Boeing stock rises on tentative deal with Machinists, closes at record high
Published 9:00 pm Wednesday, May 16, 2007
Boeing’s stock has reached a 52-week high this morning following the announcement that the company has struck a tentative deal its Machinists in St. Louis.
At 9:30 a.m. PST, Boeing stock had risen $1.24 to $96.58, eclipsing its previous trading high of $95.58 set April 26. It closed at a record high of $96.76, up 1.52 percent. An analyst with Jefferies &Co. recently raised Boeing’s stock target price from $100 to $112 based on “strong jetliner demand until 2012.”
On Sunday, the 2,600 St. Louis Machinists will vote on a deal that would give them a 9.5 percent wage increase and a 17 percent bump in pension benefits. (To read the AP’s full story, http://www.forbes.com/feeds/ap/2007/05/17/ap3730407.html?partner=alerts)
Check out Boeing’s press release on the agreement, http://www.boeing.com/news/releases/2007/q2/070516d_nr.html.
Mark Blondin, the former president of the local Machinists here, has been involved with contract negotiations in St. Louis as the new aerospace coordinator of the International Association of Machinists. I interviewed Blondin not long before he stepped into his new role with the Machinists http://www.heraldnet.com/stories/07/04/01/100loc_a1blondin001.cfm.
Machinists in the Puget Sound region won’t go into contract negotiations with Boeing until next year. To read more about the new district president who will lead those negotiations, http://www.heraldnet.com/stories/07/04/07/100bus_machinsts001.cfm.
