Keith FitzGerald, president of FitzGerald Group, is looking at the top and bottom stocks before the market opens on Monday.
Union representing 33,000 people Boeing machinists on strike rejected the company's latest contract offer on Wednesday night, extending a strike that is straining aircraft production.
The International Association of Machinists and Aerospace Workers (IAM) has been on strike since September 13 in an effort to extract further concessions from Boeing in its next labor contract. Earlier this month, IAM announced that Boeing has proposed a 35% pay increase over four years, a new incentive plan and $7,000 recognition bonus, as well as improved severance benefits.
late Wednesday night, IAM ratification vote failed 64% of members voted against agreeing to the contract. The strike is expected to continue until an agreement is reached, with nearly all assembly lines at Boeing's West Coast facility shut down, including production of the best-selling 737 Max, 767, 777/777X, P-8, KC-46A tanker, and E. is in a stopped state. -7 wedge tail.
In his remarks announcing the results of the vote, IAM District 751 President John Holden said, “This agreement achieves great results in many areas that our members have said are important. “We have not achieved sufficient results.”
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The International Federation 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 picket for the contract they deserve. There is still much work to do. We will work to get back to the negotiating table,” he added.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| BA | boeing company | 155.20 | -1.86 |
-1.18% |
Boeing told FOX Business it was “disappointed by the outcome of the vote.”
Boeing strike causes biggest economic damage so far in 2024
The ongoing IAM strike is impacting production of Boeing's best-selling jet, the 737 Max. (Geoffroy van der Hasselt/AFP via Getty Images/Getty Images)
Boeing announced earlier this month: lay off 10% To address our financial challenges, we have reduced our workforce by approximately 17,000 employees. The company has raised $35 billion in equity and debt financing to strengthen its finances.
Boeing CEO Kelly Ortberg The company said Wednesday in prepared remarks ahead of its quarterly earnings release that ending the IAM strike is the company's top priority and that it is “working diligently to find a solution that works for the company and its employees.” We are working on it.”
He also pointed out that:restart the factory And the supply chain says, “It's much harder to turn this on than to turn it off. So it's critical that we get this right. Our safety and quality management systems are in place until we reopen.'' We have a detailed return-to-work plan and we're all really looking forward to getting back and working on that plan.”
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IAM machinists began one of the most economically damaging strikes of the year on September 13th. (David Ryder/Bloomberg via Getty Images/Getty Images)
The Labor Department announced Thursday. Acting Secretary of Labor Julie Su The company is in contact with Boeing and IAM after its latest contract proposal was rejected by the union. Hsu met with IAM and Boeing in Seattle last week to assist with negotiations.
“Both parties need to decide the best path forward,” a Labor Ministry spokesperson said, adding that Su “stands ready to support both parties,” Reuters reported.
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Reuters contributed to this report.
