TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and more cost-cutting from Stellantis.
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00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:04The first full week of earnings came to a close with mixed results.
00:08Procter & Gamble missed sales forecasts but topped profit expectations.
00:13However, in a promising sign, P&G says consumers are no longer trading down to cheaper products
00:20and for the first time in more than two years volumes were on the upswing.
00:25The earnings calendar for the coming week is quite busy.
00:28Some names to watch include Verizon, General Motors, 3M, Coca-Cola, Boeing, Tesla, Amazon and UPS.
00:36Turning now to other headlines, these are tough times for Stellantis,
00:41the transatlantic parent of the car brands such as Chrysler, Dodge, Jeep and Ram.
00:46It's in the midst of a sales slump and a battle with the great-grandson of Chrysler's founder over retaining ownership.
00:53The problems are especially acute in North America where layoff notices went out in October.
00:59Stellantis is also seeking white-collar volunteers who are ready to call it quits.
01:04And the cost-cutting measures don't stop there.
01:06The company now has its eyes on shutting down a testing facility in Arizona by the end of the year.
01:13Stellantis confirmed the plans to CNBC by email.
01:18Stellantis continues to look for opportunities to improve efficiency
01:22and optimize its footprint to ensure future competitiveness in today's rapidly changing global market.
01:29According to CNBC, the 69 people impacted by the closure will be offered special buyouts,
01:35can apply for transfers or be laid off with up to two years of pay.
01:39This, of course, won't sit well with the UAW.
01:42Stellantis' North American headcount dropped 14.5 percent between 2019 and 2023.
01:50And that does not include all the layoffs expected before 2024 comes to a close.
01:57That'll do it for your daily briefing from the New York Stock Exchange.
02:00I'm Conway Gittins with the Street.