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Southwest (LUV) Flight Attendants Object to Pay-Cut Proposal
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Per a Reuters report, Southwest Airlines’ (LUV - Free Report) labor union, representing its flight attendants, is reluctant to accept pay cuts for avoiding furloughs. Instead they are urging for more federal aid to protect jobs.
With air-travel demand significantly suppressed amid coronavirus concerns and payroll aid having expired on Sep 30, Southwest CEO Gary C. Kelly insisted that employees take pay cuts so that furloughs can be avoided at least through the end of 2021. Meanwhile, talks are underway for additional financial assistance to keep workers employed through March 2021. Late on Tuesday, U.S. President Donald Trump urged Congress to "IMMEDIATELY Approve 25 Billion Dollars for Airline Payroll Support.” Last Friday, House Speaker Nancy Pelosi favored a standalone bill to keep airline workers employed if a broad coronavirus package is not finalized. In case a deal comes through, Southwest would reverse the pay-cuts.
Meanwhile, disapproving the airline’s pay-cut proposal, Transport Workers' Union’s ("TWU") local 556 president Lyn Montgomery stated that flight attendant concessions may not have much impact on Southwest's daily cash burn. Thus, before "cracking open the contracts that took us decades to obtain” the union wants to ensure that no stone has been left unturned. Further defending her stance, Montgomery added that about 32% of Southwest's flight attendants have already accepted voluntary departure or leave packages to help with the company’s cost-cutting measures.
Meanwhile, Southwest’s pilots’ union said it had tentatively agreed to discuss cost-saving measures if a new coronavirus stimulus package is not passed in Washington.
Shares of Expeditors, Old Dominion and Werner have rallied more than 14%, 49% and 18% respectively so far this year.
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Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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Southwest (LUV) Flight Attendants Object to Pay-Cut Proposal
Per a Reuters report, Southwest Airlines’ (LUV - Free Report) labor union, representing its flight attendants, is reluctant to accept pay cuts for avoiding furloughs. Instead they are urging for more federal aid to protect jobs.
With air-travel demand significantly suppressed amid coronavirus concerns and payroll aid having expired on Sep 30, Southwest CEO Gary C. Kelly insisted that employees take pay cuts so that furloughs can be avoided at least through the end of 2021. Meanwhile, talks are underway for additional financial assistance to keep workers employed through March 2021. Late on Tuesday, U.S. President Donald Trump urged Congress to "IMMEDIATELY Approve 25 Billion Dollars for Airline Payroll Support.” Last Friday, House Speaker Nancy Pelosi favored a standalone bill to keep airline workers employed if a broad coronavirus package is not finalized. In case a deal comes through, Southwest would reverse the pay-cuts.
Meanwhile, disapproving the airline’s pay-cut proposal, Transport Workers' Union’s ("TWU") local 556 president Lyn Montgomery stated that flight attendant concessions may not have much impact on Southwest's daily cash burn. Thus, before "cracking open the contracts that took us decades to obtain” the union wants to ensure that no stone has been left unturned. Further defending her stance, Montgomery added that about 32% of Southwest's flight attendants have already accepted voluntary departure or leave packages to help with the company’s cost-cutting measures.
Southwest Airlines Co. Price
Southwest Airlines Co. price | Southwest Airlines Co. Quote
Meanwhile, Southwest’s pilots’ union said it had tentatively agreed to discuss cost-saving measures if a new coronavirus stimulus package is not passed in Washington.
Zacks Rank & Key Picks
Southwest carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader Transportation sector are Expeditors International of Washington Inc (EXPD - Free Report) , Old Dominion Freight Line Inc (ODFL - Free Report) and Werner Enterprises Inc (WERN - Free Report) . While Expeditors carries a Zacks Rank #2 (Buy), Old Dominion and Werner sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Expeditors, Old Dominion and Werner have rallied more than 14%, 49% and 18% respectively so far this year.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>