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Bombardier workers vote on contract offer, threat of strike looms

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© Reuters. FILE PHOTO: A Bombardier employee works on interior completions and exterior touch-ups for delivery preparation of the Global aircraft at Bombardier’s Laurent Beaudoin Completion Centre in Montreal, Quebec, Canada March 29, 2022. REUTERS/Christinne Musch

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By Allison Lampert

MONTREAL (Reuters) – Bombardier (OTC:BDRBF) Inc workers on a key program for the Canadian business jet maker will decide on Wednesday whether to accept a new contract offer or walk off the job.

The Montreal-based company’s labor dispute is one of several the aviation and aerospace sectors are grappling with globally just as travel demand rebounds from the COVID-19 pandemic and soaring prices push unions to demand bigger pay rises.

Rejection of the deal offering pay hikes of up to 18.5% over five years would lead to a general strike by the 1,800 workers, who mostly produce Bombardier’s popular Challenger business jets that accounted for a third of the company’s deliveries in 2021.

Companies from Bombardier to some European airlines are seeing wage disputes with workers amid rising inflation, adding to growing pressure on costs and discontent as the summer travel season kicks off.

In the United States, pilots at almost all the major carriers are protesting, demanding higher pay and contract improvements due to “fatiguing” schedules.

Aviation was battered during the COVID-19 pandemic, with 2.3 million jobs lost globally according to some estimates, worsening existing staffing shortages. While workers are coming back, it is giving staff like pilots clout during talks.

“Labor has a lot of power right now and they have inflation in their own lives,” said Richard Aboulafia, managing director at AeroDynamic Advisory.

“And in the case of aviation, a lot of them were recently fired or furloughed so they’re not feeling a lot of loyalty.”

Cabin crew from low cost carrier Ryanair in Spain and Portugal plan to strike on Friday, and work stoppages are expected elsewhere in Europe.

Countries around the world are grappling with high inflation, as hot demand runs up against supply chain constraints and Russia’s invasion of Ukraine drives commodity prices sharply higher.

Aboulafia said aerospace sectors like defence and cargo can more easily pass rising costs on to customers. Airlines are more vulnerable as they risk losing demand as fares rise.

“My big fear in all of this is that you could see kind of a crowding out where defense gets used to paying more and that impacts commercial because they’ll have a harder time matching,” Aboulafia said.

The International Association of Machinists and Aerospace Workers, which reached a deal in April with “historic pay” increases for 5,000 Lockheed Martin Corp (NYSE:LMT) workers in Fort Worth, Texas, has started talks with Boeing (NYSE:BA) Co.’s defense unit.

The union and Bombardier would not discuss details about the offer ahead of the vote. Bombardier stock dropped 12% this week in Toronto trading.

The union has also been negotiating a new contract for Southwest Airlines (NYSE:LUV) Co.’s customer service agents after twice reaching tentative agreement. The last agreement, which was voted down by Southwest workers in May, included a 15% increase in pay over three years and signing bonus.

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Morgan Stanley will cover U.S. employees’ travel for abortion services -source

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© Reuters. The logo for Morgan Stanley is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly

NEW YORK (Reuters) – Morgan Stanley (NYSE:MS) joined other large U.S. banks expanding its healthcare coverage to include travel costs for employees seeking abortion services if they are not locally available, according to a source familiar with the matter.

It is the latest financial company to expand healthcare policies to cover these costs following the Supreme Court’s decision Friday to overturn the 1973 Roe v. Wade precedent that had legalized abortion in the United States. [L1N2YB1AQ]

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Morgan Stanley Has Continued Conviction on Rockwell Automation’s Capex Cycle

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© Reuters. Morgan Stanley Has Continued Conviction On Rockwell Automation’s (ROK) Capex Cycle

By Sam Boughedda

Speaking about Rockwell Automation (NYSE:ROK) after a meeting with its management, Morgan Stanley analyst Joshua Pokrzywinski said in a note to clients that they came away with “continued conviction in a generational capex cycle” that they expect to remain resilient despite a slowing macro environment and choppy supply chain.

“We expect orders to remain healthy as other verticals, both consumer and other short-cycle industrial markets, contend with demand destruction from rising rates and persistent inflation,” wrote Pokrzywinski.

The analyst, who has an Overweight rating and trimmed his price target to $260 (from $277) on the stock, added that at the same time, the pace of improvement on supply chains, particularly for semiconductors appears to be “at best a game of inches for ROK.”

As a result, Morgan Stanley is “reducing FY22 estimates, particularly the seasonal ramp in F4Q22 due to supply constraints.”

“Given the magnitude of the sell-off and persistent strength over the next 2-3 years, we see ROK risk/reward as favorable acknowledging consensus is high for the next 2 quarters.”

Rockwell Automation closed Monday’s session just 0.12% higher.

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U.S. stocks lower at close of trade; Dow Jones Industrial Average down 0.20%

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© Reuters U.S. stocks lower at close of trade; Dow Jones Industrial Average down 0.20%

Investing.com – U.S. stocks were lower after the close on Monday, as losses in the Consumer Services, Technology and Basic Materials sectors led shares lower.

At the close in NYSE, the Dow Jones Industrial Average declined 0.20%, while the S&P 500 index declined 0.30%, and the NASDAQ Composite index lost 0.72%.

The best performers of the session on the Dow Jones Industrial Average were UnitedHealth Group Incorporated (NYSE:UNH), which rose 2.02% or 10.02 points to trade at 505.66 at the close. Meanwhile, Chevron Corp (NYSE:CVX) added 1.93% or 2.80 points to end at 147.57 and Merck & Company Inc (NYSE:MRK) was up 1.37% or 1.28 points to 94.41 in late trade.

The worst performers of the session were Salesforce.com Inc (NYSE:CRM), which fell 2.48% or 4.61 points to trade at 181.31 at the close. Nike Inc (NYSE:NKE) declined 2.13% or 2.41 points to end at 110.50 and Boeing Co (NYSE:BA) was down 1.99% or 2.81 points to 138.72.

The top performers on the S&P 500 were Valero Energy Corporation (NYSE:VLO) which rose 8.00% to 112.24, Devon Energy Corporation (NYSE:DVN) which was up 7.48% to settle at 57.79 and Hess Corporation (NYSE:HES) which gained 5.18% to close at 106.96.

The worst performers were Etsy Inc (NASDAQ:ETSY) which was down 3.55% to 80.65 in late trade, Electronic Arts Inc (NASDAQ:EA) which lost 3.53% to settle at 125.60 and Autodesk Inc (NASDAQ:ADSK) which was down 3.43% to 185.87 at the close.

The top performers on the NASDAQ Composite were Evofem Biosciences Inc (NASDAQ:EVFM) which rose 187.71% to 1.07, Acutus Medical Inc (NASDAQ:AFIB) which was up 87.59% to settle at 1.01 and Epizyme Inc (NASDAQ:EPZM) which gained 55.14% to close at 1.48.

The worst performers were Powerbridge Technologies Co Ltd (NASDAQ:PBTS) which was down 34.95% to 0.67 in late trade, Borqs Technologies Inc (NASDAQ:BRQS) which lost 24.38% to settle at 2.15 and Enochian Biosciences Inc (NASDAQ:ENOB) which was down 21.92% to 2.60 at the close.

Rising stocks outnumbered declining ones on the New York Stock Exchange by 1738 to 1413 and 116 ended unchanged; on the Nasdaq Stock Exchange, 1948 rose and 1867 declined, while 175 ended unchanged.

Shares in Borqs Technologies Inc (NASDAQ:BRQS) fell to 52-week lows; down 24.38% or 0.69 to 2.15. Shares in Enochian Biosciences Inc (NASDAQ:ENOB) fell to 52-week lows; losing 21.92% or 0.73 to 2.60.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 1.03% to 26.95.

Gold Futures for August delivery was down 0.38% or 6.95 to $1,823.35 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in August rose 1.92% or 2.07 to hit $109.69 a barrel, while the September Brent oil contract rose 1.80% or 1.96 to trade at $111.06 a barrel.

EUR/USD was unchanged 0.27% to 1.06, while USD/JPY rose 0.22% to 135.46.

The US Dollar Index Futures was down 0.26% at 103.69.

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