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Wall Street Breakfast

Boeing workers strike after rejecting contract

Wall Street Breakfast

Seeking Alpha

Business News, News, Business, Investing

4.11K Ratings

🗓️ 13 September 2024

⏱️ 6 minutes

🧾️ Download transcript

Summary

Boeing (BA) workers reject contract, set to strike at midnight. (00:21) Fortinet confirms breach after hacker boasts of data theft: report. (01:51) FirstEnergy reaches $100M settlement with SEC in HB 6 bribery scandal. (03:00)

Episode transcripts seekingalpha.com/wsb.

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Transcript

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0:00.0

Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

0:08.0

Good morning. Today is Friday, September 13th. I'm Julie Morgan.

0:13.0

Boeing workers decide to strike.

0:15.4

Fortinette is hacked and first energy reaches a settlement with the SEC.

0:21.1

We begin with an update on our top story from Thursday's edition of Wall Street breakfast.

0:26.0

Boeing workers overwhelmingly voted to reject a proposed labor contract which led to a vote to strike

0:32.0

with a work stoppage that began at midnight.

0:35.7

Approximately 33,000 members of the International Association of Machinists and Aerospace

0:41.5

Workers voted 96% in favor of the strike, far exceeding the two-thirds

0:46.8

majority required to initiate a walkout.

0:50.3

94.6% of workers rejected the labor contract.

0:55.0

The rejected contract included a 25% raise over four years,

1:00.0

and the union argued that these terms fell short of addressing the rising cost of living as they sought raises closer to 40 percent.

1:08.0

This strike adds to the already turbulent times at Boeing. After the emergency exit blowout earlier this year, the

1:14.7

CEO stepping down, Senate hearings, and of course a whole lot more. The vote is also

1:19.9

a blow to the current CEO who urged the union members not to vote in favor of a strike

1:25.6

as it would disrupt production and its struggling factory operations.

1:30.4

The union said in a statement that they'll now regroup and begin planning the next steps on securing an agreement that their members can approve.

1:39.0

A CNBC report cited an analyst that said a 30-day strike could cost almost 1.5 billion dollars to

1:46.3

Boeing and have an impact on supply chains.

1:50.3

Fortinette confirmed a data breach after a hacker claimed to have gained access to files from the cybersecurity companies a Microsoft Sharepoint server.

1:59.4

Fortinette closed Thursday down 2.8%.

...

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