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Southwest Airlines Co. (LUV - Free Report) announced that the company’s facilities maintenance technicians have voted against the tentative deal, which was outlined in Oct 2016. Notably, had the deal been approved, it would have marked the first contract for the group after being accreted into the Aircraft Mechanics Fraternal Association (AMFA).
The deal has received a negative vote from 19 of the 34 employees who voted. A total of 37 employees were eligible to vote on the deal. Negotiations on the contract had started in Jun 2013. Post rejection of this contract, the company has not mentioned any date when negotiations are expected to resume.
John Zuzu – Senior Director Corporate Facilities of Southwest Airlines – stated that the company will assess the vote’s outcome and work on creating a contract, fulfilling the requirements of the employees as well as the company.
Southwest Airlines’ Appearance Technicians and Pilots have ratified new agreements in Nov 2016. The company’s flight attendants, represented by Transport Workers Union (“TWU”) Local 556, too voted in favor of a tentative deal in Oct 2016.
We note that Southwest’s stock has outperformed the broader Zacks categorized Transportation-Airlines industry. The company gained 25.42%, while the industry gained 17.16% over the same period.
The company recently had an incident where some flights were delayed due to a technical glitch on its website. Passengers were unable to check in or change their flight schedules online. Since the glitch occurred right before the holiday season, the number of passengers affected was comparatively high. However, the airlines promptly ensured that operations were quickly restored to normal.
Southwest Airlines faces competition from peers, such as JetBlue Airways Co. (JBLU - Free Report) , Delta Air Lines Inc. (DAL - Free Report) and Alaska Air Group (ALK - Free Report) .
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Southwest Airlines' Technicians' Tentative Deal Rejected
Southwest Airlines Co. (LUV - Free Report) announced that the company’s facilities maintenance technicians have voted against the tentative deal, which was outlined in Oct 2016. Notably, had the deal been approved, it would have marked the first contract for the group after being accreted into the Aircraft Mechanics Fraternal Association (AMFA).
The deal has received a negative vote from 19 of the 34 employees who voted. A total of 37 employees were eligible to vote on the deal. Negotiations on the contract had started in Jun 2013. Post rejection of this contract, the company has not mentioned any date when negotiations are expected to resume.
John Zuzu – Senior Director Corporate Facilities of Southwest Airlines – stated that the company will assess the vote’s outcome and work on creating a contract, fulfilling the requirements of the employees as well as the company.
Southwest Airlines’ Appearance Technicians and Pilots have ratified new agreements in Nov 2016. The company’s flight attendants, represented by Transport Workers Union (“TWU”) Local 556, too voted in favor of a tentative deal in Oct 2016.
We note that Southwest’s stock has outperformed the broader Zacks categorized Transportation-Airlines industry. The company gained 25.42%, while the industry gained 17.16% over the same period.
Zacks Rank
Southwest Airlines carries a Zacks Rank #3 (Hold).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The company recently had an incident where some flights were delayed due to a technical glitch on its website. Passengers were unable to check in or change their flight schedules online. Since the glitch occurred right before the holiday season, the number of passengers affected was comparatively high. However, the airlines promptly ensured that operations were quickly restored to normal.
Southwest Airlines faces competition from peers, such as JetBlue Airways Co. (JBLU - Free Report) , Delta Air Lines Inc. (DAL - Free Report) and Alaska Air Group (ALK - Free Report) .
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?
Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Be among the very first to see them >>