32,000 Boeing employees may go on strike

The Street

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.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:04Wall Street is hoping to recover from the beating it took on Tuesday

00:08when a slump in NVIDIA wiped out $279 billion in one stock alone,

00:13the biggest one-day loss for any single stock in history.

00:17The latest economic news is doing little to push back recession fears.

00:21Job openings dropped to 7.7 million in July from 7.9 million in June.

00:27Job postings were down by 1.1 million compared to the same time last year.

00:32The news comes ahead of the all-important jobs report on Friday.

00:36In other business headlines, the headaches for Boeing continue to mount.

00:40The aerospace giant is facing the potential strike of 32,000 workers

00:45before the month of September is out.

00:47Employees who are part of the International Association of Machinists

00:50will see their labor agreement end on September 12th.

00:53If a new deal isn't reached, these workers, who have the vital task of building Boeing airplanes,

00:59could hit the company with its first walkout in 16 years.

01:03So far, negotiations are not going well, according to one local union official.

01:07The two sides are at odds over pay, health insurance, retirement and paid time off.

01:13Boeing can hardly afford a worker strike at a time when it's already bleeding billions of dollars

01:19and its once stellar manufacturing reputation is in tatters.

01:22Most recently, safety issues at its spacecraft unit

01:26have left NASA astronauts stranded at the International Space Station.

01:30Meanwhile, at Boeing's airplane division, its credibility took another ding

01:35after a door flew off a 737 Max plane mid-flight in January.

01:39And that's after two deadly crashes grounded Boeing's most profitable plane from 2019 to 2020.

01:47That'll do it for your daily briefing from the New York Stock Exchange.

01:50I'm Conway Giddens with the Street.

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