Cisco Systems' shares rose 2.5% after the company reported better-than-expected fiscal fourth-quarter earnings, with adjusted earnings per share of $1.14 and revenue of $15.2 billion. Electronic design automation company Synopsys saw its stock rise 2.3% after beating earnings expectations, reporting adjusted earnings per share of $2.88 and revenue of $1.49 billion. However, Wolfspeed's shares plunged 13% after the company's fiscal fourth-quarter earnings missed expectations, with an adjusted loss of 42 cents per share. Packaging company Amcor's stock gained 2.5% after reporting adjusted earnings per share of $0.19, beating analysts' forecasts, although its revenue fell short. Hawaiian Electric's shares slipped nearly 2% amid concerns about potential liability in the Maui wildfires, while Vietnamese electric vehicle maker VinFast Auto saw its shares dip about 5% after a significant surge the previous day.
Union members, including Teamsters Local 238, picketed outside Amcor in Des Moines for the eighth day, demanding a fair contract with better wages and benefits. The workers rejected Amcor's last offer and are willing to continue the strike until their demands are met. The union is scheduled to meet with Amcor on Tuesday, with negotiations being two percentage points away from reaching a deal. Amcor stated that they have activated a customer supply plan to ensure uninterrupted plant operation and expect no disruption on supermarket shelves.
Over 100 union members from Teamsters Local 238 are on strike against packaging manufacturer Amcor in Des Moines, demanding better wages and benefits. The union claims that their payment has not kept up with the company's growth. The strike could potentially disrupt the production of popular products such as Snack Packs, Slim Jims, and Capri Suns. Amcor has stated that they have a contingency plan in place and do not expect the strike to impact grocery store shelves.
