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Jim Cramer explains why Ford stock has held up well despite pressures from the UAW strikeIt has been a tough week for stocks but Jim Cramer and portfolio director Jeff Marks explain that a government shutdown may not be a bad scenario for the markets and shouldn't be a signal for investors to sell.
Persons: Jim Cramer, Jeff Marks Organizations: Ford, UAW
How Tesla is at the center of the UAW strikes
  + stars: | 2023-09-29 | by ( Robert Ferris | In | ) www.cnbc.com   time to read: 1 min
The UAW strikes hitting the Detroit Three automakers — GM , Ford and Stellantis — could widen the electric vehicle gap between them and Tesla, which already controls 60 percent of the EV market. The three Detroit automakers all use union labor, and those workers are represented by the United Auto Workers union — Tesla does not. Already, industry insiders say labor costs at GM, Ford and Stellantis are considerably higher than they are at the electric car maker. But Tesla workers have attempted to unionize its factories in the past. While attempts have so far been unsuccessful, recent polls show about two-thirds of Americans are supportive of unions.
Persons: Stellantis, Tesla Organizations: UAW, Detroit Three, — GM, Ford, Detroit, United Auto Workers, GM
UAW strike expands with over 7K employees walking off
  + stars: | 2023-09-29 | 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 EmailUAW strike expands with over 7K employees walking offCNBC's Phil LeBeau joins 'The Exchange' to discuss more automotive plants being shut down by the UAW strike, how many employees have walked out due to the strike, and more.
Persons: Phil LeBeau Organizations: UAW
DETROIT – The United Auto Workers union will expand strikes against General Motors and Ford Motor to two U.S. assembly plants at noon ET, UAW President Shawn Fain said Friday. Fain said Chrysler-parent Stellantis was spared from additional strikes because of recent progress in negotiations with that company. "To restore the balance of power, we have to restore the strike," Fain said Friday, citing several other UAW strikes aside from the Detroit automakers. The UAW originally initiated work stoppages on Sept. 15 at three assembly plants — one each for the Detroit automakers. At that time, the UAW spared Ford from expanded strikes, citing progress in those negotiations.
Persons: Shawn Fain, Fain, Stellantis, Gerald Johnson, GM's Organizations: DETROIT, United Auto Workers, General Motors, Ford Motor, UAW, Chicago Assembly, Ford Explorer, Lincoln Aviator, Buick Enclave, Chevrolet, Chrysler, Detroit, GM, Ford, Detroit automakers Locations: Illinois, Lansing Delta, Michigan
Wages are going to go up at Tesla, says Barclays' Dan Levy
  + stars: | 2023-09-29 | 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 EmailWages are going to go up at Tesla, says Barclays' Dan LevyDan Levy, senior autos analyst at Barclays, joins 'The Exchange' to discuss the widening wage increase among auto manufacturers over EV development, the UAW strikes impact on GM and Ford stocks, and more.
Persons: Dan Levy Dan Levy Organizations: Barclays, UAW, GM, Ford
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's why Tesla is at the center of the UAW strikesThousands of workers are striking the big three Detroit auto manufacturers Ford, GM and Stellantis. The strikes are unlike any other in recent American auto history. Even United Auto Workers' president Shawn Fain calls the demands audacious. Legacy carmakers already struggle to compete with Tesla's manufacturing costs and selling price. So are Elon Musk and Tesla the strikes' big winners?
Persons: Tesla, Shawn Fain, carmakers, Elon Organizations: UAW, Detroit, Ford, GM, United Auto Workers
The UAW Tax and the Car Safety Revolution
  + stars: | 2023-09-28 | by ( ) www.wsj.com   time to read: 1 min
Striking members of the United Auto Workers in Belleville, Mich., Sept. 26. Photo: EVELYN HOCKSTEIN/REUTERSClifford Winston’s op-ed “UAW Strike May Hasten Detroit’s Decline” (Sept. 22) says little about the United Auto Workers’ role in shrinking the domestic auto industry by half over the past 40 years. My employer, Ford, employed around 400,000 in its heyday. The loss of workforce and closing of plants were due to the UAW’s contract agreements and restrictive work rules, agreed to by the company under duress. These helped make Detroit uncompetitive.
Persons: EVELYN HOCKSTEIN, Clifford Winston’s, Ford Organizations: United Auto Workers, “ UAW, Ford, Detroit Locations: Belleville, Mich
Strikes on the rise: Here's why this is happening
  + stars: | 2023-09-28 | 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 EmailStrikes on the rise: Here's why this is happeningBill Sokol, labor lawyer representing unions in their labor relations with employers and members, joins 'Power Lunch' to discuss the UAW strike, declining union membership, and more.
Persons: Bill Sokol Organizations: UAW
Against this precarious backdrop, Washington is on the verge of a messy shutdown of the federal government. A shutdown probably won’t wreck the economy, especially if it’s short. And if it a shutdown lasts long enough, it could, along with these other headwinds, do some real damage. The US Travel Association estimates the domestic travel economy would lose as much as $140 million a day from a government shutdown. “Uncertainty regarding federal operations will likely persist for the next few months.”Given all the other obstacles facing the economy, chaos in Washington is the last thing the economy needs.
Persons: New York CNN —, , Greg Valliere, Joe Brusuelas, Goldman Sachs, , Uncle Sam, Mark Zandi, don’t, ” Zandi, AGF’s, , ” Moody’s Organizations: New, New York CNN, UAW, Big Three, Federal, Federal Reserve, AGF Investments, RSM, American Federation of Government Employees, TSA, US Travel Association, Companies, Moody’s, AAA, Goldman Locations: New York, Washington, United States
Stocks are up modestly in early trading Wednesday, but the usual signals of volume spikes and higher volatility are still not present. Yet here we are, with the 10-year at 4.55% yesterday and looking like it wants to get to 5.0% fast. Total equity volume yesterday was 10.4 billion shares, well below the September 2022 average of 11.4 billion, and 3% below the average level even for August, a vacation month. Modest volumes, relatively low volatility with prices down notably means there is no selling panic, but there is a buyer's strike in stocks. They need to see rates come down before they have confidence to buy stocks again."
Persons: Chris Verrone, Morgan, Jamie Dimon didn't, Verrone, You'd, Mike O'Rourke, Neel Kashkari, Here's, I've, Alec Young Organizations: UAW, Jones Trading Locations: China, Minneapolis
New York CNN —Donald Trump arrives in Michigan Wednesday with a lot more support among blue collar union members than a lot of Republican presidential candidates before him. The Trump Supreme Court also issued a devasting ruling against public sector unions, which represent almost as many union members as found at private businesses. The state gained 1,800 auto jobs from February 2021, Biden’s first month in office, through February of this year. And Trump urged UAW members to stop paying their union dues. They’re predominantly anti-abortion,” said Brian Pannebecker, a staunch Trump supporter and president of Auto Workers for Trump.
Persons: Donald Trump, “ He’s, , Cathy Creighton, Clinton, he’s, Biden, Neil Gorsuch, Trump, Mary Barra, Biden’s, Crooked Joe Biden, they’re, they’ve, You’re, Shawn Fain, Fain, ” Fain, , “ It’s, Jason Miller, autoworkers, Wheaton, EVs, ” Wheaton, Todd Vachon, Brian Pannebecker, – CNN’s Kristen Holmes, Alayna Treene, Daniel Strauss Organizations: New, New York CNN, National Labor Relations Board, Cornell University’s, Industrial and Labor Relations, Biden NLRB, Trump Supreme, Trump, GM, Lordstown Motors, North American Free Trade, Bureau of Labor Statistics, UAW, United Auto Workers, General Motors, Ford, Drake Enterprises, Labor, Crooked, Biden, Michigan, CNN, Trump Trump’s, ” Trump, Rutgers University, Auto Workers Locations: New York, Michigan, Buffalo , New York, Lordstown , Ohio, Youngstown, Mexico, Macomb County, Detroit, China, Buffalo . Wheaton
United Auto Workers (UAW) President, Shawn Fain addresses picketing UAW members at a General Motors Service Parts Operations plant in Belleville, Michigan, on September 26, 2023, as US President Joe Biden joined the workers. "President Trump will be in Michigan talking with union workers and ensuring American jobs are protected. "Our focus right now is 100% on getting a great agreement for our members," Fain told CNN. Former U.S. President Donald Trump gestures during a rally in Warren, Michigan, U.S., October 1, 2022. But UAW members have previously attended and participated in Trump's events in Michigan.
Persons: Shawn Fain, Joe Biden, Jim Watson, Donald Trump, Trump's, Fain, Trump, Crooked Joe Biden, Steven Cheung, Biden, Joe, there's, Hilary Clinton, Melania, Michael Fabian, Rich Schmidt, Carlos Barria Organizations: United Auto Workers, UAW, General Motors Service, Operations, Afp, Getty, DETROIT, Republican, Drake Enterprises, CNN, Trump, Biden, General Motors, Ford Motor, Former U.S, Chery, Reutersm, EVs, GOP, Trump's, Democratic, Lordstown Motors, White Locations: Belleville , Michigan, Michigan, Detroit, Warren , Michigan, U.S, Dieu, Macomb County , Michigan, Ohio, Washington , U.S
Fox Factory is known for making a wide range of products used in everything from bikes to off-road vehicles to trucks. "But at the same time, that's actually the consumer that's most resilient. The higher-income and enthusiastic consumer Analysts highlighted two qualities in Fox's consumer base that help the company weather a broader economic downturn. The company's "sticky" consumer base caught the attention of Motley Fool Asset Management's Shelby McFaddin, whose Small-Cap Growth ETF (TMFS) contains the stock. It's the largest competitor in the business of bike suspensions, which are typically used on mountain bikes to help mitigate rough terrain.
Persons: Riley, Anna Glaessgen, that's, they're, Michael Swartz, shutdowns, Riley's Glaessgen, Fox, Shelby McFaddin, McFaddin, Glaessgen, Truist's Swartz, Swartz, it's Organizations: Fox Factory, Growth, Consumers, Fox, Street, Ford, United Auto Workers, UAW
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA rebound in memory chips is elevating Micron's performance, says KKM's Jeff KilburgJeff Kilburg, KKM Financial founder and CEO, joins 'The Exchange' to discuss how the restriction on chips from China is impacting Micron, the UAW strike driving used car prices back up, and high bond yields reflecting a struggling equities market.
Persons: Jeff Kilburg Jeff Kilburg Organizations: KKM Financial, Micron, UAW Locations: China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWalter Isaacson: The UAW strike is about legacy automakers figuring out the transition to EVsWalter Isaacson, Elon Musk biographer and partner at Perella Weinberg, joins 'Squawk Box' to discuss the state of the UAW strike, the impact of the strike on the auto industry at large, and more.
Persons: Walter Isaacson, EVs Walter Isaacson, Elon Musk, Perella Weinberg Organizations: UAW
Those smaller suppliers have only recently recovered from the shocks of the Covid-19 pandemic and the resulting global shortage of semiconductors. Now, they're coming under pressure to increase their own workers' wages — in an environment where higher interest rates have made it more costly to borrow money — and staring down the threat of ongoing auto workers' strikes. Members of the United Auto Workers union picket outside the Michigan Assembly Plant in Wayne, Michigan, on Sept. 26, 2023. Supplier layoffsIn the face of prolonged strikes, some smaller suppliers are already cutting workers or announcing plans to do so. Michael B. Thomas | Getty ImagesAs of Tuesday, two additional Detroit-area auto suppliers had already filed notices of potential layoffs with the state of Michigan.
Persons: Bill Pugliano, Patrick T, Fallon, Dennis Devaney, Devaney, Joe Biden, Matthew Hatcher, MEMA, Biden, Michael B, Thomas, Mary Barra, We've Organizations: United Auto Workers, Getty, Ford Motor, General Motors, U.S . automakers, American Automotive, Council, UAW, Chrysler, Parts Distribution, AFP, GM, Ford, National Labor Relations Board, Equipment Manufacturers Association, White House, Plant, Small Business Administration, LM Manufacturing, Ford Bronco, Manufacturing, Canadian, Magna International, Union, General Motors Wentzville, CIE, Spain's CIE Automotive, Eagle Industries, CNBC, Publicly Locations: Auburn Hills , Michigan, Chrysler Los, Ontario , California, Detroit, Covid, Michigan, Wayne , Michigan, U.S, Wentzville , Missouri
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's real concern about where jobs will be in the future as technology changes: WSJ's Tim HigginsTim Higgins, Wall Street Journal reporter, joins 'Squawk Box' to discuss the latest on the UAW strike negotiations after President Biden visited the picket line in Michigan on Tuesday, why concerns among union workers go beyond pay raises and work hours, and more.
Persons: Tim Higgins Tim Higgins, Biden Organizations: Wall Street Journal, UAW Locations: Michigan
Left: President Joe Biden speaking about the auto workers strike from the Roosevelt Room of the White House in Washington on Sept. 15. Right: UAW President Shawn Fain at the 2023 Special Elections Collective Bargaining Convention in Detroit, Michigan, on March 27. Susan Walsh/AP/Rebecca Cook/ReutersWhen President Joe Biden becomes the first sitting president to visit a picket line Tuesday, United Auto Workers union President Shawn Fain will be there with him. Six months ago, it was doubtful Biden or almost anyone else at the White House knew who Fain was. And in July, Fain was at the White House meeting with staff about the administration's support for EVs, and he met face-to-face with Biden.
Persons: Joe Biden, Roosevelt, Shawn Fain, Susan Walsh, Rebecca Cook, Biden, Fain, Joe Biden’s, ” Fain, he's, Donald Trump, Trump Organizations: White, UAW, Reuters, United Auto Workers, Ford, SK, White House Locations: Washington, Detroit , Michigan, Michigan
A New Tax to Fix U.S. Autos? What Chutzpah
  + stars: | 2023-09-26 | by ( ) www.wsj.com   time to read: 1 min
A ‘UAW On Strike’ sign held on a picket line in Burton, Mich., Sept. 25. Photo: Emily Elconin/Bloomberg NewsClifford Winston’s op-ed “UAW Strike May Hasten Detroit’s Decline” (op-ed, Sept. 22) is further evidence that energy-transition advocates want to change your behavior. He proffers “an efficient vehicle-miles-traveled tax,” wherein the government could “reduce driving, especially during peak periods,” as a more efficient means to cut emissions. This would require the government to track vehicles and tax their owners for driving at the wrong time or place and for fueling or charging your soon-to-be-mandated EV at the wrong time.
Persons: Emily Elconin, Clifford Winston’s Organizations: UAW, Bloomberg, “ UAW Locations: Burton, Mich
They gave everything from their pensions on, and they saved the automobile industry,” Biden said Monday from the White House. Biden is also leaning in on his union support at a time when labor enjoys broad support from the public, with 67% of Americans approving of labor unions in an August Gallup poll. White House officials dismissed the notion that Trump forced their hand and noted that Biden was headed to Michigan at the request of UAW President Shawn Fain, who last week invited the sitting president to join the strikers. “He is pro-UAW, he is pro-workers, that is this president,” White House press secretary Karine Jean-Pierre said Monday. Dave Ellis, who stocks parts at the distribution center, said he’s happy Biden wants to show people he’s behind the middle class.
Persons: Joe Biden’s, Franklin Delano Roosevelt, Harry Truman, Theodore Roosevelt, Roosevelt, Biden, , , Erik Loomis, , ” Biden, Donald Trump, Gallup, Trump, President Trump, Joe Biden, Jason Miller, Shawn Fain, Karine Jean, Pierre, Carolyn Nippa, ” Nippa, “ I’m, Dave Ellis, he’s, Ellis, Gene Sperling, Julie Su, ___ Krisher, Jill Colvin Organizations: WASHINGTON, United Auto Workers, Democratic, The, University of Rhode, UAW, White, Republican, Biden, , Trump, Labor, Associated Press Locations: Las Vegas, The Palms, University of Rhode Island, Detroit, California, Hollywood, Michigan, Pennsylvania, Palestine, Ohio, Van Buren Township , Michigan, Washington, Summerville , South Carolina
Biden will join the striking United Auto Workers on the picket line — a first for any president. Trump, like Biden, will also head to Detroit and hold an event to garner support for his 2024 run. Many unions have endorsed Biden but blue-collar workers are split on who they're voting for. "He is pro-UAW, he is pro-workers, that is this president," White House press secretary Karine Jean-Pierre said Monday. She said it was "great that we have a president who wants to support local unions and the working class."
Persons: Biden, Trump, , Joe Biden's, Franklin Delano Roosevelt, Harry Truman, Theodore Roosevelt, Roosevelt, Donald Trump, autoworkers, Erik Loomis, Matt Rourke Biden, Gallup, Julie Chavez Rodriguez, Cesar Chavez, President Trump, Joe Biden, Jason Miller, Shawn Fain, Karine Jean, Pierre, Carolyn Nippa, Nippa, Dave Ellis, he's, Ellis, Gene Sperling, Julie Su Organizations: United Auto Workers, Service, Republican, Democratic, The, University of Rhode, UAW, White, General Motors, Associated Press, United Farm Workers, Biden, Trump, Labor Locations: Detroit, Las Vegas, The Palms, University of Rhode Island, California, Hollywood, Pennsylvania, Michigan, Palestine, Ohio, Van Buren Township , Michigan, Washington
Hawley and Vance support striking auto workers, but they're not on the same page as union leadership. AdvertisementAdvertisementAs strikes at auto manufacturing plants continue across the country, some populist-minded Republicans are breaking from their party's long-standing orthodoxies and backing the United Auto Workers' demands. Last week, Fain even slammed Donald Trump as part of the "billionaire class" following the news that the former president would address union workers in Michigan this week. So far, the only company that has figured out how to squeeze consistent profits out of electric cars is Tesla, which does not use more union labor. The union is now aiming to rebuild its reputation and influence in automotive labor and the labor movement writ large.
Persons: Hawley, Vance, they're, It's, , what's, Sen, JD Vance, Ohio, Josh Hawley, Biden, Shawn Fain, They've, Fain, Donald Trump, Sherrod Brown, Brown, we've, Detroit's Ford, Matt Wegener, Wegener, EVs, Charmonique Demings, Trump —, Trump Organizations: PRO, Service, United Auto Workers, Republicans, UAW, GM, Stellantis, Biden's, Democrat, Michigan Assembly, Ford's Michigan, Trump, US, Detroit —, National Labor Relations Board, Supreme, Bloomberg, Biden, Battery, EV, Volkswagen, Tesla, Republican, Ford, Democratic, Democratic Party, American Locations: Josh Hawley of Missouri, China, Wentzville , Missouri, Michigan, Ohio, Detroit, Trump's Michigan, States, Mexico, Canada, Missouri
President Joe Biden is expected to visit a picket line Tuesday in the Great Lake State following a public invitation Friday from UAW President Shawn Fain. UAW members Niko Shinn (front) and Darius Collier (back) walk a picket line on Sept. 25, 2023 outside a Mopar facility owned by automaker Stellantis in Centerline. Fain has appeared with the independent senator from Vermont in Washington, D.C., and during a recent UAW rally in Detroit. Trump led Biden 46% to 43% among union members in an August survey, after Biden led Trump 51 % to 42% in June, according to Bernie Porn, president of EPIC·MRA. "With union members, he has been so supportive of just about everything that union members want.
Persons: Rebecca Cook, Joe Biden, Shawn Fain, Donald Trump, Leah Millis, Trump, Darius Collier, Collier, Stellantis, They've, Biden, Fain, Mark Burton, Gretchen Whitmer, Niko Shinn, Michael Wayland, Whitmer, Debbie Dingell, Sen, Bernie Sanders, Sanders, Fain's, who's, Bernie Porn, Trump's, Jamie Roe, Scott Olson Organizations: GM, United Auto Workers, Louisville Kentucky, Reuters DETROIT, General Motors, Ford Motor, Air Force, Joint Base Andrews, Reuters Biden, Biden, Trump, White, UAW, Michigan Gov, Democrat, Stellantis, CNBC Michigan, U.S . Rep, Washington , D.C, Detroit automakers, GOP, Trump's, Drake Enterprises, Republican, Plant, Getty Locations: Louisville, Detroit , Michigan, Michigan, Great Lake State, Clinton Township , Michigan, U.S, Joint Base Andrews , Maryland, . Michigan, Vermont, Washington ,, Detroit, Macomb County , Michigan, United States, Ford's Wayne, Wayne , Michigan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPresident Biden made an unpresidential mistake by joining the UAW strike, says Peebles Corp. CEODon Peebles, chairman and CEO of the Peebles Corporation, joins 'The Exchange' to discuss upset over President Biden joining the UAW picket line, Trump's effort to win Michigan, and concerns about President Biden's bid for reelection.
Persons: Biden, Don Peebles, Biden's Organizations: UAW, Peebles Corp, Peebles Corporation, Michigan
President Biden speaks from the UAW picket line in Michigan
  + stars: | 2023-09-26 | 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 EmailPresident Biden speaks from the UAW picket line in MichiganCNBC's Phil LeBeau joins 'The Exchange' to discuss President Biden's show of support for the UAW strike, Donald Trump's upcoming visit to Michigan, and the latest on UAW negotiations.
Persons: Biden, Phil LeBeau, Biden's, Donald Trump's Organizations: UAW Locations: Michigan
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