NEW YORK (TheStreet) -- Shares of General Electric (GE) are rising 0.9% to $27.49 after the company reached a tentative labor deal on Saturday with its two biggest U.S. unions on a four-year national contract, Reuters reports.
After three weeks of negotiations, an agreement was reached with the International Union of Electronic, Electrical, Salaried, Machine and Furniture Workers (IUE-CWA) and the United Electrical, Radio and Machine Workers of America (UE), the company said.
The tentative agreement will be reviewed by union negotiation committees and union members.
"I am extremely proud of our bargaining team for their persistence and focus on detail in achieving this new national contract, which I'm confident will be viewed by our membership as a winning contract that will increase their job security while also giving them improvements in benefits and wages," IUE-CWA President Jim Clark said.
The previous contracts with IUE-CWA and the UE expired at midnight on Saturday, GE noted.
Separately, TheStreet Ratings team rates GENERAL ELECTRIC CO as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL ELECTRIC CO (GE) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its expanding profit margins and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity."