September 3, 2024 - $Boeing (BA.US)$shares slumped 7.61% to $160.52 on Tuesday. The company may experience its first strike in 16 years by 32,000 of its workers.
The contract between Boeing and the International Association of Machinists is set to expire at 11:59 PM PT on September 12. If a new contract is not reached, workers who build Boeing's planes in Washington state are poised to initiate the first strike at the company in 16 years. According to the head of the local union, the chances of reaching a deal currently do not look promising.
In addition, Wells Fargo downgrades Boeing to underweight from equalweight, adjusts price target to $119 from $185.
About Boeing
As a leading global aerospace company, Boeing develops, manufactures and services commercial airplanes, defense products and space systems for customers in more than 150 countries.