Early signs are positive for a new contract between

Ford

(F) - Get Report

and the United Auto Workers.

A union official said Monday that 78% of workers who voted at UAW Local 900 in Wayne, Mich., approved the deal, according to

The Associated Press

. The local represents about 3,900 workers at Ford's Michigan Truck and Wayne Assembly factories.

The contract freezes wages and cuts cash bonuses. It also allows some payments to the Voluntary Employee Beneficiary Association, a union-run trust for retiree health care, to be paid in stock.

On Sunday, workers at an axle plant in Sterling Heights, Mich., also approved the changes, the

AP

said. Voting is to be completed by March 9.

On Monday, Ford shares were trading down 16 cents at $1.84, while shares in

General Motors

(GM) - Get Report

were down 20 cents at $2.05.