![]() ![]() “This agreement continues to reward UPS’s full- and part-time employees with industry-leading pay and benefits while retaining the flexibility we need to stay competitive, serve our customers and keep our business strong,” UPS CEO Carol Tomé said. The company added that it will update its guidance concerning the agreement, including its projected cost, during its second quarter earnings call on Aug. "We’ve reached a win, win, win agreement," a UPS spokesperson said in an email to Yahoo Finance. ![]() Talks between the two sides restarted today after stalling earlier in the month. 1, and the Teamsters had threatened that drivers would walk off the job without a deal. The union's current contract with the delivery giant expires Aug. If finalized, the agreement would avert the largest single strike against a company in US history and an estimated $7 billion hit to the US economy. The tentative five-year collective bargaining agreement covers approximately 330,000 delivery and warehouse workers. United Parcel Service ( UPS) and the International Brotherhood of Teamsters reached a tentative labor pact to avoid a potential strike.Īs Yahoo Finance's Alexis Keenan reports: UPS, Teamsters reach deal to avoid strike "Next week we may need to see strength across line items and a guidance lift to maintain index-level momentum." "This may be telling as to how high the bar really is to support current valuations, "Citigroup managing director Scott Chronert wrote in a note on Friday. Early tech earnings reports last week showed investors were quick to dump tech stocks if the earnings announcements didn't have the right mix.īoth Tesla and Netflix fell nearly 10% in the day following their earnings reports as investors focused on Tesla's shrinking margins and Netflix's revenue coming in weaker than expected. Questions are still swirling around whether technology stocks have been overbid amid the AI craze. ![]() At least guide to it for the next couple of quarters because I'm going to start to believe that it's all smoke." "Everybody can talk the marketing spin, but I need to see some tangible impacts on the P&L," Paul Meeks, Independent Solutions Wealth Management portfolio manager, told Yahoo Finance Live. This quarter, however, investors will be more keen on hearing about the timing by which those promises can be delivered. Three months ago, those tech names, among others, battled for AI mentions and saw stocks pop on promises for future earnings. Microsoft ( MSFT), Alphabet ( GOOGL), and Meta ( META) are all expected to report earnings this week and provide updates on their plans for AI after buzz over the technology sent their stocks soaring through the first half of 2023. He added, "There are storm clouds on the horizon, but until the consumer sees a material decline in labor market conditions it seems that they are going to remain optimistic."Īrtificial intelligence will once again be a big topic of conversation following a slew of Big Tech earnings slated for release after the bell on Tuesday. "The data today continue to show that the Fed's job is very tough," Jefferies US economist Thomas Simons wrote Tuesday. On the one hand, higher consumer confidence could indicate the perfect situation for a soft landing, where inflation continues falling but the tight labor market described in Tuesday's survey doesn't deteriorate, Wells Fargo senior economist Tim Quinlan argued in a note on Tuesday.īut consumer confidence can also be seen as a headwind for Chair Jerome Powell and the Federal Reserve if resilient consumer spending keeps inflation from falling to the Fed's 2% target. Its next interest rate decision is this Wednesday. The central bank has been hiking interest rates to combat inflation but risks sending the economy into a recession in the process. The Conference Board's Consumer Confidence Index for July hit a reading of 117, the highest level in two years, according to new data released Tuesday morning.īut the read on what higher consumer confidence levels mean for the Federal Reserve is mixed, according to Wall Street analysts. Consumer confidence uptick poses challenge for Fed ![]()
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