Boeing (NYSE: BA ) investors continue to shrug off labor negotiation failures in Seattle, as the stock gained 1.4% today.
I still have my shares. Maybe SPR can bid on some wing work etc. SPR generated some significant cash last qtr. $141 million if I recall correctly. If they catch a bid on some of their assets perhaps they turn around and bid on some more BA work. They should have the capital.
Yesterday the 31,000 local members of the International Association of Machinists and Aerospace Workers, or IAMAW, voted overwhelmingly to reject Boeing's offer of an eight-year contract extension. Boeing had strongly implied that the extension would mean Washington state would receive the airplane maker's production of its next-generation 777X. That would have secured an estimated 56,000 jobs for another two decades, and these aren't just any jobs.
"Boeing jobs are pretty good jobs, with a better than average ripple effect out across the economy," Greg LeRoy of Washington, D.C.-based policy group Good Jobs First told Seattle Times columnist Danny Westneat.