UAW Drives Ford (F) Off A Cliff
The UAW rank-and-file rejected a labor pact with Ford (NYSE:F) even though the car company offered each member of the union $1,000 to agree to the deal The No.2 US auto company now has to deal with the bitter fruit of…
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Many analysts believe that Ford made money in the third quarter of the year which is close to a miracle given the bog that the car industry has been in for two years. Ford has over $20 billion in cash on its balance sheet even if its cash burn in Q3 was $3 billion, and it probably was not.
Ford’s stock is up about 250% over the last year while shares in powerful Japanese rivals Toyota (NYSE:TM) and Honda (NYSE:HMC) have made much more modest gains.
The union knows that Ford cannot whether a strike that would threaten its new-found success. The company is going to offer a lot more than $1,000 a man to get a new agreement. UAW workers are eyeing that $20 billion in Ford’s pocket.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
