Boeing's labor dispute has sent its stock to a 52-week low.
Shares of the aircraft manufacturing giant touched new 52-week lows on Friday as a labor dispute involving its largest unionized workforce — the International Association of Machinists and Aerospace Workers — was set to enter into a second week.
This past week, Boeing laid out aggressive cost-cutting measures culminating in the announcement of temporary furloughs expected to impact “a large number” of executives, managers, and employees. Boeing wing mechanic lead Lee Lara, who has worked for the company for 16 years, yells while striking after union members voted to reject a contract offer, Sunday, Sept. 15, 2024, near the company's factory in Everett, Wash. While Moody's recently placed Boeing’s credit rating under review, S&P Global said its status is safe for now, provided the strike is short-lived.
It remains to be seen how patient investors will be about the ongoing dispute at a time when the company is aiming to ramp production of its bestselling 737 Max jets to 38 per month by the end of the year, up from roughly 25 per month in June and July. “ a lot of pressure to get their assembly line in good order," Owens told Yahoo Finance on Monday. "And the strike interferes with that and delays any progress they were making on basically recertifying their assembly process for planes like the 737."from Boeing. The incident is a test of the company's new management and recovery from a series of mishaps this year.
Mike Boyd Boyd Group International Consulting Company
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