PIMCO Dynamic Income Fund
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PIMCO Dynamic Income Fund (the Fund) is a diversified closed-end management investment company. The Fund’s primary investment objective is to achieve high current income and secondary objective is capital gain from the disposition of investments. The fund normally invests worldwide in a portfolio of debt obligations and other income-producing securities of any type and credit quality, with varying maturities and related derivative instruments. The fund’s investment universe includes mortgage-backed securities, investment grade and high yield corporates, developed and emerging markets corporate and sovereign bonds, and other income-producing securities and related derivative instruments. The fund will invest at least 25% of its total assets in privately issued mortgage-related securities and invest up to 40% of its total assets in securities of issuers economically tied to emerging market countries. Pacific Investment Management Company LLC serves as the Funds’ investment manager.

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UAW strike: These Ford, GM plants are the most likely targets

7:31 am ET September 15, 2023 (MarketWatch)

By Claudia Assis

Strike fund at $825 million; a targeted labor action could mean a longer strike.

The UAW is considering a break with tradition, moving to targeted strikes at specific Ford Motor Co., General Motors Co. and Stellantis NV plants, and there are no better candidates than the ones making America's most sought-after vehicles for years running.

Assembly lines producing high-margin Ford (F) and GM's (GM) SUVs and pickup trucks are mostly in the U.S., as auto makers have moved production of cheaper sedans and compacts elsewhere.

Citi analyst Itay Michaeli said in a note Wednesday the candidates, in his view, are the GM plant in Arlington, Texas, and Ford's truck plant in Louisville, Ky.

See also:UAW strike 'seems inevitable,' with effects on GM and Ford hinging on how long it might last

The GM plant produces the Chevy Suburban, the GMC Yukon, and the Cadillac Escalade. GM in June said it would invest more than $500 million in the plant, calling it a bid to "strengthen our industry-leading full-size SUV business."

Ford's Kentucky truck plant produces F-Series Super Duty vehicles as well as the Ford Expedition and the Lincoln Navigator.

Other U.S. truck plants include Ford's Dearborn, Mich., plant making F-150 pickup trucks and its all-electric version, the Lightning.

GM's Flint, Mich., plant, the company's longest-running U.S. factory, makes the heavy-duty versions of the Chevy Silverado and GMC Sierra pickup trucks. GM's Fort Wayne, Ind., plant builds Chevy Silverado 1500s and GMC Sierra 1500s.

Stellantis (STLAM.MI) makes Jeep Cherokees and Dodge Durangos in Detroit, and its assembly complex in Toledo, Ohio, makes Jeep Gladiators and Jeep Wranglers. Most of its Dodge Ram trucks are made in Mexico, and its Chrysler vans in Canada.

Shares of Ford slipped 0.2% in premarket trading Friday and GM's stock dropped 1.4%, while Stellantis shares tacked on 0.8%.

The Associated Press and others reported late Tuesday that the UAW leadership is considering a strategy of targeted strikes at a limited number of plants. That could also mean a longer labor action.

Don't miss:'I have a pension; they don't': Why United Auto Workers are fighting to end a two-tier system for wages and benefits

The UAW said earlier Wednesday it had recently raised strike pay to $500 a week per member, and that it has more than $825 million in its strike fund.

The union's contracts with the Big Three automakers expire Thursday at 11:59 p.m. Eastern. Going back many years, the UAW has chosen one company at which to strike, mostly to preserve its strike fund and picket-line firepower.

The 2019 strike at GM lasted nearly six weeks and involved about 50,000 autoworkers.

A strike vote could be called shortly after the contract expiration, and perhaps even ahead of the deadline. Workers would put down their tools immediately after a vote to strike, and assembly lines would come to a halt. UAW workers are unlikely to cross the picket line.

Shares of Ford and GM have gained 4% and 3% so far this week, compared with gains of 0.5% for the S&P 500 index SPX. In the year to date, Ford has gained 10%, while GM shares have advanced 0.9%, underperforming an advance of around 17% for the S&P.

-Claudia Assis

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

September 15, 2023 07:31 ET (11:31 GMT)

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