Update: General Motors, UAW Reportedly Reach Tentative Deal on Path For Temp Workers to Become Permanent, GM Shares Up More Than 2%

1:58PM ET 10/15/2019 MT Newswires
Shares of General Motors (GM) jumped more than 2% intraday after media reports speculated CEO Mary Barra joined the ongoing talks with the United Auto Workers (UAW) to resolve a 30-day strike that will probably result in the company missing out on about $2 billion of earnings.

Along with Barra, GM President Mark Reuss was also at the talks on Tuesday, a report from CNBC cited a person familiar with the negotiations as saying. While a deal is not locked in yet, the talks could be "in the home stretch," another unnamed source told CNBC.

A GM spokesman confirmed that talks were "ongoing" but declined to comment on details of the discussions.

Meanwhile, a report from Business Insider, citing Bank of America Merrill Lynch estimates, said the walkout would cost striking workers about $2,000 of profit-sharing given the company has missed out on earnings.

Price: 36.36, Change: +0.86, Percent Change: +2.42