Union workers rejected Boeing's latest contract proposal
Shares of Boeing Co (NYSE:BA) are down 2.4% at $153.28 at last glance, amid news that the International Association of Machinists and Aerospace Workers' (IMA) will extend its prolonged strike. Union workers rejected Boeing's latest contract proposal with 64% of the voters, a major setback for the airline manufacturer, which reported third-quarter losses of $6 billion in yesterday's report.
Over in BA's options pits today, calls are winning out on an absolute basis, with 47,000 exchanged so far. However, the 39,000 puts across the tape represents double the volume typically seen at this point in the day. The weekly 10/25 150-strike put is the most popular contract.
Options don't look like a bad way to go when weighing in on Boeing stock. It's Schaeffer's Volatility Scorecard (SVS) of 95 out of 100 means its tended to exceed options traders' volatility expectations in the past year.
On the charts, BA was just rejected by firm pressure at its 60-day moving average that has been in place since early August -- now tumbling back toward its Oct. 14 nearly two-year low of $146.02. Since the start of 2024, the equity is down 41.2%.