Why Spirit AeroSystems Stock Lost Altitude This Week
Spirit AeroSystems Holdings (NYSE: SPR) was forced to halt operations at a Kansas facility after workers at the plant voted to reject a new contract offer. The uncertainty engendered by that vote sent shares of the (NYSE: BA) supplier down 12% for the week, according to data provided by S&P Global Market Intelligence, as of Friday afternoon.
Spirit, a one-time Boeing subsidiary that is still responsible for manufacturing airframes and other components for the 737 and other models, has been hit hard in recent years due to Boeing's issues and the pandemic. The last thing its shareholders needed was another negative surprise.
But that's just what they got this week when members of the International Association of Machinists and Aerospace Workers voted to reject management's proposed contract. The offer was Spirit's final offer ahead of a Saturday strike date, and had the support of union leadership.
Source Fool.com
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