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Striking Machinists to Vote Saturday on Deal To End Boeing Walkout – Shares Soar
The International Association of Machinists and Aerospace Workers Union will vote this Saturday on whether to end its two-month strike against The Boeing Co. (BA). A tentative agreement to end the strike was reached Monday.
Boeing’s shares soared $6.55 each, or 15.5%, to close at $48.91. They are still down 50% from their 12-month high of $98.71 and are down 45% for the year.
It was the longest strike in 13 years: The union walked out for 28 days in 2005 and 69 days in 1995.
Both sides claimed victory this time around.
The union said that it “won the battle and made some significant…
29Oct2008 | Money Morning | Comments Off | Continued
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