Ford reaches agreement with auto workers

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. After a six-week strike, the United Auto Workers union and Ford Motor have reached a preliminary agreement. This accord promises a 25% wage increase, pushing top wages beyond $40 an hour and entry-level salaries seeing a 68% boost to over $28 an hour. The deal, which also reintroduces cost-of-living adjustments and provides for a swift rise to peak wages, needs endorsement from local UAW leaders and a majority approval from Ford's 57,000 union members. Notably, the benefits in this agreement exceed those from the 2019 contract, representing the most significant wage increase for Ford employees in 22 years.

2. Meta, formerly known as Facebook, delivered a standout third-quarter performance, achieving an impressive 23% surge in revenue, the highest growth rate since 2021. This uptick primarily stems from a revitalized digital ads segment, rebounding from the challenges faced in 2022. The company reported revenues soaring to $27.71 billion, up from the previous year, and a striking 164% growth in net income, amounting to $11.58 billion or $4.39 per share. Echoing this financial prudence, Meta's projected expenditures for 2023 have been fine-tuned to fall between $87 billion and $89 billion, a slight downward revision from prior forecasts. For 2024, the anticipated spend is set between $94 billion and $99 billion. Wall Street's urging for leaner operations saw Meta reduce nearly a quarter of its staff from last year's numbers. However, challenges persist. The Reality Labs unit, Meta's VR and AR tech arm, posted a staggering $3.74 billion operational loss for the quarter. Despite the debut of products like the Quest 3 headset, the division's cumulative losses have reached almost $25 billion since the previous year. In response, Meta is directing its strategic compass towards honing and augmenting its AI technology capabilities.

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4. Headlines

   1. US GPD was up 4.9% on an annualized basis last quarter.

   2. Mercedes-Benz will be lowering prices to help compete after declining profits.

   _{* This is sponsored content. Count determined as number of unique email addresses in StartEngine’s database as of 10-6-2023.}

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