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(NEW YORK CITY) — The U.S. stock market climbed higher in early trading on Tuesday, as voters rushed to the polls and the nation awaited the results of a closely contested presidential election.

The S&P 500 ticked upward about 1%. The Dow Jones Industrial Average gained more than 300 points, jumping about 0.8%. The tech-heavy Nasdaq rose 1.3%.

Gains at large tech firms are helping to boost the market. Shares of Nvidia, an artificial intelligence chipmaker, climbed nearly 3% in early trading.

As of the early afternoon, tech giants Microsoft and Amazon each saw shares rise about 1.5%.

The market upswing follows a flurry of largely positive economic news over the past week. Government data released last week showed robust economic growth over a recent three-month period, alongside a continued cooldown of inflation.

U.S. hiring slowed in October, but fallout from hurricanes and labor strikes likely caused an undercount of the nation’s workers, U.S. Bureau of Labor Statistics data on Friday showed.

Ivan Feinseth, a market analyst at investment firm Tigress Financial, attributed the returns on Tuesday to eager anticipation among investors to move past the U.S. election.

“The nightmare of an endless election and a contentious battle has consumed a lot of the focus and attention. It’s almost over. Then it goes back to the fundamentals of the market,” Feinseth said.

The gains on Election Day extended a banner year for U.S. stocks. The S&P 500 and Nasdaq have each climbed more than 20% this year while the Dow Jones is up about 11%.

The performance has owed to enthusiasm about artificial intelligence as well as resilient economic growth and expectations that interest rates would ease, Feinseth said.

The Federal Reserve cut its benchmark interest rate a half of a percentage point in September, dialing back its yearslong fight against inflation and delivering relief for borrowers saddled with high costs.

The Fed is widely expected to cut interest rates by another quarter of a percentage point when it meets on Thursday, according to the CME FedWatch Tool, a measure of market sentiment.

An expectation of interest rate cuts among investors often sends stocks higher, since lower rates pave the way for cheaper corporate borrowing and the potential for higher profits.

“The market looks toward the future, and the Fed is now on the side of the bulls,” Feinseth said.

Over the full span of the next administration, the market will likely move higher whether the nation elects Vice President Kamala Harris or former President Donald Trump, experts previously told ABC News. However, each candidate’s policies could favor different types of stocks while posing unique risks, they added.

Trump has proposed a combination of low corporate tax rates and loose regulation that would likely bolster corporate profits and propel the stock market higher, experts said. Prices would likely increase under Harris, as they have under the economic stewardship of President Joe Biden, they added.

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(SEATTLE) — Tens of thousands of striking Boeing machinists are casting ballots on Monday over whether to approve a contract offer that could end their work stoppage after seven weeks.

The new offer delivers higher pay increases and a bolstered ratification bonus that would deliver each worker $12,000 if the union approves the deal, according to the International Association of Machinists and Aerospace Workers (IAM), the union representing 33,000 Boeing workers in Washington, Oregon and California.

The ongoing standoff has strained the finances of both sides. Union members have received $250 per week from a strike fund, beginning in the third week of the work stoppage. That compensation marks a major pay cut for many of the employees.

Boeing and its shareholders have lost about $5.5 billion since the strike began in September, according to an estimate last month from the Anderson Economic Group. Shares of Boeing have plummeted 40% this year but have ticked up slightly over the past month.

Union members resoundingly defeated two previous proposals from Boeing, but the latest offer marks the best deal the workforce is likely to receive, the union said in a public letter to membership on Saturday.

“This is truly the time to lock in these gains and work to build more in future negotiations,” IAM President Jon Holden and the union’s negotiating committee told members. “Allow yourself to capture this win and be proud of your sacrifice.”

The proposed contract would deliver a 38% raise over the four-year duration of the contract, upping the 35% cumulative raise provided in a previous offer overwhelmingly rejected by workers in a vote two weeks ago. Workers had initially sought a 40% cumulative pay increase.

The proposal also calls for hiking Boeing’s contribution to a 401(k) plan, but it declines to fulfill workers’ call for a reinstatement of the company’s defined pension. Workers lost a traditional pension plan in a contract ratified by the union in 2014.

Nearly two thirds of union members rejected the most recent contract offer in a vote last month. The outcome followed the overwhelming defeat of a previous proposal in September, which drew rebuke from more than 90% of union members.

“It’s time we all come back together and focus on rebuilding the business and delivering the world’s best airplanes,” Boeing CEO Kelly Ortberg wrote in a memo to employees on Friday. “There are a lot of people depending on us.”

It will take a majority vote of union members to approve the contract offer. If workers ratify the deal, they can return to work as early as Wednesday, the union said.

“The decision to end this strike is right where it needs to be — in the membership’s hands,” Holden and the negotiating committee said in their public letter.

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(WASHINGTON) — U.S. hiring slowed in October, but fallout from hurricanes and labor strikes likely caused an undercount of the nation’s workers.

A fresh jobs report marked the final piece of major economic data before Election Day. However, the data offers little more than a blurry snapshot of the U.S. economy due to the one-off disruptions last month.

Employers added 12,000 workers last month, falling short of economist expectations of 90,000 additional jobs, U.S. Bureau of Labor Statistics data on Friday showed. The unemployment rate stands at 4.1%, which matches the previous month’s level and remains historically low.

The hiring in October amounted to a sharp slowdown from 254,000 jobs added in September, though it should be interpreted with a significant dose of caution, experts told ABC News prior to the data release.

“Workers who weren’t paid during the survey period due to work disruptions won’t be counted as employed, and workers and businesses may be too busy dealing with the aftermath of the storms to respond to surveys,” Martha Gimbel, executive director of the Budget Lab at Yale University and former director of economic research at Indeed, told ABC News in a statement.

Hurricane Milton made landfall in Florida as a Category 3 hurricane on Oct. 9. It ultimately left millions without power and much of the state’s gas stations without fuel. In late September, Hurricane Helene made landfall in Florida, prompting recovery efforts that have continued for weeks afterward.

Additionally, roughly 33,000 Boeing workers walked off the job in mid-September, an action that’s expected to manifest as missing jobs for the first time on the October report.

In all, the combination of hurricanes and work stoppages is estimated to have pushed the level of hiring 50,000 jobs lower than where it otherwise would have stood, Bank of America Global Research said in a note to clients this week.

“This probably weighed on payrolls across the board, especially leisure and hospitality,” Bank of America Global Research said, pointing to Hurricane Milton. “There was also likely a minor drag from Helene,” the bank added.

Despite an overall slowdown this year, the job market has proven resilient. Hiring has continued at a solid pace; meanwhile, the unemployment rate has climbed but remains near a 50-year low.

The latest hiring data arrived at the end of a week in which new releases showed an economy growing at a robust pace while inflation returns to normal levels.

U.S. GDP grew at a 2.8% annualized rate over three months ending in September, U.S. Bureau of Economic Analysis data on Wednesday showed. That figure fell slightly below economists’ expectations, but demonstrated brisk growth that was propelled by resilient consumer spending.

On Thursday, the Federal Reserve’s preferred inflation gauge showed that prices rose 2.1% over the year ending in September. Inflation has slowed dramatically from a peak of about 9% in 2022, though it remains slightly higher than the Fed’s target of 2%.

The jobs report is set to arrive four days before Election Day. It also marks the last piece of significant economic data before the Fed announces its next interest rate decision on Nov. 7.

The Fed is expected to cut interest rates by a quarter of a percentage point, according to the CME FedWatch Tool, a measure of market sentiment.

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(NEW YORK) — The U.S. economy grew at a robust pace over three months ending in September, slowing slightly from the previous quarter but continuing to dispel any concern about a possible slowdown. The fresh report marks one of the last major pieces of economic data before the presidential election.

U.S. GDP grew at a 2.8% annualized rate over three months ending in September. That figure fell slightly below economists’ expectations.

Economic growth was fueled by surge in consume spending, an uptick in exports and strong federal government spending, the U.S. Bureau of Economic Analysis said.

The new data arrived weeks after the Federal Reserve cut its benchmark interest rate a half of a percentage point. The landmark decision dialed back a years-long fight against inflation and offered relief for borrowers saddled with high costs.

Inflation has slowed dramatically from a peak of about 9% in 2022, though it remains slightly higher than the Fed’s target of 2%.

Meanwhile, the labor market has proven resilient. Employers hired 254,000 workers in September, far exceeding economist expectations of 150,000 jobs added, U.S. Bureau of Labor Statistics data showed. The unemployment rate ticked down to 4.1%, hovering near a 50-year low.

This is a developing story. Please check back for updates.

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(NEW YORK) — A newly filed lawsuit has accused Subway of “unfair and deceptive trade practices” and selling its steak-and-cheese sandwiches based on “false and misleading advertisements,” that the lawsuit claims show customers getting at least three times more meat than is actually in the product.

The class-action complaint against Subway was filed on Monday in the United States District Court for the Eastern District of New York by plaintiff Anna Tollison, accusing Subway of using “photographs in its advertisements that make it appear that the Steak & Cheese sandwich contains at least 200% more meat than the actual sandwiches that customers receive,” according to the lawsuit.

“Subway’s advertisements for the Product are unfair and financially damaging to consumers as they are receiving a product that is materially lower in value than what is being represented,” the lawsuit says. “Subway actions are especially concerning now that inflation, food, and meat prices are very high and many consumers, especially lower income consumers, are struggling financially.”

The lawsuit also says that Subway’s promise of a portion that is larger is “causing consumers to come to, or order from, Subway restaurants and make purchases that they would not have otherwise made.”

The lawsuit says it stems from Tollison’s visit to a Subway in Jamaica, New York, on Aug. 23 when she picked up a steak-and-cheese sandwich after ordering it through Subway’s mobile app for $6.99 plus tax.

“After she picked up and began eating her sandwich, [Tollison] realized that there was barely any steak in the sandwich and that the photographs that she relied on were grossly misleading,” the lawsuit says.

The lawsuit is seeking unspecified damages for New Yorkers who bought the sandwiches in the last three years from Oct. 28, 2021 and alleges “egregious” violations of the state’s consumer protection laws.

This is not the first time Subway has dealt with lawsuits critical of their business. In 2021, Ireland’s Supreme Court issued a ruling declaring that for the purposes of tax law, the bread served in Subway’s hot sandwiches does not actually meet the legal definition of “bread” because of its sugar content and is rather a “confectionary or fancy baked good.”

In that case, Justice Donal O’Donnell in the Ireland Supreme Court said that the definition of “bread” was originally established to make a distinction between the starch in other baked goods, like cookies or cake or brownies, that are sugary and therefore not healthy enough to be considered essential foods.

“Subway’s bread is, of course, bread,” Subway said in a statement given to ABC News. “We have been baking fresh bread in our stores for more than three decades and our guests return each day for sandwiches made on bread that smells as good as it tastes.”

Subway also previously defended themselves against a lawsuit for more than four years claiming that their “footlong” sandwiches were too short. That case was dismissed in 2017.

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(NEW YORK) — Tens of thousands of Boeing machinists on Wednesday will vote on a new contract proposal that could end a weekslong work stoppage against the embattled aerospace company.

Workers overwhelmingly rejected a previous offer last month, putting the outcome of the impending vote in doubt.

Hours before workers were set to cast ballots, Boeing released an earnings report showing the company had lost a staggering $6.1 billion over the most recent quarter due primarily to costs associated with the strike.

“We have some really big rocks that we need to get behind us to move the company forward,” Boeing CEO Kelly Ortberg said in a letter to investors on Wednesday.

Ortberg singled out the strike as an issue that must be addressed “first and foremost.”

“We have been feverishly working to find a solution that works for the company and meets our employees’ needs,” Ortberg said.

The new offer delivers a 35% raise over the four-year duration of the contract, upping the 25% cumulative raise provided in the previous offer. The offer, however, falls short of workers’ demand for a 40% cumulative pay increase.

The proposal also hikes Boeing’s contribution to a 401(k) plan, but it declines to fulfill workers’ call for a reinstatement of the company’s defined pension. The contract includes a $7,000 ratification bonus for each worker, as well as a performance bonus that Boeing had sought to jettison.

The International Association of Machinists and Aerospace Workers (IAM), the union representing 33,000 Boeing workers, released a statement on Saturday calling the proposal “worthy of consideration.”

“With the help of Acting U.S. Secretary of Labor Julie Su, we have received a negotiated proposal and resolution to end the strike, and it warrants presenting to the members,” IAM said.

The company and its workers have faced significant financial losses during the nearly six-week strike.

Union members have received $250 per week from a strike fund, beginning in the third week of the work stoppage. That compensation marks a major pay cut for many of the employees.

Mid-ranking workers involved in the strike typically make $20 per hour, which totals $800 per 40-hour work week, while higher-paid members earn salaries upward of $100,000 per year, or nearly $2,000 per week

“The question is whether the employees and their union determine that they have the power to get more from Boeing,” Henry Harteveldt, a travel industry analyst at Atmosphere Research Group, told ABC News. “It’s whether they think they can extract more from Boeing, or Boeing says, ‘You know what, this is it.'”

The strike was set to cost Boeing $108 million per day in lost revenue, amounting to as much as $5.5 billion in losses should the work stoppage last 50 days, investment bank TD Cowen said in a report reviewed by ABC News at the outset of the dispute. So far, the strike has lasted 40 days.

In September, Boeing announced furloughs and pay cuts for some white-collar employees in response to the strike. Last week, Boeing CEO Kelly Ortberg announced plans to cut 17,000 jobs, which amounts to about 10% of its global workforce.

“This is really painful for Boeing,” Richard Aboulafia, managing director of aerospace consulting firm AeroDynamic Advisory, told ABC News.

The most recent IAM strike against Boeing in the Pacific Northwest, in 2008, lasted 57 days. Work stoppages undertaken by unionized Boeing employees in the same region have historically lasted an average of 60 days, a Bank of America Global Research analysis found after examining seven previous strikes, the earliest in 1948.

Workers will cast their ballots in a ratification vote on Wednesday. If a majority of workers back the proposal, the contract will be adopted and the strike will end.

Over the days leading up to the vote, the outcome remained unclear, Jake Rosenfeld, a professor of sociology at Washington University in St. Louis, who studies labor, told ABC News.

“What are the workers going to do?” Rosenfeld said. “That’s a really tough question.”

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(NEW YORK) — General Motors is “very serious about making Cadillac a premium brand again,” Michael Simcoe — the company’s senior vice president of global design — told ABC News in an interview about the “engineering and design tour de force” that is the new Celestiq.

The interview below has been edited for clarity.

Q: A huge trend in the industry now is customization, coachbuilding, bespoke vehicles. Why is Cadillac going in that direction and what has the response been like? And are you trying to appeal to customers who have Bentleys and Rolls-Royces?

A: With the Celestiq, we’re offering customers the ability to truly customize everything. The tyranny of choices is there and we try to help them. Customers have the ability to touch every color and finish on the exterior and interior of the car to give it their own personality. Yes, there are a few competitors, but people at this level are looking for something very unique and very specific to them.

Q: How long does it take to build a Celestiq?

A: We can build two a day. We are building cars right now and a number of people have gone through the design process and selected their interior, their exterior with our designers. So their cars are now in line to be built.

Q: How many orders have you received?

A: I can’t tell you that.

Q: Are customers coming to the Cadillac House in Michigan or are your designers flying all over the world to meet with clients?

A: They have a choice. We can do it online with them, they can come to Cadillac House and go through the samples with us. Or we’ll send designers to customers if we need to.

Q: When did Cadillac make the decision to go ultra luxe and offer a product that starts at $350,000?

A: Cadillac has tried a number of times to reestablish its position. It was and is becoming again the standard of the world. That’s the way we have always thought about it. Certainly for our customers we haven’t delivered that, at least delivered what they expected. We have tried a number of times to through vision products and concept flagships to spark a rebirth of Cadillac.

The only way to prove internally and externally that we were very serious about making Cadillac a premium brand again was to do a vehicle like the Celestiq. It’s an engineering and design tour de force and it’s hand built. It’s proof we can actually can take Cadillac back to the position it had in the past.

The Celestiq is new and represents the current generation. We really are predicting and showing people where we are going and I think that’s very important. Cadillac will no longer be something static that people get a chance to ignore and forget. We will be out there with beautiful designs and vehicles that people fall in love with.

Q: Celestiq, Lyriq, Optiq, Escalade IQ — why do all Cadillac EVs end in IQ?

A: We could have gone with our venerable names from the past, but that didn’t seem right when we were moving the brand to an all EV-based architecture. It was a signal that these vehicles were our new generation of Cadillacs.

Q: When you were overseeing the design of these new EVs, particularly the Celestiq, what was important to include?

A: We wanted a vehicle that was different to some of the high-end competition. We feel like we did our own thing in proportion to the vehicle. It still has a long hood. It has a hint of Cadillac heritage in the way the interior was designed. These long, horizontal architecture lines with metallic finishes and detail inside the car — that hints back to Cadillacs in the early 60s and 70s.

Q: Are customers actually going to drive the Celestiq or is it a vehicle to be chauffeured in?

A: This won’t be their daily driver but it could be. It has 300-ish miles of range, lots of power, lots of performance. It’s a very easy car to drive and control. It has four-wheel steering, so it drives like a small car. It has ride control and air suspension and all of the technical marvels like a large screen.

It is a spirited drive and it feels good. Jay Leno drove it and I think he enjoyed himself. But you can sit back here, in the second row, and it’s a premium experience as well. We’re not dictating where you should be.

Q: I want to ask about the CT5-V Blackwing and CT4-V Blackwing, two high-performance sedans that have received top praise from the enthusiast community. Are they going away now that the brand’s direction is electric? What’s the future for them?

A: I can’t tell you in detail but they’ll be around. We recognize the value of the cars so they”ll be around.

 

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(NEW YORK) — Shares of Netflix climbed about 9% in early trading on Friday after a strong earnings report propelled by hit shows like “Nobody Wants This” and “The Perfect Couple.”

The company added about 5 million subscribers over a three-month period ending in September, which marked a roughly 40% decline from the same period one year prior.

Even so, the subscriber gains contributed to revenue totaling nearly $10 billion, in part due to the growth in popularity a subscription tier that includes advertisements, the earnings report on Thursday said. That sales figure marked 15% jump when compared with the same period one year prior.

In all, Netflix boasts about 282 million subscribers worldwide, making it the most popular streaming service by a wide margin. By comparison, Warner Bros. Discovery counts roughly 103 million subscribers across its services HBO, HBO Max and Discovery +, an earnings report in August showed.

“We’re feeling really good about the business,” Ted Sarandos, the company’s co-CEO, said on a conference call with Wall Street analysts.

Notable programs from the most recent quarter included the latest season of “Emily in Paris,” as well as movies like “Monster High 2” and “Rebel Ridge.” The company also expanded its live broadcasts, featuring a face-off between hot dog-eating rivals Takeru Kobayashi and Choey Chestnut in September.

On the earnings call, Netflix touted viewership of about two hours per user each day, which the company said indicated an increase so far this year when compared to last year.

The company expects continued growth next year due to a slate of programming that includes new seasons of top shows like “Wednesday” and “Squid Game,” as well as an additional installment in the “Knives Out” film series, Netflix said.

Netflix forecasted as much as $44 billion in revenue next year, which would amount to about a 13% increase over current performance.

Even after expanding its audience, Netflix still captures less than 10% of television viewership in the countries where the platform is most popular, Netflix said.

“There’s a huge opportunity to grow,” Gregory Peters, a co-CEO at Netflix, said on Thursday.

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(WASHINGTON) — Former President Donald Trump has proposed tariffs as the solution for a host of perceived ills: the decline of U.S. manufacturing, the arrival of undocumented immigrants and the costs of childcare, among others.

“To me, the most beautiful word in the dictionary is ‘tariff,'” Trump said this week during an appearance at the Economic Club of Chicago.

On the campaign trail, Trump has rarely mentioned the threat of a potential trade war, in which foreign nations could respond to tariffs by slapping U.S. imports with taxes of their own.

Economists who spoke to ABC News said Trump’s tariff proposals would all but certainly trigger a global trade war, diminishing sales for U.S. exporters, which account for about 10% of the nation’s economy. The disruption would likely trigger job cuts and slow the nation’s economic performance, economists added.

On the other hand, the move would bring more of the supply chain back to U.S. soil, economists said, and it would likely spur growth and hiring at some firms by protecting them from foreign competition. But the same experts cautioned that such benefits would be far outweighed by the consequences.

“The essence of a trade war is you impose tariffs and other countries respond by putting high tariffs on your exports. It’s tit for tat,” Douglas Irwin, a professor of economics at Dartmouth College who specializes in the history of U.S. trade policy, told ABC News.

“Tariffs are easy to impose but hard to remove,” Irwin added.

In response to ABC News’ request for comment, the Trump campaign pointed to a series of statements about tariffs made by Trump and his allies, including remarks from Trump Campaign Senior Advisor Brian Hughes.

“Time warp alert! Just like 2016, Wall Street and so-called expert forecasts said that Trump policies would result in lower growth and higher inflation, the media took these forecasts at face value, and the record was never corrected when actual growth and job gains widely outperformed these opinions,” Hughes said.

“These Wall Street elites would be wise to review the record and acknowledge the shortcomings of their past work if they’d like their new forecasts to be seen as credible,” he added.

On the campaign trail, Trump has promised a sharp escalation of tariffs during his first term. He has proposed tariffs of between 60% and 100% on Chinese goods.

Envisioning a far-reaching policy, Trump has proposed a tax of between 10% and 20% on all imported products. On Tuesday, he told the audience at the Economic Club of Chicago that such a tariff could reach as high as 50%.

Economists widely expect that tariffs of this magnitude would increase prices paid by U.S. shoppers, since importers typically pass along the cost of higher taxes to consumers. Trump’s tariffs would cost the typical U.S. household about $2,600 per year, according to an estimate from the Peterson Institute for International Economics.

Meanwhile, there could be a second wave of consequences if foreign countries were to impose retaliatory tariffs, economists said.

“You might see a dramatic decrease in U.S. exports, which could then have employment effects for people working in those sectors,” Kara Reynolds, an economist at American University, told ABC News. She pointed to the manufacturing and farming as industries especially vulnerable to a trade war.

For evidence of such an outcome, one need look no further than Trump’s first term, during which a slew of tariffs often induced a retaliatory response.

Tariffs imposed during Trump’s first term often induced retaliatory tariffs. The European Union and Canada responded to tariffs on steel and aluminum with tariffs of their own. Trump slapped tariffs on about $360 billion worth of Chinese goods, but China responded with tariffs on tens of billions of dollars worth of U.S exports.

Chinese tariffs on U.S. soybean exports caused a steep decline in sales to Chinese customers, dropping exports from $12.3 billion in 2017 to $3.1 billion in 2018, according to the Georgetown University Journal of International Affairs. In response, the Trump administration paid billions of dollars in direct aid to farmers to make up for the losses.

“He felt obligated to bail out the farmers,” Robert Lawrence, a professor of trade and investment at Harvard University’s Kennedy School of Government, told ABC News. “Now, we’re talking about potential actions on a much grander scale.”

Alongside retaliatory tariffs, many countries would seek suppliers in places where such tariffs are not on the books, Lawrence added.

“Trump is likely to isolate the U.S. and drive other countries to do business with each other,” Lawrence said. “This would have a very adverse effect.”

On the campaign trail, Trump has sharply disagreed with such fears, saying large-scale tariffs would rejuvenate U.S. manufacturing and propel economic growth.

At the Chicago Economic Club on Tuesday, Trump said tariffs would force companies to locate factories in the U.S. as a way of circumventing the tariffs, which in turn would boost domestic production and employment.

“We’re going to have thousands of companies coming into this country,” Trump said. “We’re going to grow it like it’s never grown before, and we’re going to protect them when they come in because we’re not going to have somebody undercut them.”

Economists said higher tariffs could expand certain areas of U.S. manufacturing that face stiff competition from abroad, but the policy also risks raising input costs and slowing output at U.S. producers that import their raw materials.

Trump’s tariffs decreased U.S. employment by 166,000 jobs, according to a study from the nonprofit Tax Foundation, which cited an increase in import costs for U.S. employers. A separate study from the U.S.-China Business Council estimated up to nearly 250,000 lost jobs as a result of the tariffs.

“It certainly would make the U.S. more self-reliant, but it would come with far greater costs,” Lawrence said.

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(NEW YORK) — Boeing will reduce the size of its total workforce by 10% over the coming months, CEO Kelly Ortberg said in a letter to employees on Friday.

That amounts to around 17,000 jobs, based on the company’s December 2023 total workforce numbers.

Ortberg said due to the workforce reductions, Boeing would not proceed with the next cycle of furloughs.

Ortberg also said the 777X program would be delayed until 2026, the 767 freighter program would end in 2027 and the company expects “substantial new losses” in Boeing Defense, Space & Security this quarter.

“Our business is in a difficult position, and it is hard to overstate the challenges we face together,” said Ortberg. “Beyond navigating our current environment, restoring our company requires tough decisions and we will have to make structural changes to ensure we can stay competitive and deliver for our customers over the long term.”

The company said Friday it expects to report third-quarter revenue of $17.8 billion, GAAP loss per share of $9.97 and operating cash flow of $1.3 billion.

The announcement comes after tens of thousands of Boeing workers voted to strike last month after rejecting the proposed contract.

The company has endured tremendous financial pressures and extra scrutiny following a series of failures involving its aircraft and supply.

On Jan. 5, a door plug blew out of the company’s 737 Max 9 aircraft at around 15,000 feet in altitude during an Alaska Airlines flight, prompting a federal investigation.

Boeing Starliner, a spacecraft that was being developed for the NASA Commercial Crew Program, was hit with several delays and rising costs before its first crewed launch to the International Space Station in June.

However the spacecraft was forced to return without its astronauts Barry “Butch” Wilmore and Sunita “Suni” Williams last month after tests showed there was too much risk with regard to the vehicle’s thrusters for re-entry.

Boeing announced last month that Ted Colbert, the president and chief executive officer of Boeing Defense, Space & Security, will be leaving the beleaguered company.

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