Three auto plant. Meanwhile, one of the largest Teamsters Pension funds is warning of cuts, big ones, for both workers and retirees in order to shore up its weak finances. We have two reports tonight, and we begin with phil lebeau and the latest on the uaw. Reporter in a matter of hours, thousands of chrysler workers could go on strike. The United Autoworkers Union has given Fiat Chrysler a strike deadline of 11 59 wednesday night. If the union and chrysler cannot agree to a new labor contract by then, or if there is no progress in talks, some or all of the autoworkers could walk off the job. That would hit chrysler hard. The Company Builds about 35,000 vehicles every week in the u. S. , generating 175 million in revenue every day and more than 1. 2 billion in revenue per week. Chrysler says the two sides are still in discussions. But if theres a strike, it would likely be targeted at one or two chrysler plants, likely those that build or supply the breadandbutter models for chrysler.
Three auto plant. Meanwhile, one of the largest Teamsters Pension funds is warning of cuts, big ones, for both workers and retirees in order to shore up its weak finances. We have two reports tonight, and we begin with phil lebeau and the latest on the uaw. Reporter in a matter of hours, thousands of chrysler workers could go on strike. The United Autoworkers Union has given Fiat Chrysler a strike deadline of 11 59 wednesday night. If the union and chrysler cannot agree to a new labor contract by then, or if there is no progress in talks, some or all of the autoworkers could walk off the job. That would hit chrysler hard. The Company Builds about 35,000 vehicles every week in the u. S. , generating 175 million in revenue every day and more than 1. 2 billion in revenue per week. Chrysler says the two sides are still in discussions. But if theres a strike, it would likely be targeted at one or two chrysler plants, likely those that build or supply the breadandbutter models for chrysler.
Why we are waiting, i want to go to julie hyman. We are seeing a lot of steep selling in the markets today. Following on the heels of the after the happened fed raised Interest Rates for the first time in a long time. All averages are lower by at least 1 or more. 500, 16 above the 10 day average as we see expiration of futures contracts. Two of the biggest drags individually on the major averages today are disney and apple. Disney, despite the star wars hullabaloo is being downgraded. Company is overpaying for sports rights. Apple his been on downtrend, setting up for a negative month rate there has been analyst commentary that iphone sales may come in worse than estimated. Be is still setting up for a positive week, interestingly enough. It is still higher by 4 10 of a percent on the week, largely because of the run up to the fed Interest Rate increase. I want to mention Something Else we are watching today is crude oil, which has had a wild roller coaster today. Rising as the dollar
Working overtime. Good to have you. Henry, Business Insider founder and ceo on a very interesting day. Markets holding up. Dow up 120. As we mentioned, Australian Business concern atlassian goes public at the nasdaq. Gets set to go public. The company is profitable, has never taken vc fund and is worth 4 billion. A lot of people suspect the ipo today could open the market for some more unicorn tech ipos. Just 17 of Tech Companies that have gone public this year have been profitable. Here we are again, henry, with another litmus test, right . Another case study on whether unicorns can do this and do it right. This is an easier one. This is a Great Company that has been making money from the beginning. They have this wonderful enterprise model where its individual users are distributing the product to each other. Theres lockin what you find is the longer customers in the company. The more they spend, so new customers are driving it. More from old customers. Its profitable. Its a Great Co
Part of this, at least with wti is because that january contract rolled. Youre looking at a february contract. We were already in a february contract for brent but every time you see that roll youll see prices come up slightly. The question is whether they can hold on to that. It would be under 35 i think if you just added 28 to where we close. Did that start yesterday . I didnt notice it late yesterday. Yesterday morning it was not. It was weaker yesterday morning. Was it rolled already . No, yesterday morning we were still january. Lets tell you about whats else is going on. We have a flood of Economic Data coming up. We have a final read on 3rd quarter gdp and at 10 00 existing home sales and the richmond fed survey. Dow component nike is posting quarterly results. Shares of that company up more than 35 this year already. A big day for last minute shopping and shipping. Its going to have 36 million packages today. Meantime amazon prime says its consumers have until midnight eastern