Auto

United

Strike

Gains

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div>
<p class="has-drop-cap">Ford <a aria-label="reached an understanding (opens in a new tab)" href="https://techcrunch.com/2023/10/25/ford-and-uaw-negotiators-reach-tentative-agreement-to-end-strike/" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">reached an understanding</a> today with its employees represented by the United Auto Workers (UAW), marking a “historic victory” for the US labor union. Shares of Ford (NYSE: $F) rose 2.77% ahead of Thursday’s market opening bell.&nbsp;However, the gains were quickly reversed as the market opened, with the shares standing at $11.62 at the time of publishing.</p>
<h3 id="ford-reaches-agreement-with-uaw-20-000-employees-set-to-return-to-work">Ford Reaches Agreement With UAW, 20,000 Employees Set to Return to Work</h3>
<p>Ford Motor said it had reached a “tentative agreement on a new labor contract” with the UAW union about the company’s US operations. As a result, the automaker said it will restart production at its Kentucky, Michigan, and Chicago plants. This will bring 20,000 employees back to work, and Ford will be “shipping our full lineup to our customers again,” the company stated.</p>
<p>Ford’s employees represented by the UAW are yet to ratify the deal, although the union’s president, Shawn Fain, saw the latest agreement as a “historic victory.” The UAW launched a “new phase” of the strike this week, putting additional pressure on the automakers, including Ford, and forcing the carmaker to negotiate.</p>
<p>The move comes more than a month after the union <a href="https://tokenist.com/could-tesla-benefit-from-the-uaws-strike/" rel="noopener noreferrer nofollow" class="deco-link">initiated the strike</a> of the Detroit Three car manufacturers, Ford, GM, and Stellantis. If the deal is ratified, Ford will become the first of the three companies to settle the strikes, including 45,000 employees.&nbsp;</p>
<p>Shares of Ford rose more than 2.7% in the premarket trading following the news.</p>
<p>Under the terms of the deal, Ford UAW-represented workers will receive an immediate wage boost of 11% upon ratification and a total increase of 25% over the duration of their contracts. Top wage rates will rise by around 33% while starting wages will increase by about 68%. Temporary workers will experience a 150% raise over their contract term, with some Sterling Axle and Rawsonville plant employees receiving an 85% raise upon immediate ratification.</p>
<div class="cta-referral"><img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async">
 <div class="cta-referral__text">
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noopener noreferrer nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p>
 </div>
</div>
<h3 id="broader-us-stock-market-down-amid-rising-yields">Broader US Stock Market Down Amid Rising Yields</h3>
<p>While Ford’s shares are in the green territory ahead of Thursday’s market open, the same cannot be said for the broader stock market. Notably, the S&amp;P 500 futures were down 0.3% at the time of writing, a day after the market index fell to more than 1.4% to 4,186.&nbsp;</p>
<p>The slump came after the broader market experienced a sell-off due to unfavorable macroeconomic conditions marked by another <a href="https://tokenist.com/rising-treasury-yields-put-a-damper-on-the-impact-of-tech-earnings/" rel="noopener noreferrer nofollow" class="deco-link">jump in Treasury yields</a> to record levels and the <a href="https://tokenist.com/oil-and-gold-prices-surge-as-conflict-in-the-middle-east-continues/" rel="noopener noreferrer nofollow" class="deco-link">continuing conflict</a> in the Middle East.&nbsp;</p>
<p>Ford’s stock is down around 2.4% year-to-date. However, the company’s quarterly performance so far paints a completely different picture, with the <a aria-label="automaker reporting (opens in a new tab)" href="https://media.ford.com/content/dam/fordmedia/North%20America/US/2023/07/27/earnings/Q2%202023%20News%20Release.pdf" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">automaker reporting</a> earnings per share (EPS) beat of 33.7% and 55.2% in the last two quarters.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em><strong>Do you think Ford’s stock price will enter the green territory once the UAW strikes officially end? Let us know in the comments below.&nbsp;</strong></em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/ford-gains-in-premarket-after-deal-negotiated-to-end-uaw-strike/">Ford Gains in Premarket After Deal Negotiated to End UAW Strike</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Ford Gains in Premarket After Deal Negotiated to End UAW Strike

Table of Contents

Tokenist

Other articles published on Oct 26, 2023

SEC Chair Gary Gensler Says ‘Crypto Is a Field Rife With Fraud, Scams, Bankruptcies and Money Lau...

Nintendo Introduces New Content Creation Guidelines

Nucor Corporation (NYSE: NUE) Price Range Converged, What’s Next?

Dogecoin vs Shiba Inu: A Detailed Analysis of Meme Tokens

Google wants the class-action lawsuit on AI data scraping dismissed.

Bitcoin To Reclaim ATH Only by Q3 of 2024, Veteran Analyst Claims

Join our free newsletter for daily crypto updates!