NewsBreak: GM, UAW Seen Nearing Contract Agreement; Shares Climb

Investing.com

Published Oct 15, 2019 12:54

Updated Oct 15, 2019 13:16

Investing.com – General Motors (NYSE:GM) shares were up more than 2% on Tuesday on reports the auto maker and the United Auto Workers are nearing agreement on a new contract that would end a 30-day-old strike.

  • The new contract is said to include wage boosts, accelerating the time required for a worker to receive full wages and a GM commitment to invest more in U.S. manufacturing facilities.

  • GM CEO Mary Barra and UAW President Gary Jones joined negotiators at a session Tuesday morning, The Wall Street Journal said. And the UAW has scheduled a meeting for Thursday morning to update local union representatives on the status of the talks, a sign of progress in the talks.

  • GM and the UAW have reached an agreement in principle after overcoming the sticking point on tentative workers becoming full-time workers, The New York Post reported.

  • GM shares have fallen more than 7% since the strike began on Sept. 13. The walkout has cost GM more than $1.5 billion, partly due to lost production of upwards of 100,000 vehicles and disruptions to a GM plan to cut costs by $4.5 billion. It's also weighed on local economies where GM has manufacturing facilities.

    • Get The App
    Join the millions of people who stay on top of global financial markets with Investing.com.
    Download Now

    Written By: Investing.com

    Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
    Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
    Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
    It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
    Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
    Sign out
    Are you sure you want to sign out?
    NoYes
    CancelYes
    Saving Changes