The Street
  • 2 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and the Boeing strike will continue.

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00:00I'm Conway Gittins reporting from the New York Stock Exchange, here's what we're watching
00:03on the street today.
00:05The Nasdaq leads the way Thursday after Tesla earnings far exceeded forecasts and quarterly
00:09revenue came in slightly below expectations.
00:12Meanwhile, weekly jobless claims were softer than anticipated.
00:16The report is adding to bond market speculation.
00:19The Federal Reserve may not have to tinker with interest rates all that much in order
00:23to get the economy where it wants it.
00:26There's big news involving Boeing.
00:28The 33,000 striking machinists rejected management's proposal in a majority vote.
00:33Sixty-four percent of the members of the International Association of Machinists and
00:37Aerospace Workers voted against the contract.
00:40In a statement emailed to reporters, local union officials said, quote, after 10 years
00:45of sacrifice, we still have ground to make up and we're hopeful to do so by resuming
00:50negotiations promptly.
00:52This is workplace democracy and also clear evidence that there are consequences when
00:57a company mistreats its workers year after year.
01:01This turn of events is a major blow to Boeing, which was already bleeding cash before the
01:07strike stopped production on its most profitable plane.
01:10New CEO Kelly Ortberg is desperately trying to shore up the company's finances.
01:15Less than 24 hours before the vote, Boeing posted a $6 billion loss for the third quarter.
01:21It's worst earnings report since the pandemic stopped all air travel in 2020.
01:26This strike could have economic and political implications, as Boeing is one of the nation's
01:31biggest exporters.
01:33In addition, its plane manufacturing operations support an entire ecosystem responsible for
01:391.6 million jobs, according to company estimates.
01:43Aviation consultant Scott Hamilton told Reuters, quote, it's bad for everybody, Boeing, labor,
01:50suppliers, customers, even the national economy.
01:55That'll do it for your daily briefing from the New York Stock Exchange.
01:57I'm Conway Gittens with The Street.

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