Keith Fitz-Gerald, principal of the Fitz-Gerald Group, looks at top and bottom stocks ahead of Monday’s market open.
A union representing 33,000 Mechanics on strike at Boeing The company rejected its latest contract offer on Wednesday evening, extending a strike that has hampered aircraft production.
The International Union of Machinists and Aerospace Workers (IAM) has been on strike since September 13 as they try to win more concessions from Boeing in the next labor contract. Earlier this month, Boeing offered a 35% pay raise over four years, a new incentive program and a $7,000 ratification bonus, as well as improved retirement benefits, the IAM said.
On Wednesday night, the IAM’s ratification vote failed 64% of its members voted against agreeing to the treaty. As the strike continues until a deal is reached, nearly all assembly lines at Boeing’s West Coast facilities are idle, including production of its best-selling 737 Max, 767, 777/777X, P-8, KC-46A tanker and E. -7 wedges of chili.
“We made tremendous gains in this agreement in many areas that our members said were important to them. However, we did not accomplish enough to meet the demands of our members,” IAM District 751 President Joan Holden said in comments announcing the vote.
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The International Association of Machinists and Aerospace Workers voted Wednesday to reject Boeing’s latest contract offer. (Jason Redmond/AFP via Getty Images/Getty Images)
“These members will continue to line up and picket for the deal they deserve. There is more to do and we will work to get back to the bargaining table,” he added.
| ticker | Security | Finally | Change | conversion % |
|---|---|---|---|---|
| B.A | Boeing Co. | 155.19 | -1.82 |
-1.16% |
“We are disappointed with the outcome of the vote,” Boeing told FOX Business.
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The ongoing IAM strike is affecting production of Boeing’s best-selling 737 Max jets. (Getty Images/Getty Images by Geoffroy Van Der Hasselt/AFP)
Boeing said earlier this month that it would 10% redundancy Its workforce, about 17,000 employees, faces financial challenges. The company sought to raise its funding by pursuing $35 billion in equity and debt financing.
Boeing CEO Kelly Ortberg He said Wednesday in prepared remarks ahead of the company’s quarterly earnings call that ending the IAM strike is the company’s first and foremost priority, and that it is “working feverishly to find a solution” that works for the company and its employees.
He also mentioned.Re-opening of Factories and the supply chain” “It’s harder to turn it on than to turn it off. So it’s absolutely critical, absolutely critical, that we get this right. Our safety and quality management systems will guide us through the restart, and we have a comprehensive return-to-work plan in place, and I’m very much looking forward to getting everyone back and working on that plan.”
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The IAM mechanics began their strike, one of the most economically damaging this year, on September 13. (David Ryder/Bloomberg via Getty Images/Getty Images)
The Labor Department said Thursday Acting Labor Secretary Julie Su Boeing has been in contact with the IAM following the union’s rejection of the company’s latest contract offer. He met with the IAM and Boeing in Seattle last week in an effort to support the talks.
“Both parties must decide the best way forward,” a Labor Department spokesman said, adding that Su “stands to support them,” according to a Reuters report.
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Reuters contributed to this report.
