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Fitch: If this is an extended strike you could see Boeing downgraded

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Boeing machinists went on strike after rejecting a 25% pay raise.That is shuttered the going manufacturing plant

Here are the main points from the Boeing CFO’s statement

  • Strike Impact: Strike will jeopardize recovery, impact production and deliveries

  • Cash Conservation: Laser-like focus on actions to conserve cash

  • Union Negotiations: Want to get back to the table and reach an agreement

  • Production Goals: Getting to 38/month by end of year will take longer

  • Inventory Levels: About 70 aircraft left in inventory at shadow factory

  • Supply Chain Constraints: Broadly impacting the industry, affecting deliveries

  • Specific Production Impacts:

  • Defense Unit: Q3 margins to be negative

Fitch is now out saying that if the strike is extended it could impact Boeings ratings (cut to junk status).

Shares are down -3.1% at $157.80. For the trading year, the stocks is down close to 40% on the year.

The consistently negative Boeing headlines takes the headline away from Intel. It’s shares are down nearly 61% on the year. The third worst performer of the Dow stocks is Nike down -27.6% in 2024

PS. Moody’s now joins Fitch on a downside credit watch.

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