Wall Street Brief: Boeing Struggles With Labor Contract, PetSmart Joins the S&P 500
Windows 8 Pro tablet development is being held up thanks to Intel’s (NASDAQ:INTC) delayed delivery of power management software, reported Bloomberg. Microsoft (NASDAQ:MSFT) still hasn’t approved any tablets that run from Intel’s Clover Trail Atom CPU, although the latter recently announced a list of devices that will utilize the system from top OEMs.
Boeing’s (NYSE:BA) engineers and technical workers strongly rejected the company’s latest contract offer on Monday. Boeing will again hold talks with the Speea union to hash out a deal for 23,000 employees. Analysts don’t believe the vote will either affect Boeing’s operations or stock in the short term; staff can continue working past the current contract’s Saturday expiration date.
Are these stocks a buy or sell? Let us help you decide. Check out our Wall St. Cheat Sheet Stock Picker Newsletter now >>
In other Boeing (NYSE:BA) news, low-cost Brazilian airline GOL Linhas (NYSE:GOL) will purchase 60 of the company’s 737 MAX airplanes, with a 2018 delivery date for the fleet. The order has an approximate $6 billion value, representing the largest ever from a South American airline. To-date, 724 of the 737 MAXs have been ordered.
New York’s Attorney General has sued JPMorgan (NYSE:JPM) on fraud allegations at its Bear Stearns unit for the sale of mortgage-backed securities prior to the financial crisis. The suit notes that investors lost $22.5 billion in securities that Bear Stearns issued prior to its takeover by JPMorgan.
ThyssenKrupp (TYEKF.PK) may sell its two-year-old $5 billion high-tech steel plant in Alabama and its $6.8 billion facility in Brazil after a strategy to move slabs from the latter facility for processing into high-grade sheets resulted in large losses. Those supposedly interested in the Alabama plant include Nucor (NYSE:NUE), U.S. Steel (NYSE:X) and ArcelorMittal (NYSE:MT).
On Thursday after the market’s close, PetSmart (NASDAQ:PETM) will be added to the S&P 500, replacing Sunoco (NYSE:SUN) after its buyout by ETP (NYSE:ETP). Cabela’s (NYSE:CAB) will take over PetSmart’s S&P MidCap 400 position, while Acorda Therapeutics (NASDAQ:ACOR) will replace Cabela’s S&P SmallCap 600 position.