Boeing Machinists Reject 35% Wage Deal, Strike Continues

Boeing machinists voted 64% against a proposed labor deal that included a 35% wage increase over four years, increased 401(k) contributions, and a $7,000 bonus. Workers were unhappy about the lack of a pension plan and wanted higher pay to address rising living costs. This strike, the first since 2008, has disrupted most of Boeing's Seattle-area production for over five weeks.

The company is facing significant challenges, including a $6 billion quarterly loss and ongoing cash burn. CEO Kelly Ortberg highlighted resolving the labor dispute as a top priority.

Stock Impact: Boeing shares closed at $157.06, down 1.76% for the day, with a slight recovery of 0.55% in after-hours trading. Year-to-date, Boeing's stock has dropped 37.62%.