For the first time ever, the United Auto Workers are striking all three major automakers, Ford (F), General Motors (GM) and Stellantis (STLA). This is a targeted strike as only three plants are affected by the shutdown.
Planet Fitness (PLNT) shares are closing the week in the red as long-time CEO Chris Rondeau was ousted from his post.
Instacart (CART) is increasing the price range of its IPO ahead of its debut. The price for the shares is expected to be between $28 and $30.
Yahoo Finance’s Brad Smith breaks down some of the day’s top stories.
Video transcript
BRAD SMITH: It’s closing time here at Yahoo Finance and here’s a look at some of the day’s top stories. A historic United Auto Workers Union strike begins. For the first time ever, workers are on strike against all three major automakers. However, this is a targeted strike as only three plants are affected by the closure. Nearly 13,000 GM, Stellantis and Ford employees are quitting their jobs. President Biden urged both sides to reach an agreement and said automakers should reward employees when profits increased.
A surprising change at Planet Fitness. Longtime CEO Chris Rondeau was ousted from the company’s board and shares fell to a 52-week low on the news. It’s unclear what spurred the move, but board director Craig Benson will take over as interim CEO.
Additionally, Instacart is increasing the price range of its upcoming IPO. Shares are now priced at $28 to $30 each. The company is expected to price the shares after the close on Monday and begin trading on Tuesday.
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