The Street
  • 10 hours ago
The Starbucks Workers United union says baristas will go on strike in three major U.S. cities.
Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on
00:03the street today. Wall Street closed out the week with a focus on Washington's government
00:07funding debate, better than expected inflation results, and corporate earnings. Carnival topped
00:13quarterly sales and profit forecasts thanks to robust demand for cruises. Nike's first report
00:19under its new CEO was better than expected, but the athletic gear company thinks a turnaround
00:25will take longer than anticipated. FedEx beat earnings forecasts but missed sales estimates.
00:31The company is splitting its long-haul freight division from its express package shipping unit.
00:37Sticking with corporate news, first Amazon, now Starbucks. The coffee chain getting hit by workers
00:43going on strike during the busy holiday rush. Starbucks baristas in Los Angeles, Chicago,
00:49and Seattle have walked off the job over better pay. Starbucks Workers United, the union representing
00:55these striking baristas, are accusing the company of, quote, backtracking on our promised path
01:01forward. It warns the strike will spread to other cities. The two sides have been on a collision
01:07course, reversing goodwill established early this year. According to the union, talks broke down
01:13this week after Starbucks offered zero pay hikes for now and a 1.5% guaranteed annual raise
01:20thereafter. Starbucks says the union asked for a 64% pay hike now and 77% over a three-year contract
01:30but then walked away from the bargaining table. Quote, we are ready to continue negotiations to
01:35reach agreements. We need the union to return to the table. Labor unions have been emboldened by a
01:42number of high-profile wins in 2024, including Boeing and a tentative agreement for dock workers.
01:49And that'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittens
01:53with The Street.

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