TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Tuesday, October 24.
J.D. DURKIN: I’m J.D. Durkin - reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Third-quarter earnings season continues to heat up with Alphabet (GOOGL) -), Microsoft (MSFT) -), Coca-Cola (KO) -), Spotify (SPOT) -), Visa (V) -), and Snap all releasing earnings today. We've seen a pop in shares of General Motors (GM) -) this morning after the carmaker beat Wall Street expectations.
So far, roughly 20% of S&P companies have already reported earnings, and about three-quarters of them have beaten analysts' expectations, according to FactSet.
Meanwhile, the ongoing United Auto Workers strike got a bit bigger on Monday. The union ordered a surprise, targeted strike at Stellantis, which is considered the "largest plant and biggest money maker."
6,800 employees hit the picket lines at Stellantis' Sterling Heights Assembly Plant in Michigan. The plant is responsible for manufacturing the Ram 1500 pickup - the Ram pickup truck is Stellantis' best-selling vehicle in the U.S. The union alleges that Stellantis, which makes Dodge, Ram, Jeep, and Chrysler vehicles, has offered the worst proposal for a new deal.
In response, the company said, "We are outraged that the UAW has chosen to expand its strike action against Stellantis. Following multiple conversations that appeared to be productive, we left the bargaining table expecting a counter-proposal, but have been waiting for one ever since."
The UAW strike, which started on September 15 with just about 13,000 employees, has since grown to more than 40,000 members. 16,600 are on strike at Ford, 14,600 at Stellantis, and just over 9,000 are on strike at General Motors.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
