****Voting Results**** As of 10:00 am
I believe the Dearborn vote is today. Will update later as results become available.
Voting ends today, ratification seems likely. I applaud the UAW workers for accepting this contract, there really is no "New Ford" without this happening. I'm optimistic at this point that the self-destructive behavior of the company and the union is past history, and is now a lesson well learned.
agree with fish and lovelincolns
From Keith Naughton and Jeff Green,
"Union leaders have said they expect voting at Fiat SpA-controlled Chrysler’s to be done this month"
Chrysler said adding jobs was the focus at their talks. Across all 3 carmakers:
"Assuming 20,000 union positions are created in at least 34 factories under the contracts, they may spawn ...more jobs nationwide, including 14,444 at auto-parts makers"
QUESTION: I assume these will be staggered across the coming 4 years??? That way, carmakers can be careful not to over-produce, which could wreck things for everybody.
JB, Shaggy's mom
I agree fish. As Settles mentioned, he felt the early voters voted by emotion rather than thoroughly thinking the situation out. Four years from now could prove to be a much better time to try to win back some benefits that were lost. I still believe the workers can have a great four years financially given the possible profits Ford might experience. I have read that there is a $12,000 annual cap on the profit sharing amount, which I do not agree with but why would Ford even bring that up unless they thought they might be that profitable at some point over the next four years. That says volumes to me about where Ford thinks their profits may rise to. It will be nice to see.
UAW Ford Department
***** Ratification Voting Update as of 10/18/2011 8:45 a.m. *****
Yes: 16691 (63.2%)
No: 9698 (36.8%)
With 78% reporting
If the 78% figure is accurate via Facebook, that means that about 7443 more votes remain to be cast yea or nay. The margin is currently 6,993 in favor, meaning almost 97% of the remaining votes would have to vote against it!!!
<<As a Ford shareholder,
i am greatly looking forward to
the next 8 quarters.>>
Yah, but what about tomorrow? Who cares if a dividend is in store, and we eventually get to $30/share? Shouldn't we be attempting to trade in and out to capitalize on the daily swings? Buying quality at a discount and then waiting patiently for inevitable appreciation has worked for me for the past 30 or so years. But times change, maybe we should change with them?
Nah, on second thought, I think I'll just try somethig different for lunch tomorrow. Wendy's has a new burger with premium toppings. A butter toasted bun, crinkle-cut pickles and red onions! I think I'll continue to hang tight, and see where Ford goes.
Excellent post. I
do not disagree
with your analysis
regarding the behavior
of opportunistic, jumpy
traders and uncommitted
or plunges. As you
have keenly observed,
"there is always someone
willing to take the other
side of the bet". Generally
speaking, bargaining that
takes place in drastic
economic times tends to
engender lucid communication
between Management and UAW
leaders. Mr. King is no fool.
He competently surveyed the
rank file, and new just where
he and they stood. A further
and highly significant indicator
was the understated demeanor of
Ford Vice Presidents Flemming
and Mulloy. As a Ford shareholder,
i am greatly looking forward to
the next 8 quarters.
Voting at Ohio Asembly was yesterday but because the last 2 weeks were down weeks and production people were not at work, and not everyone has the internet, or a computer, voting will ALSO be on Tuesday.
I'll admit to not being among the knowledgeable. I don't work in the automotive industry, I'm only a consumer of the products and an investor in Ford.
However, from the outside looking in, I thought from the beginning that Ford was offering pretty attractive concessions. Bonuses that exceed those of GM and Chrysler. Movement of thousands of jobs to the U.S. Scheduled pay increases for new workers that come to slightly more than 5% each year over the life of the 4-year contract.
Again, consider the overwhelmingly pessimistic headlines from Friday that seemed to point to rejection and strike.
Is this just news reporters going with the most controversial/exciting scenario for the sake of a story? An honest assessment of some who didn't really understand the negotiations? Blatant manipulation? Perhaps a bit of each?
Regardless, there is always someone willing to take the other side of a bet, no matter the odds. Going into October, we had 141 M shares shorted, just 10% off the 157 M of September. I have to believe there will be some covering come Monday morning.
With the contract being sorted out one way or another this week, earnings coming out next week, a possible credit upgrade coming at any time - the remainder of October should make for interesting times!
Excellent Fish. 2 more days of voting to go??
Found the link with story by Bernie Woodall:
The most recent plant voting was in favor by 90%. Agree with Gomek that some media coverage on Friday was senationalizing, instead of presenting a balanced picture. You learn which journalists can be trusted after awhile.
On union news, Woodall and Brent Snaveley have been good so far, as has Keith Naughton.
here's Naughton on the 62% result tonight, co-writing with Bill Koenig at loomber/Biz Week:
"The union said 14,845 members at Ford had cast ballots in favor of the labor deal while 9,076 voted against. The UAW didn’t specify the percentage of Ford’s 40,600 hourly employees who have had a chance to vote. Balloting will run through Oct. 18"
JB, Shaggy's mom