The United Auto Workers (UAW) union began a strike against Mack trucks after rejecting a five-year contract with the Volvo Group-owned company, while stock futures were trading lower in the pre-market and about the conflict. Oil prices rose amid concerns. Middle East. Here’s what investors need to know today.Thank you for reading this post, don't forget to subscribe!
1. Mack Trucks union workers reject deal, start strike
Members of the United Auto Workers (UAW) union at Mack Trucks overwhelmingly rejected a proposed five-year contract with the Volvo Group-owned company, leading workers to go on strike today. The UAW said 73% of its 4,000 workers at Mack Truck facilities in Pennsylvania, Florida and Maryland voted against the deal, which came as the union continued its strike against the Big Three automakers.
2. Futures fell and oil prices rose amid concerns of conflict in the Middle East.
Stock futures traded lower in the pre-market and oil prices climbed amid concerns of conflict in the Middle East after Hamas attacks on Israel. Crude oil prices rose more than 3%, leading to a surge in oil inventories amid production and supply concerns.
3. Bristol-Myers Squibb to acquire Mirati Therapeutics to add new drugs
Bristol-Myers Squibb (BMY) will acquire cancer drugmaker Mirati Therapeutics (MRTX) in a $5.8 billion deal that will help the pharmaceutical giant diversify its oncology business and is expected to expand when the patent is set to expire later this year. Will add new drugs to help offset the losses. decade. Bristol-Myers Squibb will pay $58 per share in the deal. Bristol-Myers Squibb shares fell more than 0.4% in pre-market, while Mirati shares fell more than 2.5%.
4. Activist investor Peltz is vying for Disney board seats
Walt Disney Co. (DIS) shares rose 1.5% as activist investor Nelson Peltz will reportedly push for multiple board seats at the entertainment giant, including one for himself, and nominate directors for shareholder votes. Are ready for. Peltz’s Trian Fund Management is one of Disney’s largest investors, with a stake worth about $2.5 billion.
5. GM shares fall ahead of deadline with Canadian Auto Workers union
General Motors (GM) shares are trading 1.25% lower as carmaker Unifor approaches a Monday midnight deadline with the Canadian Auto Workers union, which has threatened to close the automaker’s plants in that country. . The union said there was resistance at several points in the negotiations, as the “Big Three” automakers were embroiled in a strike by the US United Auto Workers.