{"id":61582,"date":"2023-09-15T20:44:32","date_gmt":"2023-09-16T00:44:32","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/ford-gm-stocks-rise-as-uaw-strike-gets-reaction-from-wall-street\/"},"modified":"2023-09-15T20:44:35","modified_gmt":"2023-09-16T00:44:35","slug":"ford-gm-stocks-rise-as-uaw-strike-gets-reaction-from-wall-street","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=61582","title":{"rendered":"Ford, GM Stocks Rise as UAW Strike Gets Reaction from Wall Street"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000745797\">\n<p>Stocks for the Detroit Three auto makers inched higher on Friday, despite a partial strike by the United Auto Workers after the union and the companies failed agree on a new contract.<\/p>\n<p>\n        General Motors<br \/>\n       (GM) rose 0.8% to $33.94 and<br \/>\n        Stellantis<br \/>\n       (STLA) advanced 2.1% to $19.24.<br \/>\n        Ford<br \/>\n       shares (ticker: F) were flat, closing at $12.62.<\/p>\n<div class=\"paywall\">\n<p>The stocks had initially declined in premarket trading, but Wall Street appeared to take the strike in stride.<\/p>\n<p>The contract between the UAW and three auto makers expired at 11:59 p.m. Eastern on Thursday, and the union called workers off the job at three auto plants: a Ford plant in Wayne, Mich.; a GM facility in Wentzville, Mo.; and a\u00a0Stellantis\u00a0assembly complex in Toledo, Ohio.<\/p>\n<p>UAW President Shawn Fain said the partial strike was designed to give the union maximum flexibility at the bargaining table. <\/p>\n<p>The UAW has pressed for a 40% pay increase, spread out over a four-year contract, among other demands. Ford and GM have said their companies have made generous offers, and Stellantis said its bargaining team approached \u201ceach discussion with\u2026a commitment to reaching a fair agreement\u2026.\u201d<\/p>\n<p>On CNBC, GM Chief Executive Mary Barra said she believes the strike could be resolved \u201cvery quickly.\u201d<\/p>\n<p>Expectations for only a short-term strike helped push the stocks higher, Wedbush analyst Dan Ives told\u00a0<em>Barron\u2019s<\/em>. He said he was hopeful the strike would last no more than two to three weeks. <\/p>\n<p>\u201cThe fear, if it\u2019s longer than four weeks, is this could push out some EV initiatives in 2024 by three to six months,\u201d Ives said. \u201cAnd if this goes six to eight weeks, it would be a body blow \u2018Nightmare on Elm Street.\u2019\u201d<\/p>\n<p>\n        Morningstar<br \/>\n       analyst David Whiston noted markets may like that the strike is targeted to only three plants for now.<\/p>\n<p>\u201cI think many, including myself, were expecting initial strikes at powertrain plants but instead they are first targeting assembly,\u201d Whiston wrote. \u201cMaybe the UAW wants to give them one more chance before they go after powertrain or stamping facilities.\u201d<\/p>\n<p>\n        Wells Fargo<br \/>\n       analyst Colin Langan agreed, and told <em>Barron\u2019s <\/em>the strike started much smaller than expected.<\/p>\n<p>Fitch Ratings\u00a0Senior Director Stephen Brown told\u00a0<em>Barron\u2019s<\/em>\u00a0that the strikes would have a limited financial impact on the three major auto makers, with only one of each of their plants impacted for now. However, pressure could intensify over time if the union shifts to plants with more of an impact or adds more plants to the strike.<\/p>\n<p>And at least one analyst saw some upside to the situation. <\/p>\n<p>The UAW walked 12,700 workers from a Ford plant in Michigan that makes Broncos, a GM plant in Missouri that makes Chevrolet Colorado pickups and a Jeep plant in Ohio that makes Wrangler SUVs, wrote Navellier &amp; Associates founder Louis Navellier.<\/p>\n<p>\u201cThere is currently an excess inventory of these vehicles on dealer lots, so the UAW strike will help the Big 3 get their inventories under control,\u201d Navellier wrote.<\/p>\n<p>Still, investors shouldn\u2019t expect much calm for auto stocks in the near future. <\/p>\n<p>Langan said he expects a tremendous amount of volatility ahead, as positive news of progress could drive stocks higher, and negative news of more plants getting involved or deals not being made could bring stocks down. <\/p>\n<p>Write to Angela Palumbo at angela.palumbo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/ford-gm-stellantis-uaw-strike-afcaea5f?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stocks for the Detroit Three auto makers inched higher on Friday, despite a partial strike by the United Auto Workers after the union and the companies failed agree on a new contract. General Motors (GM) rose 0.8% to $33.94 and Stellantis (STLA) advanced 2.1% to $19.24. Ford shares (ticker: F) were flat, closing at $12.62. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":61583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-61582","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ford, GM Stocks Rise as UAW Strike Gets Reaction from Wall Street | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Stocks for the Detroit Three auto makers inched higher on Friday, despite a partial strike by the United Auto Workers after the union and the companies\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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