Shares of aerostructures manufacturer Spirit AeroSystems (NYSE:SPR) are down in double digits at the time of writing today after the company announced a suspension of factory production owing to an employee strike today.
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The employees are represented by the International Association of Machinists and Aerospace Workers and the company is suspending output prior to expiration of the contract.
Further, while employees represented by IAM “are not to report to work”, employees not being represented by IAM will continue to work today. Importantly, the stoppage of work comes after IAM-represented employees rejected Spirit’s four-year contract offer and chose to strike.
Overall, the Street has a $36 consensus price target on Spirit alongside a Moderate Buy consensus rating. Short interest in the stock is currently hovering at about 7.5%.
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