Stock Market News: UPS-Teamsters reach deal, GM, 3M shares active
Investors take a cautious tone ahead of Wednesday’s Federal Reserve decision, UPS-Teamsters reach deal, GM promises more cost-cutting, Verizon talks turnaround, Walmart shares upgraded to buy and Elon Musk’s Twitter rebrand continues. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
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UPS and the Teamsters reached a new contract impacting over 300,000 workers and avoiding a strike that could have rocked the U.S. economy.
The delivery giant is the biggest employers for the Teamsters.
GM lifted its full-year outlook and now expects to earn $14 billion in EBIT net income more than the prior goal of $13 billion. However, the company's net income margins in the second quarter slipped to 5.9% from 6.5% giving investors some concern. The automaker is promising to reach $2 billion in cost cuts.
Walmart shares were upgraded to a new buy rating or "overweight" from hold by firm Piper Jaffray. The team says the stock can hit $210 per share, up from a prior target of $145 as the nation's largest retailer gains more market share in the grocery business as inflation eases.
The Federal Reserve is widely expected to raise interest rates on Wednesday but the big question is whether this will be the final move of 2023?
| Symbol | Price | Change | %Change |
|---|---|---|---|
| UPS | $187.91 | -0.43 | -0.23 |
UPS and the Teamsters are back at the negotiating table after days of inaction. The union is looking for a number of things in the new contract including higher pay. Currently part-time members earn, at minimum, $16.20 an hour. A strike, which would start on July 31, could upend the U.S. economy, according to economists.
UPS has already agreed to upgrade smaller trucks with air conditioning.
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