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Anheuser-Busch InBev (BUD) faces down first big union battle of 2024. (00:25) UnitedHealth (UNH) falls amid report DOJ has launched antitrust review. (01:10) Apple (AAPL) cancels work on electric vehicle; to shift employees to generative AI: report. (01:47)
This is an abridged transcript of the podcast.
Five thousand workers at a dozen U.S. Anheuser-Busch InBev (BUD) breweries are preparing to strike this week.
The current 5-year contract with the Teamsters expires on Thursday.
National bargaining with the Teamsters started in September of last year.
In December, 99% of workers voted to strike if they don’t reach an agreement. The teamsters also announced that they will more than double the strike pay of workers to $1,000 per week if a strike should happen.
In a statement on the company’s website, Anheuser-Busch (BUD) notes that it has contingency plans in place for a nationwide strike to keep the beer flowing.
The workers are asking for job security, an increase in retirement benefits and wages.
The Dept. of Justice has reportedly started an antitrust review of UnitedHealth Group (NYSE:UNH).
According to a WSJ report on Tuesday, which cited people familiar with the matter, the DOJ is probing ties between UnitedHealth and its Optum health-services-arm. The regulator is interviewing healthcare industry representatives in areas where UnitedHealth competes.
Investigators are asking about potential impacts of the company’s doctor-group acquisitions on rivals and consumers, the WSJ reported.
Spokespeople for UnitedHealth (UNH) and the DOJ declined to comment to the WSJ.
UnitedHealth (UNH) closed Tuesday down 2.27%. Premarket the UNH is down 1.2%.
Apple (NASDAQ:AAPL) has canceled work on its electric vehicle project and shifted some of the employees to work on generative artificial intelligence,
Bloomberg reported that Apple’s Chief Operating Officer Jeff Williams and Kevin Lynch, who had been in charge of the initiative, known as Project Titan, made the surprise announcement on Tuesday to roughly 2,000 employees.
Apple did not immediately respond to a request for comment from Seeking Alpha.
Apple had spent billions of dollars on the initiative, something that Chief Executive Tim Cook once called “the Mother of all AI projects.”
Many of the employees working on the car project will now go to work for Apple executive John Giannandrea, who heads up the tech giant’s Machine Learning and AI Strategy unit. Some will be laid off, according to various media reports.
Other articles to look out for on Seeking Alpha:
Top 10 most overbought large-cap stocks on Wall Street
Microsoft faces another EU probe for alleged antitrust practices: report
OpenAI asks judge to dismiss parts of New York Times lawsuit over alleged ‘hack’ (update)
On our catalyst watch for the day,
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Apple (AAPL) will hold its annual meeting. Shareholders will vote on proposals covering AI goals, ESG targets, and CEO compensation.
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Shareholders with Powerfleet (PWFL) and MiX Telematics (MIXT) will meet to vote on the proposed business combination between the companies.
U.S. stocks on Tuesday ended mixed amid small moves.
The Nasdaq (COMP.IND) closed 0.37% higher. The S&P 500 (SP500) added 0.17%. The Dow (DJI) slipped 0.25%.
Of the 11 S&P sectors, eight ended in the green, led by Utilities. Energy topped the losers.
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the red. The Dow is down 0.3%, the S & P 500 is down 0.3% and the Nasdaq is down 0.4%. Crude oil is down 1% at more than $78 per barrel. Bitcoin is up 4.8% at more than $59,000.
In the world markets, the FTSE 100 is down 0.6% and the DAX is up 0.1%.
The biggest movers for the day premarket: Beyond Meat (NASDAQ:BYND) is up 55% after reporting better-than-expected Q4 revenue and highlighting margin acceleration in the second half of the year.
On today’s economic calendar:
