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Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
The first full week of earnings came to a close with mixed results. Procter and Gamble missed sales forecasts but topped profit expectations. However, in a promising sign, P&G says consumers are no longer trading down to cheaper products and for the first time in more than two years volumes were on the upswing.
The earnings calendar for the coming week is quite busy. Some names to watch include: Verizon, General Motors, 3M, Coca-Cola, Boeing, Tesla, Amazon, and UPS.
Related: Stellantis is taking the UAW to Federal court over latest threat
Turning now to other headlines: These are tough times for Stellantis, the transatlantic parent of car brands such as Chrysler, Dodge, Jeep and Ram. It’s in the midst of a sales slump and a battle with the great-grandson of Chrysler’s founder over retaining ownership.
The problems are especially acute in North America where layoff notices went out in October.
Stellantis is also seeking white-collar volunteers who are ready to call it quits. And The cost-cutting measures don’t stop there. The company now has its eyes on shutting down a testing facility in Arizona by the end of the year. Stellantis confirmed the plans to CNBC by email, “Stellantis continues to look for opportunities to improve efficiency and optimize its footprint to ensure future competitiveness in today’s rapidly changing global market.”
According to CNBC, the 69 people impacted by the closure will be offered special buyouts, can apply for transfers, or be laid off with up to two years of pay. This, of course, won’t sit well with the UAW. Stellantis’ North American headcount dropped 14.5 percent between 2019 and 2023, and that doesn’t include all the layoffs expected before 2024 comes to a close.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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