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☆ Arrival, Nikola signal more pain for EV startups
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

July 3 (Reuters) - Arrival SA will terminate plans to merge with a blank-check firm and Nikola Corp will offload its newly acquired battery unit, the companies said on Monday, amplifying concerns over the struggles electric vehicle (EV) startups face in building scale. Meanwhile, Nikola Corp (NKLA.O) will liquidate the assets of Romeo Power, an EV battery maker it acquired less than a year ago, to energize the business. In contrast, electric vehicle behemoth Tesla (TSLA.O) and California-based Rivian Automotive (RIVN.O) beat market estimates for second-quarter deliveries. Arrival had in April bet that the second reverse merger would release $283 million of cash held in trust before redemptions. The EV startup in May reported a 37% slump in cash and cash equivalent at the end of the first three months of the year, from the preceding quarter.

Persons: Nikola Corp, Romeo Power, Tesla, Van, Akash Sriram, Sriraj Organizations: Nikola Corp, Kensington Capital, Corp, Romeo, EV, CIIG Merger Corp, United Parcel Service, Thomson Locations: British, Kensington, California, Charlotte , North Carolina, Bengaluru

☆ Revised UPS contract offer makes 'significant' movement on pay -Teamsters
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: 1 min

LOS ANGELES, June 30 (Reuters) - United Parcel Service (UPS.N) has delivered a revised offer with "significant movement on wages and other economic language," the union representing roughly 340,000 U.S. drivers, package handlers and loaders at the global delivery firm said on Friday. The International Brotherhood of Teamsters union said UPS has requested more time to negotiate and pledged to reach a deal no later than July 5. Earlier this week the International Brotherhood of Teamsters union demanded that UPS make its "last, best, and final offer no later than June 30." The contract covering U.S. UPS workers expires at midnight on July 31. Reporting by Lisa Baertlein in Los Angeles Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Lisa Baertlein, Matthew Lewis Organizations: United Parcel Service, Brotherhood of Teamsters, UPS, U.S, Thomson Locations: ANGELES, Los Angeles

☆ UPS working with experts after phishing attack on some shippers, customers
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

June 28 (Reuters) - United Parcel Service (UPS.N) said on Wednesday it is working with law officials and outside experts following reports of phishing messages that were sent via text messages to certain shippers and their customers in Canada. The package delivery company did not disclose the number of customers and shippers impacted. "Law enforcement has indicated that there has been an increase in smishing (SMS phishing), impacting a number of shippers and many different industries," UPS said in an emailed statement. UPS said it was sending privacy incident notification letters to individuals in Canada whose information may have been impacted. Reporting by Priyamvada C and Aishwarya Nair in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Priyamvada C, Aishwarya Nair, Shilpi Majumdar Organizations: United Parcel Service, UPS, Security, Thomson Locations: Canada, U.S, Bengaluru

☆ With month before strike deadline, Teamsters walk away from talks with UPS
▼ + stars: | 2023-06-28 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

New York CNN —The Teamsters union says it has walked away from negotiations with United Parcel Service with just over a month to go before its contract expires. In fact, most union labor negotiations include a strike authorization vote by rank and file, and most negotiations conclude with an agreement rather than a strike. Even if they vote no, it does not mean a strike is inevitable, especially this far from a strike deadline. UPS CEO Carol Tome has insisted there can be a deal reached that is a win for the union members, the company and its customers. Teamsters point to record UPS profitsThe Teamsters haven’t publicly disclosed the wage increase union negotiators are seeking.

Persons: Sean O’Brien, “, ”, Carol Tome, Teamsters haven’t, O’Brien Organizations: New, New York CNN, Teamsters, United Parcel Service, UPS, ” Unions, Disney, FedEx, US Postal Service Locations: New York

Overstock.com is going all in on failed retailer Bed Bath & Beyond. It will relaunch the Bed Bath & Beyond website in Canada within the next week, followed by a rollout of a website, mobile app and loyalty program in the U.S. "weeks later." "Bed Bath & Beyond is an iconic consumer brand, well-known in the home retail marketplace," Overstock CEO Jonathan Johnson said in a statement. Overstock will not acquire any brick-and-mortar Bed Bath stores as part of the deal. A number of bidders have expressed interest in Buy Buy Baby's stores but it remains unclear if any will be bought and kept open.

Persons: Overstock, Jonathan Johnson Organizations: United Parcel Service, Bed Locations: Salt Lake City , Utah, Overstock.com, Canada, U.S

Union workers missed out on a frenzy of wage increases by employers desperate for workers during the height of the COVID-19 pandemic. Low unemployment makes it easier for union workers to stand firm during negotiations. Union workers also want more affordable healthcare, paid sick time and more-flexible scheduling for greater work-life balance. Some workers said the base wage increase was insufficient and balked at higher out-of-pocket medical costs. Late last year, U.S. freight railroad workers rejected a five-year contract that included a 24% wage increase, citing lack of paid sick leave.

Persons: Diane Swonk, Erin McLaughlin, Willie Adams, Sam Johnson, Johnson, Joe Biden, Todd Vachon, Garth Thompson, Lisa Baertlein, Bianca Flowers, Rajesh Kumar Singh, David Gregorio Our Organizations: Workers, Spirit, Deere & Co, Reuters, KPMG, Conference Board, Conference, . West, International Association of Machinists, Aerospace Workers, Caterpillar, Congress, Unions, Union, CNH, Deere, Midwest, Rutgers, United Parcel Service, International Brotherhood of Teamsters, United Auto Workers, Detroit automakers, General Motors, Ford, FedEx, American Airlines, Pilots, United, United Airlines, Thomson Locations: U.S, . West Coast, Wichita , Kansas, Decatur , Illinois, Wisconsin, Iowa, West, Los Angeles, Chicago

☆ Wall Street extends sell-off as Powell hints at further rate hikes
▼ + stars: | 2023-06-21 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

All three major U.S. stock indexes notched their third straight daily declines, with megacap tech- and tech-related shares weighing most. Tesla Inc (TSLA.O), along AI-related stocks such as Microsoft Corp (MSFT.O) and Nvidia Corp (NVDA.O) were the heaviest drags. "There could be one more rate hike, but I don’t think anyone's buying the fact that there will be two. "A big portion of today’s weakness is because Tesla had one of its worst days in a while," Detrick added. "After a record win streak some kind of weakness is perfectly acceptable and normal."

Persons: Tesla, Jerome, Ryan Detrick, Powell, Detrick, Stephen Culp, Shubham Batra, Johann M Cherian, Ankika Biswas, Aurora Ellis Organizations: FedEx, Barclays, NEW, Federal, Carson Group, Tesla, Microsoft Corp, Nvidia Corp, . House Financial Services, Nasdaq, Dow Jones, Tesla Inc, United Parcel Service Inc, Thomson Locations: Omaha, Bengaluru

All S&P 500 sub-sectors fell, with the rate-sensitive real estate sector (.SPLRCR) leading the declines, with a 0.8% drop. In the previous session, Wall Street's main indexes fell as investors booked profits in the wake of a sustained market rally amid signs of weakening global demand. Still, the benchmark S&P 500 (.SPX) has advanced around 14% so far this year. If a U.S. recession becomes more likely, Goldman Sachs (GS.N) said investors should maintain upside exposure to equities by using options to hedge a potential 23% fall in the S&P 500 index (.SPX). It holds chances of a recession at 25%, and in that base case, it expects the S&P 500 to rise to 4,500 - about 2.5% higher than current levels.

Persons: Jerome Powell, Powell, Volcker, that's, Peter Cardillo, Goldman Sachs, Li Auto, advancers, Shubham Batra, Johann M Cherian, Ankika Biswas, Stephen Culp, Arun Koyyur Organizations: FedEx, China EV, Dow, Financial, U.S, Fed, Spartan Capital Securities, United Parcel Service, Dow Jones, Nasdaq, Nio Inc, Xpeng, Adobe, Capital Markets, NYSE, Thomson Locations: China, U.S, Bengaluru

[1/2] A view of signage at a FedEx Ground distribution center in Carson, California, U.S., September 16, 2022. REUTERS/Bing Guan/File PhotoLOS ANGELES, June 20 (Reuters) - FedEx (FDX.N) on Tuesday said it will merge its contractor-based Ground delivery operations in Canada into its company-operated Express unit and convert contractors into employees. FedEx made a similar change in the U.S. states of Alaska and Hawaii last year. Still, the company said there will be U.S. markets where packages shift from Express to Ground, its outsourced delivery arm. In those cases, the company said it would continue to use delivery contractors as part of its "hybrid" worker model.

Persons: Bing Guan, D.E, Shaw, Lisa Baertlein, Leslie Adler, Lisa Shumaker Organizations: FedEx, REUTERS, United Parcel Service, Company, Thomson Locations: Carson , California, U.S, Canada, Alaska, Hawaii, Memphis , Tennessee, Los Angeles

☆ Greg Abbott has cut required water breaks for Texas construction workers and labor advocates say it could kill them
▼ + stars: | 2023-06-18 | by ( Katie Hawkinson | ) www.businessinsider.com time to read: +2 min

Texas is currently first in the nation for heat-related workplace deaths, the Texas Tribune reports. Greg Abbott signed a bill Tuesday that eliminated ordinances across the state requiring water breaks for construction workers — all while a record-setting heatwave sweeps across the state. Meanwhile, Bishop James Dixon — President of the NAACP Houston — condemned the bill, according to local news outlet KHOU 11. Ana Gonzalez, deputy director of policy and politics at the Texas AFL-CIO, a federation of labor unions, told the Texas Tribune the bill may prove fatal for construction workers. Texas has the highest rate of heat-related workplace deaths, the Texas Tribune reports.

Persons: Greg Abbott, —, Bishop James Dixon —, NAACP Houston —, Ana Gonzalez, Gonzalez Organizations: Texas AFL, Texas Tribune, Service, Gov, Huffington, NAACP Houston, Washington Post, Teamsters, United Parcel Service, CNN Locations: Texas, Austin, Dallas

LOS ANGELES, June 16 (Reuters) - United Parcel Service (UPS) (UPS.N) union employees have voted overwhelmingly to authorize a strike should contract talks break down after the current agreement ends in two weeks, the International Brotherhood of Teamsters said on Friday. The vote is a standard practice in union contract campaigns designed to give leverage to the union representing some 340,000 UPS workers. Tancredi, a partner at consultancy West Monroe, said interdependence between the Teamsters and UPS reduces strike risk. "They get what they pay for," Schreiner said of UPS adding that company delivery drivers, who make about $150,000 annually including base pay and benefits before overtime, "earn it." UPS shares fell as much as 1.5% after the news but quickly pared losses to trade down 0.6% in midday trade.

Persons: Sean O'Brien, Jeremy Tancredi, Tancredi, Rikki Schreiner, Schreiner, Lisa Baertlein, Shivansh, Jamie Freed Organizations: United Parcel Service, International Brotherhood of Teamsters, Teamsters, UPS, West, Reuters, FedEx, Thomson Locations: ANGELES, West Monroe, Eagan , Minnesota, Los Angeles, Bangalore

☆ UPS Workers Authorize Teamsters Union to Call Strike
▼ + stars: | 2023-06-16 | by ( Noam Scheiber | ) www.nytimes.com time to read: +1 min

United Parcel Service workers have authorized their union, the International Brotherhood of Teamsters, to call a strike as soon as Aug. 1, after the current contract expires, the Teamsters announced Friday. The Teamsters represent more than 325,000 UPS employees in the United States, where the company has nearly 450,000 employees overall. The union said 97 percent voted in favor of strike authorization. “The results do not mean a strike is imminent and do not impact our current business operations in any way,” UPS said in a statement, adding that it was “confident that we will reach an agreement.”A UPS strike could have significant economic fallout. The company handles about one-quarter of the tens of millions of parcels shipped each day in the United States, according to the Pitney Bowes Parcel Shipping Index.

Organizations: Parcel Service, International Brotherhood of Teamsters, Teamsters, UPS, Pitney Bowes Parcel Shipping Locations: United States

While the overall market awaits a debt ceiling deal, certain stocks are forming notable patterns followed by chart analysts: the bullish golden cross and the dreaded death cross. Meanwhile, a death cross is the exact opposite. Stocks closing in on a death cross pattern include American Express and United Parcel Service. A bullish pattern forms Shares of paint company Sherwin-Williams are forming a bullish golden cross. Shares of shipping giant UPS are also on pace to form a death cross.

Persons: Sherwin, Williams, Refinitiv, Carol Tomé Organizations: CSX, American Express, United Parcel Service, CNBC, Abbott Laboratories, U.S . Food, Drug Administration, Mobile Locations: U.S

Amazon said the promotion is not a cost-cutting measure and that it applies to customers who have never used Amazon Pickup or have not used that service in the last 12 months. "We offer customers a variety of ways to get their packages, inclusive of delivery and pickup options. The $10 Amazon Pickup promotion isn't new," the company said in a statement. [1/2] One of Amazon's delivery trucks is pictured working on delivery from the Amazon facility in Poway, California, U.S., November 16, 2022. REUTERS/Sandy Huffaker/File Photo 1 2Increasing use of Amazon pickup locations would help the company bypass costly residential package dropoffs and is "a huge opportunity for Amazon to reduce the cost of delivery," Maciuba said.

[1/2] One of Amazon's delivery trucks is pictured working on delivery from the Amazon facility in Poway, California, U.S., November 16, 2022. Increasing use of Amazon pickup points would help the company bypass costly residential package dropoffs and is "a huge opportunity for Amazon to reduce the cost of delivery," Maciuba said. Amazon worked for years to train consumers to expect fast, no-fee deliveries and returns. As the company tightens its belt after a period of explosive growth, it has made numerous moves to reduce delivery-related costs across the company. Amazon late last year hiked the price of its annual Prime subscription that includes free shipping benefits by $20 to $139.

☆ I'm a bear when it's called for, like in 2007. But this stock market belongs to the bulls
▼ + stars: | 2023-04-30 | by ( Jim Cramer | ) www.cnbc.com time to read: +9 min

I have not been bombarded with as many warnings about how we are about to embark upon a wave of failures of all sorts — shadow banks, regional banks, commercial real estate lenders, real estate investment trusts — at any time since 2007. Let's take commercial real estate. I mention SL Green because it may be the most challenged of the REITs, real estate investment trusts, other than Vornado Realty Trust (VNO), a historically fine New York real estate concern, which just delayed its dividend. 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.

☆ Wall St Week Ahead Recession worries simmer beneath US stock market rally
▼ + stars: | 2023-04-28 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

NEW YORK, April 28 (Reuters) - Economically sensitive areas of the U.S. stock market are flashing warnings over growth, even as major equity indexes edge higher. Beneath the surface, however, areas of the market tied to economic sentiment such as transports, semiconductors and small-cap stocks dropped in April, while so-called defensive sectors are outperforming. “People are starting to more defensively position themselves,” said Aaron Dunn, co-head of the value equity team at Eaton Vance. "They are talking about demand being down and they are ridiculously important shipping companies,” said Matt Maley, chief market strategist at Miller Tabak. Reporting by Lewis Krauskopf; Editing by Ira Iosebashvili and David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ UPS CFO Looks to Speed Up Some Cost Cuts as Shipping Volumes Fall
▼ + stars: | 2023-04-27 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

UPS said it expects U.S. average daily package volumes to fall around 3% this year. Photo: ANDREW KELLY/REUTERSUnited Parcel Service Inc. is working to speed up certain efforts to reduce costs as package volumes continue to drop and U.S. consumers pull back spending. The Atlanta-based delivery company over the past three years has been looking to reduce nonoperating costs, including by streamlining processes and making investments in technology. UPS in 2021 said it would reduce $1 billion in nonoperating costs but hasn’t said if that has been achieved.

☆ Morning Bid: Fresh spur from Meta and Europe's banks
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +5 min

Perhaps even more surprising, Europe's big banks are wowing the gallery too - showing limited, if any, fallout from the failure of ailing Credit Suisse at the end of the quarter. And so the glass appears half full again despite background tensions around regional U.S. banks and as wider markets brace for several weeks of a U.S. debt ceiling standoff. With Amazon reporting later, its stock rose another 2% ahead of the bell too. The U.S. House of Representatives on Wednesday narrowly passed a bill to raise the government's $31.4 trillion debt ceiling that includes sweeping spending cuts over the next decade. The dollar was marginally weaker, with crude oil prices struggling to recover from their latest lunge lower this week.

Microsoft shares rallied 7.2% following upbeat quarterly earnings and sales, including of robust artificial intelligence products. The Dow Jones Industrial Average (.DJI) fell 228.96 points, or 0.68%, to 33,301.87; and the S&P 500 (.SPX) lost 15.64 points, or 0.38%, at 4,055.99. The S&P 500 technology index (.SPLRCT) was the sole gainer among the benchmark's 11 major industry sectors, adding 1.7%. Of the 163 S&P 500 companies that reported first-quarter profit through Wednesday morning, 79.8% topped analysts' expectations, as per Refinitiv IBES data. It helped push the S&P 500 bank index (.SPXBK) down 1.4% on the day.

☆ UPS Issues Downbeat Outlook for Shipping Volumes
▼ + stars: | 2023-04-26 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

UPS is forecasting its first decline in annual revenue since 2009. Photo: Fred Prouser/REUTERSUnited Parcel Service Inc. shares tumbled on Tuesday after the global shipping giant said decelerating U.S. retail sales and shifting consumer trends would depress the company’s shipping volumes this year. The carrier is forecasting its first decline in annual revenue since 2009 after earnings and revenue both fell in the first quarter from a year ago, declines UPS said were driven by sagging consumer spending that pushed fewer packages through its U.S. and international networks.

This helped push the Dow Jones Transport Average index (.DJT) down 3.6%, for its biggest one-day drop since September. The Nasdaq Composite (.IXIC) dropped 238.05 points, or 1.98%, to 11,799.16 in its biggest one-day percentage decline since March 9. The KBW Regional Banking index (.KRX) dropped 3.9% as First Republic (FRC.N) shares fell 49%, hitting a record low. General Motors Co (GM.N) shares fell 4% after it cautioned that 2022 price gains will not last as the year goes on, even as it lifted full-year profit and cash flow forecasts. On U.S. exchanges 10.78 billion shares traded compared with the 10.32 billion average for the last 20 sessions.

☆ Stocks Fall After First Republic Earnings Revive Banking Worries
▼ + stars: | 2023-04-25 | by ( Sam Goldfarb | Will Horner | ) www.wsj.com time to read: 1 min

Illustration: MacKenzie CoffmanDisappointing earnings from companies including First Republic Bank and United Parcel Service helped interrupt a weekslong stretch of market calm on Tuesday, with stocks falling as investor concerns about the economy ticked upward. The S&P 500 fell 1.6%, and the Dow Jones Industrial Average fell around 345 points, or 1%, marking the largest single-day declines for both indexes since March 22. The tech-heavy Nasdaq Composite dropped 2%, its biggest decline since March 9.

The insurance company posted 84 cents in adjusted earnings per share and $1.11 billion in revenue. However, the company's $592.2 million quarterly revenue fell below the $593.9 million anticipated by Wall Street. Although the company's quarterly adjusted earnings and revenue topped analysts' expectations, investors may have been disappointed in its muted full-year outlook. Danaher's GAAP operating profit of $1.79 billion fell below analysts' estimates of $2.12 billion, according to FactSet. General Motors — Shares fell 3.3% after the automaker lowered its guidance for net income attributable to stockholders in 2023.

☆ UPS shares fall after delivery giant reports disappointing earnings
▼ + stars: | 2023-04-25 | by ( Natasha Piñon | ) www.cnbc.com time to read: +4 min

United Parcel Service shares fell Tuesday after the American trucking and delivery giant reported first-quarter misses on both earnings and revenue. To some analysts, the relatively weak report from UPS hints at a wider economic slowdown, particularly when coupled with CEO Carol Tomé's comments. Tomé told CNBC on Tuesday that a larger, industry-wide decline in retail sales in the month of March impacted UPS as well. Previously, UPS projected revenue between $97 billion and $99.4 billion, versus analysts' estimates of $99.98 billion. In its fourth-quarter earnings call, Chief Financial Officer Brian Newman said the company expected 2023 "to be a bumpy year."

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