Boeing Begins Layoffs For 10% Workforce Cut; Shares Climb As Dow Slides

Blockhead11-20 00:17

Boeing stock was one of the few bright spots in the Dow Jones Industrial Average early Tuesday as the airplane manufacturer began earlier announced sizable cuts to its workforce. ↑ X Boeing ...

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The aerospace manufacturer sent nearly 2,200 layoff notices to workers in Washington and another 220 to South Carolina, two states where Boeing builds its commercial airlines.\nThe layoff filings come after Boeing on Oct. 11 announced plans to cut 17,000 jobs — roughly 10% of its workforce — in order to reduce costs amid its machinist union strike.\nBoeing and its union members on Nov. 4 ended the seven-week strike after reaching an agreement for a 38% pay hike, among other benefits. The 33,000 striking employees were required to return to work by Nov. 12.\nBoeing posted a $6.2 billion net loss for Q3 as it contended with delivery delays and quality control issues compounded by the strike. The Dow Jones plane maker on Oct. 15 secured a $10 billion credit agreement with multiple banks and filed to raise $21 billion to plug its cash drain.\nBoeing Stock\n\nBoeing stock ticked up less than 1% early Tuesday, on track for a third consecutive daily gain.\nBA shares were among just a handful of early advancing issues on the Dow Jones Industrial Average. Walmart (WMT) led the Dow with a 4.7% jump after its Q3 earnings beat. Nvidia (NVDA) swung 2% higher in early trade.\nApple (AAPL), Coca-Cola (KO) and Amazon (AMZN) also inched slightly higher.\nYou can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison\nYOU MAY ALSO LIKE:\nBest Growth Stocks To Buy And Watch: See Updates To IBD Stock Lists\nLooking For The Next Big Stock Market Winners? Start With These 3 Steps\nJoin IBD Live And Learn Top Chart Reading And Trading Techniques From Pros\nLearn How To Time The Market With IBD's ETF Market Strategy","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":"","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/2484920532"}