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☆ We're hopeful the UAW strike isn't costing Ford as much lost production as GM
▼ + stars: | 2023-10-25 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

Investors just got a look at how much the United Auto Workers strike is costing General Motors (GM) in lost production. The UAW began striking Detroit's three automakers last month after Ford, GM and Chrysler-parent Stellantis (STLA) failed to reach a new labor contract with the union. F GM,STLA 1M mountain Ford, GM and Stellantis 1-month Another industry issue Cramer highlighted is that "EV momentum has definitely stalled." Earlier this month, Ford reported third-quarter auto sales were 7.7% higher, driven by "best-ever sales of hybrids." And, updates on the strike and its impact on Ford production will be crucial for investors like us.

Persons: Ford, there's, we'll, Jim Cramer, Cramer, Mary Barra, Jim Farley, Farley, reevaluate, Jim Cramer's, Jim, Rebecca Cook Organizations: United Auto Workers, General Motors, Ford, UAW, GM, Chrysler, Associated Press, LSEG, UBS, Stellantis, General, Michigan EV, EV, CNBC, Ford Motor Co Locations: Texas, Ford's, North America, Dearborn , Michigan

☆ Ford, UAW negotiators reach labor deal, pending union leadership approval
▼ + stars: | 2023-10-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – The United Auto Workers union and Ford Motor have agreed in principle to the terms of a tentative agreement that would end a nearly six-week strike at the automaker, sources with knowledge of the discussions confirmed Wednesday to CNBC. Any deal would still need to be ratified by a simple majority of Ford's 57,000 union-represented workers. The automaker and the union participated in intense bargaining Tuesday and Wednesday in an attempt to finalize a record deal, according to the sources. However, a tentative agreement with Ford would likely be used as a template to negotiate with Stellantis and GM. The union expanded strikes against both of those automakers at major plants this week.

Persons: Shawn Fain, Margaret Mock, Stellantis Organizations: United Auto Workers, UAW, DETROIT –, Ford Motor, CNBC, Ford, Detroit, General Motors, Stellantis, GM Locations: Sterling Heights , Michigan

It’s a message ringing clear at the Tokyo Mobility Show, which will run through Nov. 5 at Tokyo Big Sight hall and where battery-powered electric vehicles are the star at practically every booth. Toyota Motor Corp.’s lean angular Lexus concept, set to go on sale in 2026, is an electric vehicle running on lithium-ion batteries. That is partly because of Toyota’s past success in hybrids, exemplified in the Prius, which have a gasoline engine in addition to an electric motor. In China, a third of vehicles sold are EVs. Nissan, an early EV maker among the Japanese with its Leaf going on sale in 2010, is showcasing four EV concept cars.

Persons: —, ” Takero Kato, China's BYD, Kato, Tesla, EVs, Joe Biden, BYD, ” Kato, Joshua Cobb, ”, Cobb, Alfonoso Albaisa, ” Albaisa, De Souza, “, John de Souza, ___ Yuri Kageyama Organizations: TOKYO, Toyota, Tokyo Mobility, Mazda Motor Corp, Honda Motor, Toyota Motor Corp, Journalists, General Motors Co, Ford Motor Co, Benz, Subaru, Lexus, International Energy Agency, BMI, SAIC, GM, EV, Nissan, “, Manufacturers, Mitsubishi Fuso, Daimler, Mitsubishi Locations: Tokyo, Japan, U.S, China, San Francisco

☆ U.A.W. Expands Strike to G.M.’s Texas Plant
▼ + stars: | 2023-10-24 | by ( The New York Times | ) www.nytimes.com time to read: +1 min

In another major expansion of its six-week long strikes at the three large U.S. automakers, the United Automobile Workers union on Tuesday told 5,000 workers at General Motors’ largest U.S. plant, in Arlington, Texas, to stop working. The union expanded the strike on the same day that G.M. On Monday, the union also struck at a Ram pickup truck plant, the largest U.S. factory operated by Stellantis. has also struck Ford Motor’s largest plant, in Louisville, Ky.“Another record quarter, another record year. As we’ve said for months: record profits equal record contracts,” the U.A.W.

Persons: Ford, we’ve, Shawn Fain, “, ” G.M Organizations: U.S, United Automobile Workers, General Motors, U.S ., Stellantis Locations: Arlington , Texas, Louisville, Ky, “

☆ GM earnings give its restive workers an inch
▼ + stars: | 2023-10-24 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

On Tuesday, GM reported strong earnings that will embolden staff who have walked out at all three of the big Detroit firms. GM beat analysts’ expectations for third-quarter profit despite a $200 million hit from the strikes that started in September. That said, the firm run by Mary Barra also ditched its official forecast as it wrestles with the $200 million weekly costs from labor disruptions. Fortunately for GM, talks with its union seem to have narrowed in from earlier demands that would have vaporized the industry’s operating profit. Ongoing strikes by the United Auto Workers union, which represents GM employees, cost the company $200 million in the third quarter.

Persons: walkouts, Mary Barra, Shawn Fain, Tesla, Elon, Fain, John Foley, Sharon Lam Organizations: General Motors Company, Reuters, United Auto Workers, General Motors, Ford Motor, GM, Cox Automotive, UAW, Elon Musk’s, United Auto Workers union, Detroit, Thomson Locations: Queens , New York, U.S, Detroit, Wells, GM’s Arlington

☆ UAW Strike Expands to Stellantis’s Largest U.S. Factory
▼ + stars: | 2023-10-23 | by ( Ryan Felton | ) 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 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 on Monday expanded its continuing strike against Detroit’s car companies by shutting down a pickup-truck plant, a surprise action that hit Chrysler-parent Stellantis ’s largest U.S. factory. The 6,800-worker plant, located in Sterling Heights, Mich., in suburban Detroit, makes the Ram 1500 pickup truck, among the automaker’s most profitable vehicles. The walkout brings the total number of UAW-represented on strike at the Detroit automakers, including Ford Motor and General Motors , to more than 40,000, the UAW said.

Persons: George Downs Organizations: Street, United Auto Workers, Chrysler, U.S ., UAW, Detroit, Ford Motor, General Motors Locations: Sterling Heights, Mich, Detroit

☆ UAW reaches tentative deal with General Dynamics, preventing strike
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan U.S. September 29, 2023. Earlier this month, over 1,000 UAW members in Michigan, Ohio and Pennsylvania plants had voted to authorize a strike after a four-year agreement was set to expire on Oct. 22, 11.59 pm ET. UAW members at the company make military vehicles including tanks and light armored vehicles, according to the union. Details of the proposed agreement, which needs to be ratified by UAW workers, were not immediately available. General Dynamics has said it expects to negotiate the terms of 28 agreements with unions and works councils, covering about 12,600 employees this year.

Persons: Rebecca Cook, staving, Abrams, Abhinav Parmar, Priyamvada, Krishna Chandra Organizations: United Auto Workers, UAW, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, General Dynamics, Dynamics, U.S ., Detroit Three, General Motors Co, Ford Motor, Thomson Locations: Delta Township, Michigan, Michigan , Ohio, Pennsylvania, Ukraine, U.S, China, Taiwan, Bengaluru

☆ GM, Ford slip after UAW warns of more walkouts, analysts say deal is close
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Though Fain signaled a deal may be close, some analysts expressed worries about the financial impact of the demands on the automakers. The UAW wants workers at EV battery plants to be covered by union contracts, and defined benefit pensions restored for all workers. The strikes and the negotiations with the UAW have weighed on automakers' shares. Since the contract talks began in mid-July, U.S.-listed shares of Stellantis have marginally risen, while Ford and GM shares were down at about 23% and nearly 27%, respectively.

Persons: Rebecca Cook, Shawn Fain, Fain, Wells, Colin Langan, Nathan Gomes, Pooja Desai Organizations: General Motors, REUTERS, U.S, Ford Motor, United Auto Workers, UAW, EV, General Dynamics, Ford, GM, Thomson Locations: Detroit , Michigan, U.S, Stellantis, Bengaluru

☆ U.A.W. Expands Strike to a Ram Plant in Michigan
▼ + stars: | 2023-10-23 | by ( Neal E. Boudette | More About Neal E. Boudette | ) www.nytimes.com time to read: +1 min

In a major escalation of its six-week strike at the three large U.S. automakers, the United Automobile Workers union on Monday told 6,800 workers at a large Ram pickup truck plant in Michigan to walk off the job. Union workers at the plant, which is owned by Stellantis, the parent of Ram, Chrysler and Jeep, in Sterling Heights, Mich., joined the strike on Monday morning. The walkout at the Ram plant is the first escalation in the strikes since the U.A.W. called 8,700 workers to leave their jobs at Ford Motor’s largest plant, in Louisville, Ky., on Oct. 11. That plant produces the Super Duty version of the company’s popular F-150 truck and the Ford Expedition, a full-size sport-utility vehicle.

Persons: Ram, “ Stellantis Organizations: U.S, United Automobile Workers, Stellantis, Chrysler, Jeep, Ford, Ford Expedition Locations: Michigan, Sterling Heights, Mich, United States, Ford Motor’s, Louisville, Ky

☆ Nonunion Workers Are Playing a Big Role in the Autoworkers’ Strike
▼ + stars: | 2023-10-23 | by ( Jack Ewing | More About Jack Ewing | ) www.nytimes.com time to read: +1 min

Executives at Ford Motor, General Motors and Stellantis, the parent of Chrysler, invoke nonunion automakers, many of them in the South, as a competitive threat that makes it impossible for them to meet striking workers’ demands for big raises, more generous benefits and better working conditions. “Toyota, Honda, Tesla and others are loving this strike because they know the longer it goes on, the better it is for them,” Bill Ford, the executive chair of Ford Motor, said in Michigan last week. “They will win, and all of us will lose.”The United Automobile Workers union sees such statements as an attempt to play workers off one another. It views the strikes, entering their sixth week, as a first step toward better pay for not only U.A.W. members but also the nonunion workers that it plans to recruit in the future.

Persons: Tesla, Bill Ford, “ Organizations: Toyota, Benz, Ford Motor, General Motors, Chrysler, Honda, United Automobile Workers Locations: Kentucky, Alabama, Texas, Detroit, Michigan

☆ Earnings playbook: How to trade a busy week of reports from companies including Microsoft and Meta
▼ + stars: | 2023-10-22 | by ( Fred Imbert | ) www.cnbc.com time to read: +12 min

Tuesday General Motors is set to report earnings before the bell, followed by a call at 8:30 a.m. Coca-Cola is set to report earnings in the premarket, with a call slated for 8:30 .am. Wednesday Boeing is set to report earnings in the premarket, with leadership scheduled to hold a call at 10:30 a.m. Ford Motor is set to report earnings after the bell, followed by a conference call at 5 p.m. This quarter: The e-commerce giant is expected to report earnings per share growth of more than 100%, according to LSEG.

Persons: Michael Wayland, they'll, Andrea Teixeira, MSFT, Jordan Novet, GOOGL, Justin Post, MRK, Goldman Sachs, Chris Shibutani, Keytruda, Ford, AMZN, Doug Anmuth, — CNBC's Michael Bloom Organizations: Big Tech, Microsoft, Meta, Wall, CNBC, GM, LSEG, United Auto Workers, Investment Group, Coca, U.S, Activision, Wednesday Boeing, Boeing, Management, Bank of America, IBM, Merck, Ford, UAW, Detroit, JPMorgan Locations: Missouri, EVs, China, Apptio

☆ GM and Ford will answer to Wall Street and the UAW with third-quarter earnings this week
▼ + stars: | 2023-10-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

General Motors and Ford Motor report third-quarter earnings and future guidance this week amid ongoing strikes and contract negotiations with the United Auto Workers union. Patrick T. Fallon | AFP | Getty ImagesThe UAW has consistently used earnings reports and commentary from executives, including GM CEO Mary Barra and Ford CEO Jim Farley, to promote its efforts and collective bargaining. "If GM, Ford and Stellantis are still very profitable for the third quarter, [UAW's] going to claim that, 'They're being too cheap in bargaining, and they should give us more.'" GM has said the work stoppage cost it roughly $200 million in lost production in September. UAW impactJPMorgan estimates strike costs amounted to $145 million at Ford and $191 million at GM in terms of earnings before interest and taxes during the third quarter.

Persons: Jim Farley, Ford, Mary Barra, Patrick T, Fallon, Wheaton, Ford —, Shawn Fain, Wolfe, Rod Lache, Lache, EVs Organizations: General Motors Reuters, General Motors DETROIT, Motors, Ford Motor, United Auto Workers, GM, Ford, LSEG, UAW, Stellantis, Local, Chrysler Corporate, Division, AFP, Getty, Worker Institute, Cornell University, Ford Expedition, Lincoln, Detroit, Detroit automakers Locations: Ontario , California, Kentucky

Fain confirmed the Detroit Three had converged on a 23% wage hike offer and made progress on other issues. But he told UAW members "there is more to be won". While warning of possible expanded strikes, Fain also told UAW members the talks were closing in on an end. Walkouts began at the three automakers on Sept. 15 and now more than 34,000 union members are waging the UAW's first simultaneous strikes against the Detroit Three. Fain declared "the days of the UAW and Ford being a team to fight other companies are over."

Persons: Rebecca Cook, Shawn Fain, we've, Fain, Walkouts, Bill Ford, Henry Ford, Ford, Tesla, Stellantis, Joseph White, Ben Klayman, Pratyush Thakur, Sayantani Ghosh, Sriraj Kalluvila, Peter Henderson, David Gregorio Our Organizations: General Motors, REUTERS, Rights, United Auto Workers, Detroit Three, UAW, Chrysler, Detroit, Ford, GM, Toyota, Anderson Economic, Thomson Locations: Detroit , Michigan, U.S, Ford's, Kentucky, Detroit, Bengaluru

☆ UAW Leader Cites Progress at Bargaining Table, Forgoes More Walkouts
▼ + stars: | 2023-10-20 | by ( Ryan Felton | ) www.wsj.com time to read: +1 min

Ford Motor Executive Chairman Bill Ford said the company can’t afford more UAW strikes. “It will have a major impact on the American economy and devastate local communities,” he said. Newsletter Sign-up What’s News Catch up on the headlines, understand the news and make better decisions, free in your inbox daily. Preview SubscribeUAW President Shawn Fain said during a livestream to members Friday that General Motors , Ford Motor and Chrysler-parent Stellantis have each offered 23% wage increases for factory workers over more than four years. That would amount to record contracts for those employees, but the companies still have room to sweeten their offers, he said.

Persons: Bill Ford, ”, Carlos Osorio, Shawn Fain Organizations: Ford Motor, UAW, Associated Press, United Auto Workers, Motors, Chrysler

☆ UAW workers at ZF plant in Alabama ratify labor deal, end strike
▼ + stars: | 2023-10-20 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

An American flag flies in front of the United Auto Workers union logo on the front of the UAW Solidarity House in Detroit, Michigan, September 8, 2011. The union said the strike by 190 workers was over after a tentative agreement had been ratified. About 34,000 UAW members remain on strike at the Detroit Three automakers - Ford Motor (F.N), General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI). The UAW last expanded its strike on Oct. 11 when it walked out at Ford's Kentucky Truck Plant, the company's largest plant worldwide. Ford said late on Wednesday that it was temporarily laying off another 150 workers because of the strike, bringing the total to 2,730 workers furloughed since the start of the strike.

Persons: Shawn Fain, Stellantis, Ford, Fain, David Shepardson, Jonathan Oatis, Jamie Freed Organizations: United Auto Workers, UAW Solidarity House, U.S, Motors, Chrysler, UAW, Mercedes, Workers, ZF, Benz, Tuscaloosa, Detroit Three, Ford, General Motors, GM, Ford's, Thomson Locations: American, Detroit , Michigan, Alabama, Tuscaloosa, Ohio

☆ UAW head Shawn Fain to hold live event on Friday amid auto strikes
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +1 min

United Auto Workers President Shawn Fain addresses the audience during a rally in support of striking UAW members in Detroit, Michigan, U.S., September 15, 2023. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsOct 19 (Reuters) - United Auto Workers President Shawn Fain will hold a Facebook Live event on Friday, the union said, as 34,000 of its members continue selective strikes against the Detroit Three automakers over the failure to reach agreements on new contracts. The UAW last expanded its strikes on Oct. 11 when members walked out at Ford's Kentucky truck plant, the company's largest and most profitable plant globally. Fain said last week that UAW members would now walk out of additional Detroit Three facilities without warning rather than waiting until Fridays to announce new plans, as the union had done initially. UAW members who went on strike at Mercedes supplier ZF's plant in Alabama last month demanding higher pay and better healthcare benefits ended a nearly month-long walkout on Thursday.

Persons: Shawn Fain, Rebecca Cook, Fain, Baranjot Kaur, Jamie Freed Organizations: United Auto Workers, REUTERS, Detroit Three, Ford Motor, General Motors, Chrysler, GM, UAW, Detroit, Thomson Locations: Detroit , Michigan, U.S, Ford's Kentucky, Alabama, Bengaluru

A United Auto Workers (UAW) union member wears a pin while picketing outside Ford's Kentucky truck plant after going on strike in Louisville, Kentucky, U.S. October 12, 2023. With the United Auto Workers (UAW) strike entering its 36th day and the total economic cost pegged at more than $7 billion, companies are counting the cost of lost revenue amid an uncertain economy and persistent inflation. "The damage from the strikes will last long after UAW members return to work," University of Michigan professor Erik Gordon said. Earlier this week, consultancy firm Anderson Economic Group estimated the economic losses related to supplier wages and earnings of about $2.67 billion through fourth week of the strike. An agreement remains elusive so far and shares of automakers and suppliers have fallen since the strike began on Sept. 15.

Persons: Luke Sharrett, Erik Gordon, Gordon, Lear, John Murphy, Aptiv, Mikael Bratt, Raechel Thankam, Shivansh, Marie, Nathan Gomes, Arun Koyyur Organizations: United Auto Workers, UAW, REUTERS, Detroit Three, University of Michigan, Workers, Delta Air Lines, Detroit . Paints, PPG Industries, railroader Union, Analysts, General Motors, Ford Motor, Trucking, Magna International, Global Research, Anderson Economic Group, Reuters, EV, Auto, Marie Mannes, Thomson Locations: Ford's Kentucky, Louisville , Kentucky, U.S, Detroit, French, Forvia, Bengaluru, Stockholm

His comments come despite record contract offers from General Motors , Ford Motor and Stellantis that now include 23% hourly pay increases and other significantly enhanced benefits during the terms of the four and a half-year deal. "These are already record contracts, but they come at the end of decades of record decline. Despite Fain's comments, the union did not announce additional strikes Friday against any of the companies. He said it should be the UAW and Ford against foreign automakers," Fain said. About 34,000 U.S. automakers with the companies, or roughly 23% of UAW members covered by the expired contracts with the Detroit automakers, were on strike.

Persons: Shawn Fain, Fain, it's, they've, Bill Ford, Ford, Stellantis Organizations: DETROIT, United Auto Workers, Detroit, General Motors, Ford Motor, Bloomberg, Ford's, Ford, UAW, GM, Detroit automakers Locations: Stellantis, Ford's Kentucky

☆ Wall Street braces for big tech earnings and key economic data in the week ahead as Treasury yields rise
▼ + stars: | 2023-10-20 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Major earnings reports and economic data will be in focus next week as investors seek clarity on how the Federal Reserve will proceed from here. But next week will bring the lion's share of results including reports from mega-cap darlings Alphabet, Amazon , Meta Platforms and Microsoft . While the S & P 500 is higher by 10% in 2023, the equal-weighted index is down slightly. Of note, Tesla shares sank more than 9% on Thursday following a pessimistic economic outlook from CEO Elon Musk during the company's earnings call. Its the S & P 500's first weekly loss in three weeks.

Persons: bode, Elon Musk, We're, Sam Stovall, it's, Raphael Bostic, Ed Clissold, Ned Davis, Clissold, Katie Stockton, Rob Ginsberg, I'm, CFRA's Stovall, Stovall, Sherwin, Williams, Kimberly, Hess, Raymond James Financial, Keurig Dr Pepper, Northrop, Willis Towers Watson, Stanley Black, Rowe Price Organizations: Federal Reserve, Microsoft, Investors, CFRA, Dow Jones, Treasury, Fed, Atlanta Federal Reserve, Ned, Ned Davis Research, Wolfe Research, Chicago, P, PMI, P Global PMI Manufacturing, P Global PMI Services, Richmond Fed, Visa, Texas Instruments, General Electric, NextEra Energy, Raytheon Technologies, Dow, Inc, General Motors, Halliburton, Coca, Corning, Hilton Worldwide, General Dynamics, Dominion Freight, Mobile US, Boeing, Raymond, Technology, Whirlpool, International Business Machines, O'Reilly, Honeywell, Northrop Grumman, Mastercard, Amazon, Royal Caribbean Group, Tractor Supply, United Parcel Service, Hasbro, Southwest Airlines, Comcast, Hershey, Intel, L3Harris Technologies, Ford Motor, Energy, Chevron, Decker, Exxon Mobil, Colgate, Palmolive Locations: U.S, Atlanta, AbbVie

☆ The top 10 things to watch in the stock market Friday
▼ + stars: | 2023-10-20 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

The company has reported nine-consecutive quarters of double-digit, year-over-year growth in its international business, and expects sequential revenue growth in the fourth quarter. Deutsche Bank upgrades Union Pacific (UNP) to a buy rating, while slightly raising its price target to $258 a share, up from $257. Wolfe Research upgrades Club holding Morgan Stanley (MS) to a neutral-equivalent rating from underperform, without a price target. Goldman Sachs lowers its price target on Club name Walt Disney (DIS) to $125 a share, down from $128, while maintaining a buy rating on the stock. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Eli Lilly, Jim Vena, Morgan Stanley, Wednesday's, Goldman Sachs, Walt Disney, Jim Cramer's, Jim Cramer, Jim Organizations: American Express, Revenue, Schlumberger, UBS, General Motors, United Auto Workers, Ford, Stellantis, Bloomberg, Deutsche Bank, Union Pacific, Wolfe Research, JPMorgan, Club, North, Walt, Jim Cramer's Charitable, CNBC Locations: GLP, North American

☆ What we'll be watching when these 10 companies report next week
▼ + stars: | 2023-10-20 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a Morning Meeting livestream at 10:20 a.m. Next week, we run the earnings gauntlet with 10 companies in the Club's portfolio reporting. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Stanley Black, Decker, Jim Cramer's, Jim Organizations: CNBC, Nasdaq, Treasury, West Texas, Microsoft, Honeywell, Linde, LIN, Amazon Web, Ford, Jim Cramer's Charitable

☆ US weekly jobless claims unexpectedly fall
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsWASHINGTON, Oct 19 (Reuters) - The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, suggesting another month of strong job growth as the labor market remains tight. Initial claims for state unemployment benefits dropped 13,000 to a seasonally adjusted 198,000 for the week ended Oct. 14, the Labor Department said on Thursday. Though the labor market is gradually cooling, conditions remain tight, with claims hovering in the lower end of their range of 194,000 to 265,000 for this year. The claims report covered the week during which the government surveyed business establishments for the nonfarm payrolls component of October's employment report. The so-called continuing claims increased 29,000 to a still-low 1.734 million during the week ending Oct. 7, the claims report showed.

Persons: Andrew Kelly, Lucia Mutikani, Chizu Organizations: REUTERS, Rights, Labor Department, Reuters, United Auto Workers, UAW, Ford, General Motors, Chrysler, U.S, Thomson Locations: Manhattan , New York City, U.S

The world's most valuable automaker was set to lose nearly $50 billion in market value, based on premarket share movements. The comments marked a change in tone from Tesla CEO Musk, who had said his company was "recession-resilient" last year. The EV maker missed revenue estimates on Wednesday by the most in more than three years despite hefty price cuts. Reuters GraphicsOverall, 10 analysts cut their price targets on the stock, pushing the median view to $260, according to LSEG data. Tesla shares fell 6.1% at $227.96 in premarket trading.

Persons: Tyrone Siu, Elon, Tesla, Musk, Canaccord, Bernstein, Toni Sacconaghi, Craig Irwin, Aditya Soni, Akash Sriram, Shounak Dasgupta, Anil D'Silva Organizations: Tesla, REUTERS, Ford Motor, General Motors, Reuters Graphics, Ford, Roth Capital, Reuters, Thomson Locations: Taipei, Taiwan, Bengaluru

☆ Ford lays off another 150 workers citing UAW strike
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

Striking United Auto Workers (UAW) union workers picket outside the Ford Michigan Assembly Plant in Wayne, Michigan, U.S., September 23, 2023. REUTERS/Dieu-Nalio Chery/File Photo Acquire Licensing RightsOct 18 (Reuters) - Ford Motor (F.N) said late on Wednesday it is laying off another 150 workers in Michigan because of the ongoing United Auto Workers strike, bringing the total to 2,730 workers furloughed. Ford said the UAW's walkout last week at its Kentucky Truck Plant prompted the new layoffs at a Michigan axle plant. Another 16,600 Ford employees are on strike at three assembly plants, including Kentucky Truck, the company's largest plant worldwide. The targeted strike against the Detroit Three automakers Ford, General Motors (GM.N) and Chrysler-parent Stellantis (STLAM.MI) began on Sept. 15.

Persons: Nalio Chery, Ford, David Shepardson, Muralikumar Organizations: United Auto Workers, UAW, Ford Michigan Assembly Plant, REUTERS, Ford, Plant, Kentucky, Detroit Three, General Motors, Chrysler, Thomson Locations: Wayne , Michigan, U.S, Dieu, Michigan

☆ EV battery firm CATL's Sept China market share slumps, bodes ill for Q3 results
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +3 min

People walk past the booth of the battery manufacturer Contemporary Amperex Technology Co. Limited (CATL) at the Auto Shanghai show, in Shanghai, China April 18, 2023. CATL reports quarterly results on Thursday, and investors will be on the look out for the extent the world's largest EV battery maker bore the brunt of the EV sales slowdown in China and rising pressure from automakers to cut battery prices. "This... is an incentive for CATL to offer some price cuts to secure its market share." CATL's setback also comes amid weakening EV sales in China that stoked an intense price war among automakers and a subsequent cost reduction pressure on battery firms and other suppliers. Shares in Shenzhen-listed CATL dropped 15% so far this year, lagging a 6% drop in broader market (.CSI300).

Persons: Aly, Qiaoyi Li, Zhang Yan, Brenda Goh, Miyoung Kim Organizations: Amperex Technology, ., Auto, REUTERS, Rights, Electric, EV, Citi, China Automotive Battery Innovation Alliance, HK, LSEG, Ford, Thomson Locations: Auto Shanghai, Shanghai, China, Rights BEIJING, Michigan, U.S, Shenzhen

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