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Both GM CEO Mary Barra and UAW President Shawn Fain participated in the marathon bargaining, however the union leader was doing so virtually, said two of the sources. Fain was attempting to simultaneously negotiate with GM and Chrysler parent Stellantis , which were hosting talks with the union roughly 30 minutes from one another. Spokespeople with GM, Stellantis and UAW declined to comment on specific details of the talks. The union called back striking Ford workers after reaching a tentative deal with the automaker. The strikes have collectively cost GM, Ford and Stellantis billions of dollars in lost production.
Persons: Mary Barra, Shawn Fain, Fain, Mark Stewart, Stellantis, Ford, It's Organizations: DETROIT, United Auto Workers, General Motors, Ford Motor, UAW, GM, Chrysler, North, Stellantis, Ford, Deutsche Bank
Amazon — Amazon's stock surged 7% after the e-commerce giant reported strong third-quarter results and showed a 13% jump in revenue for the period. Intel — The chip stock popped 7% after posting third-quarter results Thursday that topped Wall Street's expectations and offered strong guidance for the current period. Chipotle Mexican Grill — Shares of the restaurant chain rose more than 3% in premarket trading after the company's third-quarter earnings topped expectations. Stanley Black & Decker beat third-quarter earnings expectations , citing "strong momentum" with its cost reduction program. Colgate-Palmolive topped third-quarter earnings expectations on the top and bottom lines and hiked its organic sales growth outlook.
Persons: Pat Gelsinger, Ford, Chipotle, LSEG, LSEG . Stanley Black, Decker, Stanley Black, Sanofi, Newell Brands, Cantor Fitzgerald, , Jesse Pound, Tanaya Macheel, Pia Singh, Sarah Min Organizations: Intel, Enphase Energy, LSEG, Ford, UAW, Exxon Mobil, Chevron — Chevron, Chevron, Colgate, Palmolive, Sanofi — U.S, Newell, Charter Communications, Disney . Charter Communications, Hasbro, Bank of America, Automotive, Merck —, BMO Capital Markets, Merck
CNBC Daily Open: Is trouble brewing?
  + stars: | 2023-10-27 | by ( Clement Tan | ) www.cnbc.com   time to read: +2 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. Amazon reported third-quarter earnings and revenue on Thursday that sailed past analysts' estimates. Cost cuttingIntel shares rose about 7% in after-hours trading after the company reported third-quarter earnings on Thursday that beat expectations for profit and sales, even as overall revenue declined. Multiple names within the Nasdaq are already in a bear market, or down more than 20% from their 52-week highs.
Organizations: CNBC, Big Tech, Nasdaq, Dow Jones, Amazon Web Services, Ford, United Auto Workers union, Intel, CNBC Pro
How the UAW and Ford struck a historic deal
  + stars: | 2023-10-27 | by ( Vanessa Yurkevich | ) edition.cnn.com   time to read: +6 min
On Wednesday, after 41 days on strike, the UAW and Ford reached a tentative agreement. The Rouge plant in Dearborn, Michigan is where Ford Chairman and fourth generation controlling family member Bill Ford spoke about negotiations for the first-time last week. That speech perturbed UAW President Shawn Fain, who responded with a threat. What comes nextGetting the deal done with Ford was a big hurdle, according to a third source with knowledge. The Ford CEO said the deal the UAW was looking for would bankrupt the company.
Persons: Ford, Bill Ford, Shawn Fain, Jim Farley, , Fain, Benjamin Dictor, Dictor, Chuck Browning, “ Ford, “ We’re, Browning, Taylor Glascock, Farley, John Lawler, CNN’s Chris Isidore Organizations: CNN, United Auto Workers, Kentucky, Plant, UAW, Ford, General Motors, Arlington Assembly, UAW Ford Department, Ford UAW, GM, Ford Motor Co, Chicago Assembly Plant, General Motors Co, Stellantis, Bloomberg, Getty Locations: Louisville, GM’s, Arlington, Texas, Michigan, Rouge, Dearborn , Michigan, Dearborn, Chicago , Illinois
CNBC Daily Open: Is trouble on the horizon?
  + stars: | 2023-10-27 | 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. The Seattle-based online retail giant reported third-quarter earnings and revenue that sailed past analysts' estimates. Its ad business recorded $12.06 billion in revenue during the third quarter, marking a 26% jump from the year-earlier period. Cost cuttingIntel shares rose about 7% in after-hours trading after the company reported third-quarter earnings on Thursday that beat expectations for profit and sales, even as overall revenue declined.
Persons: Andy Jassy, axing, Li Keqiang, Li Organizations: CNBC, Nasdaq, Dow Jones, Web Services, Ford, United Auto Workers union, Intel Locations: Asia, Pacific, Seattle, North America, Shanghai
New York CNN —The benchmark S&P 500 index closed in correction territory on Friday, ending a week made volatile by weaker-than-expected earnings reports and strong economic data. The S&P 500 fell 0.5%, marking a more than 10% drop from its most recent July peak. Amazon shares rose 6.8% on Friday after the e-commerce giant reported a beat on top-and bottom-lines for its most recent quarter. Excluding gas and food prices, the core PCE index rose 3.7% for the 12 months ended in September, its smallest year-over-year increase since May 2021. The index rose 0.3% on a monthly basis from the 0.1% rate seen in August.
Persons: Dow, Jamie Dimon Organizations: New, New York CNN, Nasdaq, Chevron, ExxonMobil, Ford Motors, United Auto Workers, JPMorgan Chase, Dow, Gross, Commerce Department, Federal, Traders, The University of Michigan’s Locations: New York
Ford Motor Company's electric F-150 Lightning on the production line at its Rouge Electric Vehicle Center in Dearborn, Michigan, on Sept. 8, 2022. Shares of Ford Motor traded sharply lower Friday after the company reported earnings that missed estimates and said that demand for its electric vehicles was falling short of expectations. Ford reported its third-quarter results after the markets closed Thursday, and they weren't what Wall Street had expected. Ford on Wednesday night became the first of the three Detroit automakers to reach a tentative agreement with the UAW. Ford also withdrew its previous financial guidance for 2023 in light of the pending deal with the UAW.
Persons: General Motors, John Lawler, Jim Farley's, Ford Organizations: Ford, Electric Vehicle, Ford Motor, United Auto Workers, General, Wall, Detroit, UAW, Tesla Locations: Dearborn , Michigan, Kentucky, U.S, North America
The United Auto Workers union said it reached a new tentative deal with Ford that could bring an end to a six-week strike at one automaker while negotiations continue at General Motors and Chrysler-parent Stellantis. Photo: Michael Swensen/Getty ImagesThe United Auto Workers reached a new tentative labor deal with Ford Motor Wednesday night, calling workers off the picket lines at the automaker. Here’s what to know about the deal, what’s next for Ford and the union, and what the agreement means for the company as well as its rivals General Motors and Chrysler-parent Stellantis .
Persons: Michael Swensen, what’s Organizations: United Auto Workers, Ford, General Motors, Chrysler, Ford Motor
Ford Retrenches Further on EVs Amid Demand Uncertainty
  + stars: | 2023-10-26 | by ( Nora Eckert | ) www.wsj.com   time to read: 1 min
The United Auto Workers union said it reached a new tentative deal with Ford that could bring an end to a six-week strike at one automaker while negotiations continue at General Motors and Chrysler-parent Stellantis. Photo: Michael Swensen/Getty Images<br>Ford Motor posted $1.2 billion in net income in the third quarter, swinging from a loss in the prior-year period, but it withdrew its guidance for the year, citing the impact of the United Auto Workers strike. The company also said it is pushing out $12 billion in planned investment on electric vehicles, reiterating concerns about consumer demand and pricing pressure from competitors. It plans to delay a second battery plant in the U.S., a facility in Kentucky that is a joint-venture with Korean battery-maker SK On.
Persons: Michael Swensen Organizations: United Auto Workers, Ford, General Motors, Chrysler, Korean, SK Locations: U.S, Kentucky
Ford Retrenches Further on EVs, Citing Waning Demand
  + stars: | 2023-10-26 | by ( Nora Eckert | ) www.wsj.com   time to read: 1 min
The United Auto Workers union said it reached a new tentative deal with Ford that could bring an end to a six-week strike at one automaker while negotiations continue at General Motors and Chrysler-parent Stellantis. Photo: Michael Swensen/Getty Images<br>Ford Motor posted $1.2 billion in net income in the third quarter, swinging from a loss in the prior-year period, but it withdrew its guidance for the year, citing the impact of the United Auto Workers strike. The company also said it is pushing out $12 billion in planned investment on electric vehicles, reiterating concerns about consumer demand and pricing pressure from competitors. It plans to delay a second battery plant in the U.S., a facility in Kentucky that is a joint-venture with Korean battery-maker SK On.
Persons: Michael Swensen Organizations: United Auto Workers, Ford, General Motors, Chrysler, Korean, SK Locations: U.S, Kentucky
As a result, it's postponing about $12 billion in planned spending on new EV manufacturing capacity. But it now plans to ramp up its EV manufacturing capacity, and its spending on that capacity, more gradually than previously planned. Lawler said that Ford will postpone about $12 billion in planned spending on manufacturing capacity for EVs, including a planned second battery plant at a new campus in Kentucky. But, he noted, construction of Blue Oval City – Ford's new EV manufacturing campus in Tennessee – will continue as originally planned. As part of its third-quarter earnings report, Ford said on Thursday that its electric-vehicle business unit, called Ford Model e, lost $1.3 billion on an operating basis in the period.
Persons: Ford's –, Ford, John Lawler, Lawler Organizations: Ford, Blue Oval, Model, United Auto Workers Locations: North America, Kentucky, Tennessee
Ford (F) reported weaker-than-expected earnings on Thursday as warranty costs ate into profits. Earnings before interest and taxes (EBIT) increased 22% from last year to $2.2 billion but fell short of the $2.7 billion analysts forecasted. Ford shares moved more than 3% lower in after-hours trading in reaction to the disappointing quarter. Ford said the strike has caused Ford to trim about 80,000 units from its plan, reducing 2023 EBIT by $1.3 billion. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Ford, we've, Jim Farley, John Lawler, Jim Cramer's, Jim Cramer, Jim, James Farley, Emily Elconin Organizations: Ford, United Auto Workers union, LSEG, UAW, Ford Model, Management, Ford Pro, United Auto Works, CNBC, Ford Motor Co, Rouge Electric Vehicle, Bloomberg, Getty Locations: EVs, Dearborn , Michigan, U.S
Stock Market News Today: Dow, Nasdaq Drop; Amazon Earnings in Focus
  + stars: | 2023-10-26 | by ( ) www.wsj.com   time to read: +1 min
The Nasdaq Composite closed down 1.8% on Thursday, after dropping the day before. Alphabet was the culprit Wednesday: It got slammed after its own earnings, which helped drag the tech-heavy Nasdaq into a correction. The 10-year yield dipped. The yield on the benchmark 10-year note settled at 4.843%, pulling back after nearing Monday’s 5% level earlier in the session. Coming up:Intel and Ford Motor are also on the earnings docket for after markets close.
Persons: Sam Bankman, Dow industrials Organizations: Nasdaq, Facebook, United Parcel Service, Spirit Airlines, Comcast, Intel, Ford
When autoworkers went on strike in September, executives of the large U.S. automakers warned that union demands could significantly undermine their ability to compete in a fast-changing industry. The chief executive of Ford Motor said that the company might have to scrap its investment in electric vehicles. Ford’s cost will rise under the terms of the new contract, which includes a 25 percent raise over four and a half years, improved retirement benefits and other provisions. But analysts said those increases should be manageable. If anything, he said, the deal will help Ford, in part because the four-year contract ensures there will be no labor strife during an intense phase of the transition to electric vehicles.
Persons: autoworkers, Ram, , Joshua Murray, Ford Organizations: Ford Motor, Ford, United Automobile Workers, General Motors, Chrysler, Vanderbilt University
DETROIT — Ford Motor is set to report its third-quarter earnings after the bell Thursday. Here's what Wall Street is expecting, according to average estimates compiled by LSEG, formerly known as Refinitiv. Aside from earnings, Wall Street will be watching the impact of the United Auto Workers union's nearly six-week strike against the automaker, which ended Wednesday night for Ford after the sides reached a tentative agreement. Barclays analyst Dan Levy estimates the total strike impact to Ford was $600 million to $700 million. That would be less than the $800 million impact, including $200 million in the third quarter, GM reported Tuesday.
Persons: Dan Levy, Ford, Levy Organizations: DETROIT, LSEG, United Auto Workers, Ford, Barclays, GM
SAN FRANCISCO (AP) — Ford on Thursday reported significant growth in the third quarter, although its financial results fell short of Wall Street estimates. The results came out just a day after Ford reached a tentative contract agreement with the United Auto Workers union. The Ford deal could set the pattern for agreements with the other two automakers, where workers will remain on strike. The UAW called on all workers at Ford to return to their jobs and said that will put pressure on GM and Stellantis to bargain. Shares in Ford Motor Co., which is based in Dearborn, Michigan, were down 3.4% in after-hours trading following the earnings report.
Persons: — Ford, Ford, John Lawler, Lawler, “ We’re, , Farley, Kumar Galhotra, , Shawn Fain, Tom Krisher Organizations: FRANCISCO, Ford, EV, United Auto Workers, General Motors, UAW, Ford Motor Co, Associated Press Locations: Kentucky, Marshall , Michigan, Dearborn , Michigan, Detroit
Ford’s electric drive is going the wrong way
  + stars: | 2023-10-26 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Rebecca Cook Acquire Licensing RightsNEW YORK, Oct 26 (Reuters Breakingviews) - Ford Motor (F.N) may have dealt with its labor problem. While the ebb and flow of fossil-fueled fortunes is nothing new, Ford’s electric-car pivot is printing more red ink than ever. But Ford is trying to scale to profitable sales and right now, things are going the wrong way. The company’s electric division recorded a nearly $37,000 operating loss per battery-powered ride sold this quarter, 51% worse than last year. With once sky-high electric prices now free-falling, Ford faces the brass-tacks problem of simply grinding down costs.
Persons: Jim Farley, Rebecca Cook, can’t, nix, Ford, Jonathan Guilford, Lauren Silva Laughlin, Aditya Sriwatsav Organizations: Ford Motor, North American, REUTERS, Reuters, Ford, General Motors, Cox, X, Unilever, Thomson Locations: Detroit , Michigan, U.S, Detroit
On the earnings front, United Parcel Service (UPS.N) dipped 3.5% after lowering its full-year revenue forecast, while Royal Caribbean Group (RCL.N) rose 2.5% after the cruise company raised its full-year profit forecast. Hasbro (HAS.O) fell 8.2% after the maker of Transformers action figures cut its annual revenue forecast. So far, 80% of the 146 S&P 500 companies that have reported results have beat earnings expectations, LSEG data showed on Wednesday. ET, Dow e-minis were down 151 points, or 0.46%, S&P 500 e-minis were down 30.75 points, or 0.73%, and Nasdaq 100 e-minis were down 146.25 points, or 1.01%. Align Technology (ALGN.O) tanked 23.9% after the dental company lowered its full-year revenue forecast.
Persons: Brendan McDermid, Tesla, Bob Savage, BNY Mellon, Ankika Biswas, Shashwat Chauhan, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Ford, UAW Futures, Dow, Nasdaq, Big Tech, Treasury, Microsoft, United Parcel Service, Royal Caribbean Group, Hasbro, Mattel, Market, BNY, Federal Reserve, Dow e, Hamas, Ford Motor, United Auto Workers, Technology, Thomson Locations: New York City, U.S, Israel, Gaza, Russia, Bengaluru
Ford withdraws 2023 forecast, warns on EV results
  + stars: | 2023-10-26 | by ( ) www.reuters.com   time to read: +1 min
Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany September 10, 2019. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsOct 26 (Reuters) - Ford Motor Co (F.N) on Thursday withdrew its full-year results forecast due to the pending ratification of its deal with the United Auto Workers (UAW) union, sending shares of the company down 7% in after-hours trade. Ford's Detroit rival General Motors (GM.N) on Tuesday withdrew its 2023 profit outlook due to the strike. Ford said third-quarter revenue rose 11% to $44 billion, with profit of $1.2 billion compared with a year-earlier loss of $827 million. The automaker warned it may experience a higher-than-expected loss in its Ford Model e electric-vehicle business due to ongoing price wars.
Persons: Wolfgang Rattay, Ford, Nathan Gomes, Paul Lienert, Devika Syamnath, Matthew Lewis Organizations: REUTERS, Ford Motor, Thursday, United Auto Workers, UAW, Ford, Wednesday, Detroit Three, Anderson Economic Group, General Motors, Tuesday, Ford Model, Thomson Locations: Frankfurt, Germany, Detroit, Texas, Bengaluru
The United Auto Workers union has reached a tentative agreement with Ford Motor to end a strike. The tentative agreement still needs to be ratified by union-represented Ford workers. AdvertisementAdvertisementThe United Auto Workers union has reached a tentative agreement with Ford Motor to end a strike that's coming to six weeks. UAW union President Shawn Fain announced the tentative agreement in an X post. The tentative agreement still needs to be approved by union leaders and ratified by union-represented Ford workers.
Persons: , Shawn Fain, Ford Organizations: United Auto Workers, Ford Motor, Ford, Service, UAW, General Motors
VIEW Ford reaches tentative deal with striking UAW workers
  + stars: | 2023-10-26 | by ( ) www.reuters.com   time to read: +4 min
REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsOct 25 (Reuters) - The United Auto Workers (UAW) union reached a tentative labor deal on Wednesday with Ford Motor (F.N), the first of Detroit's Big Three car manufacturers to negotiate a settlement to strikes joined by 45,000 workers since mid-September. DANIEL IVES, ANALYST AT WEDBUSH SECURITIES"It's a relief for investors that this UAW nightmare is now over for Ford. JOE BIDEN, U.S. PRESIDENT"I applaud the UAW and Ford for coming together after a hard fought, good faith negotiation and reaching a historic tentative agreement tonight. GENERAL MOTORS STATEMENT"We are working constructively with the UAW to reach a tentative agreement as soon as possible." STELLANTIS STATEMENT"We remain committed to working toward a tentative agreement that gets everyone back to work as soon as possible."
Persons: Rebecca Cook, HARLEY SHAIKEN, DANIEL IVES, Farley, Ford, JOE BIDEN, JEFFREY SCHARF, SHAWN FAIN, Abhirup Roy, David Shepardson, Joe White, Peter Henderson, Christopher Cushing Organizations: Auto Worker, Ford Michigan Assembly Plant, Wayne , Michigan U.S, REUTERS, United Auto Workers, UAW, Ford Motor, UNIVERSITY OF, TIM, Ford, GM, U.S, Big, ACT, Thomson Locations: Wayne , Michigan, UNIVERSITY OF CALIFORNIA, BERKELEY, Detroit
UAW union members have been striking over job security and pay as automakers push forward in developing EVs, which require fewer workers and cost more in raw materials. What does that mean for the future of auto workers and the union? Illustration: George Downs/The Wall Street JournalThe United Auto Workers union is close to securing a new tentative labor contract with Ford Motor , after intense bargaining overnight and into the day Wednesday, according to people with knowledge of the talks. The UAW, now in the sixth week of its strike at the three Detroit automakers, has called for work stoppages at three Ford factories and sent more than 16,000 U.S. factory workers at the Dearborn, Mich., based car company to picket lines.
Persons: George Downs Organizations: Street, United Auto Workers, Ford Motor, UAW, Detroit automakers, Ford Locations: U.S, Mich
UAW union members have been striking over job security and pay as automakers push forward in developing EV’s, which require fewer workers and cost more in raw materials. So what does that mean for the future of auto workers and the union? Illustration: George Downs/The Wall Street JournalThe United Auto Workers secured a new tentative labor deal with Ford Motor Wednesday night, potentially ending a six-week strike at one automaker while negotiations continue at General Motors and Chrysler-parent Stellantis . The labor agreement, which is subject to a member vote before being ratified, contains a 25% wage increase during the span of the contract, including an 11% bump in the first year, according to Chuck Browning , the UAW’s lead bargainer with Ford. The overall increase, which will be spread out over four years, would put the top wage for assembly workers at around $40 an hour.
Persons: George Downs, Chuck Browning Organizations: Street, United Auto Workers, Ford Motor, General Motors, Chrysler, Ford
UAW, Ford Expected to Announce New Tentative Labor Deal
  + stars: | 2023-10-25 | by ( Nora Eckert | ) www.wsj.com   time to read: 1 min
UAW union members have been striking over job security and pay as automakers push forward in developing EVs, which require fewer workers and cost more in raw materials. What does that mean for the future of auto workers and the union? Illustration: George Downs/The Wall Street Journal<br>The United Auto Workers union is expected to announce a new tentative labor contract with Ford Motor on Wednesday night, after intense bargaining throughout the day, according to people with knowledge of the talks. The UAW, now in the sixth week of its strike at the three Detroit automakers, has called for work stoppages at three Ford factories and sent more than 16,000 U.S. factory workers at the Dearborn, Mich., car company to picket lines.
Persons: George Downs Organizations: United Auto Workers, Ford Motor, UAW, Detroit automakers, Ford Locations: U.S, Mich
[1/2] United Auto Workers (UAW) union members picket outside Ford's Kentucky truck plant after going on strike in Louisville, Kentucky, U.S. October 12, 2023. Total economic losses from the auto workers' strike have reached $9.3 billon, the Anderson Economic Group said earlier this week. Getting the deal ratified will be up to Fain and UAW leaders, and that is not assured. UAW workers at the company now called Stellantis rejected a proposal endorsed by UAW leaders in 2015. UAW leaders feared that the automakers would cut jobs at combustion engine factories and shift work to non-union joint venture battery plants or overseas suppliers.
Persons: Luke Sharrett, Shawn Fain, Ford, Sam Fiorani, Stellantis, Joe Biden, Fain, Donald Trump, Mrinmay Dey, Peter Henderson, Abhirup Roy, Shailesh Kuber, Sayantani Ghosh, Cynthia Osterman Organizations: United Auto Workers, UAW, REUTERS, Ford, General Motors, Chrysler, Stellantis, GM, AutoForecast Solutions, CNBC, Anderson Economic Group, Detroit, U.S, Republican, Mack, EV, Detroit Three, Toyota, Tesla, Hyundai, Thomson Locations: Ford's Kentucky, Louisville , Kentucky, U.S, Arlington , Texas, Kentucky, Sterling Heights , Michigan, Detroit, Michigan, United States, Bengaluru
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