter revenue as higher new vehicle and after-sales demand was offset by weakness in used vehicle and customer financial service businesses. Rival Lithia Motors, which last year became the largest U.S. auto dealer group by sales volume, also fell short of Wall Street estimates earlier in the week. Sales at the AutoNation unit that sells new vehicles rose to $2.93 billion from $2.81 billion a year earlier. Used vehicle revenue decreased 21%. Total sales, however, fell to about $6.4 billion, compared with Refinitiv estimates of $6.63 billion.

☆ Stellantis recalls 131,700 Ram trucks over powertrain software issue - NHTSA
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

Companies Stellantis NV FollowApril 19 (Reuters) - Stellantis will recall 131,700 Ram 1500 pickup trucks manufactured in 2021 due to a powertrain software issue, the National Highway Traffic Safety Administration's (NHTSA) website showed on Wednesday. The issue may cause the pickup trucks with 5.7L eTorque engines to stall due to an incorrect fuel mixture condition, according to the NHTSA. "The company is unaware of any related injuries," Stellantis said in an emailed statement, adding that there was only one report of a vehicle crash potentially related to this condition. Dealers will update the powertrain control module software on the impacted vehicles for free, according to the NHTSA. Stellantis in February recalled 340,000 diesel Ram trucks to replace an electrical connector after reports of six fires.

☆ Emerson Electric to buy NI Corp for $8.2 bln to deepen automation push
▼ + stars: | 2023-04-12 | by ( Nathan Gomes | ) www.reuters.com time to read: +2 min

April 12 (Reuters) - U.S. industrial conglomerate Emerson Electric Co (EMR.N) said on Wednesday it will buy measurement tools maker NI Corp (NATI.O) for $8.2 billion in a bid to boost its automation capabilities. The purchase will allow Emerson to tap NI's software-connected automated test and measurement systems for higher growth and margins in its automation portfolio. Emerson has executed a string of deals over the last few years to streamline itself into an industrial automation provider. The NI deal is expected to close in the first half of Emerson's fiscal 2024. Goldman Sachs & Co LLC and Centerview Partners LLC were financial advisers to Emerson on the deal, while Davis Polk & Wardwell LLP was its legal adviser.

☆ Emerson Electric to buy NI for $8.2 bln to deepen automation push
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

April 12 (Reuters) - U.S. industrial conglomerate Emerson Electric Co (EMR.N) on Wednesday said it would buy measurement tools maker NI Corp (NATI.O) for $8.2 billion in an effort to boost its automation capabilities. Emerson has executed a string of deals over the last few years to streamline itself into an industrial automation provider. The NI deal is expected to close in the first half of Emerson's fiscal 2024. Shares of Emerson, which already owns an about 2% stake in NI, fell more than 2% to $82.55 in premarket trade. NI launched a formal sale process in January after Emerson threatened to challenge its board if it did not engage in deal negotiations.

☆ Emerson Electric to buy NI Corp for $8.2 billion in automation push
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

April 12 (Reuters) - U.S. industrial conglomerate Emerson Electric Co (EMR.N) on Wednesday said it would buy measurement equipment maker NI Corp (NATI.O) for $8.2 billion in an effort to boost its automation capabilities. The purchase of Texas-based NI, which provides software-connected automated test and measurement systems, will help Emerson achieve a higher-growth and higher-margin automation portfolio. NI launched a formal sale process in January after Emerson threatened to challenge its board if it did not engage in deal negotiations. Reuters reported on Tuesday that Emerson was in advanced talks to acquire NI. Goldman Sachs & Co LLC and Centerview Partners LLC are serving as financial advisors to Emerson, while Davis Polk & Wardwell LLP is serving as legal advisor.

☆ Brookfield Infrastructure to take Triton International private for $4.7 bln
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: 1 min

April 12 (Reuters) - Brookfield Infrastructure (BIPC.N) said on Wednesday it would buy intermodal container lessor Triton International Ltd (TRTN.N) for about $4.7 billion, to help expand its services in the transportation and logistics sector. Brookfield has offered about $85 per Triton common share consisting of $68.50 in cash and $16.50 in BIPC class A exchangeable shares. The offer represents a premium of nearly 35% to Triton stock's last close. Goldman Sachs is the financial adviser to Triton and Sullivan & Cromwell LLP the legal adviser. Reporting by Nathan Gomes in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ CarMax speeds past quarterly profit estimates on cost cuts
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

Companies Carmax Inc FollowAutoNation Inc FollowApril 11 (Reuters) - CarMax Inc (KMX.N) on Tuesday posted fourth-quarter profit above analysts' estimates as cost cutting measures helped the pre-owned car retailer soften the blow from a slowdown in demand for vehicles. Demand for used cars was dented over the past year due to higher borrowing costs and soaring commodity and gasoline prices, weighing on CarMax's results. That demand for vehicles and related services helped auto retailer AutoNation Inc (AN.N) post a better-than-expected quarterly profit when it reported earnings in February. CarMax's adjusted fourth-quarter profit came in at 44 cents per share, ahead of Refinitiv IBES estimates of 24 cents per share. Its quarterly revenue came in at $5.72 billion, below analysts' estimates of $6.04 billion, as affordability concerns impacted sales.

☆ Boeing plans to boost 737 jet output - Bloomberg News
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

April 6 (Reuters) - Boeing Co (BA.N) is planning to increase the output of its 737 jets to 38 planes a month by the middle of the year, Bloomberg News reported on Thursday, citing people familiar with the matter. The company has been briefing customers on plans to boost production of its popular narrowbody jet over the next few months and hiring workers to help speed up manufacturing, the report said. The news comes as Boeing continues to navigate supply-chain woes that began during the height of the COVID-19 pandemic. Reuters in March said the U.S. planemaker would boost production rates of its 737 MAX jet above its current rate of 31 jets per month "very soon". Boeing, which declined to comment on the Bloomberg report, is set to report first-quarter earnings later this month.

NEW YORK, April 5 (Reuters) - Ford Motor Co (F.N) and Chrysler-parent Stellantis (STLAM.MI) said on Wednesday that most of its electric and plug-in electric hybrid models will see tax credits halved to $3,750 on April 18 after new U.S. Treasury rules take effect. The other models currently getting credits - Ford Mustang Mach-E, Ford E-Transit, Ford Escape Plug-In Hybrid and Lincoln Corsair Grand Touring - will see credits drop to $3,750. Stellantis said of its three plug-in hybrid electric models, its Chrysler Pacifica plug-in electric hybrid will qualify for $7,500 tax credits after April 18, while the Jeep Grand Cherokee 4xe and Jeep Wrangler 4xe qualify for just $3,750. All U.S. EV consumer tax credits require vehicles to be assembled in North America and have income and retail price caps. Electric vehicles leased by consumers can qualify for up to $7,500 in commercial clean vehicle tax credits without any of the same restrictions.

The other models currently getting credits - Ford Mustang Mach-E, Ford E-Transit, Ford Escape Plug-In Hybrid and Lincoln Corsair Grand Touring - will see credits drop to $3,750. Sales of Ford's electric vehicles jumped 41% in the first quarter, data on Tuesday showed. GM currently receives that amount for the Chevrolet Bolt and the forthcoming Chevrolet Silverado EV would have been eligible. All U.S. EV consumer tax credits require vehicles to be assembled in North America and have income and retail price caps. Electric vehicles leased by consumers can qualify for up to $7,500 in commercial clean vehicle tax credits without any of the same restrictions.

☆ Ford confirms all three EVs, plug-in hybrids eligible for US subsidy packages
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: 1 min

April 5 (Reuters) - Ford Motor Co (F.N) said on Wednesday that all three of its electric vehicles and plug-in hybrids were eligible for Inflation Reduction Act (IRA) federal tax credits in 2023. The company's Mustang Mach-E electric SUV will be eligible for a $3,750 credit, while the F-150 Lightning pickup truck will be eligible for a $7,500 credit. Ford said in March it expects its electric-vehicle business unit to lose $3 billion this year, but will remain on track for a pretax margin of 8% by late 2026. Sales of Ford's electric vehicles jumped 41% in the first quarter, data on Tuesday showed. Reporting by Nathan Gomes in Bengaluru; Editing by Krishna Chandra Eluri and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

GM shares were trading down nearly 2% at midday, even though CFO Paul Jacobson said demand for GM's trucks and SUVs remains strong in the United States. GM has been able to raise prices in the United States over the past two years as supply chain bottlenecks kept production in check. GM will cut production to keep inventories in check, Jacobson said. GM has three battery factories in North America, and will announce the location of a fourth domestic battery plant soon, he said. Jacobson added that the company was going to have to "prioritize down" on growth businesses to focus on preserving cash.

☆ US first-quarter auto sales set to rise on better inventory
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

But rising interest rates and fears of a recession may play spoilsport in an industry where most vehicle purchases are financed with loans, analysts say. "Consumers are facing credit uncertainty as rapidly rising interest rates have created barriers to entry for even the most qualified buyers," said Jessica Caldwell, executive director of insights at auto research firm Edmunds. The automaker is set to post a 15% rise in first-quarter U.S. sales, while Japanese rival Toyota Motor Corp's (7203.T) sales are likely to fall nearly 10%, when they publish data beginning Monday, according to consultant Cox Automotive. Toyota has continued to struggle with inventory shortages sparked by supply constraints, losing its crown as the top selling U.S. automaker to GM. Trucks and crossover SUVs are expected to account for majority of new retail sales in the quarter, according to automotive data company J.D.

☆ Ford hikes F-150 Lightning's price again to battle high costs
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

[1/3] A model of the all-new Ford F-150 Lightning electric pickup is parked in front of the Ford Motor Company World Headquarters in Dearborn, Michigan, U.S. April 26, 2022. REUTERS/Rebecca CookMarch 30 (Reuters) - Ford Motor Co (F.N) has raised the base price of its popular F-150 Lightning electric pickup truck again, the automaker's website showed on Thursday, the latest in a series of price hikes aimed at offsetting high costs. The base variant of Ford's electric F-150 truck now starts at $59,974, excluding shipping and taxes, up nearly 50% from its starting price when launched last year. The Detroit automaker resumed production of the F-150 Lightning earlier this month after recalling 18 electric trucks due to a battery-cell manufacturing defect. A week earlier, Ford said its electric-vehicle business unit was expected to lose $3 billion this year, but remained on track to achieve a pretax margin of 8% by late 2026.

☆ United Airlines reaches contracts with better pay for 30,000 ground workers
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

March 29 (Reuters) - United Airlines Holdings Inc (UAL.O) CEO Scott Kirby said on Wednesday the carrier has reached an agreement in principle with a workers union over new contracts that include higher wages for its nearly 30,000 ground workers. The pacts come as airlines strive to retain workers with attractive pay and benefits after a faster-than-expected rebound in U.S. travel demand following the pandemic triggered a shortage. Members covered by the tentative agreements would get more details, the union said in a statement, adding that a ratification vote would be scheduled shortly. The agreements cover seven different work classifications at United Airlines, including fleet service workers, passenger service workers, storekeepers, central load planners, maintenance instructors, fleet technical instructors and security officers. Reporting by Nathan Gomes in Bengaluru; Editing by Shweta Agarwal and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

"Knock at the Cabin" is an apocalyptic psychological horror film by M. Night Shyamalan. You can stream the horror thriller with a Peacock subscription, or buy it to watch online through digital retailers like Amazon and Vudu. How to watch 'Knock at the Cabin'"Knock at the Cabin" is now available to watch at home with a Peacock membership. If you don't want to sign up for Peacock, you also have the option to watch "Knock at the Cabin" through a digital retailer. "Knock at the Cabin" is based on "The Cabin at the End of the World," a 2018 novel by Paul G. Tremblay.

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