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☆ Jeep Maker Stellantis Says It Lost $3 Billion of Revenue Due to UAW Strike
▼ + stars: | 2023-10-31 | by ( David Sachs | ) www.wsj.com time to read: 1 min

The United Auto Workers union said it reached a tentative deal with Stellantis on Saturday, six weeks after workers went on strike. Earlier this week, Ford also reached a tentative agreement with the UAW. Photos: Emily Elconin/Bloomberg NewsChrysler parent Stellantis said the strike by U.S. auto workers had cost it more than $3 billion in lost revenue as it reported a rise in quarterly sales. The update from Stellantis, which also makes the Jeep and Dodge brands, is the latest indication of the financial fallout from a six-week strike that put 45,000 workers on the picket lines.

Persons: Stellantis, Ford, Emily Elconin Organizations: United Auto Workers, UAW, Bloomberg News Chrysler, U.S, Jeep, Dodge

☆ The UAW strike is over after 46 days. Here are the details of their contract that will leave some workers making up to $42 an hour.
▼ + stars: | 2023-10-31 | by ( Nora Naughton | Associated Press | ) www.businessinsider.com time to read: +6 min

The historic United Auto Workers strike is over. The UAW announced Monday evening it had reached a tentative agreement with GM, the last of the Detroit car companies to complete negotiations. The 25% pay increases by April 2028 agreed to in the new contracts raise top pay to about $42 an hour, according to the union. For historical comparison, the union said its workers saw pay increases of 23% for all the years from 2001 through 2022. Ford was the first to notch a tentative agreement with the union on Oct. 25 after employees spent 41 days on strike.

Persons: —, Ford, Jim Farley, Mary Barra, Fain, Stellantis Organizations: United Auto Workers, GM, Detroit, Service, Big Three Detroit, UAW, Local UAW, Ford, Workers, Ultium, LG Energy, Big Locations: Detroit, U.S, Michigan, Korea

☆ UAW strike cost Stellantis $3 billion in lost revenue
▼ + stars: | 2023-10-31 | by ( Hanna Ziady | ) edition.cnn.com time to read: +1 min

London CNN —Historic strikes by autoworkers in North America have cost Stellantis €3 billion ($3.2 billion) in lost revenue, the maker of Chrysler and Jeep said Tuesday. Earlier this month, General Motors (GM) said walkouts by its workers had cost the company $200 million in their first two weeks. Stellantis (STLA) still reported better-than-expected revenue for the July-September period, up 7% on the same quarter in 2022 at €45.1 billion ($48 billion). The UAW has hailed the deal that ended the prolonged walkouts at Stellantis as a major victory. Separately, Stellantis reached an agreement with Canadian union Unifor Monday, hours after a strike began there.

Persons: Stellantis Organizations: London CNN —, Chrysler, Jeep, United Auto Workers union, UAW, General Motors, €, Electric Locations: North America, Stellantis, Illinois, Milan, —

☆ Here's an update on 10 of our companies that reported earnings and how we feel about each stock
▼ + stars: | 2023-10-31 | by ( Jeff Marks | ) www.cnbc.com time to read: +9 min

GOOGL YTD mountain Alphabet YTD Alphabet (GOOGL): The quarter from the Google parent was mixed . On one hand, we were pleased to see revenue growth acceleration and beats at Search and YouTube. For Alphabet to catch up in the AI race, it might be forced to invest more aggressively, creating an imbalance between revenue growth and expense growth. AMZN YTD mountain Amazon YTD Amazon (AMZN): This was a fantastic quarter that checked a lot of boxes for us. While AWS cloud revenue growth may not have accelerated as some optimistic bulls had hoped for, it stabilized.

Persons: Jim Cramer's, Here's, inflect, We're, Mark Zuckerberg's, Danaher, Ford, Decker YTD Stanley Black, Decker, Jim Cramer, Jim, Benoit Tessier Organizations: Jim Cramer's Charitable, CNBC, Sciences, Microsoft, Google, Web Services, LIN, Linde, Honeywell, Aerospace, Technologies, Materials, Productivity Solutions, Ford, UAW, Meta, Inc, Viva Technology, Porte de Locations: China, North America, breakeven, Porte, Paris

☆ UAW strikes cost Stellantis about $3.2 billion in revenue
▼ + stars: | 2023-10-31 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT — Labor strikes by the United Auto Workers union cost Stellantis about $3.2 billion, or 3 billion euros, in lost revenue through October, the company reported Tuesday. UAW workers began roughly six weeks of targeted U.S. strikes against Stellantis, General Motors and Ford Motor on Sept. 15. Ford said the UAW strike cost it $1.3 billion in earnings before interest and taxes, including roughly $100 million during the third quarter. Despite the labor strikes, Stellantis maintained its 2023 guidance, signaling the strength of its global footprint compared to its main U.S.-based competitors. Stellantis' guidance includes double-digit adjusted operating income margin, positive industrial-free cash flows and completion of $1.6 billion, or 1.5 billion euros, in share buybacks.

Persons: Stellantis, Natalie Knight, Ford Organizations: United Auto Workers, DETROIT — Labor, UAW, Stellantis, General Motors, Ford, North, GM, CNBC Locations: Sterling Heights , Michigan, U.S

☆ Detroit Is Paying Up to End the UAW Strike. Now Carmakers Will Live With the Costs.
▼ + stars: | 2023-10-30 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

The United Auto Workers union said it reached a tentative deal with Stellantis on Saturday, six weeks after workers went on strike. Earlier this week, Ford also reached a tentative agreement with the UAW. Photos: Emily Elconin/Bloomberg NewsThe end of the United Auto Workers strikes against Ford Motor and Chrysler-parent Stellantis offered some relief in Detroit after a bruising six-week labor showdown. But the car companies aren’t in a celebratory mood. The details of the UAW’s tentative labor pacts with Ford and Stellantis, reached in recent days, show that the automakers’ labor-cost disadvantage to rivals such as Toyota and Tesla is about to get worse, just as many aspects of their growth plans get cloudier.

Persons: Stellantis, Ford, Emily Elconin Organizations: United Auto Workers, UAW, Bloomberg, Ford Motor, Chrysler, Ford, Toyota, Tesla Locations: Detroit

☆ UAW strike: GM and union reach tentative labor agreement
▼ + stars: | 2023-10-30 | by ( Vanessa Yurkevich | Chris Isidore | ) edition.cnn.com time to read: +6 min

Neither the union nor GM would confirm the tentative deal. Most recently that happened at Mack Trucks, where nearly 4,000 UAW members went on strike on October 8 after voting no on their own tentative agreement. There are a total of more than 18,000 UAW members at GM now on strike, though they could be returning to work within days. The strike had a total of nearly 50,000 UAW members on strike at one point or another, although not all at the same time. During the UAW strike, a coalition of unions at Kaiser Permanente had 75,000 workers walk out in the largest US health care strike in history.

Persons: Stellantis, Mack Trucks, Fain, Ford, Joe Biden, Biden, Betsy Klein Organizations: New, New York CNN —, Motors, United Auto Workers, America’s, Ford, GM, UAW, Mack, EV, Air Force, Kaiser Permanente Locations: New York, Spring Hill , Tennessee, Arlington , Texas, Fargo, Michigan, Delaware

☆ A confluence of factors 'handcuffed' the automakers in UAW negotiations: Fmr. Ford CEO Mark Fields
▼ + stars: | 2023-10-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA confluence of factors 'handcuffed' the automakers in UAW negotiations: Fmr. Ford CEO Mark FieldsMark Fields, former Ford president and CEO, joins 'Squawk Box' to discuss the state of the UAW strike, after the union reached a tentative deal with Stellantis following its agreement with Ford, where things stand with GM, and more.

Persons: Mark Fields Mark Fields Organizations: Ford, UAW, GM

☆ Tesla falls as production cut by battery supplier Panasonic fans EV demand fears
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

Tesla investor Gary Black attributed the weakness in Tesla shares to chipmaker Onsemi's (ON.O) bleak forecast. "ON sells to automotive players with over 50% share of global EV sales, including 4 of the top 5 China EV makers," he said in a post on social media platform X on Monday. loadingOnsemi CEO Hassane El-Khoury said the company's top European clients were working to clear their inventory and noted that the company sees "increasing risk to automotive demand due to high interest rates." It contracted to 17.9% between July and September from 25.1% a year earlier due the EV maker's rampant price cuts, which also triggered a price war in key markets such as China. Tesla was trading at about 56 times its 12-month forward earnings estimates, compared with 5.6 times for Ford and General Motors' 4.1, according to LSEG data.

Persons: Phil Noble, Elon Musk's, Edward Moya, General Motors, Stellantis, Gary Black, chipmaker, Hassane El, Khoury, Tesla, Chavi Mehta, Akash Sriram, Shinjini Organizations: REUTERS, Tesla, Panasonic Holdings, Panasonic, Tesla's, Oanda, General, United Auto Workers, Ford Motor, Chrysler, UAW, General Motors, China EV, Ford, EV maker's, Thomson Locations: Manchester, Britain, North America, Stellantis's, China, Bengaluru

☆ The Big Three are paying a big price to end the UAW strike, but car buyers may get spared
▼ + stars: | 2023-10-30 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Ford was the first to announce it reached a tentative agreement with the UAW on Wednesday. A brief refresherThe strike, which began nearly seven weeks ago, has been the longest US auto strike in 25 years. What will this mean for car prices? Now you’d think people in the market for a new car would pay the price, by way of higher car prices, given all the added costs the Big Three will face if the tentative deals go into effect. That’s because the historic strike doesn’t officially end until it is ratified by rank-and-file members.

Persons: —, Ford, it’s, Vanessa Yurkevich, Chris Isidore — CNN’s, there’s, CNN’s Yurkevich, Isidore Organizations: New, New York CNN, United Auto Workers, — Ford, General Motors, UAW, Anderson Economic Group, Big Three, Ford, Stellantis, GM Locations: New York

☆ Sec. Gina Raimondo: The Commerce Department will play a central role in controlling AI chips
▼ + stars: | 2023-10-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSec. Gina Raimondo: The Commerce Department will play a central role in controlling AI chipsGina Raimondo, Commerce Secretary, joins 'Closing Bell Overtime' to talk the Biden Administration's latest executive order on AI chips, Chinese AI risks, the ongoing UAW strike and more.

Persons: Gina Raimondo Organizations: Commerce Department, Biden, UAW

☆ We're not ready to bail on Ford after the UAW deal. But we have lots of questions
▼ + stars: | 2023-10-30 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

The UAW on Sunday released parts of its tentative agreement with Ford, which was first announced last Wednesday. Modeled after the Ford agreement, the UAW reached a tentative labor deal with General Motors (GM) early Monday and one with Chrysler-parent Stellantis (STLA) on Saturday. The only third-quarter sales beat was in Ford Blue, its legacy internal combustion engine unit, which also includes hybrids. However, Ford Blue missed on EBIT (earnings before taxes and interest). We think the automaker can achieve these goals since it has support from its resilient Ford Blue segment, which continues to be profitable in all regions.

Persons: Ford, week's, It's, Jim Cramer, Shawn Fain, Jim Farley, Jim, they're, we're, Jim Cramer's, Matthew Hatcher Organizations: United Auto Workers, Club, UAW, Sunday, Ford, General Motors, Chrysler, Detroit automaker, Ford Blue, Management, EV, ICE, CNBC, Plant, AFP, Getty Locations: Ford Blue, Michigan, Wayne , Michigan

☆ GM strikes tentative deal with UAW to end six-week labor stoppage
▼ + stars: | 2023-10-30 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGM strikes tentative deal with UAW to end six-week labor stoppageCNBC's Phil LeBeau joins 'Fast Money' to talk the latest revelations coming out of the UAW strike and automakers.

Persons: Phil LeBeau Organizations: UAW

☆ Shares of ON Semiconductor fall 21% as fourth-quarter guidance disappoints Wall Street
▼ + stars: | 2023-10-30 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Shares of ON Semiconductor closed down more than 21% Monday after the company's third-quarter report beat expectations but offered weak guidance for the rest of the year. ON Semiconductor said it expects to report fourth-quarter earnings between $1.13 and $1.27 per share, excluding certain items, which is short of the $1.36 analysts had anticipated. Similarly, the company said revenue will come in between $1.95 billion and $2.05 billion, while Wall Street was expecting $2.18 billion. Analysts at Deutsche Bank said ON Semiconductor's guidance suggests the company has "finally succumbed to macro pressures" such as softening demand for cars. Craig-Hallum analysts said they believe weakening demand for electric vehicles will adversely affect ON Semiconductor in the near term.

Persons: Michael Bloom Organizations: ON Semiconductor, Deutsche Bank, Semiconductor, UAW, Wolfe Research, CNBC

The United Auto Workers union said it reached a tentative deal with Stellantis on Saturday, six weeks after workers went on strike. Earlier in the week, Ford also reached a tentative agreement with the UAW. Photos: Emily Elconin/Bloomberg NewsThe decision by the United Auto Workers on Saturday to call a fresh strike at General Motors as talks appeared to be nearing a conclusion was the latest in a set of unexpected moves by the union, which has used misdirection and maximized publicity to keep companies off balance. The surprise walkout at a factory in Tennessee followed several days of intensifying contract negotiations between GM and union leaders, including meetings involving GM Chief Executive Mary Barra and UAW President Shawn Fain. The escalation of the strike came as the UAW confirmed that it reached a tentative agreement with Chrysler-parent Stellantis on a new labor contract.

Persons: Stellantis, Ford, Emily Elconin, Mary Barra, Shawn Fain Organizations: United Auto Workers, UAW, Bloomberg, General Motors, GM, Chrysler Locations: Tennessee

GM said it was disappointed by the UAW strike at Spring Hill and that it still seeks "to reach an agreement as quickly as possible." Spring Hill Manufacturing, an assembly and propulsion plant, is the largest GM facility in North America with nearly 4,000 total employees. A lengthy Spring Hill strike could greatly increase the financial pain for GM, which said in a filing earlier this week that strike costs had risen to $400 million a week. Moments before employees walked out in Tennessee, the UAW said it reached a tentative labor agreement with Chrysler parent Stellantis (STLAM.MI). The UAW previously struck GM assembly plants in Missouri and Michigan as well as 18 parts distribution warehouses.

Persons: Rebecca Cook, Shawn Fain, Stellantis, ” Fain, David Shepardson, Joseph White, Cynthia Osterman Organizations: General Motors, REUTERS, United Auto Workers, UAW, GM, Ford, Manufacturing, Chrysler, Ford Motor, Thomson Locations: Detroit , Michigan, U.S, Spring Hill , Tennessee, Spring, North America, Fort Wayne , Indiana, Silao, Mexico, Bowling Green , Kentucky, Ramos Arizpe, Fairfax , Kansas, Arlington , Texas, Wentzville , Missouri, Tennessee, Missouri, Michigan

☆ Stocks making the biggest moves premarket: Amazon, Intel, Enphase Energy and more
▼ + stars: | 2023-10-27 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

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

☆ Stocks making the biggest moves midday: Intel, Chipotle, Juniper Networks and more
▼ + stars: | 2023-10-27 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Intel — Shares of the chipmaker popped 9.3% Friday, a day after Intel reported third-quarter results that topped analysts' expectations. Juniper Networks — The network management software provider climbed 6.1% after exceeding Wall Street's expectations on earnings and revenue for the third quarter. Juniper earned 60 cents per share on an adjusted basis, while analysts surveyed by FactSet expected 55 cents per share. Chipotle Mexican Grill — Chipotle shares led the market higher Friday, gaining 4.5% after the company's third-quarter earnings topped expectations. While profits fell short of Wall Street's expectations, revenue topped estimates.

Persons: Pat Gelsinger, Dexcom, Stanley Black, Decker, Juniper, FactSet, Chipotle, Ford, —, Alex Harring, Samantha Subin, Yun Li, Hakyung Kim Organizations: Intel —, Intel, Juniper Networks, Revenue, Bank of America, LSEG, Enphase Energy, Chevron, Ford, UAW

☆ Dana sees 'significant impact' from UAW strikes to North American operations
▼ + stars: | 2023-10-27 | by ( Nathan Gomes | ) 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. Dana said the UAW strikes affected some of its largest light truck programs, including Ford Super Duty, Ranger and Bronco as well as Stellantis' Jeep Wrangler and Gladiator. "The longer the UAW strike continues, the greater financial stress there will be across the Tier 2 through Tier 4 supply base," Dana's chief executive James Kamsickas said in a post-earnings call with analysts. Dana expects its full-year sales to be $10.7 billion if UAW strikes through Oct. 31, or $10.2 billion with strikes through Dec. 31. GM and Ford have pulled their full-year forecasts this week to account for impacts from the UAW strikes.

Persons: Rebecca Cook, DAN.N, Dana, James Kamsickas, Nathan Gomes, Shilpi Majumdar Organizations: United Auto Workers, UAW, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, Dana, Detroit Three, General Motors, Ford Motor, Stellantis, Ford Super Duty, GM, Ford, Anderson Economic Group, Thomson Locations: Delta Township, Michigan, North America, Bengaluru

☆ Experts weigh in on recent college grad's viral complaints about 9-to-5 schedule: 40-hour workweek is 'a historical accident'
▼ + stars: | 2023-10-27 | by ( Aditi Shrikant | ) www.cnbc.com time to read: +1 min

In a viral TikTok, a recent college graduate bemoaned the demands of a 9-to-5 work schedule. Historically, there is precedence for this change, says Ben Hunnicutt, a historian who focuses on why companies abandoned shorter workdays. "The 40-hour workweek, from 9-to-5, is not a universal mandate from God, it's a historical accident," he says. Gen Z workers, like Brielle, might be the ones to facilitate a shift in company expectations. "There is a tendency now in younger folks to value their time more than advancement at work," Hunnicutt says.

Persons: Brielle, doesn't, I'm, they'd, Ben Hunnicutt, Gen, Hunnicutt Organizations: UAW

☆ Ford misses on earnings, as warranty costs move carmaker back near the penalty box
▼ + stars: | 2023-10-26 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

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

☆ France's Valeo third-quarter sales rise driven by key regions, businesses
▼ + stars: | 2023-10-26 | by ( Pierrejohn Felcenloben | ) www.reuters.com time to read: +2 min

Valeo reaffirmed its full-year guidance of between 22-23 billion euros for sales and an operating margin in the range of 3.2-4% for end of 2023. Original equipment, that is vehicle components fitted by a manufacturer as standard, grew 4% on a like-for-like basis during the quarter. Original equipment represents 85% of Valeo sales. Aftermarket product sales, accounting for 11% of total sales, grew 3% on a like-for-like basis to 569 million euros. North America accounted for 21% of original equipment sales this quarter and recent UAW strikes in the United States have "had a negligible impact" on sales, the company said.

Persons: Sarah Meyssonnier, Valeo, Christophe Périllat, Pierre John Felcenloben, Jane Merriman, Cynthia Osterman Organizations: Valeo, REUTERS, Systems, UAW, Thomson Locations: Paris, France, Valeo, North America, United States

☆ Ford, UAW reach tentative deal to end labor strikes
▼ + stars: | 2023-10-26 | by ( Phil Lebeau | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFord, UAW reach tentative deal to end labor strikesCNBC's Phil LeBeau joins 'Squawk Box' with the latest developments on the UAW strike.

Persons: Phil LeBeau Organizations: Ford, UAW

☆ Stock futures rise after the Nasdaq declines further into correction territory: Live updates
▼ + stars: | 2023-10-26 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 26, 2023. U.S. stock futures rose on Thursday night after the Nasdaq Composite slipped further into correction territory. Futures tied to the S&P 500 advanced 0.5%, while Dow Jones Industrial Average futures advanced 115 points, or 0.3%. The action comes after the index slid into correction territory on Wednesday. The S&P 500 ended the day 1.18% lower — 9.8% off its closing high for the year in July and teetering dangerously close to correction territory.

Persons: teetering, Sonia Meskin, We're, Dow, Dow Jones Organizations: New York Stock Exchange, Nasdaq, Dow Jones Industrial, UAW, Dow, BNY Mellon Investment Management, PCE, Chevron, Exxon Mobil Locations: New York City, U.S

☆ Ford earnings rise despite UAW strike hit
▼ + stars: | 2023-10-26 | by ( Chris Isidore | ) edition.cnn.com time to read: 1 min

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