TheStreet's J.D. Durkin brings you the biggest news of the day, including a look ahead to this today's earnings reports and why the UAW strike just got bigger.
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00:00 I'm JD Durkin reporting from the floor of the New York Stock Exchange and here is a
00:03 look at what we are watching on the street today.
00:06 Third quarter earnings season continues to heat up with Alphabet, Microsoft, Coca-Cola,
00:10 Spotify, Visa and Snap.
00:13 That's a lot of names all releasing earnings today.
00:15 We've seen a pop in shares of General Motors earlier this morning after the carmaker beat
00:19 Wall Street expectations on both top and bottom line.
00:23 So far roughly 20% of S&P companies have already reported earnings and about three quarters
00:29 of them have beat analysts' expectations according to data from FactSet.
00:33 Meanwhile, the ongoing United Auto Workers strike got a bit bigger on Monday.
00:38 The union ordered a surprise targeted strike at a Stellantis facility, which is considered
00:43 its largest plant and biggest moneymaker.
00:47 6,800 employees hit the picket lines at Stellantis' Sterling Heights assembly plant in Michigan.
00:53 The plant is responsible for manufacturing the Ram 1500 pickup.
00:57 The Ram pickup truck is Stellantis' best-selling vehicle in the U.S.
01:01 The union alleges that Stellantis, which makes Dodge, Ram, Jeep and Chrysler vehicles, has
01:06 offered the worst proposal for a new deal.
01:09 In response, the company said, "We are outraged that the UAW has chosen to expand its strike
01:14 action against Stellantis.
01:16 Following multiple conversations that appeared to be productive, we left the bargaining table
01:21 expecting a counterproposal but have been waiting for one ever since."
01:25 The UAW strike, which started on September 15 with just about 13,000 employees, has since
01:31 grown to more than 40,000 members.
01:34 16,600 are on strike at Ford, 14,600 at Stellantis, and just over 9,000 are on strike at General
01:42 Motors.
01:43 That'll do it for your daily briefing.
01:44 From the floor of the New York Stock Exchange, I am JD Durkin with the Street.
01:48 Thanks for watching.
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