Negotiations between auto workers and Detroit’s automakers resumed over the weekend as its strike continued and Chevron resumed full production at one of its liquefied natural gas plants amid a workers’ strike in Australia. Here’s what investors need to know today.
1. Detroit Automaker Shares Mixed as UAW Resumes Negotiations
Shares of the “Big Three” Detroit car makers were mixed as negotiations with the United Auto Workers (UAW) resumed over the weekend amid a limited strike against the companies. UAW President Shawn Fain said that the union rejected an offer of a 21% pay raise from Jeep-maker Stellantis (STLA), with shares were trading 1% lower in pre-market trading. Ford (F) shares traded fractionally lower in the pre-market, while General Motors (GM) shares were up 0.2%.
2. Chevron Resumes Full Production at Australian LNG Plant
Chevron (CVX) shares moved up 0.2% in pre-market trading after it was able to resume full production at one of its liquefied natural gas (LNG) export facilities in Australia, despite a strike from union workers. Chevron said it was able to fulfill scheduled deliveries from its Wheatstone gas facilities, which along with Chevron’s Gorgon plant, makes up 7% of global LNG supply.
3. Clorox Shares Fall on Cybersecurity Attack Impacts
Shares of Clorox (CLX) shares fell 2.2% in pre-market trading after it said a cybersecurity attack on the company would have a “material” impact on its fiscal first-quarter results. The company said the August attack damaged parts of the company information-technology infrastructure, causing wide scale disruptions.
4. Arm Shares Drop After Blockbuster IPO Last Week
Shares of British chip designer Arm (ARM) traded 1.4% lower in pre-market trading after it gave up some of its gains from its blockbuster initial public offering last week. Shares traded lower than $60 in the pre-market, after rising above $66 following its $51-per-share pricing of the offer.
5. September Home Builder Confidence Index Projected to Fall
The NAHB/Wells Fargo Housing Market Index is expected to decline to a reading of 49.5 in September from 50 in August when it is released at 10 a.m. ET. The home builder confidence survey produces a score from 0 to 100, with a reading over 50 generally indicating a favorable market view and industry outlook.