We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Three weeks into a workers’ strike at Detroit-based General Motors (GM - Free Report) , there appears to be no end in sight. Some 49,000 employees in the United Auto Workers (UAW) union continue to carry picket signs, as negotiations between the union’s office and the automaker’s board appear to have hit a snag.
Proposing a new deal whereby job security for the Detroit plant workforce is more seriously considered in the next 4-year workers’ contract — as well as a more generous sharing of company profits, which are expected to fetch $1.79 per share in the company’s Q3 earnings report (due out on Tuesday, October 29th) — is where the current impasse lies. Reportedly, GM came back with a counter-proposal union officials said resembled an earlier, already rejected offer. Things are now reported to “have taken a turn for the worse,” according to UAW Vice President Terry Dittes.
Workers are concerned the company may pull up stakes and invest in a new plant south of the border. Currently, 22% of GM autos sold in the U.S. are built in Mexico. For their part, GM is interested in cutting costs to levels of those they see with foreign automakers who have built plants in cheaper areas in the U.S. south. The UAW is currently supplying $250 per week to striking workers as the impasse continues, roughly 20% of average normal pay.
GM is currently a Zacks Rank #2 (Buy)-rated company, with a Value-Growth-Momentum grade of B. Over the past 4 quarters, the company has beaten estimates all 4 times at an average of 27.7% above expectations. In fact, the company has only missed estimates twice in the last 5 years — most recently in Q2 2018. Earnings of $1.79 per share would represent a year-over-year drop of 4.3%, whereas expected revenues of $36.65 billion would demonstrate 2.4% growth.
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.6% per year.
These 7 were selected because of their superior potential for immediate breakout.
Image: Bigstock
GM Strike Enters 4th Week, No End in Sight
Monday, October 7, 2019
Three weeks into a workers’ strike at Detroit-based General Motors (GM - Free Report) , there appears to be no end in sight. Some 49,000 employees in the United Auto Workers (UAW) union continue to carry picket signs, as negotiations between the union’s office and the automaker’s board appear to have hit a snag.
Proposing a new deal whereby job security for the Detroit plant workforce is more seriously considered in the next 4-year workers’ contract — as well as a more generous sharing of company profits, which are expected to fetch $1.79 per share in the company’s Q3 earnings report (due out on Tuesday, October 29th) — is where the current impasse lies. Reportedly, GM came back with a counter-proposal union officials said resembled an earlier, already rejected offer. Things are now reported to “have taken a turn for the worse,” according to UAW Vice President Terry Dittes.
Workers are concerned the company may pull up stakes and invest in a new plant south of the border. Currently, 22% of GM autos sold in the U.S. are built in Mexico. For their part, GM is interested in cutting costs to levels of those they see with foreign automakers who have built plants in cheaper areas in the U.S. south. The UAW is currently supplying $250 per week to striking workers as the impasse continues, roughly 20% of average normal pay.
GM is currently a Zacks Rank #2 (Buy)-rated company, with a Value-Growth-Momentum grade of B. Over the past 4 quarters, the company has beaten estimates all 4 times at an average of 27.7% above expectations. In fact, the company has only missed estimates twice in the last 5 years — most recently in Q2 2018. Earnings of $1.79 per share would represent a year-over-year drop of 4.3%, whereas expected revenues of $36.65 billion would demonstrate 2.4% growth.
Mark Vickery
Senior Editor
Questions or comments about this article and/or its author? Click here>>
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.6% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>