Skip to player
Skip to main content
Skip to footer
Search
Connect
Watch fullscreen
Like
Comments
Bookmark
Share
Add to Playlist
Report
Boeing strike to continue after union rejects latest offer
The Street
Follow
10/24/2024
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and the Boeing strike will continue.
Category
🥇
Sports
Transcript
Display full video transcript
00:00
I'm Conway Gittins reporting from the New York Stock Exchange, here's what we're watching
00:03
on the street today.
00:05
The Nasdaq leads the way Thursday after Tesla earnings far exceeded forecasts and quarterly
00:09
revenue came in slightly below expectations.
00:12
Meanwhile, weekly jobless claims were softer than anticipated.
00:16
The report is adding to bond market speculation.
00:19
The Federal Reserve may not have to tinker with interest rates all that much in order
00:23
to get the economy where it wants it.
00:26
There's big news involving Boeing.
00:28
The 33,000 striking machinists rejected management's proposal in a majority vote.
00:33
Sixty-four percent of the members of the International Association of Machinists and
00:37
Aerospace Workers voted against the contract.
00:40
In a statement emailed to reporters, local union officials said, quote, after 10 years
00:45
of sacrifice, we still have ground to make up and we're hopeful to do so by resuming
00:50
negotiations promptly.
00:52
This is workplace democracy and also clear evidence that there are consequences when
00:57
a company mistreats its workers year after year.
01:01
This turn of events is a major blow to Boeing, which was already bleeding cash before the
01:07
strike stopped production on its most profitable plane.
01:10
New CEO Kelly Ortberg is desperately trying to shore up the company's finances.
01:15
Less than 24 hours before the vote, Boeing posted a $6 billion loss for the third quarter.
01:21
It's worst earnings report since the pandemic stopped all air travel in 2020.
01:26
This strike could have economic and political implications, as Boeing is one of the nation's
01:31
biggest exporters.
01:33
In addition, its plane manufacturing operations support an entire ecosystem responsible for
01:39
1.6 million jobs, according to company estimates.
01:43
Aviation consultant Scott Hamilton told Reuters, quote, it's bad for everybody, Boeing, labor,
01:50
suppliers, customers, even the national economy.
01:55
That'll do it for your daily briefing from the New York Stock Exchange.
01:57
I'm Conway Gittens with The Street.
Recommended
2:01
|
Up next
Boeing withdraws pay raise offer to striking workers
The Street
10/9/2024
2:02
Boeing workers vote to accept new deal
The Street
11/5/2024
2:01
Boeing increases offer to striking workers
The Street
9/24/2024
1:57
Boeing implements hiring freeze amid strike
The Street
9/16/2024
1:58
32,000 Boeing employees may go on strike
The Street
9/4/2024
1:59
33,000 Boeing workers hit the picket lines
The Street
9/13/2024
1:55
Boeing could lose billions due to ongoing strike
The Street
9/19/2024
2:00
Port strike over as workers agree to new deal
The Street
10/4/2024
1:43
Boeing pleads guilty to defrauding the FAA
The Street
7/9/2024
1:54
Boeing to borrow $10 billion and raise an additional $25 billion
The Street
10/15/2024
2:05
Boeing plea deal with U.S. government rejected
The Street
12/6/2024
1:54
Spirit Airlines won’t file for bankruptcy
The Street
6/7/2024
1:59
Another Boeing plane was found to have structural issues.
The Street
8/20/2024
2:01
Big corporations will increase pay by almost 4% in 2025
The Street
9/16/2024
1:55
Streaming prices continue to rise
The Street
8/16/2024
2:13
Dow faces 9th straight day in the red
The Street
12/17/2024
1:55
The holiday shipping battle is underway
The Street
11/8/2024
1:53
More affluent Americans are living paycheck to paycheck
The Street
10/28/2024
1:47
Cargill to lay off 5% of global workforce
The Street
12/3/2024
2:01
Southwest Airlines reveals how new boarding process will work
The Street
9/27/2024
2:10
Egg prices continue to rise
The Street
11/25/2024
1:44
Southwest Airlines says it will no longer offer open seating
The Street
7/25/2024
1:59
Spirit Airlines files for Bankruptcy
The Street
11/18/2024
2:01
Boeing door incident causes hundreds of flight cancellations
The Street
1/8/2024
1:53
Grocery prices finally start to come down
The Street
5/16/2024