5 Things to Know Before Markets Open

0


Workers at General Motors plants in Canada go on strike and PepsiCo shares rise as the snack maker raises its full-year outlook after reporting higher revenues. Here’s what investors need to know today.

1. Workers Strike at GM Plants in Canada

Workers at General Motors (GM) plants in Canada went on strike after the automaker couldn’t reach an agreement with about 4,300 members of the Unifor auto workers union. The work stoppage will impact a Chevrolet Silverado assembly plant, an engine factory, and a parts distribution center in Canada. The strike by Unifor comes as an ongoing strike by the United Auto Workers union in the U.S. halted work at two assembly plants and more than a dozen parts distribution centers. Shares of GM gained about 0.5% in pre-market trading.

2. PepsiCo Shares Rise on Revenue Gains, Boosted Outlook

PepsiCo (PEP) shares gained more than 2% in pre-market trading after the soda and snacks giant raised its full-year outlook on higher revenue as customers accepted price increases. PepsiCo’s third-quarter revenue increased by 9% to come in at $23.45 billion, above analyst expectations, while the company raised its guidance for full-year earnings to $7.54 a share, up from $7.47 a share.

3. Unity Shares Jump Following Exit of CEO

Shares of gaming software company Unity (U) soared more than 7% in pre-market trading after its CEO and Chair John Riccitiello announced his retirement from the firm, following a pricing change in September that the company had to modify after game developers protested. Former Red Hat CEO James Whitehurst will serve as Unity’s interim CEO, while Sequoia Capital’s Roelof Botha, the lead independent director of Unity’s board, will step in as chair.

4. PagerDuty Shares Dive After New Debt Offering

PagerDuty Inc (PD) shares plunged more than 6% in pre-market trading after the incident management software provider said it would offer $350 million of convertible senior notes due 2028, with an additional $52.5 million available, to pay the cost of buying back notes due in 2025. The company said it would use the leftover proceeds for general corporate uses, including potential acquisitions.

5. Fed Officials Bostic, Waller, Kashkari, and Daly to Speak

Atlanta Fed President Raphael Bostic will speak at 9: 30 a.m. ET, followed by remarks from Federal Reserve Board Governor Christopher Waller at 1:30 p.m. ET. Minneapolis Fed President Neel Kashkari will speak at 3 p.m. ET, and San Francisco Fed President Mary Daly will follow at 6 p.m. ET. The speeches will come after remarks from Fed Vice Chair Philip N. Jefferson and Dallas Fed President Lorie Logan yesterday indicated the recent surge in Treasury yields could lessen the need for further interest rate hikes.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *