Money Minute: Boeing Workers Vote on Jobs; Facebook Sued Over Privacy


Boeing workers vote on their own jobs.

Union workers at a major Boeing (BA) plant in Washington state are to vote on an eight-year contract extension that could determine whether the aerospace giant moves production of the new 777X out of the state. This is actually a re-vote on a slightly modified contract offer. The union local voted down the earlier offer, but the International Association of Machinists has ordered a new vote.

Boeing Washington
Elaine Thompson/AP

They want to keep the work at a unionized plant, and if this contract is rejected again, Boeing is likely to move production to a nonunion facility in another state. The key issue is Boeing's demand to significantly change workers' pension plan.

American Airlines will repaint 1,100 planes after its workers voted to drop the familiar AA logo on the tail in favor of a red, white and blue abstract U.S. flag design. The company put the issue to a vote after completing its merger with U.S. Airways three weeks ago.

Two Facebook (FB) users have filed suits against the company. They allege that Facebook intercepts private messages sent by users to build profiles on people that could be very valuable to advertisers.

Here on Wall Street, the stock market started off the year on the wrong foot. After a stellar performance in 2013, the market laid an egg in the first trading session of the new year.

The Dow Jones industrial average (^DJI) dropped 135 points Thursday, the Standard & Poor's 500 index (^GPSC) fell 16 and the Nasdaq composite index (^IXIC) lost 33 points.

Despite the weak start, Bank of America (BAC) Merrill Lynch -- the sponsor of this report -- remains bullish. It says there is still a lot of skepticism on Wall Street, and that's a contrarian indicator. The brokerage firm forecasts the S&P 500 will return 18 percent this year.

General Mills (GIS) is responding to consumer concerns about food made with genetically modified ingredients. The company is now making its original Cheerios GMO-free, perhaps the most prominent product to make the change. Groups that oppose GMOs worry they could present health problems to consumers.

-Produced by Drew Trachtenberg.