Striking workers' rejection of planemaker Boeing's latest contract offer has created a fresh threat to operations at aerospace suppliers such as family-run Independent Forge.
Boeing (NYSE: BA) recently reported its Q3 results, with the top-line meeting but the bottom line missing the street estimates. The company reported revenue of $17.8 billion and an adjusted loss of $10.44 per share, compared to the consensus estimates of $17.8 billion and $10.34 loss per share.
Robert Isom, CEO of American Airlines, said the company has been struggling with Boeing for years. "I look forward to the day when they're not just a distraction," he told CNBC.
Brian Langenberg from Langenberg & Co. explains why pension provision will be important for agreement between Boeing and their workers.
The White House said on Thursday it was encouraging Boeing and the union representing about 33,000 striking machinists to continue working to reach a deal, a day after workers rejected the planemaker's latest contract offer.
64% of union workers voted to rejected Boeing's (BA) latest labor contract proposal, prolonging the International Association of Machinists and Aerospace Workers' (IMA) strike that began in September. The aircraft manufacturer also reported third quarter results on Wednesday, revealing a $6 billion net loss for the quarter, which includes a $2 billion loss in its aerospace and defense programs.
The International Association of Machinists and Aerospace Workers, representing 33,000 striking machinists at Boeing, voted to reject the aerospace giant's latest contract offer, extending a strike that has halted key Boeing production lines.
Boeing workers rejected a tentative agreement that would have increased their wages by 35% over four years. Jessica Kriegel, Chief Scientist of Workplace Culture, at Culture Partners joins Bloomberg Intelligence to break down what this means for Boeing and the Union's demands.
Spirit AeroSystems is weighing furloughs or layoffs of hundreds more employees if the Boeing machinists' strike stretches beyond Nov. 25, a company spokesman told CNBC Thursday. More than 32,000 Boeing machinists walked off the job on Sept.
Making Boeing great again starts with a labor deal, according to Wall Street analysts.
Shares of Boeing Co (NYSE:BA) are down 2.4% at $153.28 at last glance, amid news that the International Association of Machinists and Aerospace Workers' (IMA) will extend its prolonged strike.
Union members have rejected Boeing's latest offer, meaning a strike that is costing the company $1 billion a month will continue. Transcript: Conway Gittens: The Nasdaq leads the way Thursday after Tesla earnings far exceeded forecasts and quarterly revenue came in slightly below expectations.