Boeing aims to land union deal…again
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 1 November 2024
⏱️ 6 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning on this first day of the trading month, but the final day of the trading week, Friday, November 1st. |
| 0:15.0 | I'm Julie Morgan. |
| 0:17.0 | Will the third time be a charm for Boeing? |
| 0:19.0 | Aurora plummets on news of a delay, and two major names are cleared in one of many baby formula trials. |
| 0:27.6 | Boeing has come to a deal with leaders of its machinist union. |
| 0:31.3 | The company offered a 38% wage increase over four years in its latest proposal, up from last week's offer of 35% and an |
| 0:39.8 | original offer of 25%. Both were overwhelmingly rejected. The latest offer does not bring back |
| 0:47.0 | pensions a key demand of many members. Instead, Boeing would increase company 401K contributions. |
| 0:53.8 | The company would also keep paying yearly bonuses, which had been eliminated as part of |
| 0:58.6 | the initial offer. |
| 0:59.8 | A $12,000 ratification bonus is also included. |
| 1:03.8 | The company and its biggest labor union, the International Association of Machinists |
| 1:08.4 | and Aerospace Workers, announced the deal on Thursday. The union plans to vote on the deal Monday. The strike has cost the company an estimated $1 billion a month, pushing management this week to raise more than $20 billion in a sale of new shares. The strike began on Friday, September 13th. Shares of Aurora fell 21% on Thursday after disclosing a four-month delay in the commercial |
| 1:34.3 | launch of its self-driving truck. In explaining the reason for the delay, the CEO said during the |
| 1:40.3 | company's earnings call, that additional safety measures need to be completed before he feels comfortable |
| 1:45.5 | launching the vehicle. The company plans to launch the Aurora Drive with a crawl, walk, run approach |
| 1:51.7 | by deploying up to 10 driverless trucks in commercial operations during the launch, beginning |
| 1:57.1 | with just one driverless truck before transitioning the balance to all driverless. |
| 2:02.2 | In the second half of 2025, Aurora's focus will be expanding product capabilities, |
| 2:07.9 | adding new lanes and increasing capacity to tens of trucks by the end of the year. |
| 2:12.9 | The company expects to earn a profit by 2026. |
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