Stellantis is closing its Arizona Proving Grounds

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and more cost-cutting from Stellantis.

Transcript

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.