NEW YORK (TheStreet) -- United Parcel Service (UPS) - Get Report stock closed up 1.31% to $107.73 on Thursday after the delivery service company and its pilots came to a tentative agreement over a new five-year labor contract.
Independent Pilot Association members will vote on the contract on August 31. If the contract is ratified by the majority of the 2,600 UPS pilots, then it will be effective September 1.
"This contract rewards our crewmembers for their outstanding contributions and contains provisions that protect UPS's ability to deliver competitive service to our global customers," UPS Airlines President Brendan Canavan said in a statement.
The details of the contract will not be disclosed until the proposal is presented to the pilots.
The pilots were seeking more rest time in between flights and other rules to avoid exhaustion, the Wall Street Journal reports.
Separately, UPS has a "buy" rating and a letter grade of A at TheStreet Ratings because of the company's solid stock price performance, growth in earnings per share, revenue growth, notable return on equity and increase in net income.
You can view the full analysis from the report here: UPS
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.