ReportWire

Tag: Deliveries

  • Dockworkers go on strike at 14 U.S. ports after contract expires

    Dockworkers go on strike at 14 U.S. ports after contract expires

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    ELIZABETH, New Jersey — Tens of thousands of dockworkers on the East and Gulf coasts have walked off the job after their contracts expired on October 1 at midnight.

    The move has impacted 14 ports in total but the ripple effect could hurt a large swath of Americans.

    On Monday, officials for the Port Authority of New York and New Jersey, along with the governor of New York, were weighing options and putting together contingency plans for the strike.

    The strike could have devastating impacts on the shipping industry, including shortages and driving up the cost of goods.

    The International Longshoreman Association says it is willing to stand on the picket lines for as long as it takes until a new deal is struck with the United States Maritime Alliance.

    The 45,000 striking workers are demanding a “fair contract,” which includes a 77 percent wage increase over six years. They’re also looking for a total ban on automated equipment like cranes and gates.

    If a new deal isn’t struck, the strike could mean delays in delivering goods like cars, fresh fruit and electronics. An extended strike could cost the U.S. economy billions of dollars daily.

    “Automation over our nation’s ports should be a concern for everyone. The truth is, robots do not pay taxes, they do not spend money in their communities. The ILA will continue to fight until its members receive the contract they deserve,” Daniel May, port worker, said in a statement.

    In a statement, New York Governor Kathy Hochul said, in part, that the state has been working around the clock to ensure that grocery stores and medical facilities have the essentials they need to remain open.

    The governor also noted that she hopes the two sides can come to a quick and fair agreement.

    ALSO READ: Debate emerges over whether Eric Adams should resign as mayor of New York City

    CeFaan Kim has more on the political fallout of Mayor Adams’ indictment.

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  • Tesla stock notches 10th consecutive day of gains as investors eye growth potential

    Tesla stock notches 10th consecutive day of gains as investors eye growth potential

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    Tesla’s stock (TSLA) closed up about 4% on Tuesday, securing its tenth straight day of gains.

    The positive moves mean Tesla has erased all of its year-to-date losses, with the stock up about 5% since the start of the year. Shares have also surged about 75% since hitting 52-week lows in April.

    Analysts have credited the company’s second quarter vehicle production and deliveries numbers, which beat Wall Street expectations, along with momentum surrounding Tesla’s artificial intelligence businesses.

    “All of a sudden, the market is valuing the growth potential for Tesla,” Seth Goldstein, equity strategist at Morningstar, told Yahoo Finance. “Q1 deliveries surprised to the downside so the market was assuming a lower growth rate, and that’s why we’ve seen the large rally.”

    Tesla is set to report its next quarterly results on July 23 after the market close. It’s teased the development of more affordable electric vehicles, which investors see as another key catalyst for growth.

    But Goldstein said the company will have to lay out a “solid, concrete timeline” when it comes to the rollout of those cars, which the company previously said could happen as soon as 2025.

    “We need to see that being met or pushed up earlier so that [Wall Street] can assume Tesla will see a second wave of deliveries growth starting in 2026,” he said. “As long as that narrative remains intact, I think that the stock will be OK. But if that’s pushed out or if management sounds more uncertain that that’s going to happen, then I think we could see the stock falter.”

    Outside of earnings and deliveries, investors will also be on the lookout for another growth opportunity: robotaxis. The company is set to unveil its much-anticipated robotaxi on Aug. 8.

    Tesla’s stock plummeted in the first half of the year after its fourth quarter financial report missed on both the top and bottom lines. A 9% year-over-year drop in first quarter vehicle deliveries sent shares even lower as investors questioned the EV maker’s sky-high valuation and demand still left in the US.

    Soon after the delivery miss, the company slashed more than 10% of its staff. At the time, analysts categorized the layoffs as an “ominous signal” for what’s to come.

    Competition abroad from Chinese EV makers including Lucid (LCID), Li Auto (LI), Nio (NIO), and XPeng (XPEV) has also served as a significant overhang, fueling a price war that’s forced Tesla to aggressively cut prices in order to compete.

    Short sellers have piled into the name as a result — but they’ve now been crushed by its recent rally.

    “Short sellers have been up and down in this name over the past couple years. It was the No. 1 short in the market. Now it’s No. 4 behind … Nvidia, Apple, and Microsoft,” S3 Partners’ Ihor Dusaniwsky told Yahoo Finance on Tuesday. “But this is like the OG short. Everyone is still in it.”

    FILE - Tesla and SpaceX chief executive officer Elon Musk listens to a question as he speaks at the SATELLITE Conference and Exhibition in Washington, March 9, 2020. A Delaware judge heard arguments Monday, July 8, 2024, over a massive and unprecedented fee request by lawyers who argued that a massive and unprecedented pay package for Tesla CEO Musk was illegal and should be voided. (AP Photo/Susan Walsh, File)

    Tesla and SpaceX CEO Elon Musk listens to a question as he speaks at the SATELLITE Conference and Exhibition in Washington, March 9, 2020. (AP Photo/Susan Walsh, File) (ASSOCIATED PRESS)

    Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.

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  • How AI Can Revolutionize Our Broken Supply Chain | Entrepreneur

    How AI Can Revolutionize Our Broken Supply Chain | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The Covid-19 pandemic sent shockwaves through the global supply chain, exposing vulnerabilities and inefficiencies that were previously hidden. From inventory mismanagement to port backlogs, the pandemic magnified a myriad of issues that challenged even the most robust supply chains. As businesses search for innovative solutions to address these problems, Artificial Intelligence (AI) stands out as a powerful ally. We explore how AI-driven predictive analytics can support and enhance experienced human decision-making in the face of evolving global supply chain dynamics.

    The power of AI in tackling supply chain challenges

    The pandemic brought to light several key challenges that businesses must address to ensure smooth operations in their supply chains. By leveraging AI, organizations can gain insights into crucial aspects such as inventory management, container allocation, demand fluctuations, freight pricing and port operations. Let’s examine how AI can help tackle some of these challenges.

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    John Monarch

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