Read Larry Connors' blog – Short Term Trading Strategies
As of 11 a.m., a time had not been scheduled, said MMNA spokesman Dan Irvin. However, he said some "caucusing was going on" to determine a good time to resume Saturday afternoon.
The deadline for the auto workers' contract passed at midnight, but talks continued until 3 a.m. Saturday.
The agreement between the United Auto Workers Local 2488 and MMNA expired at 11:59 p.m. Friday amid a marathon negotiating session that began earlier in the day.
Earlier Saturday, Irvin said he could not characterize how talks were going. Neither the union nor the company made any comment Friday on the status of talks, which started in mid-July, or on issues, including wage and benefit cuts or a two-tier wage system.
The union has 1,261 members. Members voted by a 97 percent margin in early August to authorize a strike, according to the union's Web site. The vote is a procedural step during the negotiation period, but an in-favor vote would authorize the union to strike if negotiations fail to result in a new contract.
The contract had been extended for two weeks just prior to its original Aug. 28 expiration. To date, the only strike in Mitsubishi's history was a one-day walkout in 2001.
Like the rest of the automotive industry, Mitsubishi has had a challenging year.
Its U.S. sales through August have dropped 22.4 percent, from 93,724 vehicles in 2007 to 72,727 in 2008.
As a result of the diminishing sales, 105 union workers left the plant last month as part of a voluntary separation package. They received a lump-sum payment of $85,000 and three months of medical benefits.
The plant now has 1,565 employees.
Mitsubishi also has had other difficult times in recent years, most notably when it laid off 1,200 workers and eliminated its second shift in 2004.
Later, as part of a wage and benefit cut agreement in 2006, Mitsubishi promised not to close the plant or seek involuntary layoffs through the end of the current contract. Workers received a promised $4 wage restoration in April, but management initially asked the union to consider a lump-sum payment instead.
To see more of The Pantagraph, or to subscribe to the newspaper, go to http://www.pantagraph.com. Copyright (c) 2008, The Pantagraph, Bloomington, Ill. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
15260 Ventura Blvd., Ste. 2200
Sherman Oaks, CA 91403
© Copyright 2009 The Connors Group, Inc.
