Wall Street Breakfast Podcast: Boeing Workers Strike After Rejecting Contract

seekingalpha09-13

Boeing workers rejected a labor contract, initiating a strike that could cost the company $1.5B and disrupt supply chains.Fortinet confirmed a data breach involving limited customer data, with no ...

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Rejecting Contract\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-09-13 18:46 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4720932-wall-street-breakfast-podcast-boeing-workers-strike-after-rejecting-contract><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Boeing workers rejected a labor contract, initiating a strike that could cost the company $1.5B and disrupt supply chains.Fortinet confirmed a data breach involving limited customer data, with no ...</p>\n\n<a href=\"https://seekingalpha.com/article/4720932-wall-street-breakfast-podcast-boeing-workers-strike-after-rejecting-contract\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0289739699.SGD","symbol_name":"AB INTERNATIONAL HEALTH CARE PORTFOLIO \"A\" (SGD) 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fine.   SandraMatic Listen below or on the go on Apple Podcasts and Spotify Boeing (BA) workers reject contract, set to strike at midnight. (00:21) Fortinet confirms breach after hacker boasts of data theft: report. (01:51) FirstEnergy reaches $100M settlement with SEC in HB 6 bribery scandal. (03:00) This is an abridged transcript of the podcast. Boeing (NYSE:BA) workers overwhelmingly voted to reject a proposed labor contract which led to a vote to strike, with a work stoppage that began at midnight. Approximately 33,000 members of the International Association of Machinists and Aerospace Workers (IAM) voted 96% in favor of the strike, far exceeding the two-thirds majority required to initiate a walkout. 94.6% workers rejected the contract. The rejected contract included a 25% raise over four years and the union argued that these terms fell short of addressing the rising cost of living, as they sought raises closer to 40%. This strike adds to the already turbulent times at Boeing (BA) after the emergency exit blowout, CEO step down, Senate hearings, and more. The vote is a blow to CEO Kelly Ortberg, who urged the union members not to vote in favor of a strike as it would disrupt production and its struggling factory operations. \"Their tireless efforts have been on display throughout this entire process. Now, they will regroup and begin planning the next steps on securing an agreement that our membership can approve,\" the IAM said in a statement. A CNBC report cited an analyst that said a 30-day strike could cost almost $1.5B to Boeing (BA) and have an impact on supply chains. Fortinet (NASDAQ:FTNT) confirmed a data breach after a hacker claimed to have gained access to files from the cybersecurity company's Microsoft (MSFT) Sharepoint server. Fortinet closed Thursday down 2.8%. According to a report by BleepingComputer, the possible threat actor, who goes by the name \"Fortibitch,\" claimed on a hacking forum it had stolen 440GB of data from Fortinet's Azure Sharepoint. Fortinet confirmed to Seeking Alpha, an unauthorized user did gain access to a limited number of files on a third-party drive. \"An individual gained unauthorized access to a limited number of files stored on Fortinet's instance of a third-party cloud-based shared file drive, which included limited data related to a small number of Fortinet customers, and we have communicated directly with customers as appropriate,\" a Fortinet spokesperson said. \"To-date there is no indication that this incident has resulted in malicious activity affecting any customers. Fortinet's operations, products, and services have not been impacted.\" The threat actor allegedly attempted to extort Fortinet into paying a ransom, but the company refused to pay. FirstEnergy (NYSE:FE) has reached a settlement agreement with the Securities and Exchange Commission for a $100M civil penalty to resolve the U.S. government's investigation into the House Bill 6 scandal. The company's Q2 earnings materials indicated it had taken a $100M reserve in anticipation of an agreement with the SEC. FirstEnergy (FE) previously admitted to bribing former Ohio House Speaker Larry Householder and former Ohio Public Utilities Commission Chairman Sam Randazzo in a pay-to-play scandal; the pair helped the company secure a $1B bailout for two nuclear plants and other favorable treatment. As part of a 2021 settlement with federal prosecutors, FirstEnergy (FE) paid a $230M fine; last month, the company reached an agreement to resolve proceedings with the Office of the Ohio Attorney General and the Office of the Summit County Prosecutor. More articles on Seeking Alpha: China to raise retirement age as workforce shrinks, aging population grows GS strategist says quality small-cap stocks worth a look as the Fed embarks on rate cuts Noom launches cheaper compounded version of Novo's semaglutide Catalyst watch:  Notable events include keynote addresses at the Roblox (RBLX) Developers Conference. The beginning of the five-day European Society for Medical Oncology Meeting will attract attention in the healthcare sector. Merck (MRK), AstraZeneca (AZN), Regeneron Pharmaceuticals (REGN), Johnson & Johnson (JNJ), Incyte (INCY), and 23andMe (ME) are some of the notable companies due to present data or abstracts. Kuaishou Technology (OTCPK:KUASF) will hold an Investor Day event during which it is expected to update on its AI initiatives.  Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the green. Crude oil is up 1.2% at $69/barrel. Bitcoin is up 0.1% at $58,000. In the world markets, the FTSE 100 is up 0.1% and the DAX is up 0.5%. On today’s economic calendar:  08:30 AM Import and Export Prices 10:00 AM Consumer Sentiment","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"analysis","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2467725539"}