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☆ UAW strike brings blue-collar vs. billionaire battle to Detroit
▼ + stars: | 2023-09-15 | by ( Michael Wayland | ) www.cnbc.com time to read: +9 min

In this article STLAGMF Follow your favorite stocks CREATE FREE ACCOUNTwatch nowDETROIT — The United Auto Workers strike is bringing a blue-collar versus billionaire battle to the Motor City, just as UAW President Shawn Fain wanted. Fain, a quirky yet emboldened leader, has meticulously brought the UAW back into the national spotlight after decades of near irrelevance. He wants to represent not just union members but also America's embattled middle class, which UAW helped create. United Auto Workers union President Shawn Fain joins UAW members who are on a strike, on the picket line at the Ford Michigan Assembly Plant in Wayne, Michigan, September 15, 2023. Such profits are exactly what Fain has said UAW members deserve to share in.

Persons: Shawn Fain, Fain, Rebecca Cook, Joe Biden, Biden, We've, Ford, Jim Farley, CNBC's Phil LeBeau, he's, Mary Barra, Stellantis, bargainers, Sen, Bernie Sanders, Sanders, Bob King, I've, it's, Anthony Dobbins, Dobbins, That's, Michael Wayland, Farley, Barra Organizations: DETROIT, United Auto Workers, Motor, UAW, Ford Michigan Assembly Plant, Reuters, Ford Bronco, UAW GM, Chrysler, National, General Motors, Ford Motor, Plant, Michigan Assembly Plant's, National Labor Relations Board, GM, Ford, CNBC, Democratic, UAW Local Locations: Motor City, irrelevance, Wayne , Michigan, Ford, Michigan, Vermont

☆ Detroit Three strike deadline nears as sides remain far apart
▼ + stars: | 2023-09-14 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

[1/4] "UAW on strike" picket signs lay on a pile of wood outside the General Motors Detroit-Hamtramck Assembly in Hamtramck, Michigan, U.S. October 25, 2019. "To win, we're likely going to have to take action," UAW President Shawn Fain said on Wednesday. Fain said it was still possible that at a later date all of the auto workers could strike. Some losses could be recouped by boosting production schedules after a strike, but that possibility fades as a strike extends to weeks or months. That is less than half the pay hikes the union has sought, but higher than companies initial offers.

Persons: Rebecca Cook, we're, Shawn Fain, Fain, Joe Biden, Jared Bernstein, Stellantis, Ford, Bernie Sanders, David Shepardson, Peter Henderson, Jamie Freed Organizations: UAW, General Motors Detroit, Hamtramck, REUTERS, U.S ., United Auto Workers, Detroit, Deutsche Bank, Biden, Ford, General Motors, Chrysler, GM, Thomson Locations: Hamtramck , Michigan, U.S, Detroit

☆ Ford CEO says UAW proposal could force bankruptcy
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

Ford Motor President and CEO Jim Farley attends the press day of the North American International Auto Show in Detroit, Michigan, U.S. September 13, 2023. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsSept 14 (Reuters) - Ford Motor (F.N) Chief Executive Jim Farley said Thursday the United Auto Workers union proposal to hike wages by 40%, cut workweeks and add new pension benefits could bankrupt the company. "You want us to choose bankruptcy over supporting our workers," Farley, in a CNBC interview, said of the UAW proposal. Farley said if the UAW proposal had been in effect since 2019, instead of making about $30 billion in profits over four years, the company would have lost about $15 billion "and gone bankrupt by now." Reporting by David Shepardsond; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Jim Farley, Rebecca Cook, Farley, David Shepardsond, Jonathan Oatis Organizations: Ford Motor, North American, REUTERS, Ford, United Auto Workers, CNBC, UAW, Thomson Locations: Detroit , Michigan, U.S

☆ Ford CEO rebuffs UAW leader's criticisms as strike deadline on Thursday approaches
▼ + stars: | 2023-09-14 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Ford CEO Jim Farley speaks with media after revealing the 2024 Ford F-150 for the Detroit auto show on Sept. 12, 2023. Farley said the company has received "no genuine counteroffer" on its four economic proposals, including the latest offer that Ford is calling the most generous offer ever between the UAW and company. He also said Fain, who is simultaneously negotiating with General Motors and Stellantis , was absent during a Tuesday meeting that he and Ford Chair Bill Ford expected Fain to attend. Public criticism between the union and an automaker aren't unprecedented but the amount of detail being released, announced strike plans and simultaneous bargaining certainly are. Farley said he didn't know Fain had received the offer until he was discussing it during a 5 p.m. Facebook Live with union members.

Persons: Jim Farley, Shawn Fain, Farley, Fain, Bill Ford, didn't Organizations: Detroit, DETROIT, Ford Motor, United Auto Workers, Ford, UAW, General Motors, Detroit Auto, Facebook

General Motors CEO Mary Barra talks with reporters following a meeting with lawmakers from Michigan and Ohio at the U.S. Capitol June 05, 2019 in Washington, DC. DETROIT – General Motors is attemping to avoid a looming strike by the United Auto Workers union through a new offer Thursday that includes significant pay increases, more vacation days and better benefits for retirees, among other perks. The proposal, which GM CEO Mary Barra called "compelling and unprecedented," addresses many of the union's demands but continues to fall short on others, such as a 40% pay increase over the four years of the deal that UAW sought. GM released details of the deal roughly nine hours before the UAW could initiate targeted strikes against GM, Ford Motor and Stellantis if deals are not reached by 11:59 p.m. "Today, we put a compelling and unprecedented economic package on the table that reflects the significance of this critical moment."

Persons: Mary Barra, Barra Organizations: U.S, Capitol, DETROIT –, United Auto Workers, UAW, GM, Ford Motor Locations: Michigan, Ohio, Washington , DC

☆ Thousands of UAW members go on strike at three key auto plants after deal deadline passes
▼ + stars: | 2023-09-14 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

In this article GMFSTLA Follow your favorite stocks CREATE FREE ACCOUNTMembers of the United Auto Workers union hold a rally and practice picket near a Stellantis plant in Detroit, Aug. 23, 2023. For Ford, UAW President Shawn Fain said only workers in paint and final assembly will be on strike. About 12,700 workers – 5,800 at Stellantis, 3,600 at GM and 3,300 at Ford – will be on strike at the plants in total, the union said. The UAW represents about 146,000 workers across Ford, GM and Stellantis. Fain has referred to the union's plans as a "stand-up strike," a nod to historic "sit-down" strikes by the UAW in the 1930s.

Persons: Michael Wayland, Shawn Fain, Fain, Joe Biden, Biden, Ford Organizations: United Auto Workers, CNBC DETROIT –, General Motors, Ford Motor, Ford, UAW, GM, Facebook, YouTube, Detroit automakers, Tesla, Toyota Locations: Detroit, Wentzville , Missouri, Wayne , Michigan, Toledo , Ohio, Stellantis, United States

☆ U.A.W. Set to Begin Walkouts as Deadline Nears With No Contract Deals
▼ + stars: | 2023-09-14 | by ( Neal E. Boudette | More About Neal E. Boudette | ) www.nytimes.com time to read: +1 min

The United Automobile Workers union said late Thursday that its members were set to walk off the production lines in three plants in three states at midnight in what would be the first strike simultaneously affecting all three Detroit automakers. The union and the companies — General Motors, Ford Motor and Stellantis, the parent of Chrysler — remained deadlocked in negotiations over a new collective bargaining agreement with the current contract set to expire at 11:59 p.m. As the deadline neared, workers started to fan out at the plants to protest. At the outset, the strike would idle one plant owned at each automaker, and could force the automakers to halt production at other locations, shaking local economies in factory towns across the Midwest. “We are using a new strategy,” the union’s president, Shawn Fain, said in a video streamed via Facebook. “We are calling on select locals to stand up and go out on strike.”

Persons: Chrysler —, Shawn Fain, ” Organizations: United Automobile Workers, Detroit automakers, Motors, Ford Motor, Chrysler, Facebook

"We are preparing to strike these companies in a way they have never seen before." Fain said the Detroit Three automakers had offered 146,000 U.S. autoworkers pay raises of as much as 20% over four and a half years but called the hikes inadequate. Coordinated strikes would mark the first-ever simultaneous labor stoppage at all three Detroit automakers and one of the largest U.S. industrial labor actions in recent years. The UAW is considering initially targeting only some specific plants for work stoppages at the Detroit automakers, two sources briefed on the matter said, adding the strike plan could still change. Targeting strategic plants could quickly force automakers to halt U.S. production and could extend the time before the UAW's $825 million strike fund is exhausted.

Persons: we're, Shaw Fain, Fain, Stellantis, Joe Biden, Jared Bernstein, Biden, Bernstein, Liz Shuler, Reuters autoworkers, Shuler, Bernie Sanders, David Shepardson, Nick Zieminski, Deepa Babington, Chris Reese Organizations: United Auto Workers, Detroit Three, UAW, Detroit, Ford, General Motors, Chrysler, Anderson Economic Group, AFL, Reuters, GM, Detroit automakers, Thomson Locations: Michigan, United States, DETROIT

The S&P 500 climbed 0.12% to end the session at 4,467.44 points. The Nasdaq gained 0.29% to 13,813.59 points, while the Dow Jones Industrial Average declined 0.20% to 34,575.53 points. The S&P 500 consumer discretionary index (.SPLRCD) climbed 0.9%, lifted as Ford Motor (F.N) rallied 1.5% on the vehicle maker's plans to double the production of its hybrid F-150 pickup trucks in 2024. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 1.5-to-one ratio. The S&P 500 posted 10 new highs and 11 new lows; the Nasdaq recorded 20 new highs and 199 new lows.

Persons: Victoria Fernandez, Raindrops, Mike Segar, that's, Keith Buchanan, Jane Fraser, Xpeng, Ankika Biswas, Shristi, Shubham Batra, Noel Randewich, Savio D'Souza, Vinay Dwivedi, Deepa Babington Organizations: Citi, Nasdaq, Dow, Federal Reserve, Microsoft, Dow Jones, Ford, Crossmark Global Investment, Wall, New York Stock Exchange, REUTERS, GLOBALT Investments, Reuters Graphics Reuters, Citigroup, European Commission, Sprit Airlines, Moderna, Thomson Locations: Manhattan, New York City , New York, U.S, Atlanta, Bengaluru, Oakland, Calif

Megacap growth stocks Tesla (TSLA.O), Meta Platforms (META.O), Microsoft (MSFT.O) and Amazon.com (AMZN.O) gained for much of the session. According to preliminary data, the S&P 500 (.SPX) gained 5.87 points, or 0.13%, to end at 4,467.77 points, while the Nasdaq Composite (.IXIC) gained 39.96 points, or 0.29%, to 13,813.59. Data showed consumer prices increased by the most in 14 months in August as gasoline prices surged, but the annual rise in underlying inflation was the smallest in nearly two years. Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. Reuters Graphics Reuters GraphicsThe Fed is unlikely to cut rates before the April-June period next year, a Reuters poll showed.

Persons: Victoria Fernandez, Mike Segar, that's, Keith Buchanan, Jane Fraser, Xpeng, Ankika Biswas, Shristi, Shubham Batra, Noel Randewich, Savio D'Souza, Vinay Dwivedi, Deepa Babington Organizations: Citi, Federal Reserve, Microsoft, Apple, Nasdaq, Dow Jones, Ford, Crossmark Global Investment, Wall, New York Stock Exchange, REUTERS, GLOBALT Investments, Reuters Graphics Reuters, Citigroup, European Commission, Sprit, Moderna, Thomson Locations: Manhattan, New York City , New York, U.S, Atlanta, Bengaluru, Oakland, Calif

☆ UAW president says union is still seeking big pay hikes
▼ + stars: | 2023-09-13 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

Sept 13 (Reuters) - United Auto Workers (UAW) President Shawn Fain said on Wednesday the union is still seeking significant pay hikes as talks continue with the Detroit Three automakers, a day before four-year labor deals are set to expire. Reuters reported late on Tuesday that the union may opt to strike at targeted auto plants if they fail to reach new contracts covering 146,000 U.S. auto workers. The UAW initially sought a 20% wage hike upon ratification and four annual 5% hikes, but had offered trim those hikes to around 36% in total, three sources told Reuters. Fain said the union was still seeking 40% hikes in total. Coordinated strikes would mark the first-ever simultaneous labor stoppage at all three Detroit automakers and one of the largest U.S. industrial labor actions in recent years.

Persons: Shawn Fain, Fain, We've, Stellantis, We’re, Joe Biden, Jared Bernstein, Biden, Bernstein, Liz Shuler, Shuler, Bernie Sanders, David Shepardson, Christina Fincher, Nick Zieminski Organizations: United Auto Workers, UAW, Detroit Three, ABC News, General Motors, Ford Motor, Chrysler, Reuters, GM, Detroit, Anderson Economic Group, AFL, CNBC, Ford, Thomson Locations: Michigan, United States, DETROIT

☆ UAW president says union still seeking big pay hikes
▼ + stars: | 2023-09-13 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

Sept 13 (Reuters) - United Auto Workers (UAW) union President Shawn Fain said on Wednesday the union is still seeking significant pay hikes as talks continue with the Detroit Big Three automakers, a day before four-year labor deals are set to expire. The UAW initially sought a 20% wage hike upon ratification and four annual 5% hikes, but had offered trim those hikes to around 36% in total, three sources told Reuters. Fain said the union was still seeking 40% hikes in total. Ford last week hiked its offer to a 10% wage hike and lump sum payments after offering a 9% wage increase through 2027 and 6% lump sum payments. Coordinated strikes would mark the first-ever simultaneous labor stoppage at all three Detroit automakers and one of the largest U.S. industrial labor actions in recent years.

Persons: Shawn Fain, Fain, We've, Bernie Sanders, Stellantis, David Shepardson, Christina Fincher, Nick Zieminski Organizations: United Auto Workers, UAW, Detroit Big, ABC News, GM, General Motors, Ford Motor, Chrysler, Reuters, Detroit, CNBC, Ford, Anderson Economic Group, Thomson Locations: Michigan

☆ UAW may implement targeted strikes if no deals reached with Detroit automakers
▼ + stars: | 2023-09-13 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Members of the United Auto Workers union hold a rally and practice picket near a Stellantis plant in Detroit, Aug. 23, 2023. Michael Wayland / CNBCDETROIT — The United Auto Workers union plans to implement targeted strikes at certain plants against the Detroit automakers if tentative contracts are not reached with General Motors , Ford Motor and Stellantis , according to union officials briefed on the matter Tuesday night. Targeted strikes refer to work stoppages only at certain plants involving local contract issues that many, if not most, plants have. Conducting targeted strikes can be complex, as it's not clear how one plant will impact others. Targeted strikes will save the union cash, as they won't have to give "strike pay" to as many members from its $825 million strike fund.

Persons: Michael Wayland, Shawn Fain, CNBC Fain Organizations: United Auto Workers, CNBC DETROIT —, Detroit, General Motors, Ford Motor, CNBC, GM, UAW, Solidarity Sunday, Companies Locations: Detroit, Warren , Michigan

☆ Gasoline fuels US consumer inflation; underlying trend still improving
▼ + stars: | 2023-09-13 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

The consumer price index increased by 0.6% last month, the largest gain since June 2022. Gasoline prices, which jumped 10.6% after rising 0.2% in July, accounted for more than half of the increase in the CPI last month. While that marked the second straight month of a pick-up in annual inflation, year-on-year consumer prices have come down from a peak of 9.1% in June 2022. The so-called core CPI had increased 0.2% for two consecutive months. In the 12 months through August, the core CPI increased 4.3%.

Persons: bode, Phillip Neuhart, Chris Zaccarelli, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Federal Reserve, Labor Department, First Citizens Bank, U.S . Energy Information Administration, Treasury, Independent, Reuters, Reuters Graphics Financial, Labor Department's Bureau of Labor Statistics, United Auto Workers, General Motors, Ford Motor, Thomson Locations: WASHINGTON, New York, U.S, Charlotte , North Carolina

☆ Higher gasoline prices seen boosting US inflation in August
▼ + stars: | 2023-09-13 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

"It's going to be a mixed picture, with headline inflation picking due to higher gasoline prices and core inflation remaining contained," said Sam Bullard, a senior economist at Wells Fargo in Charlotte, North Carolina. "The Fed would be encouraged by the continued moderation trend in core inflation, but it's still too high." While that would mark the second straight month of a pick up in annual inflation, year-on-year consumer prices have come down from a peak of 9.1% in June 2022. In the 12 months through August, the core CPI is forecast to have increased by 4.3%. "Under our new forecast for CPI health insurance, we continue to expect core CPI and especially core services ex.

Persons: Sam Bullard, it's, Ronnie Walker, Goldman Sachs, James Knightley, Lucia Mutikani, Timothy Gardner Organizations: Federal Reserve, Labor Department, U.S . Energy Information Administration, CPI, Financial, Labor Department's Bureau of Labor Statistics, United Auto Workers, General Motors, Ford Motor, ING, Thomson Locations: WASHINGTON, Wells, Charlotte , North Carolina, U.S, I'm, New York

☆ Jim Cramer says 'watch Ford as a barometer' of potential United Auto Workers strike risk
▼ + stars: | 2023-09-13 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +1 min

Ford Motor 's (F) stock may offer clues into Wall Street's current attitude toward potential strikes by the United Auto Workers union, CNBC's Jim Cramer said Wednesday. The UAW has been negotiating new contracts for its 146,000 members with the three Detroit automakers — Ford, General Motors (GM) and Jeep-owner Stellantis (STLA). "I want to watch Ford as a barometer," Cramer said on "Squawk on the Street." The UAW also may decide to implement targeted strikes at certain plants, CNBC reported Tuesday night, citing union officials. In an interview earlier Wednesday on CNBC, UAW President Shawn Fain was asked whether Ford, which employs the most UAW members of the Detroit Three, was the least likely to be struck.

Persons: CNBC's Jim Cramer, —, Stellantis, Ford, Cramer, Jim Cramer's, he's, Shawn Fain, Fain Organizations: Ford, United Auto Workers, UAW, Detroit, — Ford, General Motors, CNBC, Cramer's Charitable Trust, Club, UBS, GM Locations: Cramer's

☆ U.S. Automakers Face a Huge Strike. Here’s What to Know.
▼ + stars: | 2023-09-13 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

The United Auto Workers union, which represents about 150,000 workers at U.S. car plants, could strike against three of the country’s largest automakers on Friday if the union and the companies are unable to reach new contracts. The president of the U.A.W., Shawn Fain, said that Thursday was the “deadline, not a reference point.”The union is negotiating a separate four-year contract with each automaker. has never struck against all three companies at once, preferring to target one at a time. But Mr. Fain has said he and his members are willing to strike against all three this time. is demanding 40 percent wage increases over four years, which Mr. Fain says is in line with how much the salaries of the companies’ chief executives have increased in the past four years.

Persons: Ram —, Shawn Fain, Fain Organizations: United Auto Workers union, U.S, —, Motors, Ford Motor, Chrysler, Jeep

☆ Standoff Over Electric Vehicle Workers Poses Risk for Biden
▼ + stars: | 2023-09-13 | by ( Noam Scheiber | More About Noam Scheiber | ) www.nytimes.com time to read: +1 min

President Biden has been highly attuned to the politics of electric vehicles, helping to enact billions in subsidies to create new manufacturing jobs and going out of his way to court the United Automobile Workers union. The union, under its new president, Shawn Fain, wants workers who make electric vehicle components like batteries to benefit from the better pay and labor standards that the roughly 150,000 U.A.W. The Detroit automakers counter that these workers are typically employed in joint ventures with foreign manufacturers that the U.S. automakers don’t wholly control. The companies say that even if they could raise wages for battery workers to the rate set under their national U.A.W. contract, doing so could make them uncompetitive with nonunion rivals, like Tesla.

Persons: Biden, Ram —, Shawn Fain, Tesla Organizations: United Automobile Workers, —, Motors, Ford Motor, Chrysler, Jeep, Detroit automakers, U.S, don’t

☆ Jim Cramer's top things to watch in the stock market Wednesday
▼ + stars: | 2023-09-13 | by ( Jim Cramer | ) www.cnbc.com time to read: +3 min

The first of two major antitrust lawsuits targeting Club holding Alphabet 's (GOOGL) Google search engine got underway Tuesday in Washington, D.C. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. 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: Ford, what's, Jim Cramer's, Jim Cramer, Jim Organizations: Labor, West Texas, Mortgage, Apple, Tuesday, UBS, Ford, United Auto Workers, Club, JPMorgan, Oracle, Google, Washington , D.C, Arm Holdings, SoftBank Group, Nvidia, Jim Cramer's Charitable, CNBC Locations: China, Washington ,

☆ U.A.W. Prepares for Partial Strike Against Detroit Automakers on Friday
▼ + stars: | 2023-09-13 | by ( Neal E. Boudette | More About Neal E. Boudette | ) www.nytimes.com time to read: +1 min

Barely 24 hours before the contract deadline, the United Auto Workers leader said Wednesday that his members were prepared for a strike against the three Detroit automakers — first at a limited number of factories, with the walkout expanding if talks remain bogged down. “September 14 is a deadline, not a reference point,” he declared in an address to union members on Facebook Live. He said the initial strike locations would be “limited and targeted,” and would be communicated to members on Thursday night ahead of a Friday walkout. This tactic — a departure from the union’s usual strategy of staging an all-out strike against a single automaker chosen as a target — is intended to give the U.A.W. negotiators increased leverage in the talks, and to keep the manufacturers off balance.

Persons: Shawn Fain, ” Organizations: United Auto Workers, Detroit automakers —, General Motors, Ford Motor, Facebook

All-new: 2024 GMC Acadia The show's one big new model reveal came as General Motors unveiled the completely redesigned 2024 GMC Acadia on Wednesday morning. 2024 GMC Acadia GMProduction of the 2024 Acadia is expected to begin early next year at a plant in mid-Michigan, with vehicles slated to hit dealer showrooms during the first quarter. The company revealed its refreshed 2024 F-150 pickup truck lineup Tuesday night to a large crowd in downtown Detroit, not far from the show floor. Jeep unveiled a refreshed 2024 version of its Gladiator pickup in Detroit on Sep. 13, 2023. Not surprisingly, the Gladiator's new grille is very similar to the revamped grille that the Wrangler itself will be sporting for the 2024 model year.

Persons: it's, Duncan Aldred, wasn't, Ford, Jim Farley, John Emmert, Motors, Cadillac, Alex MacDonald, Gladiator, Stellantis, Jim Morrison Organizations: DETROIT, Detroit, United Auto Workers, Detroit Auto, North American, CNBC, General Motors, Acadia, GMC, GMC Acadia GM, GM, Chevrolet Traverse, Buick, CT5, Cadillac CT5, Google, Jeep, Apple Locations: Acadia, Michigan, U.S, Yukon, Detroit, Toledo ., North America

☆ UAW will strike against Detroit automakers if deals aren't reached by Thursday, union boss says
▼ + stars: | 2023-09-13 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

The United Auto Workers union will strike against the Detroit automakers if the sides don't reach labor deals by an 11:59 p.m. Fain's comments came the morning after he outlined plans to local union leaders about implementing targeted strikes at certain General Motors , Ford Motor and Stellantis plants, if agreements aren't reached by Thursday. "All three are expected to deliver for their workers and if they don't, there will be action." Targeted strikes refer to work stoppages only at certain plants, related to local contract issues that many, if not most, facilities have. That differs from national strikes where all union members exit plants, which occurred four years ago during the last round of negotiations with GM.

Persons: Shawn Fain, Fain, Phil LeBeau, Ford Organizations: United Auto Workers, Detroit automakers, Ford Motor, GM

☆ Stocks making the biggest moves midday: Citigroup, Adobe, Corteva and more
▼ + stars: | 2023-09-13 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

David Wadhwani, senior vice president of digital media for Adobe, speaks during the launch of Adobe Creative Cloud and CS6 in San Francisco, April 23, 2012. Redwire — The space infrastructure stock soared 5.6% Wednesday after Roth MKM initiated research coverage of the company with a buy rating. The firm said Redwire, which went public via a special purpose acquisition company in 2021, has "several billions worth of pipeline revenue opportunity." Citigroup — Shares advanced nearly 1.7% after the bank's CEO Jane Fraser announced a corporate reorganization Wednesday amid a stock slump. Adobe — Stock in the software company added about 2.1% in midday trading ahead of quarterly results Thursday.

Persons: David Wadhwani, Roth MKM, Jane Fraser, Nio, General Motors, —, Alex Harring, Hakyung Kim, Brian Evans, Samantha Subin, Tanaya Macheel Organizations: Adobe, Adobe Creative, Moderna —, Centers for Disease Control, Pfizer, Moderna, U.S . Food, Drug Administration, Citigroup —, Citigroup, Airline, American Airlines, Spirit Airlines, European Commission, Adobe —, FactSet, Traders, Ford Motor, General, UBS, Ford, General Motors Locations: San Francisco, U.S, Nio —, China

DETROIT – The United Auto Workers and Detroit automakers remain far apart ahead of the union "likely" strategically striking the companies after an 11:59 p.m. ET Thursday deadline, UAW President Shawn Fain said Wednesday night. Fain also laid out general plans about how the union expects to strategically strike the Detroit automakers, if needed. Fain referred to the union's plans as a "stand-up strike," a nod to historic "sit-down" strikes by the UAW. He also said Fain missed a Tuesday meeting that he and Ford Chair Bill Ford believed he would be attending.

Persons: Shawn Fain, Fain, …, Sen, Bernie Sanders, Jim Farley, Bill Ford, Farley, it's, Ford, Stellantis Organizations: DETROIT, United Auto Workers, Detroit, UAW, General Motors, Ford Motor, Detroit automakers, Ford Locations: Detroit, U.S, Vermont

☆ Investors can find income in these quality stocks, Berenberg says
▼ + stars: | 2023-09-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Dividends may be harder to find these days, and that means investors should be discerning as they hunt for an income strategy, according to Berenberg. In fact, as the economy slows, investors can turn to dividend stocks to play defense. The largest company, Exxon Mobil , has a 12-month forward dividend yield of 3.3% and a surplus free-cash-flow yield of 4%, Stubbs said. It has a 4.7% 12-month forward dividend yield and a surplus free-cash-flow yield of 2.2%. It has a 12-month forward dividend yield of 5.8% and a 5% surplus free-cash-flow yield, according to Berenberg.

Persons: Jonathan Stubbs, Stubbs, Berenberg, Darren Woods, CNBC's, Eli Lilly, Ford, — CNBC's Michael Bloom Organizations: P Global Market Intelligence, Exxon Mobil, Pfizer, Food and Drug Administration, Novo Nordisk, Ford Locations: U.S, Canada

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