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Report
32,000 Boeing employees may go on strike
The Street
Follow
9/4/2024
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Boeing has another problem on its hands.
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Sports
Transcript
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00:00
I'm Conway Gittins reporting from the New York Stock Exchange.
00:02
Here's what we're watching on the street today.
00:04
Wall Street is hoping to recover from the beating it took on Tuesday
00:08
when a slump in NVIDIA wiped out $279 billion in one stock alone,
00:13
the biggest one-day loss for any single stock in history.
00:17
The latest economic news is doing little to push back recession fears.
00:21
Job openings dropped to 7.7 million in July from 7.9 million in June.
00:27
Job postings were down by 1.1 million compared to the same time last year.
00:32
The news comes ahead of the all-important jobs report on Friday.
00:36
In other business headlines, the headaches for Boeing continue to mount.
00:40
The aerospace giant is facing the potential strike of 32,000 workers
00:45
before the month of September is out.
00:47
Employees who are part of the International Association of Machinists
00:50
will see their labor agreement end on September 12th.
00:53
If a new deal isn't reached, these workers, who have the vital task of building Boeing airplanes,
00:59
could hit the company with its first walkout in 16 years.
01:03
So far, negotiations are not going well, according to one local union official.
01:07
The two sides are at odds over pay, health insurance, retirement and paid time off.
01:13
Boeing can hardly afford a worker strike at a time when it's already bleeding billions of dollars
01:19
and its once stellar manufacturing reputation is in tatters.
01:22
Most recently, safety issues at its spacecraft unit
01:26
have left NASA astronauts stranded at the International Space Station.
01:30
Meanwhile, at Boeing's airplane division, its credibility took another ding
01:35
after a door flew off a 737 Max plane mid-flight in January.
01:39
And that's after two deadly crashes grounded Boeing's most profitable plane from 2019 to 2020.
01:47
That'll do it for your daily briefing from the New York Stock Exchange.
01:50
I'm Conway Giddens with the Street.
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